The presence of Turkish banks in the Kurdistan Region provides a service for the banks themselves and the movement of business in Iraq and the region, said the president of Erbil's Chamber of Commerce and Industry.

BankDara Jalil Al-Khayat told Anadolu news agency: "Many Iraqi traders and merchants were suffering in the past years with the problem of the transfer of funds abroad and access to banking services, while the presence of Turkish banks will bring ease, speed and accuracy in commercial activities."

Five Turkish banks have opened branches in Erbil since 2011, including Ish, Agriculture, Waqf, Baraka and Asia.

The Kurdistan Regional Government said earlier that the volume of trade between Turkey and Iraq in 2011 reached $12bn (13.9tr IQD), with 75 percent coming from the Kurdistan Region.