Mazhar Muhammad Salih, the Iraqi government’s financial advisor, said on Wednesday that private banks’ cash credit-to-deposit ratio may approach the standard of 75%, which banks should reach or at least approach.
He explained that the government banking system is responsible for 85% of banking activity, while the market share of 63 private banks in credit and deposit operations does not exceed 15%.
The International Development Bank also announced the opening of investment deposit accounts to assist Iraqi families in the same context.
The bank made sense of, in a proclamation , that these records offer returns of up to 10% every year, with a regularly scheduled installment and monetary rewards inside month to month draws. In addition, deposit holders receive a free credit card, deposit guarantee loan options, and free life insurance.
The bank affirmed that the assets will be utilized to serve the public economy, with an assurance from the Iraqi Store Insurance Agency approved by the National Bank of Iraq, taking note of that stores are one of the main wellsprings of assets at the level of the public economy and investors.
According to economic statistics, there are 7 government banks in Iraq, while there are 74 private banks. This means that private banks make up 91% of the banks in Iraq.
