***** Advisor to the Prime Minister: Iraq needs to protect the deposit law to fortify the country's economy

History of edits:: 2015/3/22 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 the 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 pointed out that "finding the laws to protect the deposit dramatically help fortify the economic and financial stability of the country, by encouraging people to deposit and savings and thus help work on banking and financial investment in the whole country."

He pointed out that "these laws give a positive signal for the deposit and deposit protection, which date back things able to promote investment and economic reality of the country."

It is said that the Iraqi Central Bank announced earlier for his initiation legislation Deposit Insurance Act, and coverage of 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 took a number of decisions, including speeding up the legislation of the Deposit Insurance Law and approve the appointment of a representative of the private banks in the central bank's management.


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