Central Bank of Iraq Assures Depositors, Confirming Banking Sector Liquidity Exceeds 60 Percent

mniraq - The Central Bank of Iraq assured depositors regarding the safety of the banking sector, confirming that imposing supervisory committees or guardianship on any licensed bank does not imply its bankruptcy. Rather, it falls under precautionary and legal regulatory measures aimed at protecting depositors' rights and ensuring the stability of banking operations. In an official statement, the Bank clarified that all licensed banks participate in the Deposit Guarantee Company, which is responsible for compensating depositors in the event a bank defaults on its obligations, in accordance with applicable laws. The statement added that depositors' funds are protected under laws, regulations, and instructions, emphasizing the continuous monitoring of banking procedures to ensure depositors have access to their funds without delay. The Bank pointed out that the Iraqi banking system enjoys sufficient liquidity to manage its operations efficiently in the face of potential pressures, indicating that the ratio of liquid assets to short-term liabilities exceeds 60%. It also affirmed the implementation of the best international banking standards to ensure the sector's safety and provide competitive financial services without compromising depositors' rights.