The decade since the US invaded Iraq in 2003 has been one of the most important in the country’s history, as it seeks to move away from being a centrally planned economy and aims to restructure key sectors. This has resulted in huge changes taking place across many industries, but one area that has been noticeably slow to develop has been banking.
Today, Iraq remains essentially a cash economy, with many international companies carrying hundreds of thousands of dollars with them in order to carry out even the most basic transactions. Yet, in spite of the prevailing volatile security situation on the ground, there is now a growing commitment to invest in Iraq’s financial infrastructure – both from local banks (of which there are 51) and their foreign counterparts (which number 16).