The Central Bank of Iraq (CBE) announced on Wednesday the establishment of a deposit guarantee company with 44 local and foreign banks.
The Director of the Information Office of the Central Bank of Iraq, Acer Jabbar said in a press statement that “Based on the duties of the Central Bank provided for in its law and in order to ensure the stability of the banking sector and increased confidence in it was signed the Memorandum of Association of the bank deposit guarantee company with the founding body, which included government and private banks, Foreign banks and a total of 44 banks distributed by 6 government banks 22 commercial banks and 16 foreign banks.
He added that “this company is expected to have a major role in protecting the banking sector, especially deposits of the public (individuals and companies), which strengthens confidence in the banking sector in Iraq and in the correspondents of banks outside Iraq,” noting that “this will contribute to attracting more deposits and return Use in credit and investment to serve the Iraqi economy. ”
He pointed out that “the company’s capital is 100 billion dinars, of which 55 billion dinars from government and private banks where the proportion of government banks 25% and private banks 30% and the remaining 45 billion dinars will be put for public subscription.”