NO. 3


Financial and Banking News

Gulf Crisis

Iraq Seeks ID1bn from Local Bond Issue

Iraq's Revolutionary Command Council (RCC) announced on 16 October thattreasury bonds totaling ID1bn are to be offered for sale. No details were givenabout the interest rate or maturity of the bonds, but it was clear that the aimwill be to raise money from individuals rather than institutions. Foreign banksare not allowed to operate in Iraq, and the country's two commercial banks -Rafidain...