The Central Bank of Iraq announced on Sunday that fines totaling more than 104 billion Iraqi dinars had been imposed on banks and non-banking institutions, including exchange companies, during the past nine months.
According to a table released by the bank, a total of 104 billion, 769 million, 332 thousand and 606 dinars was imposed as fines on banks and financial companies in the past nine months, from January to September. The fines also included 348 administrative penalties. The banks and non-banking institutions received various warnings, warnings, and grace periods.
According to the table, the highest fines for banks and non-financial institutions were recorded in April, totaling 17,440,383,447 dinars with 17 penalties. On the other hand, the lowest fines were recorded in June, totaling 8,353,387,476 dinars with 50 penalties.
The table was incomplete as it lacked the names of fined banks.
The Central Bank of Iraq’s increase in fines on banks was criticized by the Association of Investors in the Iraqi Stock Exchange. They noted that it could impact the profitability of investors in these banks’ shares.