Economy News

Trillion dinars value of deposits in commercial banks

The private director of the Association of Iraqi Private Banks, Ali Tariq, said the increase of government and private deposits in commercial banks operating inside Iraq to 76.89 trillion dinars during the year 2018.

Tariq said, “Government and private deposits in commercial banks rose 9.84 trillion dinars in 2018 because of the bank’s procedures The Iraqi Central Bank in support of the Iraqi banking sector, both government and private, in addition to Iraq rid of the financial crisis that hit in 2014 because of the fall in oil prices and security improvement after the elimination of the organization calling, “noting that” deposits in 2017 amounted to 67.05 trillion dinars What rose in 2018, to 76.89 trillion dinars.”

He added that “private sector deposits in commercial banks amounted to 27.36 trillion dinars, while government deposits amounted to 22.27 trillion dinars in addition to deposits of the public sector sector amounting to 27.26 trillion dinars.”

He stressed that “the relationship between the citizen and the banking sector is witnessing a significant improvement after the actions of the Central Bank of Iraq, such as the settlement of salaries of employees in the public and private sectors and facilitate the procedures of bank cards and others,” adding that “Another factor is the integration of Iraq in the global economy, which depends mainly on transactions With the banking sector in addition to the increasing geographical spread of banks through the increase in the number of branches after the awareness programs, as well as increasing the proportion of financial coverage through the provision of electronic payment tools and their impact in attracting the mass of cash.

He pointed out that “the coming years will witness an increase in deposits after the launch of deposit insurance company by the Central Bank of Iraq.” Source