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Hue Mi
02-19-2014, 06:26 PM
Claims on deposit protection act legislation (http://www.dananernews.com/News_Details.php?ID=4484)

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2014-02-19

Baghdad/JD/... The parliamentary Finance Committee has asked the Cabinet to send the deposit protection act to Parliament for discussion and approval, to encourage venture capitalists to see off their money in banks.

Committee member Rep. Secretary Hadi agency/JD/: "there are claims by economists and investors, venture capitalists and even banks to deposit law, it is of important laws that encourage the financial sink depository process and increase investor confidence in local banks.

He added that the Government speed up Bank Deposit Protection Act sent to the House for discussion and adoption during the remainder of the current session of Parliament, calling on the Central Bank to require banks to increase the interest rate on deposits.

The project aims to protect the deposits of citizens, in addition to the number of controls that the Central Bank still operates under this law, including the possibility of increasing capital through bank deposits, government ministries.

The Finance Committee had earlier announced that it was holding a workshop with experts and bankers, to introduce their proposals about this law.

Among the controls set by the Central Bank in advance of the private banks is that the minimum bank capital of 250 billion Iraqi dinar.

The total capital of the 30 private banks banks across Iraq over 7 trillion dinars. /finished/8/