The Central Bank of Iraq reported on Sunday that fines levied on banks and non-banking entities (exchange businesses) during the previous 10 months totaled more than 119 billion Iraqi dinars.
According to a table obtained by Shafaq News Agency, the fines imposed on banks and financial companies over the past ten months, beginning in January and ending in October, totaled 119 billion, 943 million, 88 thousand, and 300 dinars, indicating that “the fines also included 378 administrative penalties for these banks and non-banking institutions, which were divided into warnings, warnings, and grace periods.”
According to the report, “The month of April witnessed the highest rate of fines for banks and non-financial institutions, as these fines reached 17 billion, 440 million, 383 thousand and 447 dinars, with administrative penalties amounting to 17 penalties, while the month of June witnessed the lowest rate of fines, reaching 8 billion, 353 million, 387.” One thousand and 476 dinars, with administrative fines totaling 50 dinars.”
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.