Residents of Baghdad’s Green Zone who have had to keep wads of cash on hand and listen to the grumbling of Iraqi staff unhappy to be paid with wrinkled American dollars are getting some relief. The zone’s first real commercial bank is open for business: A branch of the Iraqi chain, Warka Bank, is now offering a range of services including savings, checking, Visa credit cards, ATM facilities, even online and mobile-phone banking. External wire transfers are available, at a cost of $50. Dollar savings accounts earn 4 percent a year. Certificates of deposit earn 4.5 to 5.5 percent on U.S. dollars and 12 to 14 percent on Iraqi dinars, depending on duration.

The branch is set up in a converted former residence, conveniently--or perhaps strategically--located down the street from the Karadat Maryam police station and inevitably, hidden behind a bank of high concrete barriers. “This place was in ruins and it took months to accomplish this,” says one of the managers, waving at the front office with its new computers and faux leather furniture. Asked if it had been difficult to get the venture going, another manager shrugs. “Everything in Iraq is complicated, even the weather,” he says.