List of Banks
American Banks Convert Iraqi Dinars
- When will it happen and why is it important? -
The banking system in Iraq has been
consistently improving. The Central Bank of Iraq is now being
reconstructed to reflect more of a modern Western style monetary system
including management of the currency, holding of foreign exchange
reserves, liberalizing of interest rates, and higher price stability.
With the banking system improving in Iraq it is likely that more banks
will open in Iraq.
Many in the dinar market are waiting for large international banks to
begin dealing in Iraqi dinars. Since 2004 six Western Banks in Iraq and
six Iraqi Banks outside Iraq have started operations. In March 2004,
three banks were given license to operate in Iraq, National Bank of
Kuwait, HSBC Bank and Charter bank of England.
Once these International Banks become more established in Iraq, the
dinar should become widely available on the international market. How
these banks offer dinar exchange, however, depends on their individual
policies and procedures. We expect the dinar to be treated like all
other foreign currencies, enabling investors to exchange dinars at their
local currency exchange location or large bank.
List of banks in Iraq
Laws, the principles of the operation of monetary
policy, and a list of