Honoring the Governor of the Central Bank of Iraq

05/7/2018 12:00 am

  Samir Al Nusairi *


According to information received from the Union of Arab Banks and based on special evaluation criteria, the Union of Arab Banks selected the Governor of the Central Bank of Iraq, Mohsen Al-Alaq, the best Arab, and was honored with a special celebration on the sidelines of the Arab Banking Summit held for the period 28-29 June in the capital French Prime Minister, in the presence of ministers and governors of central banks and heads of boards of directors of Arab, French and European banks and prominent economic, financial and banking personalities.


This honor is in fact a tribute to the Central Bank of Iraq and cadres, whose role was distinctive in support of the national economy in the near the 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 terrorism is a bright spot and a success experience in a country that is going through harsh conditions and a historic phase which is the most difficult to face the economic and security challenges that no country in the world has experienced. Such as Iraq.


 As the team of the Central Bank proved their success in enhancing the economic steadfastness and achieving monetary stability through the efforts, procedures and applications of monetary policy and the development procedures 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 to achieve stability Economic growth, financial inclusion, structural and institutional construction, and the optimal investment in human capital through important achievements achieved during the years 2015-2017.


The most important of these is the maintenance of inflation by no more than 2% Percent and the level of adequacy of foreign reserves within the acceptable rates according to the latest cumulative standard provided by the International Monetary Fund 0 by 160 percent, which is considered an international high adequacy ratio, where the foreign reserves of Iraq amounted to $ 52 billion.


And the establishment of new units within the regulatory structures of banks such as compliance and combating money laundering and financing of terrorism and management of credit and operational risks and the issuance of the law against money laundering 39 for the year 2015 and the development of payment systems and the application of all payments and retail by mobile phone and the establishment of the national division and work on the application of international standards In financial reporting in line with the principle of transparency and disclosure.


 In addition, the Bank's efforts are exerted daily to stimulate financial inclusion and focus on the initiative to settle the salaries of employees in order to raise the financial coverage of the population who do not have accounts in the banking system, which actually rose from 11 percent to 22 percent, according to the World Bank Bulletin.


In order to restore confidence in the banking sector, the Bank re-evaluated and classified banks in accordance with international standards and standards in evaluating business results and measuring the efficiency of performance.


As well as the establishment of a deposit guarantee company in order to raise the percentage of savings at banks and reduce the proportion of home-made 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 projects and supervision and leadership of community initiatives funded by Iraqi banks such as Baghdad project and support the Iraqi Drama Fund and the establishment Two companies for the national financing of large projects and the establishment of a fund for social and humanitarian benefits and take regulatory and structural measures and the development of the depository center in the Iraqi market for securities and the establishment of a national center for For the credit query and the Iraqi Payments Board.


At the level of international banking relations, the central bank has been able to restore relations with Arab and foreign central banks and deliver the achievements of the past three years to the international financial institutions such as the Financial Action Organization, which contributed to the transition of the classification of Iraq from gray to follow-up.


The governor's visit in 2017 to the UN Security Council and its presentation of achievements, organizational and structural and technical and compliance with international standards in financial reporting and enhance confidence in the Iraqi economy and Iraq's ability to comply with international credit benefits and the World Bank and IMF and the Financial Action Task Force had a clear impact in promoting economic resilience and victory Financial and a steady pace towards financial sustainability.


All these achievements make the Central Bank of Iraq worthy of praise and recognition. I call on the Iraqi national media to read, read and listen to the sincere efforts of the Iraqi people or fight terrorism and build the new Iraq in one and to highlight the achievements and success stories achieved despite all the challenges And one of the most prominent successes achieved by the Central Bank of Iraq.
* Economic and banking consultant


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