Deposit guarantee real key to development

9/6/2016 0:00

 BAGHDAD - Hussein al-Tamimi Tgb

Ensuring first steps to strengthen trust between the banks and the citizen, who helps Astdarj currency bloc chunky in homes to banks and make it more economically feasible for the country where he will be used in large development projects deposits.

The Cabinet approved the final minutes of the draft deposits, prepared by the Iraqi Central Bank system, where it can be through the establishment of a deposit guarantee a capital of 100 billion dinars contain private and government banks company, and deposited the banks specified percentage of deposits, the company has a way to ensure pay depositors in case of bank's inability or being liquidated.

Citizen and banks

Executive Director of the Association of Iraqi private banks Ali Tariq pointed out that the construction of an effective banking sector in Iraq requires the positive interaction between the citizen and private banks, which are located on the support and funding of the national economy important, indicating that this interaction is waiting deposit guarantee which guarantees the rights of depositors and guaranteed by the company.

Tariq said in an interview with «morning»: The build bridges of trust between the parties to the process is working to create a sophisticated banking system, where he leads the high volume of banking transactions to expand the services that must be provided to the public benefit, and here will create a state of competition between the banks on the development of banking systems sophisticated able to attract the largest number of customers, and we will reach the conclusion that the inevitable result of a sophisticated banking sector competes with regional and international banks and is capable of dealing with large numbers required by the banking sector.

 Insurance Company

He noted that the association is working hard in order to communicate with the central bank to accelerate the establishment of this company because of its great economic feasibility of the country, also sought for a long time to get the legislation guaranteeing bank deposits for his role in the revitalization of the financial mobility within the banking sector.

The economic expert Mohammad Ali Jaber, describing the «morning» This step task and it's real development in Iraq key, pointing out that they contribute to a large extent in the recruitment of the large cluster of cash in excess of $ 20 billion in development projects after deposited in private banks, and the the positives of this approach is to keep the money on the dangers of compactness in homes.

Jaber stressed the importance of communication between the media and the banking sector to develop programs to promote banking culture in the public opinion and give great attention to this trend, especially one that works to strengthen the country's economy, employing deposits in large development projects achieved a great benefit for the country.

He said the citizen who intended private banks to deposit his money has to be comfortable with it and confident that it is investing in the right direction and that there is protection for his money, which can move calculated continuously without problems.

The Jaber explained in an interview earlier the importance of working on the development of human resources to operate and brought into the banking sector in the development courses under the supervision of international experts, noting that workers in the financial sector must be known for their high professionalism to enable advanced banking products offered by international banks to their customers of the companies and the citizens.


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