CENTRAL BANK GOVERNOR: WE ARE WORKING TO ESTABLISH A DATA CENTER THAT WILL BE A SUCCESS FACTOR FOR DIGITAL TRANSFORMATION
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed on Thursday that the digital currency the bank intends to launch will enhance transparency and limit the flow of cash out of banks. He also revealed plans to establish a data center that will serve as a successful foundation for digital transformation.
Al-Alaq told the Iraqi News Agency (INA): “Financial technologies are developing rapidly, in line with the requirements of the financial and banking sector in terms of speed, accuracy, and economic efficiency, in addition to transparency and oversight. The reality of the digital revolution is imposing itself on all sectors, including the financial and banking sector, which stands to benefit most from the major transformations taking place.”
He added, “Digital currency can serve many purposes, limit the flow of cash outside banks, and achieve a high degree of transparency, as funds can be tracked,
whether in the areas of consumption, investment, savings, or even in legitimate and illegitimate businesses. It also provides important databases for analysis purposes, not just for the movement of paper money, in addition to the economics that digital currency offers through printing and tracking currency.”
Al-Alaq confirmed that “we have begun taking steps in coordination with international organizations to review initial experiments in the digital currency file, which we do not wish to be late in,” explaining that “there are existing experiments in some countries in the region, and we are also following up with the Arab Monetary Fund to develop appropriate steps in this direction, and what is required is infrastructure.”
He continued, “The Central Bank possesses advanced infrastructure. The new bank building houses a sophisticated data center, and we are working to establish a data center that will represent a successful foundation for digital transformation.”
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