Shafaq News/ Iraq Future Foundation revealed that four private-sector banks now control more than 50% of the Iraqi banking sector.
A report released by the Foundation identified the dominant banks as the International Development Bank (IDB,) National Bank Iraq, the Bank of Baghdad, and the Al Janoob Islamic Bank, following by the Iraqi Islamic Bank, the Investment Bank of Iraq, Region Trade Bank, Mansour Bank, and Cihan Bank.
According to the Foundation's findings, these banks experienced substantial growth in 2023, with their combined assets increasing from approximately 11.5 trillion Iraqi dinars in 2022 to around 17 trillion Iraqi dinars in 2023. This surge is attributed to heightened deposits and an increased focus on the banking sector, particularly in foreign transactions.
The report forecasts a continued upward trajectory, anticipating that the assets of these banks will surpass 40 trillion Iraqi dinars over the next five years, which suggests a growing reliance on the private banking sector, potentially overshadowing the public banking sector.