Iraq’s Private Banking Sector Sees Little Growth Over a Decade, CBI

Iraq NewsThe central bank of Iraq announced growth in the private banks and hoped it will be continued in the future too. The governor of state bank of Iraq Abdul Basit Turki Saeed told press yesterday that the private sector of Iraq including commercial banks is growing in the country with satisfactory growth rate. According to him, the private banks in Iraq did not work as sector integrated in past but daily auction made the things better than before.

He further said that the people of Iraq trust central bank and its policies to make banking system better than ever before. The new branches of foreign and local banks are opening in the country that shows heavy growth in the country. Many of the reputed international banks applied for new branches in the country in last 2 years. He added that these private banks are major source of employment in the country along with assistance of financial aid to the business activities in the country. Recently two Lebanon banks are negotiating with central bank of Iraq for opening its branches in different cities of Iraq. The government is now also satisfied with the economic policies of central bank and now appreciating its work at international level.

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