Foreign banks may run Iraqi banks

The US occupation administration in Iraq will ask foreign banks if they would be interested in restructuring and running the country’s two state-owned banks.

    US occupation administration wants foreign banks to run Iraq's banks

    A spokesman for the administration said a request would be made soliciting interest from foreign banking corporations in managing Iraq’s al-Rafideen and al-Rashid banks.

    “This will enable foreign banks to come here and help them to restructure,” the spokesman said.

    The requests are expected to be made either on Thursday or Friday, when details of the request would be published in a newsletter.

    “These banks will remain wholly government-controlled and under the supervision of the central bank,” he added.

    'This will enable foreign banks to come here and help them to restructure'

    --US occupation official

    The move comes a week after the occupation authority created a trade bank to help revive the country’s devastated economy and asked international banks to submit proposals to help run it.

    Rashid and Rafideen were Iraq’s biggest banks, though some private banks also operated in the country.

    SOURCE: Agencies


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