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Iraq - Financial Sector Review

ACCESS TO FINANCE ACCOUNTING ACCOUNTING STANDARDS ASSET QUALITY AUDITING BALANCE SHEETS BANK ASSETS BANK CAPITAL BANK CARDS BANK CREDIT BANK LOAN BANK OPERATIONS BANKING LAW BANKING LAWS BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BUSINESS ENVIRONMENT BUSINESS REGULATION CAPITAL ADEQUACY CAPITAL INJECTION CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL REQUIREMENTS CENTRAL BANK CHECKS COLLATERAL COMMERCIAL BANK CONSOLIDATION CONSUMER LOANS CONTRACT ENFORCEMENT CORPORATE BOND CORPORATE BOND ISSUES CORPORATE GOVERNANCE CORRUPTION CREDIT GROWTH CREDIT REGISTRY CREDITORS CREDITS DEBT DEBT SECURITIES DEPOSIT DEPOSITS EARNINGS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ELECTRONIC CLEARING EQUALITY EQUALITY OF OPPORTUNITY FINANCIAL INFRASTRUCTURE FINANCIAL REPORTING FINANCIAL SECTOR FINANCIAL STATEMENTS FINANCIAL SYSTEM FINANCIAL SYSTEMS FOREIGN ASSETS FOREIGN BANKS FOREIGN COMPANIES FOREIGN DONORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTORS GOVERNANCE ISSUES GOVERNMENT DEBT GROSS SETTLEMENT SYSTEM GUARANTEE FUND ID INSURANCE INSURANCE SERVICES INSURERS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICE INTERNATIONAL STANDARDS ISLAMIC BANKING ISLAMIC BANKS ISSUANCE JOINT STOCK COMPANIES JUDICIAL PROCESSES JUDICIAL SYSTEMS LEGAL FRAMEWORK LEGISLATION LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LONG TERM ASSETS LONG TERM LIABILITIES MARKET PARTICIPANTS MARKET RISK MICRO-FINANCE MINIMUM CAPITAL REQUIREMENTS MONEY LAUNDERING PAYMENT SYSTEM PAYMENTS SYSTEM PENSION PENSION FUND PENSION FUNDS PENSIONS PORTFOLIO PRIVATE BANK PRIVATE BANKS PRIVATIZATION PRODUCTIVITY PROFITABILITY PROTECTION OF INVESTORS PRUDENTIAL REQUIREMENTS RAPID ECONOMIC GROWTH RAPID GROWTH REAL TIME GROSS SETTLEMENT RECAPITALIZATION REGULATORY FRAMEWORK RISK MANAGEMENT SECURITIES LAW SETTLEMENT SHAREHOLDER SHAREHOLDERS SHAREHOLDERS RIGHTS STATE BANKS STATE INTERVENTION STATE OWNED BANKS STOCK EXCHANGE SUPERVISION OF BANKS SUPERVISORY AUTHORITIES SUPERVISORY FRAMEWORK SYSTEMIC RISK TECHNICAL SUPPORT TERRORISM TRANSPARENCY YIELD CURVE
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World Bank, Washington, DC
Middle East and North Africa | Iraq
2012-08-13T13:23:43Z | 2012-08-13T13:23:43Z | 2011-09

The link between sound and well-developed financial systems and economic growth is fundamental. Efficient and prudent allocation of resources by the financial system is critical for increasing productivity, boosting economic development, enhancing equality of opportunity, and reducing poverty. The financial sector in Iraq remains underdeveloped and underperforming. The banking system is by far the most important part of the financial system, accounting for over 75 percent of assets and is overwhelmingly state-owned. Non-bank institutions and markets are small and underdeveloped. Access to finance is impeded by a weak financial infrastructure, which needs strengthening in all areas: credit registry, the collateral framework, judicial systems, and accounting and auditing skills. It is also important to keep in view the political context. The difficult security situation imposes costs and constraints, the complex political situation impedes decisive policy action, governance issues linger, and the impact of state intervention continues despite reforms.

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