Shafaq News/ The Central Bank of Iraq has disclosed that fines levied on banks and non-banking institutions, including exchange companies, totaled approximately 80 billion Iraqi dinars during the past seven months.

An official bank report indicated that fines imposed on banks and financial entities from January to the end of July 2023 amounted to 79,777,817,397 dinars. The report further revealed that these fines encompassed 318 administrative penalties directed at banks and institutions mentioned. Non-banking entities received a range of penalties, including warnings and temporary suspensions.

The report noted that April witnessed the highest fines imposed, reaching 17,440,383,447 dinars and 17 administrative penalties. Conversely, June recorded the lowest fines, totaling 8,353,387,476 dinars, with 50 administrative penalties.

The report does not mention the bank names with the fines and administrative penalties.

In June, the Iraq Stock Exchange Investors Association criticized the Central Bank of Iraq for increasing fines on banks, highlighting concerns about the potential impact on investors' profitability.