2019-07-03
The Central Bank of Iraq announced on Wednesday the approval of the registration of companies on the establishment of the Iraqi Company to secure deposits.
The bank said in a statement that "based on the bank's obligations stipulated in its lawand with the aim of ensuring the stability of the banking sector and increasing confidence in it, we announce the approval of the company registration department in the Ministry of Commerce to establish the Iraqi Deposit Insurance Company / joint contribution based on the provisions of Article 19 of the Companies Law No. 21 Of 1997 amended ".
"The Iraqi Deposit Insurance Company was established with the contribution of 42 banks, including 6 government banks, 21 private Iraqi banks, 15 Arab and foreign banks, as well as the National Insurance Company and the General Retirement Authority / State Pension Fund," noting that "the company's capital is 100 Billion dinars. "
Deposit insurance companies have been found to support efforts to stabilize the financial and banking system.
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