Iraq's Central Bank reports 7.3% increase in private banks' capital

Shafaq News/ The Central Bank of Iraq (CBI) announced, on Monday, that private banks' total capital rose by 7.3% during the first quarter of 2024, reaching 19.2 trillion Iraqi dinars, compared to 19.7 trillion dinars in the same period last year.

According to the bank’s report, “the capital of private banks operating in Iraq saw a 6% increase, while state banks experienced a more significant rise of 11.1%.”

The Central Bank pointed out that private banks contributed 73.2% of the total banking capital, while public banks accounted for 26.2%.

The report also showed a 1.2% increase in total deposits for the first quarter, reaching 123.7 trillion dinars, up from 122.2 trillion dinars in the same period last year. “Current deposits rose by 3.1%, attributed to increased public sector wages and employee salaries, while savings deposits fell by 3%, and fixed deposits declined by 10%.”