CBI levies +$212M in fines on banks, exchange firms
Shafaq News/ TheCentral Bank of Iraq (CBI) announced, on Sunday, that it imposed more than 279billion IQD (about $212 million) in fines on banks and non-bankinginstitutions, such as exchange companies, during 2024.
Official data showed that penalties onfinancial institutions over the past year reached 279,144,977,628 IQD.Additionally, 238 administrative sanctions—including warnings, notifications,and grace periods—were issued to various banks and non-banking firms.
The data indicated thatJanuary saw the highest level of fines, totaling 98,277,722,062 IQD($74,997,180), alongside 17 administrative penalties. In contrast, Septemberrecorded the lowest, with fines reaching 2,331,465,048 IQD ($1,779,175) and 13sanctions.
The list did not disclose thenames of the fined institutions or the nature of sanctions.
Furthermore, the Association of Investorsin the Iraq Stock Exchange criticized CBI’s increased penalties, notingpotential impacts on the profitability of investors in the affected banks'stocks.
