Nearly 120 billion dinars in fines from the Central Bank of Iraq on banks and exchange companies

Shafaq News/ The Central Bank of Iraq announced on Sunday that the fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 119 billion Iraqi dinars during the past ten months.

A table of the bank, seen by Shafaq News Agency, showed that the fines imposed on banks and financial companies during the past ten months, starting from January and until October, amounted to 119 billion, 943 million, 88 thousand and 300 dinars, indicating that “the fines also included 378 administrative penalties for these banks and non-banking institutions were divided into warnings, warnings, and grace periods.”

According to the table, “The month of April witnessed the highest rate of fines for banks and non-financial institutions, as these fines reached 17 billion, 440 million, 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while the month of June witnessed the lowest rate of fines, reaching 8 billion, 353 million, 387.” One thousand and 476 dinars with administrative penalties amounting to 50 penalties.”

The table did not show the names of the banks on which fines and administrative penalties were imposed.

The Association of Investors in the Iraqi Stock Exchange had criticized, in early June, the Central Bank of Iraq’s increase in fines on banks, noting that it would affect the profitability of investors in the shares of these banks.