Iraq PM appoints new central bank governor, head of Trade Bank

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Iraqi Prime Minister Mustafa al-Kadhimi appointed Mustafa Ghaleb as central bank governor, state news agency INA said on Monday.

Kadhimi also appointed Suha Dawood Elias as head of the National Investment Commission and Salem Jawad Abdul Hadi Al-Jalabi as chairman of state-owned Trade Bank of Iraq (TBI), among other appointments, INA said. INA did not provide further details.

Iraq’s economy and oil sector were battered by years of wars, sanctions and a stubborn Islamist insurgency triggered by the US invasion.

Iraq relies on oil to fund 97 percent of its state budget.

Iraqi Finance Minister Ali Allawi told parliament last week that reforming Iraq’s economy would take five years of work and that state debt amounted to 80-90 percent of national product, while foreign debt was at $133 billion.

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