ICB grants licenses for private banks to increase their branches

BAGHDAD, June 12 (AKnews) – The Iraqi Central Bank (ICB) revealed today about granting licenses for a limited number of private banks to increase their branches in Iraq.

ICB deputy governor Muzher Mohammed Saleh said more than 40 banks were granted the licenses.

The total number of branches of civil and foreign banks in Iraq is about 800 branches, said Saleh, adding that the ICB asked all banks to increase their capital to strengthen their banking dealings.

Iraq is suffering from a decline in the citizen’s share of banking services of up to one bank for 40,000 people. This is a big difference from what is found in neighboring countries.

The Warka Ahli Bank for Investment, which has several branches in Iraq, suffered recently from major financial problems that led to putting it under the guardianship of the ICB.