The Central Bank: The assets of the banking sector grew by 21% in two years

Update 07/11/2022 - 11:22 PM
  
Economy News-Baghdad

The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, confirmed, on Saturday, that the assets of the banking and credit sector grew significantly during the period from 2019 to 2022.

Khalaf said in a speech during the Fifth Finance and Banking Services Exhibition in Iraq, which was attended by "Al-Iqtisad News", that "the assets of the banking sector grew by 21%, as well as total credit by 25% during the period from 2019 to 2022."

He added, "Accounts doubled to more than 7 million open bank accounts, as well as electronic payment cards, which rose from 10 million to more than 14 million cards, and ATMs increased to more than 1,500 machines and points of sale to more than 7,000."

Khalaf pointed out that "increasing the level of financial inclusion requires the cooperation of all institutions," calling for "developing the payments system in the government sector is one of the effective solutions in developing the banking sector."

He pointed out that "there is strong cooperation between the Ministry of Finance and the Central Bank to reform the banking sector," noting that "the beginning of cooperation was the formation of a committee to monitor the industrial bank, and the committee achieved the organization of the bank."

He cautioned that "the banking sector has witnessed remarkable developments since 2015."

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