CBI: investors’ money in Iraqi banks insured

CBI: investors’ money in Iraqi banks insured

Palm – The Central Bank of Iraq adviser, on Sunday, that the Iraqi private banks and government are able to protect the funds of investment companies.

The appearance of Mohammed Saleh during a media statement that the government and private banks are able to protect the funds of investors and is working according to international regulations are difficult to penetrate or as documented financial manipulation.

The fear of the number of foreign companies from the investment business in Iraq because of loss of confidence in government and private banks, adding that several problems facing the banking performance is controlled and does not threaten the existence of a strong capital to foreign investors or the Arabs for the implementation of investment projects in the country.

He said that among the problems faced by the banks that the number of them still work according to programs obsolete in the operating banking and cash are not consistent with the changes of electronic occurred in the banking performance in the world, pointing out that the central bank operates according to a deliberate plan to improve the performance of government and private banks emphasize the need for promote their betterment mail and that enhance the confidence of foreign companies work.

The Central Bank of Iraq earlier that identified $ 250 billion Iraqi dinars at a minimum to establish private banks in the country.

He revealed the CBI last month that he would give the number of licenses to establish private banks, stressing that the increase in banks will enhance the economic role of the country.

He denied the Central Bank in June 24 last that the development of Iraqi private banks risk as confirmed by the Ministry of Finance continued with a total capital of Iraqi private banks billion and 600 million dollars now, other than that owned by the branches of Arab and foreign banks operating in the country.

The main tasks of the Iraqi Central Bank to maintain price stability, and the implementation of monetary policy, including exchange rate policies, and management of reserves of foreign currency, and the issuance of currency management, as well as to regulate the banking sector.