2024-01-24T09:51:34+00:00
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/ The Central Bank of Iraq revealed, on Wednesday, that it imposed financial fines on banks and exchange companies exceeding 140 billion dinars during the past year 2023.
A table of the bank, which Agency reviewed, showed that the fines imposed on banks and financial companies during the past 12 months amounted to 140 billion, 924 million, 318 thousand, and 901 dinars.
He pointed out that “the fines also included 402 administrative penalties for these banks and non-banking institutions, distributed between warnings, alerts and grace periods.”
According to the table, last April witnessed the highest rate of fines for banks and non-financial institutions, amounting to 17 billion, 440 million, 383 thousand, and 447 dinars, with 17 administrative penalties, while last November witnessed the lowest rate of fines, amounting to 8 billion, 337 million, 645 thousand, and 628 dinars, with 8 administrative penalties.
The table did not show the names of the banks that were fined and subjected to administrative penalties.
The Iraqi Stock Exchange Investors Association 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.