On Sunday, the Central Bank of Iraq declared that over 249 billion Iraqi dinars had been fined to banks and non-banking organizations (exchange businesses) during the previous nine months.
“The fines also included 221 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts, and grace periods,” according to a bank table that was reviewed, indicating that the fines imposed on banks and financial companies over the past nine months, beginning in January and ending at the end of September, totaled 249 billion, 889 million, 756 thousand, and 16 dinars.
According to the table, “January saw the highest fines on banks and non-financial institutions, as these fines reached 98 billion, 277 million, 722 thousand, and 62 dinars, with 17 administrative penalties,” while “September saw the lowest fines, reaching 2 billion, 331 million, 465 thousand, and 48 dinars, with 13 administrative penalties.”
The names of the banks that were assessed fines and administrative penalties were not displayed in the table.
The Iraqi Stock Exchange Investors Association had criticized the Central Bank of Iraq for raising bank fines, claiming that doing so would have a negative impact on investors’ profitability.
