Friday, March 29, 2024

Baghdad

Iraqi banking sector grows in first half of 2022

 Iraqi banking sector grows in first half of 2022

The Trade Bank of Iraq. Photo: Trade Bank of Iraq

Baghdad (IraqiNews.com) – The Iraq Private Bank League (IPBL) revealed on Wednesday the financial statistics of the Iraqi banking sector during the first half of 2022, according to the Iraqi News Agency (INA).

CEO of IPBL, Ali Tariq, said in a statement that the first half of 2022 witnessed growth in the banking sector due to the strategy adopted by the Central Bank of Iraq (CBI) which strengthened the public’s confidence in the banking sector.

Tariq clarified that the development initiatives the CBI launched supported the national economy.

Tariq confirmed that the credit granted to the public during the first half of 2022 reached 3.7 trillion dinars (around 2.53 billion USD), bringing the total credit to 57.3 trillion dinars (around 39.27 billion USD), with a growth rate of seven percent compared to 2021.

Tariq elaborated that deposits increased by 8.3 trillion dinars (around 5.69 billion USD), bringing the total deposits in the banking sector to 106.4 trillion dinars (around 72.93 billion USD), with a growth rate of eight percent.

Tariq indicated that assets grow by 13.7 trillion dinars (around 9.39 billion USD) during the first half of the current year to 164.1 trillion dinars (around 112.47 billion USD) in total, with a growth rate of nine percent.

Tariq added that contractual credit grew to 3 trillion dinars (around 22.62 billion USD) with an increase of 5.8 trillion dinars (nearly four billion USD) with a growth rate reaching 21 percent.