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An Iraqi government bank suspends its biggest deal in Turkey and moves to a neighboring country

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An Iraqi government bank suspends its biggest deal in Turkey and moves to a neighboring country

Post by RamblerNash on Wed Aug 15, 2018 10:26 pm

An Iraqi government bank suspends its biggest deal in Turkey and moves to a neighboring country

Twilight News

2 hours ago

The bank has suspended plans to buy a commercial bank in Turkey, due to the sharp decline in the Turkish lira.

The Iraqi government-owned bank, with assets of about $ 20 billion, is responsible for supporting about 80 percent of Iraq's trade finance activities.

Hems told Reuters the bank was seeking to expand its foothold in Turkey, Iraq's biggest trading partner.

The Turkish currency lost more than 40 percent of its value against the US dollar this year as investors worried about Turkish President Recep Tayyip Erdogan's economic policies, as well as a recent diplomatic row between Turkey and the United States.

The lira rose on Wednesday after the central bank reduced the liquidity of the Turkish currency in the market, effectively raising interest rates and supporting the currency.

"Turkey is a very important market for Iraq and we want to study the situation before it enters," he said, adding that the Turkish lira was unstable and was monitoring the situation to see if it would stabilize before entering.

He noted that the Iraqi Trade Bank preferred to enter Turkey through an acquisition and was discussing the purchase of a Turkish commercial bank.

Hummes did not name the intended bank and said his bank's board was evaluating the potential purchase without going into details.

"Any commercial bank will serve as a commercial arm of Iraq in Turkey and will facilitate exports from Iraq to Turkey," he said, adding that trade between the two countries has reached about $ 6 billion since the beginning of this year.

The Iraqi Trade Bank is also planning to open a branch in Saudi Arabia.

"At the moment, trade (between Iraq and Saudi Arabia) is about one billion dollars and we are trying to double that to three or three times in two to three years," he said.

Food, agricultural products and petrochemicals were among the priority areas for growth.

He added that the bank also has a representative office in Abu Dhabi that is planning to develop it into an asset management office to provide investment opportunities in Iraq to the wealthy in the Gulf.


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