Official: CBI News 04/27/2023

[6ly410]

The Central Bank announces the launch of the banking supervision reporting system

Economy News Agency - The Central Bank announces the launch of the banking supervision reporting system (economy-news.net)

 

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Economy News - Baghdad

On Thursday, the Central Bank of Iraq announced the launch of the Banking Supervision Reporting System (BSRS).

"The new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-bank financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and unify the database of codes of these banks, companies and their branches," the bank said in a statement.

"The system provides the Banking Control Department and the various departments of the bank with a clear perception of the financial situation of financial institutions by relying on the capabilities provided by modern technology in downloading and auditing data, which enables regulatory authorities to monitor the financial soundness of banks and non-banking financial institutions faster and more accurately, and enables the bank to address potential risks within financial institutions," the bank explained.

The statement added 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 through the adoption of regulatory technologies and automating the events and functions carried out by the Central Bank and its departments to regulate the work of the Iraqi banking sector."

 

7 Views

Added 2023/04/27 - 12:37 PM

[6ly410]

The Central Bank of Iraq launches the system of banking supervision reports

Thursday 27, April 2023 13:11 | EconomicalNumber of readings: 103

The Central Bank of Iraq launches the banking supervision reporting system (ninanews-com.translate.goog)

Baghdad / NINA / - The Central Bank of Iraq announced, today, Thursday, the launch of the Banking Supervision Reports System.

The bank stated, in a statement, that “it was decided to launch the Banking Supervision Reporting System (BSRS),” indicating that “the new system will collect and unify the database of codes of banks, non-bank financial institutions, companies and their branches, in a way that enables the regulatory authorities to monitor the financial health of these banks, institutions and companies faster.” and more accurate, and enabling the bank to remedy potential risks within financial institutions.” / End 11

[6ly410]

The Central Bank of Iraq launches the banking supervision reporting system

 

•  Today, 12:26 pm

Baghdad Waa

Today, Thursday, the Central Bank of Iraq announced the launch of the banking supervision reporting system.

A statement by the bank, received by the Iraqi News Agency (INA), stated that "it was decided to launch the banking supervision reporting system (BSRS)," noting that "the new system will collect financial data from banks and non-banking financial institutions, and unify the database of codes of these banks, companies and their branches."

"The system provides it with the financial status of financial institutions, enabling regulatory authorities to monitor the financial soundness of banks and non-banking financial institutions faster and more accurately, and enabling the bank to address potential risks within financial

institutions," he said.

[Longtimelurker]

Sounds like the central banks are being cleaned up.. fairly new CBI governor could be a good guy 👍 

[yota691]

The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)

 

  

 April 27, 2023

   

Today, Thursday, the Central Bank of Iraq announced the launch of the “Banking Supervision Reporting System (BSRS) , indicating that the new system will collect financial data from banks and non-banking financial institutions represented by (banks’ quarterly data tables, mandatory reserve reservation tables, and trial balance tables for non-banking financial institutions.” banking, liquidity and capital adequacy tables, and financial inclusion data), in addition to the permanent record data for each bank or non-banking financial institution approved by this bank, and unifying the database of the symbols of these banks, companies and their branches .

 

The bank stated that the system provides the Banking Supervision Department and the various bank departments with a clear vision of the financial status of financial institutions by relying on the capabilities offered by modern technology in downloading and auditing data, in a way that enables the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions faster and more accurately, and enables The Bank is able to rectify the potential risks within the financial institutions .

 

It is worth noting 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 through the adoption of regulatory techniques and automation of activities and functions undertaken by the Central Bank and its departments to regulate the work of the Iraqi banking sector .

 

Central Bank of Iraq
information Office
27 - April - 2023

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[yota691]

The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)

2023.04.27 - 12:32

 

Baghdad - Nas   

Today, Thursday, the Central Bank of Iraq announced the launch of the Banking Supervision Reporting System (BSRS),  

  

  

  

And the bank stated in a statement that “NAS” received a copy of it, (April 27, 2023), that “the new system will collect financial data from banks and non-bank financial institutions represented by (banks’ quarterly data tables, mandatory reserve reservation tables, and trial balance tables for non-bank financial institutions.” , liquidity and capital adequacy tables, and financial inclusion data), as well as the permanent record data for each bank or non-banking financial institution approved by this bank, and the standardization of the database of codes for these banks, companies and their branches.  

  

The bank stated that “the system provides the banking control department and the various departments of the bank with a clear vision of the financial position of financial institutions by relying on the capabilities offered by modern technology in downloading and auditing data, in a way that enables the regulatory authorities to monitor the financial health of banks and non-bank financial institutions faster and more accurately.” And enabling the bank to rectify potential risks within financial institutions.  

  

He continued, "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 through the adoption of regulatory techniques and automation of activities and functions undertaken by the Central Bank and its departments to regulate the work of the Iraqi banking sector." ".  

[yota691]

The Central Bank of Iraq launches a system that enables remedial potential financial risks

2023-04-27 05:38

 

Shafaq News/ The Central Bank of Iraq announced today, Thursday, the launch of the "Banking Supervision Reporting System (BSRS).

 

 

A statement by the Central Bank of Iraq received by Shafaq News Agency stated; The new system will collect financial data from banks and non-bank financial institutions represented by (banks' quarterly data tables, mandatory reserve reservation tables, trial balance tables for non-bank financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as permanent record data. Every bank or non-banking financial institution licensed by this bank, and unifying the database of codes for these banks, companies and their branches.

 

The bank explained in its statement; The system provides the banking control department and the various bank departments with a clear picture of the financial status of financial institutions by relying on the capabilities offered by modern technology in downloading and checking data, in a way that enables the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions faster and more accurately, and to enable the bank To remedy the potential risks within the financial institutions.

