Two Largest Iraqi Banks to Be Privatized

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On Monday, the Central Bank of Iraq has clearly announced that Iraqi government confirmed that two of the largest governmental banks in Iraq has been planned to privatize.

The governor of the Iraqi Central Bank Ali Mohsin issued a press statement that the management of Iraqi Central Bank is managing the arrangement to privatize the two largest banks in the country, Rasheed Bank and Rafidain Bank in participation with Iraqi private sector. He added that this proposal will be approved by the Cabinet and then it would be coordinated with the World Bank.

He further explained that both these banks are experiencing more critical and serious problems. At the other hand the Iraqi Central Bank has refused the proposal of distribution of salaries for employees in the U.S dollars. Point to be noted that distribution of employee’s salaries in the form of the U.S dollars would not bring any kind of positive result. He stressed that Iraqi dinar currency is a sovereign and it cannot be an alternative for the U.S dollar.

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