According to the Future Iraq Foundation for Economic Studies and Consultations, four private-sector banks now account for more than half of Iraq’s banking industry.
According to a report released by the institution, the four banks are the International Development Bank, the National Bank of Iraq, the Bank of Baghdad, and the Islamic Bank of the South, followed by the Iraqi Islamic Bank, the Investment Bank, the Commercial Region Bank, Al-Mansour Bank, and Cihan Bank.
According to the analysis, the aforementioned banks saw growth in 2023, with the value of their assets increasing to nearly 17 trillion Iraqi dinars from 11.5 trillion in 2022.
The organization said that this increase was due to an increase in deposits with these institutions as well as an increase in reliance on the banking industry, particularly in international transactions.
According to the research, the size of these banks’ assets is likely to grow over the next five years to more than 40 trillion Iraqi dinars, with an increasing dependence on the private banking industry at the expense of the public sector.
