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Banking sector loans drop by 2%... Expert: Five reasons
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Economy News-Baghdad
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Added 10/26/2022 - 8:53 AM
Update 10/26/2022 - 12:54 PM
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Economy News-Baghdad
The head of the Iraq Future Center, Manar Al-Obaidi, confirmed, on Wednesday, a decrease in bank loans granted to citizens compared to last year, identifying five reasons for this.
Al-Obaidi told "Al-Iqtisad News" that "the total loans and advances granted by the Iraqi banking sector to the total assets of banks amounted to 27.2% in August 2022, a decrease of 2% compared to August 2021, which was at a rate of 29.39% and also lower than the same period in August. 2020, when the percentage was 31.37%.
He added, "The highest percentage of loans and advances granted compared to the total assets of banks was in October of the year 2020, when the ratio was up to 32.5% of the total assets."
Al-Obaidi attributed the decline to:
- The increase in the available cash mass to the size of the assets of Iraqi banks.
The impact of the economic reality and the amount of inflation, which led to a decline in loans and advances granted, despite the existence of initiatives from the Central Bank of Iraq, but many sectors are still reluctant to borrow from the banking sector, especially the small, medium and micro business sector.
- The weak contribution of other non-oil sectors to the GDP, which weakened the need for those sectors to borrow.
- Existence of a parallel borrowing market that provides soft loans with simple measures that have contributed to reducing the demand for bank loans.
He pointed out that "the total amount of advances and loans in August 2022 amounted to 48 trillion Iraqi dinars, while the volume of banks' assets amounted to 177 trillion Iraqi dinars."
The value of loans and advances granted increased "by 34% compared to January of the year 2020, while the volume of banks' assets increased by 33.67% compared to January of the year 2020."
108 . views
Added 10/26/2022 - 8:53 AM
Update 10/26/2022 - 12:54 PM
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