By John Lee.
The Iraqi Private Banks League (IPBL) has reported a significant rise in banking sector deposits over the past two years, crediting the government's focus on digital transformation and electronic payment systems.
However, IPBL Executive Director Ali Tariq told the state-run Iraqi News Agency (INA) that 75% of Iraq's money supply remains outside formal banking channels, underscoring the need to strengthen public trust in financial institutions.
Tariq called for closer collaboration with the Central Bank of Iraq (CBI) and the introduction of competitive investment programs to attract more depositors. He emphasized that enhancing Iraq's electronic payment infrastructure is key to modernizing the economy, facilitating smoother transactions between citizens, businesses, and government services.
While acknowledging progress, Tariq urged faster, coordinated efforts to integrate more citizens and businesses into the formal financial system to unlock the sector's full potential.
(Source: INA)
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