Iraqi Banking Sector Flourishes

 A source in Iraq Private Bankers’ League (IPBL) said that the sum of Iraqi private Banks capital has increased from $30 million in 2004 to $1.6 billion currently.    This figure excludes branches of Arab and Foreign Banks in the country.

The source said that the number of private banks increased from 17 in 2004 to 31 currently while the branches based in Baghdad and other provinces increased from 100 to more than 600 providing competition for the level of services the two Iraqi banks of Al Rafidayn and Al Rashid Banks.

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