CBI imposes +$138 M. fine on financial institutions
Shafaq News/ On Tuesday, the Central Bank of Iraq (CBI) announced that fines imposed on banks and non-bank financial institutions, including exchange companies, amounted to 181,842,854,458 IQD ($138,284,000)over the past six months.
According to a report by the bank, 151 administrative penalties were issued to these institutions, which included warnings, notices, and extensions, without specifying their names.
The report highlighted that January saw the highest fines, totaling 98,277,722,062 IQD, accompanied by 17 administrative penalties. In contrast, June recorded the lowest fines at 2,829,157,288 IQD, with 30 administrative penalties.
The Iraqi Securities Market Investors Association has criticized CBI’s decision to increase fines on banks, arguing that it could negatively impact the profitability of investors in these banks' shares.
