A Representation

A Representation

[Bank of Baghdad Managing Director]

From: Mowafaq H. Mahmood
Bank of Baghdad
Baghdad, Iraq.
 
Following the 
first Gulf War in 1991, Saddam Hussein authorized for the first time 
the formation of private banks in Iraq. From 1992 until the end of the 
decade, 17 such banks were established. Up until the second Gulf War, 
however, Saddam prohibited these banks from conducting international 
transactions - including payments, remittances, and letters of credit. 
Now, as Iraq develops a market- driven banking system, these 
restrictions are being reduced and the importance of Iraq's private 
banks is expected to grow significantly.
 
An important step was taken 
on October 28, 2003, when the Central
Bank of Iraq authorized Iraq's 
private banks to process international payments, remittances and 
foreign currency letters of credit. This action follows other important 
steps taken recently to modernize Iraq's banking system - the 
establishment of a new national currency, for instance, and the 
launching of daily foreign exchange auctions by the Central Bank.
 
Subsequently, I personally was able to hide away One Hundred Million 
United States Dollars in the wake of the United States of American led 
war on Iraq. This money was meant for investments but it is believed 
that we have lost this money to looters during the War in Iraq. Since 
after the war, I have safely tucked away this money with the hope that 
I will be able to do something with it as soon as things cool down. Now 
intend to do so.
 
I just need that I get you as my reliable foreign 
partner who will as it is be my representative out there in your 
Country; I want you as a partner who will assist me in investing in 
profitable ventures in your Country. I need a person I could rely on.
 
Faithfully,
 
Mowafaq H. Mahmood
Bank of Baghdad
Iraq.