World

December 25, 2011

Dysfunctional banking sector helps keep Iraq in economic shambles

Iraq lacks the banking infrastructure to grow out of its financial mess and the political will to undertake dramatic economic reform. There are no electronic funds transfers for payroll or bills and almost no checking accounts or credit cards. ATMs are few and far between. There are no home improvement loans and few mortgages. For most Iraqis, banks serve only as a safety deposit box.

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