Iraqi Central Bank revealed, on Sunday, for the Deposit Protection Act will see the light soon, stressing that the law will be supportive of the banks and its customers.
The governor of the central bank, on the Keywords in a press interview seen by the “Economy News”, that “the central bank is keen to develop the banking system in Iraq, in addition to the protection of deposits of citizens,” pointing out that “the Deposit Protection Act will see the light very soon.”
Keywords stressed that “the law will create trust between the citizen and the banks, which is supported internationally,” calling “banks to associate him strongly to be a real beacon for the Iraqi banking sector.”
The Central Bank, in (June 7, 2016), the establishment of a deposit guarantee in the government and private banks with a capital of 100 billion Iraqi dinars, and said the aim of the foundation is to motivate citizens to deposit their money in banks rather than Aktnazha, explaining that the money compacta citizens outside banks amounting to more than 30 trillion dinars.
The Iraqi Association of private banks, announced in (October 2015), the proportion of deposits among government banks ranging from 65 to 68 trillion dinars, of which no more than 22 trillion dinars deposits of private banks.