The objectives and indications of hosting the Security Council for the Governor of the Central Bank of Iraq

Wadih al-Hancal

The hosting of the UN Security Council by the Governor of the Central Bank of Iraq, Professor Ali Mohsen Al-Alak, can be described in a special session as an important and unprecedented step in the history of the international organization

According to Article 23 of the Charter of the United Nations, the history of the UN Security Council has not been recorded as a similar event since its founding in 1946.

The move has helped inform the members of the Security Council on the plans and contributions of the Central Bank in the areas of combating money laundering and financing of terrorism and preserving the value of the national currency, despite the difficult and extraordinary conditions that Iraq has been developing over the past years.

The importance of hosting the 15 members of the UN Security Council, including the permanent five of the Governor of the Central Bank in a special session, lies in the future impact on the level of confidence in investors and correspondent banks with the strength of the Iraqi economy in general and banking in particular,

The governor’s explanation played a major role in drawing a clear picture of the role of the central bank in maintaining the value of the Iraqi dinar against foreign currencies and maintaining a reserve of hard currency, estimated at 48 billion dollars, a figure universally accepted, as well as the role of the Central Bank Almthrafi face the financial crisis that passed Is still being drained by Iraq because of the decline in oil prices , which account for more than 90 percent of Iraq’s budget, as well as the major economic and financial challenges and burdens of the war on terrorism and the reconstruction of damaged and destroyed Iraqi cities.

The governor has succeeded in explaining Iraq’s economic and financial situation, present and future, in front of the biggest, most important and most dangerous international forum, and painted a realistic picture of its members without exaggeration, removing the ambiguity and confusion that might be a young Iraqi scene. of delivering them a lot of specialists in political affairs, and succeeded conservative clear success in the review of the central bank ‘s plans ” the biggest monetary institution in Iraq” in the areas of support for small and medium – sized enterprises and adopt Almaiaratah in the fight against money laundering and the financing ofterrorism, strengthen Doralmassarv cash and Toviralciolh, and insisted On Aledjarvi government and private banks, and strict controls are binding on all banks as a basis to assess and cope with the stifling financial crisis faced by Iraq.

The hosting of the Security Council by the Governor of the Central Bank is a first step which should be followed by steps in bridging the gaps and building bridges with the global financial and economic decision-making bodies, including the UN Economic and Social Council, which will coordinate, prepare studies, draw conclusions and make recommendations on economic and social issues. Mission in all countries of the world.

It is necessary to note here that the hosting of the governor by the UN Security Council came days before the visit of a large Iraqi banking delegation to Washington for important talks with senior officials of US and international banks, with the aim of restoring confidence in Iraqi banks and the end of the embargo imposed by some correspondent banks,

The visit of the delegation aims to restore investor confidence in the Iraqi economy in general and banking in particular and bridging the relationship with the banks and international financial houses and creating a state of trust in it with a stingy Iraqi financial situation present and future,

According to reports from Washington that the delegation, which was the Association of Private Banks Durkbervi formation, has achieved remarkable successes in establishing links of broad cooperation between Iraqi banks and their American counterparts.

President of the Association of Iraqi Private Banks


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