More than 100 billion dinars in fines from the Iraqi Central Bank on banks and exchange companies

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More than 100 billion dinars in fines from the Iraqi Central Bank on banks and exchange companies

The Central Bank of Iraq announced on Sunday that fines imposed on banks and exchange companies exceeded IQD 104 billion in the past nine months.

According to a table from the bank, fines imposed on financial institutions during the first nine months of the year (January to September) totaled 104,769,332,606 dinars. The fines also included 348 administrative penalties. Some institutions received warnings, while others were given grace periods.

According to the table, banks and non-financial institutions received the highest fines in April, amounting to 17,440,383,447 dinars, along with 17 administrative penalties. On the other hand, the fines were lowest in June, amounting to 8,353,387,476 dinars, along with 50 administrative penalties.

The table did not display the banks that received fines and administrative penalties.

The Central Bank of Iraq’s increase in fines on banks drew criticism from the Association of Investors in the Iraqi Stock Exchange, who warned of negative effects on investors’ profitability in bank shares in early June.