"ANALYSIS OF IRAQ NEWS: "THEY OPENED ACCOUNTS FOR THE IRAQI CITIZENS FOR THE MONETARY REFORM" BY FRANK26, 7 MWRCH

 KTFA

FRANK26: "THEY OPENED ACCOUNTS FOR THE IRAQI CITIZENS FOR THE MONETARY REFORM"..........F26

During 2023.. 7 Iraqi banks break the barrier of 1 trillion dinars in the amount of their deposits

 

3/6/2024
Baghdad

 

Five Iraqi banks were able to exceed the barrier of one trillion dinars in the size of their deposits in 2023, while only two Iraqi banks were able to break the barrier of 2 trillion Iraqi dinars in the size of customer deposits with the two banks.

The economist, Manar Al-Obaidi, said, “The International Development Bank and the National Bank of Iraq were able to break the barrier of 2 trillion dinars in deposits in 2023.”

As for the five banks, they are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, the Iraqi Islamic Bank, and the Islamic South Bank, according to the economic expert.

He added, "The deposits of the five banks grew by 11.3% compared to the year 2022, bringing the total bank deposits to 9.25 trillion Iraqi dinars."
He pointed out, "Al-Janoob Islamic Bank achieved the highest percentage of growth in deposits at a rate of more than 147%, then the National Bank of Iraq, whose deposits grew in value by 90%."

Al-Obaidi stressed, “This growth reflects an increase in public confidence in Iraqi private banks and the ability of private sector banks to acquire part of the monetary mass issued outside the banking system, as it is noted that the volume of deposits for the five banks in 2019 did not exceed the barrier of 1.8 trillion Iraqi dinars, reaching today.” To more than 9.25 trillion dinars.

He continued: "It is expected that the five Iraqi banks will continue their control of the local market and the ability to attract deposits, whether from outside the banking system or from public sector deposits, as a result of the increased confidence in these banks and their spread in various governorates, in addition to the increase in the great competition between these banks in order to acquire the largest... Amount of deposit.

He pointed out, "The increase in the volume of deposits in the private banking sector will contribute to strengthening the wheel of economic growth by directing these banks to invest deposit funds in beneficial economic projects through which they can achieve profits to cover the interest paid on these deposits."

Al-Obaidi stated, “The total value of deposits in the private and public banking sector amounted to more than 133 trillion dinars at the end of 2023, and these five banks were able to acquire 7% of the total of these deposits, and the largest value of the deposits is still present in government banks.”

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