Overall Information

The banking system centers around two large banks, Al Rasheed, and Rafadine and the Central Bank. Other smaller banks are the Industry and Real Estate Banks. Rasheed Street in Baghdad is considered the "Wall Street." According to an Iraqi Central Bank spokesperson, in excess of $900 million was looted. Baghdad has approximately 170 banks. Some banks are already functioning. The Central Bank ran a check clearing facility. Goal is to have a fully functioning banking system up and running by June 30.

The Ministry of Finance establishes budgets, manages debt, and establishes economic policy. It pays Iraq’s 1.8 million pensioners and 1.4 million state employees, and collects taxes and customs revenues. The hope is to have a new operational budget by June 15. Many finance records are intact and people are handing them over. The US has announced that all assets frozen in the U.S. during the first Gulf War will be returned to the Iraqi people. These funds will partially be used to pay salaries, emergency payments, and basic costs of the Iraqi government.

Finance Facts

-Opening the borders for 90 days for free trade will encourage foreign trade and create jobs as well as provide a lift to the economy.
-Lifting of UN sanctions will improve economic conditions and enhance Iraq’s ability to restart its economy.
-ORHA and the finance ministry are working together to establish a budget for the government of Iraq and to identify appropriate levels of revenue and expenditure.
-ORHA and the finance ministry are supporting the continuance of the food distribution program.
-Wheat plays an important part in the Iraqi economy. ORHA is developing a plan to pay farmers for their agricultural products.
-The continuance of payment of salaries to pensioners and civil servants is important to the development of the Iraqi economy.
-Of the $1.7 billion in funds that were frozen after the first gulf war, $300 million has been earmarked for potential claims and $1.4 million will be used for emergency payments.
-ORHA and the finance ministry are working together to develop a new wage scale system based upon merit, not political affiliation.

Banking Facts

-Iraqi bank leaders will announce Iraqi banking ministry directors. This will begin the stability of the banking system.
-Importance of opening of bank services for Iraqi citizens and the safety of their deposits. Some Iraqi banks are already performing banking transactions.
-ORHA is working closely with bank industry leaders to establish an armored car service to safely transfer money throughout the country.
-Coalition forces are safeguarding and maintaining security of vaults at Iraqi banks. ORHA and Iraq’s banking community are stressing to Iraqi citizens that their currency will not be abolished and will be accepted as a form of payment and or deposit in business transactions.

Facts on the Baghdad Fire Brigade

The interim supervisor reported over 900 fire brigade staff workers in Baghdad - 23 out of 25 fire stations staffed and 12 fire stations operational. The one concern the Fire Brigade has is fuel, which they are running out of. ORHA is ensuring the delivery of fuel to the brigade.

Press Opportunities

-Ongoing meetings with the police and many possibilities with patrols. Rueters, AP, Dubai and Abu Dhabi TV are already present at the Police Academy.
-First press opportunity will be the fuel being delivered to the fire brigade.