The Central Bank of Iraq Imposed Trusteeship on Economy Bank of Iraq

Iraqi NewsIraqi Dinar 123 News:– After the failure of several financial obligations, the central bank of Iraq imposed trusteeship on the Economy Bank of Iraq. The article 40 of central bank act allows central bank to impose trusteeship on any commercial bank that does not able to meet the financial obligations. Central bank of Iraq took this decision after the several complaints it received from different international and local clients for the fulfillment of financial obligation.

Central bank of Iraq is trying to build its trust among foreign companies, foreign investors and local traders for the successful financial operations. Now central bank of Iraq is responsible for the failure of economy bank in the financial operations. Central bank of Iraq formed a committee of three members to complete the process of Trusteeship and report it in the next few days. Furthermore, this committee will watch the performance of economy bank of Iraq for 18 months and report it to the central bank of Iraq. it is duty of central bank of Iraq to take necessary actions when any of the commercial bank is not operating quite efficiently in the country and also against those banks that unable to fulfill the financial obligations in the banking sector.

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