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For Immediate Release
February 3, 2004

Foreign Banks to Operate in Iraq
Iraq Fact of the Day

The Central Bank of Iraq took a giant step forward this week in modernizing the financial system and reintegrating it into the international economy. The Central Bank announced licenses for three foreign banks, Hong Kong Shanghai, National Bank of Kuwait, and Standard Chartered Bank, and the liberalization of domestic interest rates. These measures will bring modern banking practices and competitive interest rates to Iraq, two important factors to generate foreign and domestic investment and create new jobs.

Sources: Coalition Provisional Authority, Baghdad.

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