IRAQ: ATM cash machines becoming a common sight

Record ID: 1492394

  • Title: IRAQ: ATM cash machines becoming a common sight
  • Date: 24th June 2010
  • Summary: BAGHDAD, IRAQ (JUNE 20 , 2010) (REUTERS): AN IRAQI MAN WALKING TOWARDS ATM CASH MACHINE BEING INSTALLED IN STREET IN HARTHIYA DISTRICT IN BAGHDAD VARIOUS OF MAN USING ATM MACHINE TO WITHDRAW MONEY MORE OF ATM MACHINE BEING INSTALLED IN STREET IN HARTHIYA DISTRICT IN BAGHDAD PERSON WITHDRAWING MONEY AND LEAVING GOODS ON DISPLAY INSIDE AL WARDA SUPERMARKET /VIEW OF ATM MACHINE INSIDE SUPERMARKET IN BAGHDAD
  • Embargoed: 10th July 2010 10:13
  • Keywords:
  • Location: Iraq
  • Country: Iraq
  • Topics: Economic News,Lifestyle
  • Reuters ID: LVA8FEJ02AWYHSTOXQ6LPNJG2TXL
  • Aspect Ratio: 4:3
  • Story Text: The private Iraq al Warka Bank for Investment and Finance is installing an increasing number of automated teller machines (ATMs) around the country, offering Iraqis better access to a service which was introduced to the country only five years ago.
    Cash machines are still a rare sight in Iraq. The new ATM cash points are being installed in supermarkets and shopping centres, making it easier for people to access their funds.
    The first ATM machines were installed in Iraq in 2005 by the Trade Bank of Iraq. Some in the country considered the step a sign of progress in Iraq's banking system which was left devastated following decades of war and sanctions.
    Once completely nationalised, most of Iraq's banking sector is still run by the state, which controls about 80 percent of gross domestic product.
    But al Warka is one of the larger of the countries private banks, and has around 120 branches in Iraq with around 350 cash points around the country. Established in 1999, the bank specialise in projects to rebuild the country's damaged infrastructure, such as construction, power and communications projects.
    With more ATM machines in public places, Iraqis in some locations are now able to buy their groceries and withdraw money at the same time. Shop owner Abu Fadi said it makes people's lives a lot easier.
    "This is a significant step and a new thing in the country. People need such things. I hope that the ATM will be available everywhere not only in my supermarket. We want the bank to continue to maintain the ATM machines and refill them with money, so that people don't tire from coming and going,'' said Abu Fadi as customers made the most of the new in-store cash point.
    Sausan Qader manages the ATM machine and debit card department in al Warka Bank. She said security plays a vital role in where to install ATM machines.
    "ATM machines are widespread in all areas of Iraq. Because of the improved security situation in the northern region of Iraq; ATM machines were installed in the streets, supermarkets and hotels. As for Basra, ATM machines were installed in streets and in entertainment places, but in Baghdad and the rest of Iraq's provinces, the ATM machines were installed in the banks' branches and in the shopping malls. In Baghdad, there are dozens of ATM machines that can be used by people in al Warda supermarket, B-town supermarket and in a number of restaurants in Kadhemiya district," she said.
    "Al Warka bank for investment and finance is an Iraqi bank with no foreign partnership. All the credit cards are purely Iraqi made," she added.
    Bank customers are able to use their debit cards in more than 200 countries. As with cash points around the world, they are able to make withdrawals and check the balance in their accounts through the new ATM machines.
    Al Warka bank prides itself on being the first financial institution in Iraq to issue Visa cards and provide internet banking to its clients.
    Iraq wants to rebuild after years of war. Roads, railways, the electricity grid, ports, housing and basic industry have to be almost rebuilt from scratch. To that end, the National Investment Commission has put together a "wish list" of 750 projects that alone require 600 billion U.S dollars.
    Iraqis had hoped a March 7 parliamentary vote would set their country on a path to stability and prosperity seven years after the U.S.-led invasion kicked off sectarian warfare and a fierce Sunni Islamist-led insurgency.
    Overall violence has fallen sharply, and deals signed with global oil majors hold the promise of making Iraq capable of pumping at near Saudi levels -- 12 million barrels per day -- within seven years.
    But politicians have made little progress since the election on agreeing on a coalition government, and there is a faint but growing possibility that no government will be formed by October or November.
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