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The central bank is likely near the legislation and the law of bank deposits confirms: revive the national economy
2015/11/18
Long-Presse / Baghdad
An informed source at the Central Bank of Iraq, on Wednesday, for "near the adoption of" the Law of the Parliament of bank deposits, and expected that this will contribute to "the return of confidence," Iraqi banks and the recovery of the national economy.
The source said, in an interview to the (long-Presse), said that "the Iraqi Central Bank already prepared a draft law on banking deposits nearly a year ago, in order to protect a deposit every customer puts his money in a bank," adding that "the project passed through the Council of Ministers to Parliament".
The source, who is familiar with, who asked not to be named, said: "The project was discussed about extensively with members of the parliamentary finance committee, and representatives of the Central Bank of Iraq, and reached the final legislative stages after the addition of points that will support citizens," noting that "the parliamentary Finance Committee promised Bank Central project being put on the agenda of the House of Representatives sessions schedule during the current month, to be discussed and voted on. "
The source added, that the proposed project will encourage citizens and owners of capital on deposit in banks after the assurance of protection insurance crisis of her loss, what will revive economic activity, "he returned to" re-establish law about great confidence to the Iraqi private banks. "
The Financial experts and economists, confirmed in (the 18th of September 2014 the past), that the volume of financial deposits owned by the operating banks in Iraq, whether governmental or civil reach up to 70 trillion dinars, and argued that the total of Iraqi private banks' capital increased from $ 30 million a year 2004, to one billion and $ 600 million year-end 2014 the past, except for branches owned by Arab and foreign banks operating in Iraq, and the number of private banks operating in Iraq rose from 17 in 2004 to 31 the end of 2014, while the number of branches has increased in Baghdad and other provinces from a hundred to more than 600 branch to compete in the number and level of services Rafidain bank branches of government and governance.
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