Iraq Signs Preliminary Agreement with Britain in the Field of Economic Cooperation and Banking

Baghdad, The Iraqi government announced that it has signed a preliminary agreement on Sunday in Baghdad with the United Kingdom for the development of economic cooperation between the two countries and banking.

The Economic Adviser in the Iraqi government peace Qureshi, told the Kurdish news agency (Rn) that “the Iraqi and British governments concluded a preliminary agreement to develop cooperation in matters of economic, financial and banking between the two countries as a prelude to a final agreement will continue until the year 2016.”

He pointed out that “the agreement was concluded this afternoon (Sunday) in the capital Baghdad and signed by Iraq and the agents of the Ministry of Finance and by the British representatives of the British Treasury.”

Quraishi explained that “the agreement based on mutual benefit and mutual includes improving the economic situation in Iraq and the development of banks and convert them to the banks the advantage of a global financial specifications.”

He continued by saying that “the agreement focuses on transforming the work of government banks to the clearing and activating the electronic protection measures,” adding that “the Kingdom of the British Government will support Iraq in all economic fields.”

The Council of Ministers of new mechanisms to facilitate the opening letters of credit for less than four million dollars through activating the role of private banks, which aims to stimulate trade in the country.

The Iraqi government relies in its financial transactions on the government banks by up to 85 per cent.

The total capital of banks, Iraqi Special billion and $ 600 million currently, other than that owned by the branches of Arab and foreign banks operating in the country.