Nishtiman Bank to help Revive Kurdistan Economy

By John Lee.

The Kurdistan Regional Government (KRG) has said that the opening of the state-owned Nishtiman Bank in the Region can help provide mortgages to citizens and make a connection between Iraqi and international banks, all of which are reasons for economic development and strengthening the banking system in our region.

The establishment procedures have begun and its operations in the Kurdistan Region have been completed with a capital of nearly 250 billion dinars.

All that remains is to get permission from the Central Bank of Iraq (CBI) to start work.

According to a KRG statement, $500 million of oil money is paid monthly through private banks for employees' salaries. "Nishtiman Bank will fix this issue," it said.

(Source: KRG)

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