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The experts believe that the banking sector of Iraq is not complying with the international standards and it is one of the biggest obstacles in the development of the country. The foreign companies operating in Iraq often complain for the inadequate services provided by the local banks.

Despite the fact Iraq has gone through severe war conditions and that it is still facing after effects and internal political and religious issues, the country has not forgotten its roots. The culture ...

The central bank of Iraq is doing its best to modernize the banking system in Iraq so that it may support international trade. The central bank of Iraq after the meeting of board of directors granted the permission to the money transfer companies to open bank accounts in the Iraqi and other international banks to directly transfer money anywhere in the world.

Iraq has major oil reserves and this has remained hard for powerful nations to bear this fact. Iraq used to be very strong economically wise, but it has lost its value over the years. There was an era before the Gulf War, when the country had its currency at a very strong level. Even dollar had no competition with it.

Iraqi Dinar 123 News:- Central Bank of Iraq is struggling hard to bring foreign investors in the country. With the every passing day CBI along with Finance Ministry of Iraq is trying to modernize the banking system to comfort the foreign companies willing to operate in the country but feeling threats from security situation of Iraq.

Iraqi Dinar 123 News:- The experts believe that the success of monetary policies of central bank mainly depends upon the performance of banks and a better banking system. An affective banking system is the key to apply monetary policies to get desired results.

Iraqi Dinar 123 News:- Central bank of Iraq invited all the ministries of Iraq to adopt new payment system in their routine business affairs. Iraq introduced new payment system to modernize the banking system of Iraq to attract foreign investors and other multinational companies.