Iraqi deposits increased by more than 15% in the first quarter of 2020

Shafaq News / The Central Bureau of Statistics announced on Wednesday that citizens' deposits with banks increased by more than 15%, indicating that banks did not use the cash flow resulting from this increase to provide banking facilities to investors.

In a report, the agency said, "Citizens' deposits at banks increased by 15.36% in the first quarter of 2020, compared to the fourth quarter of 2019, and increased by 26.68% compared to the first quarter of 2019."

The statement added, "this high percentage is a clear indication of the success of the efforts of the Central Bank of Iraq in enhancing financial inclusion through the resettlement of salaries, and the use of electronic payment methods, especially for public sector employees in addition to the private sector, which led to an increase in the volume of deposits with banks and also led to an increase in credit."

"If the banking sector continues to improve in this way, it will have a greater role in supporting the national economy by providing cash", adding, " reducing interest on loans to encourage investors to borrow from banks, as the prevalence factor of the interest rate of 8.21% is higher than the standard rate of 4%."