Financial and Banking News

REGIONAL BANKING

Rafidain Bank Doubles Capital After 20% Profit Increase

Iraq's state-owned Rafidain Bank will double its authorized capital to ID100mn ($322.6mn) from the current ID50mn ($161.3mn), according to an Iraqi Government decision announced last week. The bank, which has a monopoly of all banking operations in the country, has been increasingly profitable in recent years, and in 1986 increased its net income by 20% (after a 30% increase the...