The Executive Director of the Association of Iraqi Private Banks, Faiq Nasser Hussain, announced that Iraqi governmental banks shouldn't operate pursuant to the Islamic banking system because Islamic bank budgets are different from the budgets of traditional commercial banks. He noted that the Central Bank of Iraq finally put it to a committee to draft a law for this sector.
The Central Bank of Iraq recently announced that it will grant a number of licenses to establish private banks, confirming that their growth will enhance the economic situation in the country. The total capital of private banks is about $2.7 billion dollars and expected to rise to 100 billion dinars by the end of June, reaching 250 billion by the end of 2012.
The two main purposes of the Central Bank of Iraq are to: maintain price stability and implement monetary policy, including exchange rate policies, management of foreign reserves, currency issuance, management, and organizing internal and external payments.
source: Yalla Finance