Nusseiri: structural, structural and technical development in the Central Bank contributes to financial and monetary stability



Economy News _ Baghdad

 The economic and banking adviser to the Association of Private Banks Samir al-Nusairi said on Friday that the structural, structural and technical developments carried out by the Central Bank during the years 2016 and 2017 contributed to the emergence of prominent features to achieve financial and monetary stability.
Al-Nusairi said in an interview with Al-Iktissad News that “the Bank’s actions contributed to the support it provided to the national economy during the economic and financial crisis and the war on terror. It is a bright spot and a success experience in a country that is going through harsh conditions and a historic phase that is the most difficult to meet the economic and security challenges. Which passes through any country in the world during the past four years such as Iraq, “noting that” efforts and wise policies and applications of monetary policy and development measures of the Central Bank in the difficult economic stage of Iraq, where the bank was able to draw a strategy for the years (2016-2020) Stability in the financial system, stimulating fiscal growth, financial inclusion, structural and institutional construction, and optimal investment in human capital. “
He added that “the Central Bank has achieved important achievements, including maintaining the inflation rate of not more than 2% and the level of foreign reserves within the acceptable rates in accordance with international standards as the foreign reserves of Iraq to the extent of $ 58 billion and stimulate the banking sector regulatory and supervisory and regulatory and establish new units within the regulatory structures of banks Such as compliance, combating money laundering, financing terrorism, managing credit and operational risks, issuing the Money Laundering Law 39 for the year 2015, forming the Anti-Money Laundering and Terrorism Financing Council, developing payment systems and implementing all payments by retail and telephone. Mobile and the establishment of national and divided work on the application of international standards in financial reporting in line with the transparency and disclosure of starters and the formation of the Iraqi Payments Council. “
He pointed out that “the Bank’s efforts exerted daily to stimulate financial inclusion and the formation of the Financial Inclusion Council and draw a national strategy for financial inclusion and focus on the initiative to settle the salaries of employees for the purpose of raising the financial coverage of the population who do not have accounts in the banking system,” explaining that “for the purpose of re-confidence in the sector 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, as well as the establishment of the deposit insurance company in order to raise the savings rate at banks and reduce the percentage of home-based economy and thus stimulate the economy through activating the Investment banking and finance 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. ” 
Al-Nasiri said that “at the level of international banking relations, the Central Bank has been able, with exceptional efforts, to restore relations with Arab and foreign central banks and to deliver the achievements achieved over the past three years to the international financial institutions such as the Financial Action Organization, which contributed to the transition of Iraq’s classification from the monitoring and follow- To the normal follow-up area every two years, “considering the visit of the Governor of the Central Bank Ali Al-Alak last month to the Security Council and presented the achievements and organizational and structural development and technical compliance with international standards Financial reporting and enhance the confidence of the Iraqi economy and Iraq’s ability to adhere to international credit benefits and accolades of the World Bank and the IMF have had a clear impact in strengthening economic resilience and financial victory.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s