Baghdad: The Central Bank of Iraq announced that depositors’ rights at Al-Taif Bank are protected, emphasizing that the receivership procedures aim to secure their funds and maintain the stability and continuity of banking operations.

According to National Iraqi News Agency, a statement from the Central Bank clarified that the imposition of receivership on Al-Taif Bank is a precautionary supervisory measure. This step is intended to protect depositors’ rights and ensure the stability of banking operations in line with existing regulations and instructions.

The statement further explained that the Central Bank is collaborating with the appointed receiver to implement necessary measures to improve the bank’s liquidity. This includes regulating withdrawal operations and fulfilling financial obligations in a systematic manner. Priority will be given to the salaries of employees whose accounts are held with the bank, ensuring these operations align with approved supervisory priorities.

The Central Bank reassured depositors that these actions are part of its supervisory duties, aimed at protecting their rights and bolstering confidence in the banking sector. The bank urged the public and media to rely solely on information released through official channels and to avoid spreading unreliable news or information.