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Banking in Iraq – The Need for Change (Part II)

In order for Iraq’s banking system to develop, the first steps must not come from private enterprise but from government. The majority of Iraq’s banks are privately owned businesses. There are a few government owned enterprises. Rafidain, Iraq’s largest bank which was established over seventy years ago is owned by the state. Also, Trade Bank […]

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Banking in Iraq – The Need for Change

In Iraq “cash is king”. Whether you are buying a shirt or a house, chances are you will be doing so in cold, hard cash. Is this because of collective personal preference that Iraqis have? Unfortunately it is due to necessity as there are no alternatives. Iraq’s banking and financial sectors are not only lagging, […]

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stupidity

It’s the Stupidity, Stupid

Back in February, I wrote a post on the need for institutions in Iraq, and mentioned the Central Bank of Iraq as being one of the only independent, competent bodies in the country, largely thanks to the work of its governor, Sinan Shabibi. True to form, in an act of institutional self-flagellation, the Iraqi authorities […]

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The Glass is Half Empty

I thought I’d take the liberty to present a counter argument to Mousa’s. The glass is half empty. This is because we shouldn’t consider economic success in nominal terms, but by comparing it to potential, and unfortunately, we are no where near this at the moment. Yes, GDP will grow by around 9% a year […]

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oil-barrels

Perils of an oil economy

“No taxation without representation”. That was the slogan people in America used to use against the British colonialists. It’s short, salient and packs a punch. But how about “no representation without taxation”? You see, the oil-rich countries in the Gulf don’t really tax their citizens and are economically autonomous from society. They are not beholden […]

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