The best banking personal relations in the Arab world
Sources of the Union of Arab Banks, which are currently preparing for the convening of the Arab International Banking Summit in Paris, chose Mr. Mohsen Al-Alaq, Governor of the Central Bank of Iraq, the best conservative Arab.
He will be honored with a special celebration on the sidelines of the conference which will be held for the period 28-29 June in Paris, the French capital and under the patronage of the President of the French Republic and in the presence of ministers and governors of central banks and heads of boards of Arab, French and European banks.
This honor is in fact a tribute to the Central Bank of Iraq and cadres, whose role was distinct in supporting the national economy in the near difficult circumstances experienced by Iraq during the past three years.
The support provided by the Central Bank to the national economy during the economic and security shocks suffered by Iraq due to the economic and financial crisis and the war on terror is a bright spot and a successful success experience in a country that is going through harsh conditions and a historic phase which is the most difficult to meet the economic and security challenges In the world,
like what happened to Iraq as the Governor of the Central Bank of Iraq and his distinguished work team that they are Mujahideen of the first model in promoting economic steadfastness and achieve monetary stability and financial victory.
Through prudent efforts and measures and the applications of monetary policy and development measures of the Central Bank in the difficult economic stage of Iraq,
where they were able to draw a strategy for the years (2016-2020) and a clear road map goals and ambitions in achieving economic stability and stimulate fiscal growth and enhance financial coverage and structural and institutional construction and investment The human capital through the achievements of the task achieved during the years (2015-2017)
and continues to be the most prominent: maintain the inflation rate of not more than 2% and the level of adequacy of foreign reserves within acceptable rates according to the latest standard (Imf) provided by the International Monetary Fund 0 by 160%, which is considered an international high adequacy ratio, where the foreign reserves of Iraq amounted to $52 billion.
And to stimulate the banking sector, regulatory, supervisory and supervisory,
and establish new units within the regulatory structures of banks such as compliance and combating money laundering and financing of terrorism and credit and operational risk management and the issuance of the Money Laundering Law 39 for the year 2015 and
the development of payment systems and the application of all payments by retail and mobile and the establishment of the national division and
work on the application of international standards in Financial reports in line with the principle of transparency and disclosure
In addition to the efforts of the bank on a daily basis to stimulate the processes of financial inclusion and focus on the initiative to settle the salaries of employees for the purpose of increasing the coverage The Bank has re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance.
The establishment of the Deposit Insurance Company In order to raise the percentage of savings in banks and reduce the proportion of home-made economy and restore confidence in the banking sector and thus stimulate the economy through the activation of investment and bank financing initiative to finance small and medium-sized projects and supervision and leadership of community-funded initiatives Banks Iraqi project Take Baghdad and support the Iraqi drama Fund and the establishment of two national financing for large projects and set up a fund social and humanitarian benefits and take regulatory and structural measures and the introduction of the depository center in the Iraqi market for securities and the establishment of a national center to inquire credit.
And the Iraqi Payments Board.
At the level of international banking relations, the Central Bank and the exceptional efforts of the Governor and his team have succeeded in restoring relations with Arab and foreign central banks and delivering the achievements of the past three years to the international financial institutions such as the Financial Action Organization, which contributed to the transition of Iraq classification from gray to follow-up.
The Governor in 2017 to the Security Council and presented the achievements and development of organizational, structural and technical and compliance with international standards in financial reporting and enhance confidence in the Iraqi economy and the ability of Iraq p And the World Bank and the International Monetary Fund (IMF) and the Financial Action Task Force (FATF) have had a clear impact in promoting economic resilience, fiscal victory and a steady pace towards fiscal sustainability.
All the above achievements make the Central Bank of Iraq, the Governorate and its team deserve praise and honor.
I call on the Iraqi national media to read, read and listen to the sincere and sincere efforts of the Iraqi fathers who fight terrorism and build the new Iraq in one and highlight the achievements and success stories achieved.
Despite all the challenges and that the most prominent of these successes and crises are the successes of the Central Bank of Iraq and its work team who deserve a right word neutral to serve our national economy and Iraqi banking sector
Added Date 28/06/2018