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For Immediate Release
April 29, 2004

Banking Sector Shows Growth and Vigor
Iraq Fact of the Day

In a sign of Iraq's improving economy, two new private banks have opened their doors in the past two weeks, and the Central Bank has before it several additional applications for new banks. Iraqi citizens are gaining confidence in this banking system, and private deposits have doubled since last summer. In announcing the opening of the new banks, the governor of Iraq's Central Bank expressed confidence that the positive transformation of Iraq's economy will "contribute immensely to peace and prosperity in the Gulf region and beyond."

Source: United States Marines