Shafaaq News reports that the Central Bank of Iraq (CBI) has announced its intention to privatize the two largest banks in the country.
It quotes CBI Governor Ali al-Alaq as saying:
“The bank’s management is moving to privatize al-Rafidain and al-Rasheed Banks or participate with the private sector … the move is being coordinated with the World Bank after the Cabinet approved this proposal.”
He explained that “these two banks are suffering from serious problems because they occupy 80% of fiscal policy in Iraq,” describing this as “an anomaly.”
(Source: Shafaaq News)
(Iraqi Dinar image via Shutterstock)