EconomyCentral Bank Of IraqControl System
2023-04-27 04:38Font
Shafaq News / The Central Bank of Iraq announced today, Thursday, the launch of the “Banking Control Reporting System (BSRS).
A statement by the Central Bank of Iraq and a response to Shafaq News agency said that “the new system will collect financial data from banks and non-bank financial institutions represented by (quarterly data tables for banks, schedules of seizure of mandatory reserve, trial balance tables for non-bank financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as permanent record data for each bank or financial institution approved by this bank, and unifying the database of codes of these banks, companies and their branches.”
The bank explained in its statement that “the system provides the Banking Control Department and the various bank departments with a clear vision of the financial situation of financial institutions by relying on the capabilities offered by modern technology in uploading and auditing data, enabling the regulatory authorities to monitor the financial integrity of banks and non-bank financial institutions faster and more accurately, and enabling the bank to address the potential risks within financial institutions.
The bank pointed out that “the launch of the banking supervision reporting system (BSRS) comes in implementation of the strategic objectives set by the Central Bank of Iraq in developing institutional performance, upgrading banking control tools and reducing risks by adopting regulatory techniques and automating the events and functions carried out by the Central Bank and its departments to regulate the work of the Iraqi banking sector,” according to the statement.
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