Al-Warkaa Bank is agressively buying the newly issued Iraqi Bonds with US investor support.
(PRWEB) October 12, 2004 -- Al-Warkaa Bank bought the largest amount of the new Iraqi bonds yet on 10 October 2004 in the Central Bank of Iraq auction. The relatively small bank is surpassing even the largest banks such as Dar Es Salaam and Credit Bank of Iraq due to US investor support.
The ISX the newly created Iraqi stock market is also an eagerly awaited market for Al-Warkaa bank investors. The new equiptment needed to upgrade the Iraqi stock market was delivered in late September. Foreigners are allowed to purchase the stocks but trading has been hampered by no way to keep track of ownership except by hand written notations. The market has climed nearly 400% since opening and now has over thirty stocks trading two day a week.
Al-Warkaa Bank offers US customers a bank account that they can open with US dollars and then buy the currency at the very attractive Baghdad exchange rate of 1460 dinar to the dollar. The exchange rate at the National bank of Kuwait is 1330 dinar to the dollar www.nbk.com/NBK/TopBar/Rates/rates.htm and it is a lot more expensive at other dinar dealers due to shipping cost of the paper currency. The currency itself is expected to start trading after the Iraqi elections in January. The Central Bank of Iraq will be eager to see investment in the currency which was worth 33 cents US before the war and is now at less that a tenth of a penny.
Interested investors can watch the bond trading at the Central Bank of Iraq web site http://www.cbiraq.org/ the bond auctions are held every two weeks and are 90 day bonds. You can e-mail Al-Warkaa bank at warkabank@hotmail.com
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