System of Deposits Adopted by CBI will Boost up Iraqi Economy: Experts

The Iraqi Central Bank addressed the system of guarantee in the issuance of bank deposits. The bank issued a practice license as a guarantee for a joint stock company and the company should be established according to the Companies Law. It was a specific system admired by the economic circles in the country. It was due to the deficiency in the mobilization of deposits and funds with banks in taking their way to various channels of investment. The Legal Department Director General of CBI, Mustafa Ghaleb said in a press interview that the current working of Iraqi Central Bank is correspondent to the feasibility study of economic, technical and legal establishment of Iraqi Company in order to ensure deposits. It can only be done with a significant amount of contribution by the government and private banks according to the provisions of the Companies Law (21) of 1997 with the registration of companies in the Department under the Iraqi Ministry of Commerce.

System of Deposits Adopted by CBI will Boost up Iraqi Economy: ExpertsGhaleb pointed out that the major objective of CBI was to achieve public interest of the community in order to secure funds of depositors and build their confidence within the existing banking sector in the country. He pointed out that the contribution of Iraqi banks is essential in order to ensure the permanent availability of a significant amount of balance within the fund. It will be used in providing safety cover for depositor’s assets in the licensed banks approved from the Iraqi Central Bank in the country. It is important that the economic adviser to the Iraqi Prime Minister, Muhammad Saleh earlier said that entire banking dealing depends on the Iraqi financial system awareness. The perfect implementation of private sector projects would generate a significant amount of jobs. It would efficiently reduce the unemployment rate in the country. Point to be noted that Iraqi Council of Minister has approved the system of deposits for more than 2 years adopted by the Iraqi Central Bank.

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