Latest news with #AliMohsenAl-Alaq
Iraqi News
5 days ago
- Business
- Iraqi News
Central Bank of Iraq, ICEIC meet to boost investment
Baghdad ( – The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, welcomed a delegation from the Islamic Corporation for the Insurance of Investment and Export Credit (ICEIC), a member of the Islamic Development Bank Group. Talks centered on strengthening bilateral cooperation and reviewing a study on loan insurance for foreign and investment companies, designed to support financing for major strategic projects with the Iraqi government. The delegation praised Iraq's significant progress in multiple sectors, noting that the country's growing stability is expanding investment opportunities and enhancing the Islamic Development Bank's role in funding development projects.
Iraq Business
5 days ago
- Business
- Iraq Business
CBI, IFC consider New Leasing Company for Iraqi Start-Ups
By John Lee. Central Bank of Iraq (CBI) Governor Ali Mohsen Al-Alaq has met Bilal Al-Saghir, the International Finance Corporation's (IFC) Resident Representative in Iraq, to discuss strengthening bilateral relations, particularly in training Iraq's banking sector workforce. The parties intend to sign a Memorandum of Understanding on the matter in the coming period. They also discussed a proposal to establish a leasing finance company with both local and foreign participation, aimed at supporting startups and small- to medium-sized enterprises by offering flexible financing for assets such as industrial equipment, vehicles, offices, and warehouses. The meeting further addressed the CBI's ongoing banking reform plan, implemented with assistance from Oliver Wyman and in line with international standards, to enhance the sector's global standing and restore several Iraqi banks' ability to engage in international transactions. (Source: CBI)
Iraq Business
6 days ago
- Business
- Iraq Business
CBI Discusses Banking Reform Plan with Oliver Wyman
By John Lee. Central Bank of Iraq (CBI) Governor Ali Mohsen Al-Alaq and the CBI's specialist team have met with consultancy firm Oliver Wyman to review the Iraqi Private Banks League's comments on the national banking reform plan. The Governor confirmed that the CBI had completed an in-depth discussion, during which participants showed understanding of the points raised and explored ways to adapt certain provisions flexibly to ease implementation. Oliver Wyman has begun assessing potential solutions to present the best proposals in the near future. The CBI reiterated that the plan - developed over several months - aims to establish a stable and secure banking sector in line with international standards, local laws, and best practices in governance, compliance, and risk management. The ultimate goal is to strengthen the sector's economic role, enhance development, and deliver services efficiently using modern technologies. Implementation of the plan is expected to restore correspondent banking relationships for compliant Iraqi banks, especially those currently lacking such international ties. The CBI expressed gratitude to all banks for their cooperation and stressed that the plan's success depends on the collaboration of all stakeholders. (Source: CBI)
Iraq Business
09-08-2025
- Business
- Iraq Business
Iraq's Central Bank advances Digital Payment Transformation
By John Lee. Central Bank of Iraq (CBI) Governor, Ali Mohsen Al-Alaq, has outlined the Bank's progress in developing a secure and integrated electronic payment system, in line with international standards and best practices. Speaking at the Comprehensive Transformation to Electronic Payment Conference in Baghdad, he said the systems have improved the efficiency and reliability of financial operations and supported strategic initiatives in partnership with the government, including salary localisation, electronic security, and development financing programmes. Al-Alaq described digital transformation as a strategic choice for building a modern state, diversifying the economy, and delivering transparent public services. He said Iraq has a historic opportunity to create an investment-friendly economy capable of tackling challenges and combating corruption. Key CBI initiatives include: The instant payment system, enabling 24/7 money transfers and easier user experience. The unified government payment gateway, reducing manipulation and increasing trust. The national card scheme, ensuring digital sovereignty, reducing reliance on foreign systems, and offering products tailored to the local market. The development of the national switch to support higher transaction volumes with speed, stability, and security. The Bank is also conducting an in-depth study on regulating transactions in crypto-assets, addressing risks and opportunities while meeting financial stability, anti-fraud, anti-money laundering, and counter-terrorism financing requirements. The Governor called on the media and educational institutions to launch awareness programmes on the benefits of electronic payments and the risks of informal transactions, emphasising the need for cooperation among government agencies, the banking sector, technology firms, and civil society to build public trust. (Source: CBI)
Iraq Business
06-06-2025
- Business
- Iraq Business
Central Bank signs Training Agreement with British Council
By John Lee. Under the patronage of His Excellency Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq (CBI), a training cooperation agreement was signed between the CBI and the British Council, in the presence of UK Ambassador to Iraq, Mr. Irfan Siddiq. The agreement was signed by Dr. Falah Salim, Director of Human Resources at the Central Bank, and Mr. Ben Loten, Country Director of the British Council. This partnership aims to enhance the English-language skills of CBI staff through specialised training courses, thereby improving their professional communication capabilities at regional and international levels. (Source: Central Bank of Iraq)
