For the first time...the assets of Iraqi banks record an unprecedented number

[RJG]

For the first time...the assets of Iraqi banks record an unprecedented number

Economy |Yesterday, 22:37 |

    

 

+A-A

 

Baghdad Today - Baghdad

Today, Thursday (January 18, 2024), an economic expert revealed an “unprecedented” rise in assets in Iraqi banks operating in the country.

Manar Al-Obaidi said in a statement received by “Baghdad Today” that “the volume of assets of Iraqi banks operating in Iraq amounted to more than 202 trillion dinars, which is the first time that it has exceeded the barrier of 200 trillion dinars.”

He added, "The value of banks' assets increased by 8% compared to the same period of the previous year."

Al-Obaidi pointed out that “the size of banks’ assets to the Iraqi GDP is around 52%, and despite this high percentage, it is still lagging behind compared to the Middle East region, where the size of banks’ assets to the GDP reached around 80%.”

He continued, "Government banks are still in control of the total assets of the banking sector, at a rate of about 85% of the total assets of banks, and despite the rise in the assets of the private banking sector, it still does not constitute more than 15% of the total assets of banks operating in Iraq."

https://baghdadtoday.news/240463-لأول-مرة.-موجودات-البنوك-العراقية-تسجل-رقماً-غير-مسبوق.html

[Carrello]

1. Therefore, the deposits, which guarantee customers’ deposits at that bank, prevent it from performing its obligations towards them in accordance with the new amendment to its internal regulations.  However, mistrust is still prevalent within the culture of citizens, with their reluctance to deal with banks, and we believe that the reason that led to this is the faltering banks, the methods of some banks in dealing with customers, complex routine procedures, and some banks’ circumvention of the Central Bank’s instructions, which outline mechanisms for transparent and proper dealing with citizens.  Therefore, the new strategy to enhance confidence, as explained by the Governor on 1/11/2024, will depend on the following: 
2. First - Improving the level of banking services and products provided to customers. 
3. Second: The availability of the bank’s financial solvency and its ability to meet customers’ requests at the time of request without delay. 
4. Third: The bank’s control and direct supervision focus on measuring the level of service provided by banks to customers. 
5. Fourth - It provides external (international) confidence in the bank through its ability to adhere to international standards and obtain confidence from correspondent banks. 
6. Fifth - ""Increase the capital of banks"" on the new date of ""February 15, 2024"", which is the deadline specified for the increase.

[Dretown39]

1 hour ago, Carrello said:

1. Therefore, the deposits, which guarantee customers’ deposits at that bank, prevent it from performing its obligations towards them in accordance with the new amendment to its internal regulations.  However, mistrust is still prevalent within the culture of citizens, with their reluctance to deal with banks, and we believe that the reason that led to this is the faltering banks, the methods of some banks in dealing with customers, complex routine procedures, and some banks’ circumvention of the Central Bank’s instructions, which outline mechanisms for transparent and proper dealing with citizens.  Therefore, the new strategy to enhance confidence, as explained by the Governor on 1/11/2024, will depend on the following: 
2. First - Improving the level of banking services and products provided to customers. 
3. Second: The availability of the bank’s financial solvency and its ability to meet customers’ requests at the time of request without delay. 
4. Third: The bank’s control and direct supervision focus on measuring the level of service provided by banks to customers. 
5. Fourth - It provides external (international) confidence in the bank through its ability to adhere to international standards and obtain confidence from correspondent banks. 
6. Fifth - ""Increase the capital of banks"" on the new date of ""February 15, 2024"", which is the deadline specified for the increase.

 

Fifth - ""Increase the capital of banks"" on the new date of ""February 15, 2024"", which is the deadline specified for the increase.

 

Maybe someone can give me more clarity on this last one because I dont want to jump to unnecessary conclusions. Could this be possibly adding value to the Dinar?? @RJG @Carrello @Laid Back @screwball

[screwball]

10 hours ago, Dretown39 said:

 

Fifth - ""Increase the capital of banks"" on the new date of ""February 15, 2024"", which is the deadline specified for the increase.

 

Maybe someone can give me more clarity on this last one because I dont want to jump to unnecessary conclusions. Could this be possibly adding value to the Dinar?? @RJG @Carrello @Laid Back @screwball

Possibly…maybe anticipating and increase in banks value due to capital increase and change in rate? 

[screwball]

We have until April 30..

[Dretown39]

23 minutes ago, screwball said:

Possibly…maybe anticipating and increase in banks value due to capital increase and change in rate? 

Ok gotcha 👌