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The Saxo Bank in its press release said that the recent law and order situation of Iraq may destabilize the oil prices in the international market. Mosul is under the control of militants that is the bridge between Kirkuk oil field supplies and it is the alarming situation not only for Iraq but also for international community.

After taking economy bank of Iraq under the trusteeship, the central bank of Iraq warned its citizens to deal with Basra International Bank. Due to failure of many financial obligations, the central bank of Iraq decided to take Basra International Bank under the trusteeship. Therefore all the financial operations are suspended until the things gets normal.

It was reported yesterday that the price of the pound Sterling went up. How ever the euro faced some difficulties when it was recorded at a low price. It was also reported that the yen fell against the dollar. The economy of England reported inflation which indicated that the central bank would raise the interest rates. The Japanese economy showed an annualized rate of 6.8 percent during the second quarter of the year.