Financial and Banking News


Iraq Doubles Debt to Foreign Banks in 1984

Figures compiled by the Bank for International Settlements (BIS) for 1984 indicate that the Iraqi government increased its debt to foreign banks from $1.3bn at the end of 1983 to $2.8bn at the end of 1984. In the context of the continuing state of war with Iran and the low level of its oil exports and revenues, Iraq's ability to raise new finance has been somewhat hampered, and at least initially...