Baghdad: The Central Bank has assured bank depositors of the safety of their funds, confirming its commitment to monitoring banking procedures closely. This includes ensuring that depositors can access their funds whenever needed, without any delays.

According to National Iraqi News Agency, the Central Bank of Iraq released a statement emphasizing its role in maintaining a stable financial system and a sound banking sector. The Central Bank clarified that its actions, including imposing supervisory or trusteeship committees on licensed banks, are precautionary measures. These measures are intended to ensure the stability of bank operations and the protection of depositors’ rights, rather than indicating potential bankruptcies, as some media have suggested.

The statement highlighted that the Central Bank of Iraq adheres to international banking standards to guarantee the safety and compliance of the banking sector, ensuring the delivery of top-tier financial services without compromising depositor rights. All licensed banks are part of the Deposit Guarantee Corporation, which plays a crucial role in banking stability by compensating depositors if a bank fails to meet its obligations as per existing laws.

It was further explained that depositor funds are safeguarded under current laws, regulations, and instructions. The Central Bank of Iraq is vigilant in overseeing banking procedures, particularly those that ensure depositors can withdraw their funds at any time without delay. The statement also underscored the Iraqi banking system’s adequate liquidity, with a liquid asset to short-term liabilities ratio exceeding 60%, allowing banks to operate efficiently even under potential pressures.