by Rocky Fri 07 Jun 2024, 4:50 am
MM&C 6/7/24
The Governor of the Central Bank, Ali Mohsen Ismail Al-Alaq, announced the third strategic plan for the years (2024-2026), which includes a set of mai... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
The Governor of the Central Bank, Ali Mohsen Ismail Al-Alaq, announced the third strategic plan for the years (2024-2026), which includes a set of main and subsidiary objectives and initiatives to achieve the bank's aspirations.
The governor stated that the plan paid special attention to the supervision and supervision of the banking industry, in order to build a "sober" banking sector, while the plan focused on the sector of non-banking financial institutions.
He stressed that exceptional efforts are made to address the problems and obstacles facing the bank's initiatives in order to achieve the vision and goals.
The three-year strategic plan includes seven objectives, which are: "supporting and promoting monetary stability, promoting digital transformation, simplifying electronic payment and strengthening cybersecurity, strengthening financial inclusion, maintaining a sober financial system, developing the regulatory structure, strengthening the bank's position locally and internationally, and enhancing compliance of the banking sector and the non-banking financial institutions sector.
The plan listed the opportunities and challenges facing the bank's work, as the opportunities included "reduced budget deficit and improved international business environment," while challenges were "imbalances in the Iraqi economy and threats to cybersecurity."
In its plan, the bank stated that it has established the technical infrastructure (GO AML) system of the Office of Anti-Money Laundering and Financing of Terrorism, in order to receive, process and analyze reports from financial institutions or other entities.
The bank has confirmed its current adoption by 60 financial information units around the world.
Regarding the initiatives that the bank has linked to the sub-goals, including "the ability to issue medium or long-term securities, the transition from the platform to the banks sent in the conduct of external transfers, the increase of gold reserves, the introduction of new issuances of the high-quality currency, the automation of monetary processes, the support of micro and microfinance, the establishment of an electronic platform for the management of complaints and others."
To view the third strategic plan of the Central Bank of Iraq, click here
the link for the cbi document is in the article
60 pages
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This speech Al-Alaq is going to be one to remember. The fact that he is talking about gold reserves and in introduction of a new issuance of high-quality currency and the automation of monetary processes, etc. It shows that he is moving on the reforms and will be likely showing us something very soon to have significant impact on what we’re looking for.
For Al-Alaq to be talking about the issuance of new high-quality currency is awesome, especially when he uses the word “issuance” it means it’s coming or it’s about to be released. Wow!! What is not to like about this? lol - This is looking so very very good. ~MM | | | |
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