********** Central Bank Governor: Deposit Protection Law will be published very soon

The Central Bank of Iraq (CBE) announced Sunday that the law on the protection of deposits will be published soon, stressing that the law will be supportive of banks and customers.

"The central bank is keen to develop the banking system in Iraq as well as to protect citizens' deposits," the central bank governor Ali al-Alak said in an interview with the Economist News. "The Deposit Protection Law will be published very soon."

He stressed that "the law will create confidence between citizens and banks and is supported internationally," calling on "banks to participate strongly to be a true beacon of the Iraqi banking sector."

On June 7, 2016, the Central Bank announced the establishment of a deposit guarantee company in public and private banks with a capital of 100 billion Iraqi dinars. The purpose of its establishment is to encourage citizens to deposit their money in banks rather than hoarding them. More than 30 trillion dinars.

The Association of Iraqi private banks announced, in October 2015, that the proportion of deposits with government banks ranging from 65 to 68 trillion dinars, of which do not exceed 22 trillion dinars deposits of private banks.

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