5-11-2013 *American Contractor

[Vixen]

5-11-2013 *American Contractor ~Recently Sansar Capital Management LLC published a report on the Iraq banking sector. I’ve written some notes on some of the details in the report. Such as there is no de-dollarization of the Iraqi economy. Al-Warka Bank is still in receivership and bankrupt. Over 80% of Iraqi’s do not have a bank account. ATM machines are not connected to the national switch and as such customers of one bank cannot access their funds from ATM Machines from another bank. One of the contributing factors of the low usage of banks by Iraqi’s is the lack of trust in the Iraq banking system. The two state banks Rasheed Bank and Rafidain bank are still trying to restructure with the help of the World Bank. The Iraq banking still has more improvements to make in order to compete in the 21st century Middle East. It will get there just take a little more time.