CBI hits banks with $33M in fines, sparking investor concerns

Shafaq News: On Sunday, the Central Bank of Iraq (CBI) announced that fines on banks and exchange companies totaled 43,465,532,931 Iraqi dinars ($33,217,455.60) from April to June.

Data from the bank showed that the fines included 102 administrative penalties for banks and non-banking institutions, consisting of warnings and grace periods.

The data revealed that “May had the highest fines on banks and non-financial institutions, totaling 34,002,141,100 dinars ($25,985,293.08), with 42 administrative penalties. In contrast, June had the lowest fines, amounting to 2,829,157,288 dinars ($2,162,113.29), with 30 administrative penalties.”

However, it did not include the names of the fined banks.

Notably, the investors association in the Iraqi Stock Exchange criticized the CBI's increased fines on banks, stating it would harm investors' profitability in these banks' shares.