Page 20 - ISX Year Book 2023 EN

Iraq Stock Exchange’s Annual Report 2023

• The Commission’s letter No.268/2 of Nov. 29, 2023, to brokerage firms, and its
annex regarding Regulations of Rules of Due Diligence No. 3 of 2023 that aim at
the implementation of the declaration system for funds transferred across Iraqi
borders, which were issued by the Anti-Money Laundering and Countering
Financing of Terrorism Office.

9. Amending Regulations No. (23) of 2023 Regarding Platform to Trade Unlisted
Companies’ Shares

Sixth: Decision Made by Central Bank of Iraq to Increase Capital of Banking Companies,
and Follow-up Schedules

Based on the decision made by the Central Bank of Iraq Board of Directors, the CBI’s Letter
No. (127) of 2023 was issued at its session No. (1638), which was held on Jul. 18, 2023, to
include the following:

1. Increasing the capital of Iraqi banks to no less than IQD 400 billion in three installments
no later than Dec. 31, 2024, provided that each installment is not less than IQD 50 billion,
and that these three payments are respectively due on Dec. 31, 2023, Jun. 30 and Dec. 31,
2024. A bank may increase its capital with a single payment within the maximum
duration mentioned above.
2. Increasing the operating capital of the branches of foreign banks by no less than 60% of
the current value no later than Dec. 31, 2024.
3. In the event that any bank fails to comply with the abovementioned requirements, it must
initiate a merger or be subject to an acquisition or a liquidation.

The tables below detail the follow-up schedules for banks' actions in response to the decisions
of the Central Bank of Iraq:
• Table of companies that approved an increase in their capital pursuant to the CBI’s
th
letter No. 934/2/9 on Feb. 8 , 2023.
• Table of joint-stock companies deprived of dealing in dollars that the Central Bank of
th
Iraq has agreed, in its letter No. 31238/2/9 issued on Nov. 7 , 2023, to grant them an
exemption period from requiring an increase in their capital until the completion of
audit procedures within six months from the date of issuance of that letter.
• Table of banks that have not undertaken capital increase procedures.

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