Advisor to the Prime Minister: Iraq needs to protect the deposit law to fortify the country’s economy
Advisor to the Prime Minister: Iraq needs to protect the deposit law to fortify the country’s economy
03.22.2015 15:14
{Baghdad: Euphrates News} stressed economic advisor to the prime minister, the appearance of Mohammed Saleh, said that “Iraq needs a law to secure and protect deposits and depositors in banks; to be able to fortify the stability of the Iraqi economy.”
Said Saleh told {Euphrates News} that “a large group of depositors reluctant to deposit their money because of the collapse of a large group of banks or entry under the trusteeship, which calls for the need to enact a law to ensure the protection of depositors such as the regime in force in other countries.” He noted that “finding laws to protect the deposit significantly help to fortify the economic and financial stability of the country, by encouraging people to deposit and savings and thus help on working the banking and financial investment in the whole country. ” He noted that “these laws give a positive signal for the deposit and deposit protection, which date back things able to advancement of the reality of investment and economic of the country. ” It is said that the Central Bank of Iraq announced earlier on his initiation legislation Deposit Insurance Act, and covered bank accounts abroad to the US dollar; the line with the central bank tasks and responsibility in supporting the development and stimulate the Iraqi economy, the Bank has taken a number of decisions, including legislation to speed up the Deposit Insurance Law, and approve the appointment of a representative of the private banks in the central bank’s management. Ended and h
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