Foreign Banks Arrival in Iraq to Boost The Country’s Economy

Iraqi Dinar 123 News:– After 2003, Iraqi development moved from socialist economy into market economy and it considered as an opportunity for worldwide foreign banks to participate in Iraqi economic development and open their branches in Iraq. Most of the officials and specialists said that participation of foreign banks in the country will improve Iraqi economy and it would help in bringing foreign investment companies to participate in Iraqi development sectors. Iraqi banking system comprises 54 banks and the Iraqi Central Bank has distributed ownership among 23 private commercial banks and 7 state banks, 9 Islamic banks are also included and 15 branches of foreign banks.

Stephen Randov the adviser of the U.S Citibank issued a press statement that we entered in Iraq after a massive study about Iraqi markets and its stages. We have analyzed that Iraq has become as a magnet in the investment point of view for a number of sectors, especially in the tourism, oil sector, housing and other constructions and private sectors. He further added that Citibank is one of the important financial companies in United States and we believe that its participation in Iraqi banking sector as well as in investment sector, will boost up the Iraqi economy. Managing Director of Union Bank said that foreign banks in Iraq are working for profit purpose, but national banks are working to support the Iraqi economy. He also said that Iraq excluded some private banks to support the Iraqi banking system. So, Iraq is much focusing on national bank to support Iraqi economy and international banks to bring foreign investment in the country.

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