ANALYSIS OF IRAQ NEWS: Nearly 200 billion dinars in “fines” from the Central Bank of Iraq on banks and exchange companies BY DINAR REVALUATION, 13 AUGUST

Nearly 200 billion dinars in “fines” from the Central Bank of Iraq on banks and exchange companies

Mawazine News – Baghdad 

The Central Bank of Iraq announced on Tuesday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 181 billion Iraqi dinars during the past six months.

A table from the bank showed that “the fines imposed on banks and financial companies during the past six months, starting from January until the end of last June, amounted to 181 billion, 842 million, 854 thousand, and 458 dinars,” indicating that “the fines also included 151 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods.”

The table showed that “January witnessed the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with 17 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 the administrative penalties.
The Investors Association in the Iraq Stock Exchange had criticized the Central Bank of Iraq for increasing fines on banks, indicating that it would affect the profitability of investors in the shares of these banks.

https://mawazin.net/Details.aspx?jimare=253179

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ANALYSIS: 

The Central Bank of Iraq reported on Tuesday that it imposed fines totaling over 181 billion Iraqi dinars on banks and non-banking institutions, such as exchange companies, in the past six months.

 The fines, which span from January to June, amounted to 181,842,854,458 dinars. This also included 151 administrative penalties, which comprised warnings, alerts, and grace periods.

According to the data, January saw the highest fines at 98 billion dinars with 17 administrative penalties, while June had the lowest fines at approximately 2.8 billion dinars with 30 administrative penalties. The specific banks or institutions fined were not disclosed.

The Investors Association of the Iraq Stock Exchange has criticized the Central Bank’s approach, expressing concern that the increased fines could negatively impact the profitability of investors holding shares in these banks.

For further details, you can view the original article on Mawazine News here.