Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) revealed on Monday that the capital of private banks operating in the country rose by 7.3 percent.
The CBI said in a statement that the total capital of private banks operating in Iraq increased by 7.3 percent in the first quarter of 2024 to 19.2 trillion dinars (approximately $14.65 billion), up from 19.7 trillion dinars (around $15.04 billion) during the same period in 2023, Shafaq News reported.
The capital of government banks increased by 11.1 percent, according to the CBI.
This growth is part of ongoing efforts to enhance the financial sector in Iraq, which includes increasing the minimum paid-up capital requirements set by the CBI.
The Iraqi banking sector remains underdeveloped compared to other regions but is poised for growth due to increasing investments and regulatory support aimed at enhancing financial inclusion and stability.
The private banking sector in Iraq adapts to new economic realities and regulatory frameworks.
With ongoing improvements in infrastructure and an increasing focus on international banking standards, these institutions are likely to play a pivotal role in Iraq’s economic recovery and development.
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