Iraq Economic News and Points to Ponder Sunday 3-31-2024
Tlm724 Administrator Bondlady’s Corner
Iraq’s Banking System Grows 15.1% In 2023 To $156.7 Billion
Iraqi News March 31, 2024 1460
The new headquarters of the Central Bank of Iraq in Baghdad. Photo: AFP
Baghdad (IraqiNews.com) – By the end of 2023, the total assets of the Iraqi banking system had grown by 15.1% annually to $156.7 billion.
This was mostly driven, according to Rabee Securities, by the 15.3% increase in deposits to $101.9 billion.
[WAIT! WHAT?
$101,900,000,000 x 1320 IQD/$ = 134,508,000,000,000 IQD ~ 134.5T IQD
is $101.9 billion meant to be 101.9 billion IQD?
percentage increases are important data, imho]
The largest contributor to overall deposit growth was current deposits, which increased 17.2% to $82.1 billion and accounted for 80.5% of all deposits in the banking system.
Additionally, the total deposits of the private sector climbed by 14.7% in 2023 to reach $43.2 billion, while the deposits of Iraq’s Central Government increased by 22.7% to $36.1 billion and the deposits of public institutions increased by 6.1% to $22.6 billion.
“As a measure to control the FX flow into the banking system, the CBI now allows a limited number of banks to participate in the CBI foreign currency window and engage in USD transactions,” said Aysegul Ozge Ozgur, Head of Research at Rabee Securities
“National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among these banks that have been permitted to engage in such activities, thus,
they are benefiting from an expanded market share in USD transactions,” added Ozgur.
There are 61 commercial banking institutions in Iraq, according to Rabee Securities, made up of 54 private banks (25 non-Islamic and 29 Islamic) and 7 state banks (one Islamic and six non-Islamic).
In terms of Return on Average Equity (ROAE) and Return on Average Assets (ROAA), the National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among the most profitable ISX-listed banks.
In 2023, their balance sheets and income statements showed remarkable development.
https://www.iraqinews.com/iraq/iraqs-banking-system-grows-15-1-in-2023-to-156-7-billion/
Infographic: The Central Bank Of Iraq Announces An Increase In The Volume Of Loans And Advances During 2023
March 31, 2024 The Central Bank of Iraq announced an increase in the volume of loans and advances granted by banks operating in Iraq.
The Central Bank of Iraq confirmed that the volume of loans and advances granted by banks operating in Iraq amounted to (60.8) trillion dinars, at a rate of (17%) in 2023, after it was (51.9) trillion dinars, at a rate of (12%).) in 2022, while the loans and advances granted in 2021 amounted to (46.1) trillion dinars, at a rate of (7%).
The Central Bank of Iraq noted the importance of loans and advances, which are important factors in stimulating the local economy.
Central Bank of Iraq information Office 31 – March – 2024 https://cbi.iq/news/view/2539
Controls For Licensing Digital Banks In Iraq
March 31, 2024 :diamonds: Controls for licensing digital banks in Iraq..For more, click here
https://cbi.iq/static/uploads/up/file-171187147328235.pdf
[Partial and approximate translation of https://cbi.iq/static/uploads/up/file-171187147328235.pdf]
All approved banks
M/ Controls for licensing digital banks in Al-Ara
Based on the decision of the Board of Directors of this bank No. (57) of 1951 and in view of the need for diversification in Providing banking services in light of technological progress that contributes to enhancing financial inclusion through…
To facilitate customers’ access to banking services, we have attached a link (controls for licensing digital banks in Iraq). with respect. https://cbi.iq/news/view/2538
Parliamentary Finance: The Current Year’s Budget Amounted To 228 Trillion Dinars
The first 04/01/2024 Baghdad: Shaima Rashid The Parliamentary Finance Committee revealed that the current year’s budget deficit exceeded 20 trillion over the previous year’s budget, indicating that
it was a planned deficit and not a real one, at a time when it hosted the new governors to learn about their most prominent demands and the problems they suffer from and to discuss other technical matters.
Committee member, Jamal Cougar, said in an interview with “Al-Sabah”:
The 2024 budget amounts to 228 trillion dinars, with a planned deficit amounting to 84 trillion dinars, noting that salaries, according to the Minister of Planning, will reach 102 trillion dinars, which is a very large amount. He pointed out that the
deficit is planned because every year large amounts are added to the operating budget that may not be implemented, and any reduction in the implementation rate of the budget will be a reduction in the deficit rate, indicating that the previous budget had a deficit of 64 trillion, meaning an increase of about 20 trillion.
Koger added that the new governors were hosted in order to know the extent of the implementation of projects in their governorates,
in addition to learning about the most important problems and obstacles they face and talking about the projects, what has been implemented and what has not been implemented, in addition to other matters, including food security. He pointed out that the
Minister of Planning was hosted and revealed the details of the projects and their implementation and why some projects had not been referred yet, stressing that the
governors’ requests were mostly service related to the completed projects, and
they called on the government, through the committee, to disburse the amounts for the completed projects. https://alsabaah.iq/94419-.html
Provoking Points To Ponder On Failures and Mistakes
He is always right who suspects that he makes mistakes.- Spanish proverb
The man who makes no mistakes does not usually make anything.- Bishop WC. Magee
A good marksman may miss.- Thomas Fuller
He that has much to do will do something wrong.- Samuel Johnson
For a just man falleth seven times, and riseth up again.- Bible
To make no mistake is not in the power of man; but from their errors and mistakes the wise and good learn wisdom for the future.- Plutarch
http://famousquotesandauthors.com/topics/failures_and_mistakes_quotes.html
