The Central Bank of Iraq announced on Sunday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 43 billion Iraqi dinars during the past three months.
A table of the bank, which Shafaq News Agency reviewed, showed that the fines imposed on banks and financial companies during the past three months, starting from last April until the end of last June, amounted to 43 billion, 465 million, 532 thousand, and 931 dinars.
The table showed that “the fines also included 102 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods.”
The table showed that "May witnessed the highest fines on banks and non-financial institutions, as these fines reached 34 billion, 2 million, 141 thousand, and 100 dinars, with 42 administrative penalties, while June witnessed the lowest fines, reaching 2 billion, 829 million, 157 thousand, and 288 dinars, with 30 administrative penalties."
The table did not show the names of the banks that were fined and subjected to administrative penalties.
The Iraqi Stock Exchange Investors Association had criticised the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks. LINK
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