Fitch Upgrades Outlook on Iraq to "Stable"

By John Lee.

Fitch Ratings has revised its outlook on Iraq’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to Stable from Negative and affirmed the IDR at ‘B-‘.

More here.

(Source: Fitch)

The post Fitch Upgrades Outlook on Iraq to “Stable” first appeared on Iraq Business News.
Source: Iraq News

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Iraq seeks to Recover Looted Funds

By John Lee.

The Iraqi President, Barham Salih (pictured), has reportedly announced new legal measures to recover funds looted from Iraq.

Economist Basem Jamil Antoun told Asharq Al-Awsat that funds stolen since the fall of Saddam Hussein in 2003 are estimated at $250 billion.

Click here to read the full story.

(Source: Asharq Al-Awsat)

The post Iraq seeks to Recover Looted Funds first appeared on Iraq Business News.
Source: Iraq News

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First Iraqi Bank (FIB) selects ICSFS platform

By John Lee.

First Iraqi Bank (FIB), a newly established digital bank in Iraq, has reportedly selected the ICS BANKS digital banking platform from ICS Financial Systems Limited (ICSFS), to start its operations in Baghdad, Iraq.

Shaymaa Ali Hussein, Managing Director of First Iraqi Bank said:

“The need for a digital bank in Iraq today is long overdue since it is [pre]dominantly a cash society … We shall aim to provide Iraqi citizens with innovative, convenient, secure and affordable banking services and solutions.”

Wael Malkawi; Executive Directive of ICSFS, said:

“Digital banking is the new norm now, as many customers around the world are choosing digitised over traditional banking services, especially with the lock-down and social distancing we are experiencing right now.”

(Source: ICSFS)

The post First Iraqi Bank (FIB) selects ICSFS platform first appeared on Iraq Business News.
Source: Iraq News

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Iraq tackles Corruption in Currency Auctions

By John Lee.

The Iraqi Cabinet held its weekly meeting on Tuesday under the chairmanship of Prime Minister Mustafa Al-Kadhimi.

Addressing the meeting, the Prime Minister said the reserves of the Central Bank of Iraq (CBI) have increased by $4 billion, adding that the government has been able to tackle what it describes as “the corruption at the notorious foreign currency auction“.

The Prime Minister directed all ministers not to repeat the mistakes of previous governments, and not to let bureaucratic practices impede the implementation of strategic decisions.

(Source: Govt of Iraq)

The post Iraq tackles Corruption in Currency Auctions first appeared on Iraq Business News.
Source: Iraq News

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