Decline in acquisition rates of 12 Iraqi banks on private sector deposits

The “Iraq Al-Mustaqbal” Establishment for Monetary Examinations and Counsels demonstrated, on Thursday, that the level of 12 Iraqi banks obtaining private area stores in the nation diminished during the principal half of this current year contrasted with the beyond couple of years.

The organization expressed in a report today that three banks that own American journalist banks procured almost 50% of the stores of the Iraqi confidential financial area in the primary portion of 2024.

The organization claims that these banks acquired 47 percent of public deposits in the first half of this year, up from 34 percent in 2019.

Regarding the 12 Iraqi banks that are capable of external financial transactions but do not have correspondent American banks, their acquisition of private sector deposits reached 36% in the middle of this year, and their acquisition of deposits in 2019 was 42%.

Concerning the Iraqi banks whose unfamiliar exchanges were distinguished, their level of obtaining of stores in mid-2024 arrived at 17%, after their level of procurement of private financial area stores was 25%.

The organization anticipated in its report that the stores of the three banks, a large portion of whose offers are possessed by unfamiliar foundations, will increment and that toward the finish of 2024 they will arrive at an obtaining rate surpassing half of public stores, with a decrease out in the open stores with private banks whose unfamiliar dealings not entirely set in stone.

The report added that stores in confidential banks address 12% of absolute stores in the financial area, while stores in confidential banks addressed 8% of complete stores in 2019.