Decline in acquisition rates of 12 Iraqi banks on private sector deposits
Decline in acquisition rates of 12 Iraqi banks on private sector deposits
2024-09-12 05:52
Shafaq News/ The “Iraq Al-Mustaqbal” Institution for Economic Studies and Consultations indicated, on Thursday, that the percentage of 12 Iraqi banks acquiring private sector deposits in the country decreased during the first half of this year compared to the past few years.
The institution stated in a report today that three banks that own American correspondent banks acquired nearly half of the deposits of the Iraqi private banking sector in the first half of 2024.
According to the institution, the percentage of these banks’ acquisition of public deposits in the first half of this year reached 47%, after it was only 34% in 2019.
As for the Iraqi banks that have the ability to conduct external financial transactions and do not have correspondent American banks, which number 12 banks, their acquisition of private sector deposits in the middle of the current year reached 36%, after their acquisition of deposits in 2019 was 42%.
As for the Iraqi banks whose foreign transactions were identified, their percentage of acquisition of deposits in mid-2024 reached 17%, after their percentage of acquisition of private banking sector deposits was 25%.
The institution expected in its report that the deposits of the three banks, most of whose shares are owned by foreign institutions, will increase and that by the end of 2024 they will reach an acquisition rate exceeding 50% of public deposits, with a decline in public deposits with private banks whose foreign dealings have been determined.
The report added that deposits in private banks represent 12% of total deposits in the banking sector, while deposits in private banks represented 8% of total deposits in 2019.
shafaq.com
