The Future Iraq Foundation for Economic Studies and Consultations said on Friday that there are four banks in the private sector that have acquired more than 50% of the size of the Iraqi banking sector.
According to a report issued 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 banks: the Iraqi Islamic Bank, the Investment Bank, the Commercial Region Bank, Al-Mansour Bank, and Cihan Bank.
The report indicated that the above banks achieved growth during the year 2023, bringing the value of their assets for one year to approximately 17 trillion Iraqi dinars, after it was approximately 11.5 trillion Iraqi dinars in 2022.
The institution explained that this increase came as a result of the increase in deposits with these banks and the increase in dependence on the banking sector, especially in the field of foreign transactions.
The report continued, it is expected that the size of the assets of these banks will rise over the five years to reach more than 40 trillion Iraqi dinars, with increased reliance on the private banking sector at the expense of the public banking sector.
shafaq.com
