The Central Bank of Iraq reported on Sunday that fines levied on banks and non-banking institutions (exchange businesses) during the previous nine months totaled more than 104 billion Iraqi dinars.
According to a bank table obtained by Shafaq News Agency, the fines imposed on banks and financial companies over the past nine months, beginning in January and ending in September, totaled 104 billion, 769 million, 332 thousand, and 606 dinars, indicating that “the fines also included 348 administrative penalties.” There were several cautions, warnings, and grace periods for these banks and non-banking companies.”
According to the table, “the month of April witnessed the highest fines for banks and non-financial institutions, as these fines amounted to 17 billion, 440 million, 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while the month of June witnessed the lowest fines, as they amounted to 8 billion, 353 million, 387 thousand and 476 dinars.” dinars, with administrative penalties ranging from 17 to 50.
The chart did not include the names of the banks that received fines and administrative penalties.
The Association of Investors in the Iraqi Stock Exchange condemned the Central Bank of Iraq’s hike in bank fines in early June, stressing that it would damage the profitability of investors in these banks’ shares.