How has banking changed in Iraq since the overthrow of Saddam Hussein’s regime?
It has obviously changed quite substantially. There are more private banks and consequently there is more competition. It has come along quite considerably in the past five years, despite the security situation. We are now beginning to catch up with the rest of the world and in some cases have surpassed some of our Middle Eastern neighbours when it comes to the sophistication of our banking infrastructure. We have a much wider range of products and customers are becoming savvier in their choices. It is difficult to compare the days of the Saddam regime with today because we have moved on so much. Back then, those who had enough money did not really trust the banking sector because they were afraid that their money might be confiscated by the government. Iraq was never stable, so people never felt secure. You never knew if you were going to wake up one morning and find out that all the banks had been cleaned out by the government. Those who had dollars kept it quiet because if they put
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