Page 28 - investment-map-En-2021

Iraq Investment Map2020-2021
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Supporting the establishment of Deposits Guaranty Institution
- CBI had sought according to its strategic plan to establish a Deposits Guaranty
Institution which represents an essential part of the financial safety network to
solidify the fellows confidence in the banking sector by guarantying their savings
deposited in the banks, and based on its strategic plan an establishment contract for
st
the institution had been signed with the committee formed on the 31 of January
2018, which included the membership of 44 government and private banks (6
government banks, 22 commercial banks, and 16 foreign banks), this establishment
shall play a big role in protecting the banking sector especially individuals and
corporate deposits to reinforce confidence in the banking sector inside and outside
Iraq, the matter that can contribute much to attracting more deposits to be reused in
crediting and investment for the good of the Iraqi economy.

Participating in Developing the Financial Markets
- For the purpose of reinforcing and fostering the banking sector and the financial
establishments in managing the banking liquidity in Islamic and commercial banks
and participating in developing the financial markets (monetary market in Iraq),
CBI constructed a diversified structure for its securities with one year and less terms
and offering them through auctions according to the central securities depositary
system and as follows:
- Commencing the issuance of Islamic deposit certificates as a new investment
window for the Islamic banks to manage liquidity in the banking sector, as a plan
had been prepared to offer new short and medium term financial products with
variations in the rates of revenues whether they were for the CBI transfers or for the
traditional or Islamic deposit certificates.
The central bank trained banks staff on the central securities depositary to use the
system and loaning services.
CBI had established the new Financial Products Unit for the purposes of
researching and analyzing the possibility of inventing new financial products to
manage liquidity and finding the best applications to implement the monetary
policy through searching in the global experiments and available financial tools
with measuring the effect and analyzing the results.

Developing the regulating body and structure of the CBI
Aiming at supporting the continuation of the work in the banks, CBI issued the
regulations of the business continuance management system in the Iraqi banking sector
and trained the IT and risk management committees to apply these regulations according
to the requirements of the international standard for business continuance and the
recommendations of receiving the returning information from the banks regarding
applying these regulations.
The CBI reconsidered the monitory regulations to make sure they are compatible with the
international standards issued by Basil Committee for Banking Monitory (III) in
cooperation with (METAC) which were recently published and as follows:

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