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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Mazhar Muhammad Salih points to the weakness of the cash credit ratio in private banks

    Rocky
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    • Post n°1

    Mazhar Muhammad Salih points to the weakness of the cash credit ratio in private banks Empty Mazhar Muhammad Salih points to the weakness of the cash credit ratio in private banks

    Post by Rocky Sat 27 Jul 2024, 4:30 am

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    [size=52]Mazhar Muhammad Salih points to the weakness of the cash credit ratio in private banks[/size]
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    07/24/2024
    The Development Bank confirms its continuation of opening “investment deposits”…
    A financial advisor to the Iraqi government explained that the ratio of cash credit to total deposits in private banks may approach the standard ratio of 75%, which banks should reach or at least approach. While the International Development Bank for Investment confirmed its continuation of opening the deposit account according to customers’ requirements in terms of the linkage period, it explained that this is within the framework of employing the accumulated cash mass to serve the national economy. The
    financial advisor to the Iraqi government, Mazhar Muhammad Salih, added in a press statement that deposits are the basics of traditional banking work. He explained that the market share of 63 private banks does not exceed 15% of credit and deposit operations, while the government banking system accounts for 85% of banking activity.
    For his part, the International Development Bank for Investment confirmed its continuation of opening the deposit account according to customers’ requirements in terms of the linkage period, within the framework of employing the accumulated cash mass to serve the national economy.
    The bank said in a press statement: “These accounts provide financial returns of up to 10% annually and are paid monthly from the value of the deposit, in addition to entering the monthly draw which includes valuable cash prizes, as the owner of the investment deposit receives free life insurance, facilities when wishing to obtain a loan guaranteed by the deposit, as well as a credit card provided free of charge to the account holder.”
    He added that “these funds will be employed to serve the country, and will be safe and guaranteed by the Iraqi Deposit Insurance Company approved by the Central Bank of Iraq, in addition to the benefits obtained by the owner of this account, which represents a product that is in harmony with the needs of the Iraqi family seeking to invest its money in the appropriate and safe place, and benefit from rewarding monthly returns that raise the standard of living.”
    Economic statistics show that the number of government banks in Iraq is 7 banks, while the number of private banks reaches 74 banks, which means that private banks constitute 91% of the total number of banks in Iraq.    [/size][/size]
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