After several years of economic sanctions and battling through war situations, the Iraq financial market is gradually shaping up and gearing for a new beginning. The return has been announced through a two billion dollar issue of bonds. Several banks and foreign groups have stretched a helping hand by agreeing to cancel more than 80% of the $20 billion worth debts in return for partial payments.
This bond has been signed for a period of twenty years and the return will be 5.8% a year. Over the years, the economy of Iraq has been heavily dependent on its rich oil reserves, but prolonged years of warfare with Iran and America have left it almost bereft of its resources. Inadequate investments have also affected the financial market of Iraq.
Iraq financial market has recently experienced an upsurge because of the good performance of the Iraqi stock market. A large amount of financial stock is in circulation in the market.
This has been very encouraging for investors and there is increased competition in the financial market in Iraq. The financial institutions and markets are working jointly towards rebuilding the economy of Iraq. Good banks and efficient capital markets are the need of the day.
The Saddam Hussein government rigidly controlled the Baghdad Stock Exchange, established in 1992.
Stocks within a stipulated price range were traded in the market. This system has now changed with the fall of Saddam Hussein and the subsequent confusion that ensued as a result. Now the exchange has 89 companies on the list.
Some of the major financial service providers in Iraq are as follows:
Bank of Babel, Baghdad
Al-Baraka For Investment And Financing Bank, Alawiyah
Basra Private Bank For Investment (S.P.A), Basra
Dar Es Salaam Investment Bank, Alawiyah
Estate Bank, Baghdad
Gulf Commercial Bank, Alawiyah
Bank of Baghdad, Alawiyah
Agricultural Co-Operative Bank, Baghdad
Industrial Bank, Baghdad
Economic Bank for Investment & Finance, Baghdad
Investment Bank of Iraq, Alawiyah
Commercial Bank of Iraq, El Sanak
Credit Bank of Iraq S.A, Alwiya
Last Updated on : 1st August 2013