Iraq is moving to privatize the government's two largest banks

Monday 23-11-2015 | 1:05:30

Twilight News / Iraqi Central Bank announced on Monday its intention to privatize the two banks government promise the largest in the country.

The governor of the Central Bank, on the Keywords, in a statement, "The bank's management is moving to privatize the Rafidain and Rasheed Bank or participation with the private sector," noting that "the trend is being coordinated with the World Bank after the Cabinet approved this proposal."

He explained that "these two banks are suffering from serious problems because they Asthoman to 80% of fiscal policy in Iraq," she returned it, "an anomaly."

On the other hand, the central bank rejected a proposed distribution of employees' salaries in dollars in Iraq, noting that "the Iraqi currency is a sovereign and can not be a substitute for the dollar the national currency."

Keywords and added, that "the distribution of salaries in dollars does not bring anything positive," pointing out that "tend to disrupt the process of distribution."

Iraq relies 95% on oil in the annual general budget, while still money laundering operations are ongoing in the country, primary caused due to the absence of regulatory laws on banks and community banks.