Iraqi Dinar 123 News:– It is said by many famous banking experts that there are a number of reasons that Iraqi banking sector is unable to attract people for deposits. A famous banking expert and former head of private banks association Adbul Aziz Hassoun said that there was a time when the deposits were considered as major activity for effectiveness of credit. The Iraqi political and security situation also contributed in the fluctuation and degradation in the volume of deposits. The Iraqi banking sector is also responsible for declining in the volume of deposits in the country as compared to the other countries in the world, where banks offers gifts to students in order to motivate them and to attract for deposits and savings.
So, it would be the perfect solution that Iraqi government should activate the role of its banking sector. It is important that economies of most of the countries in the world are experiencing most critical issues. Most of the countries have developed their banking sector according to the latest technology and demand of the customers to support economy of their country. Point to be noted that Iraq is considered one of those countries that are paying salaries in the form of cash by banking network. The government employees open an account and then their hiring department transfer salary into their accounts, so the banks should attract those account holders and motivate them for savings. Hassoun added that Rafidain Bank was established in 1941 and Rasheed Bank was established in 1988 and most of the Iraqi citizens have trust on these banks but now their deposits have been decreased significantly.