CBI levies +$212M in fines on banks, exchange firms

Shafaq News/ The Central Bank of Iraq (CBI) announced, on Sunday, that it imposed more than 279 billion IQD (about $212 million) in fines on banks and non-banking institutions, such as exchange companies, during 2024.

Official data showed that penalties on financial 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 that January saw the highest level of fines, totaling 98,277,722,062 IQD ($74,997,180), alongside 17 administrative penalties. In contrast, September recorded the lowest, with fines reaching 2,331,465,048 IQD ($1,779,175) and 13 sanctions.

The list did not disclose the names of the fined institutions or the nature of sanctions.

Furthermore, the Association of Investors in the Iraq Stock Exchange criticized CBI’s increased penalties, noting potential impacts on the profitability of investors in the affected banks' stocks.