Gcc take on the iraqi dinar

Finance Ministry to cooperate with Gulf banks
Tuesday, April 13th 2010 2:16 PM

Baghdad, April 13 (AKnews) - The Iraqi Finance Ministry is looking forward to combine the banks of the Iraqi government with the economically developed Gulf states", an official security source at the Finance Ministry said today.

"The economic ties with the developed Gulf states would support the Iraqi economy in the next stage, especially that Iraq has many economic problems," the Adviser of the Ministry, Zuhair Abbas, told the Independent National News agency of Kurdistan (AKnews).

He said the Ministry, in coordination with the Iraqi Central Bank and the Foriegn Ministry would hold continuous meetings to discuss the possible frameworks in the composition of combination with large banks in the Gulf States."

"The combination won't exceed banking and financial cooperation in addition to advices, and it is not considered a full combination, because the economic situation in Iraq differs from the economies of the other states."

Abbas said that "more than 6 Gulf banks expressed their wish to facilitate the process of combination to carry out money exchange between Iraq and those countries and the work of Gulf investors in Iraq."

"The most prominent problem in the subject is the difference in prices of Gulf currencies and the Iraqi currency, but serious attempts were exerted to resolve the problem as soon as possible," Abbas said.