CBI says loan defaults declined compared to cash credit
The Central Bank of Iraq. Photo: INA
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) revealed on Wednesday that loan defaults declined compared to cash credit.
The CBI mentioned in a statement that loan defaults declined to 6.3 percent compared to total cash credit in 2023, the Iraqi News Agency (INA) reported.
According to the statement, there were 7.2 percent of loan defaults in 2022, 8.8 percent in 2021, and 8.9 percent in 2020 when compared to total cash credit.
Iraq’s Central Bank indicated that loan defaults compared to total deposits reached 3.2 percent in 2023, compared to the last three years, as it recorded 3.4 percent in 2022, 4.9 percent in 2021, and 5.2 percent in 2020.
The CBI affirmed that this declining percentage reflects the efficiency of the Iraqi banking sector in its endeavor to develop its products and adopt new methods and advanced systems for granting credit and reducing the risk of default in line with international standards.