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Central Bank of Iraq Announces Law to Protect Iraqi Deposits

Governor Ali al-Alaq pointed that this law will support the Iraqi banks and their clients, as well as creating a state of trust between the citizen and the banks.

 Baghdad/ Iraq TradeLink: The Central Bank of Iraq (CBI­) disclosed that a law to protect banks'

 
deposits shall be issued soon.

Governor Ali al-Alaq pointed that this law will support the Iraqi banks and their clients, as well as creating a state of trust between the citizen and the banks.

In June, 2016, the CBI announced the establishment of a company to guarantee the deposits at the governmental and private banks with a capital of 100 billion Iraqi dinars to prompt the citizens to deposit their funds in the banks, instead of saving them at home.

It is estimated that the home savings reached to more than 30 trillion Iraqi dinars.

Iraq has 54 banks, in addition to the CBI, including 7 governmental, 23 commercial and 15 foreign branches banks.


Including these figures, Iraq has 9 Islamic banks.

Source: Iraq TradeLink 

 

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