Integrity Commission restored $2bn to Iraqi Treasury

From Middle East Monitor, under a Creative Commons licence. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iraq Business News.

Iraq’s official anti-corruption agency stated in its latest annual report that it restored 2.84 trillion Iraqi dinars ($2.38 billion) to the Treasury in 2019.

The Federal Commission of Integrity added that it has utilised its relationships with other state watchdogs, and that it created a national strategy for fighting corruption in collaboration with the Federal Board of Supreme Audit.

According to the report, the commission examined and was involved in 26,163 notices and court cases in 2019, with 10,143 persons accused of corruption. Those included 50 officials who were government ministers or holding equivalent positions.

There were 931 court rulings in which 1,231 defendants were convicted of corruption. They included four ministers or officials at the same level.

(Source: Middle East Monitor)


Source: Iraq News

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Trade Bank of Iraq reports 68% Jump in Net Profit

By John Lee.

The Trade Bank of Iraq (TBI) has reported that it has achieved a “robust growth” in revenues and in key financial areas during 2019, for another consecutive year with its consistent performance, preliminary report released by the bank for the financial year during 31/12/2019.

In a statement, the bank said it posted a net profit of USD 556 million in 2019, an increase of 68% from 2018, on revenues of USD 673 million, which grew by 12% over the previous year.

It continued:

Financial unaudited statements for the year ending 31st December 2019 reveal enhanced financial strength of TBI as a consequence of incessant improvements throughout the year in key sectors, including gross revenue and total assets.

“The total assets of TBI grew to USD 29 billion in 2019 thereby recording an increase of 27% As a preliminary comparison to 2018.

“Primary results the resilient earnings and improved asset base have earned TBI multiple awards at the recently held The Banker Awards 2019 in London.

“The bank granted loans during 2019 to the tune of USD 434 million, the 2019 bank’s efforts made to lift the Iraqi economy and social development during the year through loans aggregating USD 1.9 billion for various Iraqi governmental and public sector projects in energy, industrial, agricultural and commercial sectors, assisting them in achieving further growth of the Iraqi economy

“TBI is currently working on expanding its network domestically & Internationally to diversify the sources of revenue from retail banking in Iraq to international operations in order to achieve a 30% compounded annual growth rate envisaged in the bank’s business plan for 2020-23.

“The bank opened its first branch outside Iraq last year in Riyadh, KSA and plans to upgrade its representative office in Abu Dhabi Global Market to enable it to conduct investment management and advisory activities.

Faisal Al Haimus, Chairman & President of Trade Bank of Iraq, said:

Last year has been a good period for TBI and we have continued to support businesses and financial institutions to facilitate growth and expansion across many sectors.

“We have achieved this success through prudent risk management and our aggressive technology-supported expansion strategy.

“We will continue to thrust our technology-driven customer service initiatives in order to ensure more efficient and diverse services to our customers, reduce costs, and improve productivity.

“As part of our strategic plan, we are aiming for bigger retail and international business to achieve a growth rate of 30% of our total revenues, year on year basis, in the next three years through new technology-driven, need-based product offerings and international expansion.

“As TBI moves forward with its 2020-23 strategic plan that will take the bank higher, it will continue to play a pivotal and influential role in Iraq’s ongoing recovery.

(Source: TBI)


Source: Iraq News

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Registration Now Open for IBBC Spring Conference

Registration is now open for Tenth Iraq Day at the Mansion House on 30 March 2020

Tenth Iraq Day at The Mansion House

IBBC Spring Conference 2020

‘Iraq – Open for Business’ 

30 March, The Mansion House, London

This could be the year Iraq gets serious about reform and investment. For too long, Iraqi Governments have tinkered with reform, but with the protests, a growing population and a new government forming, there is a head of steam demanding change and jobs for young people.

At this time in response, The IBBC Spring Conference, at the Mansion house, is convening the heavyweight players and institutions of Finance, Energy and Governance to articulate what is required for change. All the more important as a high turnout of Iraqi Minsters and Deputies, and UK officials and politicians are expected to attend and contribute to the debate throughout the morning sessions.

During the afternoon, an interactive series of roundtables addressing University, Tech in Iraq, Women’s Group and a special Kurdistan Investment Forum are convening ahead of a reception at Eversheds Sutherland headquarters. For Iraqi businesses an additional day of hosting by the DIT, BEIS and British Chambers of commerce to engage and showcase British services and products for export.

For companies operating in Iraq or considering the opportunities it offers, then this conference is bringing together many of the key decision makers and drivers of finance and the opportunity to talk directly with the key players including:

BP, Shell, World Bank, Kurdistan Investment Authority, Arab bankers association, Ambassador of Iraq, UK Ambassador, Chevron, JP Morgan, National Bank of Iraq, PwC, Jordan Bank, EY, GSMA, and more confirming soon.

Register here

More information and speakers to be announced in the coming weeks.

For more information, including sponsorship opportunities, email london@webuildiraq.org or telephone 020 7222 7100.


Source: Iraq News

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Iraq 2020 – Discovering Business

Iraq Business News is delighted to bring you a major new guide to business in Iraq.

Published by Allurentis, in association with Iraq’s National Investment Commission (NIC), Iraq 2020 – Discovering Business contains a wealth of case studies, commentary and data; it’s 68 pages of essential reading for everyone with an interest in the redevelopment of Iraq.

And as Salar Ameen, of the National Investment Commission, says in the introduction:

“We are determined to embark on real change and open up to other countries by providing every incentive to invest in Iraq … there is a firm desire to stimulate the private sector.”

We’d like to congratulate Laura Curtis (laura.curtis@allurentis.com) and all her team at Allurentis on a splendid publication.

Iraq Business News is delighted to make this guide available to readers in pdf format: Please click here to view or download the full document.


Source: Iraq News

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The Iraqi Economists Network (IEN) has just published a new report from our Expert Blogger Dr Amer K. Hirmis:

Mudher M. Saleh’s testimony re: the appreciation of Iraqi Dinar in 2006-8, raises serious questions?

The purpose of this note is to shed light, and comment, on two views expressed recently in relation to the appreciation of the Iraq Dinar (IQD) in 2006-2008.

Muhammad Tawfiq Alawi (henceforth M. Alawi), former minister of communications in Iraq, gave a talk on December 13, 2019 in Washington D.C. to an Iraqi audience, in which he mentioned the appreciation of the Iraqi Dinar (IQD) during 2006-2008 as an example of lack of economic planning in Iraq.

Mudher Muhammad Saleh (henceforth M. Saleh), former deputy governor of the Central Bank of Iraq (CBI), and currently finance advisor to the outgoing prime minister, responded the following day, in an article published at the ‘Iraqi Economists Net.’

This note focuses on two observations, set out below:

Firstly, that the “independence” of the CBI was compromised in negotiating and signing a ‘Stand-By Agreement’ with the IMF in late 2005.

Secondly, by following the IMF programme in Iraq, the CBI’s administration focused its attention on limited instruments of monetary policy as dictated by the IMF, and much less on contributing to national economic growth and leveraging badly needed major structural changes in the economy.

Read Dr Hirmis’ full report here.


Source: Iraq News

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