SWIFT

Treasury & Banking in Iraq

Report date: 
29 Mar 2022

Commentary

As is evident from recent events, things can go wrong when one country invades another. Iraq is very much a case in point…..

Despite the serious and much reported security issues, all participants find it relatively easy to conduct business in the country. Foreign currency is readily available, and can be remitted out of the country, though things can slow down when the price of oil declines and dollars become scarcer. However, most participants do not have large operations, and they often sell their hardware offshore in dollars. 

There are operational challenges:

Relations between the Kurdistan region and Baghdad are not good: it can be very difficult to transfer cash between the two.

Not many foreign banks are very active in the country: Standard Chartered Bank (SCB) is one of the most active, and one of the few to be present in Baghdad and Kurdistan.

In Kurdistan, tax payments have to be made through...please sign in to continue reading

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