Security Situation of Iraq is Not a Big Concern For Local Banks: Experts

Iraqi Dinar 123 News:– The current security situation of Iraq impacted almost all sectors of Iraq and it was strongly believed that the banking sector of Iraq was also affected with the recent clashes between Iraq security forces and Sunni Militants in the different areas of Iraq. but figures tells a different story. The experts believe that banking sector of Iraq did not affect with the recent clashes and it is growing with the good pace for the last 12 months.

The growth in banking sector is recorded up to 10% in the last 12 months according to recent reports. That’s the reason most of the foreign banks are taking keen interest in Iraq especially opening new branches in the Baghdad. Local banks of Iraq now are expanding their banking activities worldwide and opening new branches in the countries of the world to provide better banking facilities in their home country. central bank of Iraq has also asked foreign banks operating in the country to increase their branch capital from $7 million to $70 million. The experts believe it will enhance the banking operations in the country and will also facilitate the users better.

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