Association of private banks announces high financial coverage in Iraq

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Association of private banks announces high financial coverage in Iraq

Post  Admin on Sun May 27, 2018 9:23 am



aljournal May 27, 2018



Baghdad - Agencies

The Association of Iraqi private banks announced on Sunday the rise of the financial coverage in Iraq to 22.6%, attributed the reason to the procedures of banks, which was increased services to the public through contracting with international financial companies.

The Executive Director of the Association of Iraqi Private Banks, Ali Tariq said in a statement received by the Journal News, "The proportion of financial coverage has increased over the past five years significantly, currently 22.6%, while in 2014 it was 10.9% according to World Bank indicators," adding That "the high proportion of financial coverage is due to the procedures of Iraqi banks, which was increased services through the settlement of salaries of public and private sector employees and the increase of loans granted and contracting with international companies such as MasterCard and Visa Card and increase the number of electronic payment companies."

He explained that "the Central Bank and the Association of Iraqi private banks to develop the banking sector through a series of procedures that facilitated the work of banks within the country," noting that "the proportion of financial coverage is measured by the number of Iraqis over the age of 15 years and have bank accounts."

He pointed out that "the number of Iraqi adults who do not have bank accounts of 17.1 million people," explaining that "the central bank to develop a strategy to increase the proportion of financial coverage to reach more than 35% in 2020."

He added that "citizens will open the bank accounts will benefit from the financial services provided by the financial system, which will reflect positively on their own lives through the activation of savings and face the shocks they are in addition to the development of their business," noting that "the high proportion of financial coverage will reduce Cash in the home, which is more than $ 30 billion dollars to move to the banks, which is placed within the control and strengthen the security of the state and stimulate the movement of the economy.

http://www.aljournal.com/رابطة-المصارف-الخاصة-تعلن-ارتفاع-نسبة/

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