Iraqi Banking Sector Witnesses Impressive 15.1% Asset Growth

Iraqi banking sector’s total assets recorded a 15.1% year-on-year growth to reach USD156.7 billion at the end of 2023, mainly fueled by the deposit growth of 15.3% to USD101.9 billion. Current deposits contributed the most to total deposit growth, recording a 17.2% increase to reach USD82.1 billion, while also constituting 80.5% share in total banking sector deposits. …..Aysegul Ozge Ozgur, Head of Research at Rabee Securities said “As a measure to control the FX flow into the banking system, the CBI now allows a limited number of banks to participate in the CBI foreign currency window and engage in USD transactions. National Bank of Iraq, Bank of Baghdad, and Al-Mansour Bank are among these banks that have been permitted to engage in such activities, thus, they are benefiting from an expanded market share in USD transactions.” (Yahoo Finance)