The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks, 16 MAY

 The Association Of Private Banks Praises The Iraqi Central Bank’s Approach To Establishing Digital Banks

 Expenses  Economy News – Baghdad    The Executive Director of the Iraqi Private Banks Association, Ali Tariq, praised the Central Bank’s approach to establishing digital banks to keep pace with the great development in the global banking sector.

 Tariq said in an interview with Al-Iqtisad News,

 “The world is moving towards the digitization of banking services, and

 Iraq has begun its first steps in establishing digital banks, as

until now there is a digital bank licensed inside Iraq, and

it provides its services normally to the public.” He pointed out that "the

Central Bank of Iraq issued instructions to license banks, which

     set their number at a rate not exceeding 10% of the total banks operating inside the country, with

     a capital of 100 billion dinars, with traditional banks participating at a rate of 30%."

He added,  "Digital banks are similar to traditional banks, but

 they differ in that they do not have branches, and

 most of their services are via mobile phones," noting that the

size of central banks in the world has increased significantly and has reached more than 500 digital banks. Tariq noted that

 they are keeping pace with the development taking place in the banking sector.”

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