The Central Bank of Iraq said on Sunday that during the past nine months, fines totalling more than 104 billion Iraqi dinars had been issued to banks and non-banking companies, including exchange services.
A figure the bank published shows that banks and financial companies paid fines ranging from 104 billion to 769 million, 332 thousand, and 606 dinars between January and September. The punishment also included 348 administrative fines. Not just the banks but also non-banking companies received different grace periods, cautions, and alarms.
The table notes that April saw the most significant fines for banks and non-financial companies, with 17,440,383,447 dinars and 17 penalties. June, on the other hand, posted the lowest fines—8,353,387,476 dinars with 50 penalties.
It was not complete since the table lacked names of penalized banks.
The Association of Investors in the Iraqi Stock Exchange protested the fines the Central Bank of Iraq imposed on banks. They noted that it might influence the profitability of these institutions’ shares for their investors.
