Iraq currently is still a cash based society. The Iraqi’s have very little trust or faith in the banking system. The article states that, 80 percent of the Iraqi’s do not have bank accounts.
If the Iraqi government plans to create jobs and increase projects for the reconstruction development a sound and strong banking system is needed.
There is always speculation that a big western bank will be coming to Iraq to assist in the reconstruction projects. This still remains to be talk and speculation.
The article mentions how the Prime Minister, Nuri al-Maliki is controlling the banking system. An example of this is what occurred with the Trade Bank of Iraq last year.
Meanwhile, the Iranian oil that was bound for India has now been canceled. Iran is unable to sell any oil to India because of the sanctions.