Financial and Banking News
Iraq Licenses Two Private Sector Banks
Two private sector banks have been licensed to start operations in Iraq.Existing banks are all state owned, but the new law regulating the operations ofprivate banks gives them the same rights as the state-owned banks. Baghdad Bankwill be capitalized at ID100mn ($289mn at the official exchange rate) and isdue to start operations during April. The Chairman is Mr. Hasan al-Najafi, aformer...