The 2018 Annual Conference of the Central Bank of Iraq …. The harvest of achievements and the start of the development process for the year 2019


Samir Nusairi

The central bank ends in 2018 to hold the fourth annual conference on 12.10.2018 under the slogan (the developmental role of the Central Bank), which will discuss the pivotal two main development dimension of monetary policy development and the role of the banking sector comes the conference at this time in which the Iraqi people are looking forward to the completion of ministerial cabin of the new government and to begin the process of economic reform and achieve economic stability, according to what you stated the government curriculum comes to take place and the Central Bank is exposed to the campaign of biased and unfair away from neutrality and fairness and the proper assessment of the obvious efforts made by the central bank in the J Rove, economic and security impact at a confirmation of its success in achieving its annual plan for 2018 in support of the national economy during the economic and financial crisis and the war on terrorism and was its procedures and policies adopted by which formed a bright spot and experience honorable success in a country that is going through harsh conditions and the stage of history is the most difficult in the face of economic challenges

The stability of the exchange rate of the Iraqi dinar against the US dollar and maintain the inflation rate of not more than 2% and the level of foreign reserves within the rates according to international standards, where the foreign reserves of Iraq amounted to 62 billion dollars and the third alternative Arab and the adequacy ratio exceeded 160% according to the latest international standard for measuring efficiency and stimulate the sector Regulatory, supervisory and supervisory banking and the establishment of new units within the regulatory structures of banks such as compliance and combating money laundering and financing of terrorism, credit and operational risk management and banking awareness and the issuance of the Money Laundering Law 39 for the year 2015 and the development of systems Payment and the application of all electronic payments by retail and mobile and the establishment of the national division and work on the application of international standards in financial reportingInline with the transparency and disclosure principle, the Bank’s efforts to stimulate financial inclusion and focus on the initiative to settle the salaries of employees in order to increase the financial coverage of the population who do not have accounts in the banking system, which amounted to 22.6 and activate the initiative to finance small and medium enterprises.

In order to restore confidence in the banking sector, the Central 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 establishing the deposit guarantee company in order to raise the savings rate at banks and reduce the percentage of housekeeping in the economy and thus activate the economy through activating investment, Organizational structure and development of the depository center in the Iraqi securities market and the establishment of a national credit center.

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 four years to the international financial institutions such as the Financial Action Group ( FATF ) (Gray) to normal follow-up. The visit of the Governor to the UN Security Council and his presentation of the achievements and organizational, structural and technical developments and compliance with international standards in financial reporting, Iraq ‘seconomy and Iraq ‘s ability to adhere to international credit benefits as the accolades of the World Bank and the IMF have had a clear impact in strengthening economic resilience and financial victory and move steadily towards financial sustainability.

That achieved in 2018 of the important achievements will make it start with the implementation of its plan for 2019 to re-evaluate banks and classification in line with international standards in measuring the efficiency of performance and activating the contribution of the banking sector in development and in community and humanitarian initiatives and to continue qualitative development procedures and build balanced relations with international and Arab banks and Consider the structure of the banking sector, which enhances the role of government and private banks in the transition from the role of banking to the developmental role.

* Economic and banking consultant

Views 468   Date Added 12/05/2018

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