Governor Of The Central Bank Of Iraq: We Have Come A Long Way In The Process Of Reforming The Banking Sector
The Central Bank of Iraq participated in the conference on electronic payment towards financial stability in Iraq, which was held under the patronage of the Iraqi Prime Minister, Mr. Muhammad Shiaa Al-Sudani, and organized by the Association of Iraqi Private Banks, with wide participation of the parties concerned with electronic payment and the Iraqi banking sector.
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, said during the first session of the conference that the digital transformation movement in Iraq, especially the financial and economic part, constitutes a priority for the government and the Central Bank of Iraq and aims to provide the best banking services, stressing that there is a great movement to advance the digital transformation, which represents the sector.
Banking and finance are a major pillar of it. He noted that despite the challenges and obstacles that the country has faced in recent decades, the process of digital transformation is taking place quickly through the indicators available at the Central Bank, stressing that it is moving in the right direction.
The Governor stressed that there is a very important aspect of keeping up with developments and changes.
There is direct communication with internal and external parties, which is at two levels. The first includes capacity building within the banking sector by providing competencies and various applications, as the Iraqi staff is characterized by adaptation and development, and the second is
cooperation.
The International Bank and the Central Bank of Iraq have broad and effective relationships with international financial and monetary institutions and banks around the world.
His Excellency revealed the process of reforming the banking sector, especially the government sector, noting that it has come a long way and it is now possible to implement what was stated in the Central Bank’s plan in the banking reform process until the end of this year.
Regarding the experience of digital banks, His Excellency the Governor indicated that the developments and employing them in a direction that serves the public made us move towards digital banks in Iraq as it is a new experience in countries of the world, indicating that
Iraq will be one of the countries that are progressing in digital banks as the number of requests for digital banks increases.
It reached 60-70 banks, and the bank will choose a limited number as a first stage, in accordance with the applicable controls and conditions, and it will be subject to an evaluation stage by the Central Bank of Iraq. Central Bank of Iraq Media office September 14, 2024 uhttps://cbi.iq/news/view/2670
