The Iraqi Central Bank building in downtown Baghdad (Mahmoud Raouf)
The Central Bank announced setting up a company to insure bank deposits with capital of 100 billion dinars
Written by: ASJ, BS
The Iraqi Central Bank said Tuesday, setting up a company to insure deposits in Government and private banks owned 100 billion Iraqi dinars, the goal of the Foundation is to stimulate citizens to deposit their money in banks rather than her firmness.
According to a statement by the Central Bank in a statement (range), a copy of it, that "the Cabinet's approval of the draft deposit guarantee system prepared by the World Bank, which will establish a company to ensure capital deposits 100 billion dinars and the company includes private and Government banks", stating that
"the banks will put a certain percentage of the company's deposits, to ensure payment of depositors if a bank or subjected to filtering.
The statement added that "motivates citizens to deposit their money in banks rather than her firmness who misses these funds investment opportunities and stimulate the economy as well as the risk of retaining in houses", stating that
"money stashed away outside the banking system of more than 30 trillion dinars."
The Cabinet had agreed in its Tuesday, issuing bank deposits guarantee system by the CBI, and check with the State Council with no coverage of deposits in State banks BA CAM system.