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The Iraqi Central Bank confirmed that imposing supervisory or guardianship committees on Iraqi banks is a preventive regulatory measure and not an indication of their insolvency. Its purpose is to ensure the safety and stability of banking operations and to protect depositors' rights. It clarified that all licensed banks participate in the Deposit Guarantee Company, which covers depositors’ compensation in case any bank faces difficulties, and that depositors' funds are legally protected. Additionally, it confirmed that banks have sufficient liquidity, with liquid assets exceeding 60% of short-term obligations, and that the amount of currency outside banks is estimated at $77.8 billion. However, there are concerns about waning confidence in the system due to Iraq's financial history and banking crises.
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