Sinan al-Shabibi, governorof the Central Bank of Iraq, has told foreign financialinstitutions to stop using concerns over security as an excuse for not setting up operations in the country. Foreign banks continue to keep a low profile in Iraq.

Six months ago, the bank issued licences to HSBC and Standard Chartered, the British banks, and the National Bank of Kuwait (NBK), in a move expected to open up the market to international financial institutions.