28 September 2011


More private banks for government transactions

Baghdad - The Iraqi government will use more private banks for finacial transactions, according to a decision made by the Finance Ministry.

A committee will choose private banks with large enough funds and modern banking methods.

Currently, 85% of financial transactions made by the government are made through the governments own banks.

The total capital of Iraqi private banks is $1.6 billion USD (1.9 trillion IQD), in addition to an unknown sum owned by foreign banks.