The Central Bank of Iraq has imposed fines exceeding 127 billion Iraqi dinars on banks and exchange companies over the past 11 months.
According to a report I saw, the banks and financial companies in the region faced fines of 127,337,645,628 dinars from January to November last year, i.e. for the past 11 months.
He mentioned that 386 administrative penalties were given to banks and non-banking institutions, including warnings, fines, and grace periods.
Based on the table, it appears that the highest rate of fines for banks and non-financial institutions took place in April. The total amount of fines was 17,440,383,447 dinars, with 17 administrative penalties. On the other hand, the lowest rate of fines occurred in November, with a total amount of fines of 8,337,645,628 dinars and 8 administrative penalties.
The table did not display the names of the banks that were fined or received administrative penalties.
In early June, the Iraqi Stock Exchange Investors Association criticized 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.
