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The Iraqi banking system: a noticeable increase in the number of bank accounts and the size of citizens’ deposits
Time: 07/24/2024 13:01:43 Read: 1,898 times
{Economic: Al-Furat News} The banking system in Iraq is regaining citizens’ confidence in it little by little, with the increase in the number of bank accounts in banks and banks spread throughout the country.
Banking systems around the world face increasing challenges in light of rapid economic and financial changes.
To ensure the stability of these systems and protect depositors' funds, many countries are moving to join the International Association of Deposit Insurers.
This membership is not just a formality, but rather a strategic step that carries with it great benefits for member states and their banking systems.
In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than putting it in banks.
However, the joining of the Iraqi Deposit Insurance Company (ICDI) to the International Organization of Deposit Insurers came as a decisive step in improving confidence in the banking system.
Since its accession, Iraq has witnessed a
noticeable increase in the number of bank accounts and the
size of deposits,
which reflects a significant improvement in citizens’ confidence in banks.
This development enhances Iraq’s ability to
attract investments and
support economic growth
by converting savings into productive investments.
In a world of increasing economic and financial interconnectedness, countries cannot act in isolation from each other.
Membership in international deposit insurance bodies reflects countries' commitment to international cooperation and exchange of experiences, and confirms their tireless pursuit of achieving financial stability and protecting depositors' funds.
This membership is not just a formality, but rather a strategic investment in the future of the banking system and the national economy as a whole.
International cooperation: the cornerstone of deposit guarantee
International bodies provide a unique platform for exchanging experiences and knowledge between member states.
National financial institutions can benefit from the successful experiences of other countries in the field of deposit insurance, and avoid the mistakes that some countries have made.
This continuous exchange contributes to the development and modernization of deposit insurance policies and procedures in line with global best practices.
Joining the International Association of Deposit Insurers (IADI) enhances the transparency and credibility of the national banking system.
The state's commitment to strict international standards in the field of deposit insurance sends a positive message to citizens and investors that
their deposits with member banks of the deposit insurance system are in safe hands and that the
banking system is subject to effective local monitoring and supervision.
International bodies not only provide a platform for exchanging experiences, but also provide technical and advisory support to their members.
National institutions can benefit from the expertise of international specialists in developing and implementing effective deposit insurance policies, assessing potential risks, and preparing for financial crises.
By adhering to international standards and applying best practices, national institutions can reduce the risks of financial crises and enhance the stability of the banking system.
This stability is not a goal in itself, but rather a means to achieve broader economic and social goals, such as increasing economic growth rates and providing job opportunities.
When citizens and investors trust the banking system, they are more willing to deposit their money in banks.
This increased confidence leads to an increase in the volume of deposits available for investment, which supports economic activity and contributes to achieving sustainable development.
The impact of membership in international bodies is not limited to enhancing financial stability and confidence in the banking system,
but rather extends to supporting economic development.
Increasing the volume of deposits available for investment can
contribute to financing development projects,
providing loans to small and medium enterprises, and
creating new job opportunities.
Malaysia:
Malaysia joined the International Association of Deposit Insurers, which helped improve deposit insurance policies and increase confidence in the banking system.
This accession led to an increase in the volume of bank deposits and greater financial stability, which contributed to supporting economic growth in the country.
South Korea:
After the Asian financial crisis in the late 1990s, South Korea joined the International Association of Deposit Insurers.
International membership helped restore confidence in the banking system and strengthen the stability of the national economy, allowing South Korea to achieve a rapid economic recovery.
https://alforatnews.iq/news/النظام-المصرفي-العراقي-زيادة-ملحوظة-في-عدد-الحسابات-البنكية-وحجم-الودائع-للمواطنين
Time: 07/24/2024 13:01:43 Read: 1,898 times
{Economic: Al-Furat News} The banking system in Iraq is regaining citizens’ confidence in it little by little, with the increase in the number of bank accounts in banks and banks spread throughout the country.
Banking systems around the world face increasing challenges in light of rapid economic and financial changes.
To ensure the stability of these systems and protect depositors' funds, many countries are moving to join the International Association of Deposit Insurers.
This membership is not just a formality, but rather a strategic step that carries with it great benefits for member states and their banking systems.
In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than putting it in banks.
However, the joining of the Iraqi Deposit Insurance Company (ICDI) to the International Organization of Deposit Insurers came as a decisive step in improving confidence in the banking system.
Since its accession, Iraq has witnessed a
noticeable increase in the number of bank accounts and the
size of deposits,
which reflects a significant improvement in citizens’ confidence in banks.
This development enhances Iraq’s ability to
attract investments and
support economic growth
by converting savings into productive investments.
In a world of increasing economic and financial interconnectedness, countries cannot act in isolation from each other.
Membership in international deposit insurance bodies reflects countries' commitment to international cooperation and exchange of experiences, and confirms their tireless pursuit of achieving financial stability and protecting depositors' funds.
This membership is not just a formality, but rather a strategic investment in the future of the banking system and the national economy as a whole.
International cooperation: the cornerstone of deposit guarantee
International bodies provide a unique platform for exchanging experiences and knowledge between member states.
National financial institutions can benefit from the successful experiences of other countries in the field of deposit insurance, and avoid the mistakes that some countries have made.
This continuous exchange contributes to the development and modernization of deposit insurance policies and procedures in line with global best practices.
Joining the International Association of Deposit Insurers (IADI) enhances the transparency and credibility of the national banking system.
The state's commitment to strict international standards in the field of deposit insurance sends a positive message to citizens and investors that
their deposits with member banks of the deposit insurance system are in safe hands and that the
banking system is subject to effective local monitoring and supervision.
International bodies not only provide a platform for exchanging experiences, but also provide technical and advisory support to their members.
National institutions can benefit from the expertise of international specialists in developing and implementing effective deposit insurance policies, assessing potential risks, and preparing for financial crises.
By adhering to international standards and applying best practices, national institutions can reduce the risks of financial crises and enhance the stability of the banking system.
This stability is not a goal in itself, but rather a means to achieve broader economic and social goals, such as increasing economic growth rates and providing job opportunities.
When citizens and investors trust the banking system, they are more willing to deposit their money in banks.
This increased confidence leads to an increase in the volume of deposits available for investment, which supports economic activity and contributes to achieving sustainable development.
The impact of membership in international bodies is not limited to enhancing financial stability and confidence in the banking system,
but rather extends to supporting economic development.
Increasing the volume of deposits available for investment can
contribute to financing development projects,
providing loans to small and medium enterprises, and
creating new job opportunities.
Malaysia:
Malaysia joined the International Association of Deposit Insurers, which helped improve deposit insurance policies and increase confidence in the banking system.
This accession led to an increase in the volume of bank deposits and greater financial stability, which contributed to supporting economic growth in the country.
South Korea:
After the Asian financial crisis in the late 1990s, South Korea joined the International Association of Deposit Insurers.
International membership helped restore confidence in the banking system and strengthen the stability of the national economy, allowing South Korea to achieve a rapid economic recovery.
https://alforatnews.iq/news/النظام-المصرفي-العراقي-زيادة-ملحوظة-في-عدد-الحسابات-البنكية-وحجم-الودائع-للمواطنين
