The Trade Bank of Iraq has connected to the Thomson Reuters Dealing trading service. Thomson Reuters says the deal reinforces its position in FX dealing and further expands its global dealing community.
The state-owned TBI was established in July 2003 to facilitate Iraq’s international trade and reconstruction efforts after the expiration of the UN’s oil-for-food programme. TBI, which has already built relationships with a network of 120 banks covering 63 cities in 39 countries, was one of the first Iraqi banks to receive credit lines from major international financial institutions.
“This connection to the international foreign exchange community... is a milestone for Iraq and for the bank. The deal means that TBI will be able to widen the range of financial services it provides to help Iraqi businesses to trade internationally and grow. It is further evidence that business in Iraq is gradually returning to the international financial markets,” says Zaid Mahdi, vice-president, business development at TBI.
According to Jas Singh, global head of treasury at Thomson Reuters, the company has maintained a presence in Iraq over the past decade: “We are delighted to support the development of its financial markets by equipping TBI with the right tools and information to trade with the wider world.