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The "white paper" indicates a major imbalance in the work of governmental and private banks in Iraq

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The "white paper" indicates a major imbalance in the work of governmental and private banks in Iraq

2020-11-09 23:42

Shafaq News /
The "white paper" on economic reform published by the Ministry of Finance on its official website indicated a defect in the work of governmental and private banks in Iraq, indicating that government banks monopolize 82% of total loans and 86% of total deposits.

The paper, which was reviewed by Shafaq News Agency, indicated that "public companies stand a major obstacle to the development of the private sector, which is of great importance, especially the financial sector," indicating that

"public sector banks monopolize 82% of total loans and 86% of total deposits in Iraq."

And she added, "This percentage is like a total monopoly for the public sector in loans, deposits and commercial finance operations," noting that

"the private sector makes most of its deposits and loans with government banks, which does not allow the development of private banks."

She pointed out that "because of this imbalance, the deposits base of the private sector banks amounting to about 10.8 trillion Iraqi dinars has not developed, which is approximately 14% of the total deposits and concurrently with the stray loan base of 7.3 trillion Iraqis, or about 18% of the total loans."

"In such a case, the financial situation cannot give enough liquidity to the private banks to provide the necessary capital for the development of the private sector."

She pointed out that "the budget has become the only means by which the state strengthens its role in the economy and society, as the salaries of employees and retirees are constantly increasing, which consecutively consumed increasing proportions of oil revenues, while the share of investment in non-oil infrastructure was constantly decreasing."

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