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The US Embassy reviews its role in "the growth of banking culture" in Iraq
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Baghdad today - Baghdad
Today, Wednesday (January 3, 2024), the American Ambassador to Baghdad, Elena Romanowski, touched on the extent of the weakness of the banking culture in Iraq, as part of the series she publishes entitled “Did You Know,” which focuses on American contributions to Iraq in various sectors.
Romanowski said in a tweet seen by Baghdad Today, “Did you know that less than a quarter of all Iraqi adults have an official bank account in 2021?”
She added, "Modern banking services contribute to increasing foreign investment, providing loans to Iraqis, and protecting them from financial crimes, theft, and loss," noting that "informal money transfer services harm the local economy."
She pointed out that “according to the World Bank, in 2021, the percentage of Iraqis over the age of 15 who owned an account in a financial institution was only 18.57%,” indicating that “this represents one of the lowest rates in the Middle East and North Africa region, which is “It averages about 53%.”
She stressed that "Iraq's reliance on cash and informal money transfer services harms the economy because it reduces the opportunities for financial regulation necessary to convince prestigious international companies to operate in Iraq."
She explained, "Over the past two years, the United States government has worked with Iraq to restore confidence in the banking sector and reform transfer mechanisms related to imports financed by Iraqi banks. The new reforms encourage the proper registration of companies and increase the use of official banking outlets. According to the Central Bank of Iraq, they have Total deposits with Iraqi commercial banks increased in the past two years by approximately 37%, and from 2021 to 2022, the total number of accounts in Iraqi banks increased by 31%.
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