The government issued a system of deposit protection

The government issued a system of deposit protection .. Parliament seeks to enacted law “enhance confidence” in the banking system

2016-10 – 19

The government issued a system of deposit protectionRevealed in a parliamentary finance committee member, on Tuesday, the government issued a system guarantees the rights of depositors in banks , in agreement with the Central Bank, while noting it seeks to enact a law in this regard to strengthen confidence in the banking system, the financial advisor to the Prime Minister near the new legislation for financial management confirmed General to fill the gaps and deficiencies in the current law to be “clear and explicit” in front of the international financial community.

he said Jabbar al – Abadi, said in an interview to the (long – Presse), ” the Committee was planning to prepare a draft law to guarantee bank deposits, but the government has agreed with the central bank on develop a system depends new styles to re certain percentage of depositors ‘ money in the event of loss of the banks. ”
the MP for the coalition of state law that” the government issued rules in agreement with the Central Bank of Iraq , “noting that” the parliamentary Finance Committee is working on legislation law to guarantee bank deposits to boost confidence the banking system. ”
for his part, said the appearance of Mohammed Saleh financial advisor to the Prime Minister Haider al – Abadi, near the legislation of a new law on public financial management to fill the gaps and shortcomings in the law currently in force, adding that the new project is characterized by governance and financial administration in Iraq to be” clear and explicit ” in front of the international financial community.
Saleh said in an interview for the “long”, said that “the State Council studied the draft of the administration ‘s bill of public finances in preparation to be sent to parliament for discussion and approval soon after you make simple adjustments relating to paragraphs 22 and 24 , two special powers of the Minister of Finance , ” asserting that “adoption of the law serves the interests of Iraq being gives leeway to rectify the imbalance in the financial management of the state.”
Saleh added that “financial management and public debt , No. 95 of 2004, currently in force was released in the US civil administrator Paul Bremer time, it was built on the General Accounting of law 1941, and suffers from many shortcomings , “adding that” the most important of these deficiencies is the governance of financial operations in terms of transparency and disclosure, participation and accountability, where the international financial community discovered that financial management applications in Iraq need to restructure. ” Financial advisor to the Prime Minister said that ” the law currently in force does not encourage the financial management of the development in Iraq , ” pointing out that ” the World Bank and the International Monetary Fund and the United Nations recommended some time ago the need to re – examine this law nearly kept pace with the administrative and financial international standards of sound.”
He said Saleh said that “public finances in Iraq are not trivial, because the economic activity of the government holds 67% of the GDP , ” explaining that ” a huge government financial operations and affect the lives of every citizen, what he needs to see and standards clear to achieve justice and financial required Balnho and governance.”
He stressed Saleh said that ” the time has come to enact a new law for financial management, taking into account not intersects with national and international standards , ” noting that the “most important features of the project financial management of the new Code, financial management governance in Iraq, especially that it needs to be clear and frank in front of the international financial community . ” . it is
noteworthy that Iraq suffers from a severe financial crisis due to the repercussions of the decline in world oil prices and the war against (Daesh), which forced him to resort to the global financial institutions to obtain soft loans, something that requires the reorganization of the economic situation and the management of financial and diversify its sources of income and stimulate the productive sectors.
the central bank announced in ( the seventh of June 2016), for approval of the cabinet set up a company to guarantee deposits in the government and private banks with a capital of 100 billion dinars, while the company aims to stimulate citizens to deposit their money in banks rather than Aktnazha, confirmed the funds chunky citizens outside banks of more than $ 30 trillion dinars. It is
noteworthy that the Iraqi private banks association, announced (October 2015) that the deposit rate among government banks range from 65 to 68 trillion dinars , of which no more than 22 trillion and deposits in banks own.
many of the depositors of banks own, have demonstrated in front of the central bank recently for demanding irrespective of their money after many of those banks, including investment abstention, the Warka and the north, about it.
it consists of the banking system in Iraq (54) banks as well as the Central Bank and distributed according to property between seven state – owned and 23 private businesses , including Islamic nine in addition to the 15 branches of foreign banks.