Official: Bank accounts in Iraq grow annually by more than 44%

by **claud39** Sat Jan 30, 2021 10:22 am

Official: Bank accounts in Iraq grow annually by more than 44%

Jan 30, 2021

Official: Bank accounts in Iraq grow annually by more than 44% 1024

Mubasher: The Iraqi Private Banks Association revealed today, Saturday, that the number of bank accounts in Iraqi banks amounts to more than 4.8 million accounts.

The association explained that the number of activated bank cards is more than 11.2 million cards, attributing the reason to the employee salaries resettlement program and the increase in the interest rate for fixed deposits, according to the Iraqi News Agency, "INA".

The executive director of the association, Ali Tariq, said that the bank account ratio is very good, and it is witnessing a great annual growth of more than 44 percent, explaining the reason for this to the "program of resettlement of state employees' salaries and the opening of new companies in addition to the need for citizens to save in banks because of the high interest rate For fixed deposits, purchases from the Internet and others.

Tariq added that "the number of currently activated bank cards is more than 11.2 million cards, while the number of ATMs has reached 1170 devices," explaining that "POS devices known as POS amount to about 4 thousand devices, and electronic payment companies are working to increase the performance of devices to include all Stores across the country in the coming years. "
He pointed out that "the activated electronic wallets amount to more than 3.5 million wallets, and the points of cash payment amount to about 13 thousand devices spread throughout Iraq."

The Executive Director of the Banks Association emphasized that "the strategy of the Central Bank of Iraq to enhance financial inclusion contributed to increasing bank accounts, bank cards and electronic payment devices, in addition to that it was able to diversify banking services to all citizens in Baghdad and the provinces."

He pointed out that the Central Bank is working with the International Monetary Fund, the Arab Monetary Fund, the World Bank, the Association of Private Banks and other financial institutions to promote the concept of financial inclusion inside Iraq.

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