Association of Private Banks: The capital of banks operating in Iraq amounted to more than 15 trillion dinars

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Association of Private Banks: The capital of banks operating in Iraq amounted to more than 15 trillion dinars

 

Executive director of the Iraqi Private Banking Association Ali Tariq. "Economy News"

money and business The Economy News - Baghdad The Iraqi Private Banking Association revealed, on Sunday, the size of the Iraqi banking sector, as the capital of banks operating inside the country reached more than 15 trillion dinars.  The executive director of the Association of Iraqi Private Banks, Ali Tariq, said that the Association of Banks provides to all media and researchers financial information for the banking sector that explains its size and impact in Iraq during the year 2019, noting that "the data prepared by the central bank indicates an increase in the capital of the banking sector to More than 15 trillion dinars. "  He noted that "the banking sector has witnessed a great development during the past years, and was able to increase the volume of lending and deposits in banks, which will positively affect the Iraqi economy, especially after the central bank reduced interest on small and medium enterprises."  Tariq stressed that "the capital of Iraqi banks amounted to more than 15.3 trillion dinars until 2019, divided into 3.3 trillion dinars, the capital of government banks, while the capital of private banks amounted to 12 trillion dinars," noting that "deposits in the banking system amounted to 82.1 trillion dinars, of which 71.38 trillion Dinars in government banks, while in private banks amounted to 10.72 trillion dinars.  Tariq pointed out that "cash credit amounted to 42 trillion dinars divided into 34.2 trillion dinars provided by government banks and 7.8 trillion dinars provided by private banks, while pledge credit amounted to 25.2 trillion dinars divided into 17.2 trillion dinars from government banks and 8 trillion dinars from Private banks. "  He stressed that "bad debts amounted to 4.1 trillion dinars divided into 2.37 trillion dinars in government banks and 1.77 trillion in private banks, and this default is due to the lack of commitment of borrowers to pay back borrowing money," explaining that "the profits of banks during the past year amounted to 1090 billion dinars divided To 956 billion dinars for government banks and 134 billion dinars for private banks. "

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Official: The capital of banks operating in Iraq is 15 trillion dinars

Executive director of the Iraqi Private Banking Association Ali Tariq

 05 July 2020 11:01 AM

Direct: The Association of Iraqi private banks revealed that the capital of banks operating inside Iraq amounts to more than 15 trillion dinars, according to data from the Central Bank of Iraq.

The executive director of the Association of Iraqi Private Banks, Ali Tariq, according to what was reported by the Iraqi News Agency (INA), today, Sunday, that the banking sector has witnessed a great development during the past years.

He pointed out that the sector was able to increase the volume of lending and deposits, which will positively affect the Iraqi economy, especially after the central bank reduced interest on small and medium enterprises. 

He also stressed that the capital of Iraqi banks amounted to more than 15.3 trillion dinars, until 2019, divided into 3.3 trillion dinars, the capital of government banks, while the capital of private banks amounted to 12 trillion dinars.

He continued: "Deposits in the banking system amounted to 82.1 trillion dinars, of which 71.38 trillion dinars in government banks, while in private banks amounted to 10.72 trillion dinars." 

He pointed out that the cash credit amounted to 42 trillion dinars, divided into 34.2 trillion dinars provided by government banks and 7.8 trillion dinars provided by private banks.

He also explained that bad debts amounted to 4.1 trillion dinars, divided into 2.37 trillion dinars in government banks and 1.77 trillion in private banks.

And that the profits of banks during the past year amounted to 1.09 trillion dinars, divided into 956 billion dinars for government banks and 134 billion dinars for private banks.

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A statement of the capital of banks operating in Iraq and the assets of the central bank

•  Time: 7/20/2020 09:43:51
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•  Read: 5,577 times

  

{Baghdad: Al Furat News} The Iraqi Private Banking Association revealed the Iraqi banking sector, as the capital of banks operating inside the country reached more than 15 trillion dinars.

"The Association of Banks provides to all media and researchers financial information for the banking sector that explains its size and impact in Iraq during the year 2019," said Ali Tariq, executive director of the Association, Ali Tariq, in a statement received by the agency (Al Furat News). To increase the capital of the banking sector to more than 15 trillion dinars. "
He noted that "the banking sector has witnessed a great development during the past years, and was able to increase the volume of lending and deposits in banks, which will positively affect the Iraqi economy, especially after the central bank reduced interest on small and medium enterprises."
Tariq stressed that "the capital of Iraqi banks amounted to more than 15.3 trillion dinars until 2019, divided into 3.3 trillion dinars, the capital of government banks, while the capital of private banks amounted to 12 trillion dinars," noting that "deposits in the banking system amounted to 82.1 trillion dinars, of which 71.38 trillion Dinars in government banks, while in private banks amounted to 10.72 trillion dinars.
He pointed out that cash credit amounted to 42 trillion dinars divided into 34.2 trillion dinars provided by government banks and 7.8 trillion dinars provided by private banks, while pledge credit amounted to 25.2 trillion dinars divided into 17.2 trillion dinars from government banks and 8 trillion dinars from private banks ".
Tariq stressed that "bad debts amounted to 4.1 trillion dinars, divided into 2.37 trillion dinars in government banks and 1.77 trillion in private banks, and this failure is due to the lack of commitment of borrowers to pay back borrowing money, explaining that the profits of banks during the past year amounted to 1090 billion dinars divided into 956 billion dinars for government banks and 134 billion dinars for private banks. "
On the other hand, the Iraq Future Foundation said that "the assets of the Central Bank of Iraq for the month of May 2020 decreased by 1.83% compared to April 2020, but it increased by 3.93% compared to May 2019 to reach the value of the assets 105.6 trillion dinars."
She attributed "the reason for the decrease in the assets of the central bank to the continued volume of sales from the dollar for the purpose of import, with the decrease in the volume of purchases from the dollar from the Ministry of Finance, which leads to the trend towards using the reserve to compensate for the shortfall."
She added, "Cash and gold reserves rose by 0.54% compared to April 2020 and by 15% compared to May 2019 to reach 21 trillion dinars."
It indicated, "The percentage of decline in investments amounted to 4.64% compared to April 2020 and 11.3% compared to May 2019, to reach 43.5 trillion dinars."
"On the level of the issued cash, it increased by 1.3% compared to April 2020 and 26% compared to May 2019, to reach 58.6 trillion dinars, and to represent 55% of the total liabilities of the bank, a large percentage due to the decline in bank deposits and the balances of government institutions As the banking sector suffers from weak banking transactions that reduce the volume of its deposits with the central bank and also the need for government institutions for funds, which causes them to withdraw part of their assets with banks to cover their expenses.
Predicted an independent institution that "witnessing the coming months , a further decline in central bank reserves as a result of the purchase of the dollar and the continued buying rates of the dollar for the purposes of import decline from the Iraqi government as a result of the weakness of imports at the same pace, leading to the withdrawal of more bank reserves to compensate for the shortfall , " .anthy
Ammar al - Masoudi