1.2 million new bank accounts were opened in Iraq within 9 months

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1.2 million new bank accounts were opened in Iraq within 9 months

On Sunday, the Association of Private Banks announced that they had created over 1.2 million new bank accounts in 9 months, bringing the total to over 18 million cards.

“The Executive Director of the Association, Ali Tariq, stated in a press release that the banking sector in Iraq is experiencing substantial growth, which the government and the Central Bank of Iraq support. He also mentioned that banks and electronic payment companies have top-notch infrastructure, and their services have witnessed significant expansion, leading to increased trust between the citizens and the banking sector.”

According to his statement, the number of bank accounts increased by 14 percent, reaching 10.02 million by September 30, 2023. This is a significant increase from the 8.79 million accounts that existed at the end of 2022, indicating that over 1.2 million accounts were created within 9 months. The breakdown of these accounts is as follows: current accounts grew by 17.7 percent and reached 3.54 million accounts, savings accounts grew by 11 percent and reached 5.55 million accounts, fixed deposit accounts grew by 4.6 percent and reached 236.8 thousand accounts, and corporate accounts increased by 5 percent and reached 688.7 thousand accounts.

He emphasized that the number of bank cards has increased by 14.2% in the last 9 months as banks and electronic payment companies have issued 2.3 million new cards. Consequently, the total number of cards has increased to 18.5 million. He also pointed out that during this period, the point-of-sale devices have increased by 117% and reached 23,261 devices. This is a significant increase compared to 10,718 devices at the end of last year.

Tariq reported that the number of ATMs increased by 30.5% to 2,901, up from 2,223 at the end of last year.

The Executive Director emphasized that the financial sector in Iraq has undergone significant transformations, which are crucial in achieving economic reform. He attributed this success to the support received from the government and the Central Bank. Additionally, the change in the process of external transfer for financing trade has led to a significant increase in the bank accounts of companies.