Central Bank: Signing a contract to establish a deposit guarantee company with 44 banks

Central Bank: Signing a contract to establish a deposit guarantee company with 44 banks

2018/1/31 12:24

Central Bank - Signing a contract to establish a deposit guarantee company with 44 banks[Ayna-Baghdad]
The Central Bank of Iraq announced the signing of the bank deposit guarantee company.
The Director of the Information Office of the Bank, Acer Jabbar said in a statement received by the agency of all Iraq [where] a copy of it “that, in line with the duties of this bank provided for in its law and in order to ensure the stability of the banking sector and increased confidence in it was signed the Memorandum of Association of the bank deposit guarantee company with the founding body Including government and private banks, including foreign and a total of 44 banks distributed by 6 government banks 22 commercial banks and 16 foreign banks.
“It is expected that this company will play a major role in protecting the banking sector, especially the deposits of the public [individuals and companies], which will enhance confidence in the banking sector inside Iraq and in correspondent banks outside Iraq, which will contribute to attracting more deposits and reuse of credit and investment Serving the Iraqi economy “.
He added that “the company’s capital is 100 billion dinars, of which 55 billion dinars from government and private banks where the proportion of government banks 25% and private banks 30% and the remaining 45 billion dinars will be put for public subscription.”

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