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By 2025, a qualitative leap in performance awaits the Central Bank

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By 2025, a qualitative leap in performance awaits the Central Bank

Economical 2023/05/16
Baghdad: Hussein Thaghb Al-Tamimi

A qualitative leap awaits the performance of the Central Bank by the year 2025 with the move to the new building,

which was designed to be a new breakthrough in the performance of the Iraqi financial sector, as it works to take into account the technical developments witnessed by the global financial sector, and

the design that leads to raising levels of performance, which necessitates the use of advanced systems Which saves effort and time in accurate financial transactions.

Director of the Central Bank of Iraq building project, Eng. Ikhlas Jawad Nazim, told Al-Sabah:

“The new Central Bank of Iraq building project represents a quantum leap in performance, construction form, sobriety, and its synchronization with transformations towards clean energy,” pointing out that

“the reality of the building gives high flexibility to the process of Transferring and fulfilling the country's cash liquidity requirements, as it will be done in accordance with the latest international technologies in this field.  She added,

"The bank's management realized the importance of building a new building that keeps pace with global developments in the field of banking work, "automation" systems, and modern technologies in the world, so

the office of the Iraqi designer Zaha Hadid was chosen for this regard, as

it is a landmark in the field of architecture in the world, and it is of Iraqi origin, and

it was chosen to be It was designed for this new building, and approvals were obtained from the Council of Ministers to send a direct invitation to Hadid in order to develop a distinctive design for the new building, as bank buildings give an indication of the country's financial stability.  Nazim pointed out that

"the project has an independent budget, i.e. from the Central Bank and not from the state's general budget, and the amount allocated is about (885) million dollars, but upon referral it became about (772) million dollars after negotiating with the executing company, as we obtained during the process of preparing the tender With international companies, there are exceptions in this regard, so the bank was excluded from the instructions for implementing government contracts, regarding this project, and

we contracted according to international terms and contracts. And it showed that "

Regarding the completion of the building, Nazem said:

"We have not set a date yet because there are several existing belongings that need to be resolved, but

there is a work program in this regard in which we are trying to reduce the time period for the opening process as much as possible.

We can say that we need about a year and a half to open it, and perhaps It will be early 2025."  She pointed out that

"the new building of the bank will include, for the first time, a museum that chronicles the history of the Iraqi currency, and

there will be educational activities in it that university and school students can visit. Displays on screens that talk about the stages of currency development, and

there will also be cultural activities that talk about the history of Iraqi civilization, and the design of the museum will be in a modern and unconventional style, and the company that implements the museum is among the companies that worked with Zaha Hadid and is specialized in museums.   Nazim continued,

"The engineering specifications are the most important characteristic of the building.

For example, the currency counting and cash center will be a fully automatic system (automation).

Currently, a leading international company specializing in this type of system is designing the building system, where a robot will be used, and

we do not need manual labor, so the issue of currency transfer. "By carts”, and the traditional methods, as we used to see on Al-Rashid Street, will be completely finished.

The currency will be transferred to the “currency conveyor belt comp.”

It will be in the form of boxes that move smoothly, approved by all banks, and there will be a barcode on each box until it passes through a belt and is read by the device or a computer It directs these boxes according to the system and transfers them to the safe or to the counting and sorting center.

This is an integrated automation system that will save time and speed in the process of receiving and delivering currency to banks, as well as currency exchange between the bank and banks or the currency counting and sorting process inside the bank that adopts advanced technology that is consistent with the development of the building.


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