 

The bank indicated; 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 through the adoption of regulatory techniques and automation of activities and functions undertaken by the Central Bank and its departments to regulate the work of the Iraqi banking sector. , according to the statement.

[ronscarpa]

 

The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)

Thursday - April 27, 2023

 

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Today, Thursday, the Central Bank of Iraq announced the launch of the “Banking Supervision Reporting System (BSRS) , indicating that the new system will collect financial data from banks and non-banking financial institutions represented by (banks’ quarterly data tables, mandatory reserve reservation tables, and trial balance tables for non-banking financial institutions.” banking, liquidity and capital adequacy tables, and financial inclusion data), in addition to the permanent record data for each bank or non-banking financial institution approved by this bank, and unifying the database of the symbols of these banks, companies and their branches .

 

The bank stated that the system provides the Banking Supervision Department and the various bank departments with a clear vision of the financial status of financial institutions by relying on the capabilities offered by modern technology in downloading and auditing data, in a way that enables the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions faster and more accurately, and enables The bank is able to rectify the potential risks within the financial institutions .

 

It is worth noting 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 through the adoption of regulatory techniques and automation of activities and functions undertaken by the Central Bank and its departments to regulate the work of the Iraqi banking sector .

 

Central Bank of Iraq

information Office

27 - April - 2023

[yota691]

The Central Bank announces the launch of the banking supervision reports system

 

Expenses
   

Economy News - Baghdad
On Thursday, the Central Bank of Iraq announced the launch of the Banking Supervision Reporting System (BSRS).

 

The bank stated in a statement, that “the new system will collect financial data from banks and non-bank financial institutions represented by (banks’ quarterly data tables, mandatory reserve reservation tables, trial balance tables for non-bank financial institutions, liquidity and capital adequacy tables, and financial inclusion data), In addition to the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes for these banks, companies and their branches.
 
The bank stated, “The system provides the banking control department and the various bank departments with a clear vision of the financial position of financial institutions by relying on the capabilities offered by modern technology in downloading and auditing data, which enables the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions faster and more accurately.” and enabling the bank to rectify potential risks within financial institutions.
 
The statement added, "The launch of the Banking Supervision Reporting System (BSRS) comes in implementation of the strategic goals set by the Central Bank of Iraq in developing institutional performance, upgrading banking control tools, and reducing risks by adopting regulatory techniques and automating activities and functions undertaken by the Central Bank and its departments to regulate the work of the banking sector." Iraqi."

 

 

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Views 65

Added 04/27/2023 - 12:37 PM

[yota691]

The Central Bank of Iraq announces the launch of the banking supervision reports system

Economy

13:19 - 2023-04-27

 

Today, Thursday, the Central Bank of Iraq announced the launch of the banking supervision reports system.

A bank statement stated, “It was decided to launch the Banking Supervision Reporting System (BSRS),” indicating that “the new system will collect financial data from banks and non-bank financial institutions, and unify the database of codes for these banks, companies and their branches.”

He explained that "the system provides it with the financial status of financial institutions, enabling the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions faster and more accurately, and enabling the bank to remedy potential risks within financial institutions."

[Carrello]

The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS) 

 

Central Bank of Iraq

Media Office

27 - Apr - 2023

 

Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.

 

The bank explained that the system provides the banking control department and the various departments of the bank with a clear perception of the financial situation of financial institutions by relying on the capabilities provided by modern technology in downloading and auditing data, enabling regulatory authorities to monitor the financial soundness of banks and non-banking financial institutions faster and more accurately, and enabling the bank to address potential risks within financial institutions.

 

It is worth mentioning 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 through the adoption of regulatory technologies and automating the events and functions carried out by the Central Bank and its departments to regulate the work of the Iraqi banking sector.

 

 

Central Bank of Iraq | The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS) (cbi.iq)

 

https://cbi.iq/news/view/2314

[Carrello]

Just now, Carrello said:

The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS) 

 

Central Bank of Iraq

Media Office

27 - Apr - 2023

 

Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.

 

The bank explained that the system provides the banking control department and the various departments of the bank with a clear perception of the financial situation of financial institutions by relying on the capabilities provided by modern technology in downloading and auditing data, enabling regulatory authorities to monitor the financial soundness of banks and non-banking financial institutions faster and more accurately, and enabling the bank to address potential risks within financial institutions.

 

It is worth mentioning 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 through the adoption of regulatory technologies and automating the events and functions carried out by the Central Bank and its departments to regulate the work of the Iraqi banking sector.

 

 

Central Bank of Iraq | The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS) (cbi.iq)

 

https://cbi.iq/news/view/2314

 

[Laid Back]

Another step forward in Reforming the financial management systems.

 

Go CBI

Go Reforms

Go Stronger Dinar $1+

[Dretown39]

35 minutes ago, Laid Back said:

Another step forward in Reforming the financial management systems.

 

Go CBI

Go Reforms

Go Stronger Dinar $1+

Hey @Laid Back. I dont ask for dates or rates. I do respect your input. Due to the steps they have taken whether it be banking reform, the platforms, point of sales, hcl, etc...Do you see that Iraq needs to add value $1+ asap or you feel it could be another year & then it could happen?

[Carrello]

Regarding the Banking Supervision Reporting System article I posted, it came to me with comments from someone that I highly respect (thank you!) with regards to the dinar, but do not have permission to post his comments publicly, so I will not name him:

 

The CBI is making its move to meet IMF reporting requirements under Article VIII. 

·        The CBI moved the TBI to its documentary credit platform

·        Correspondent banks are still used, but on the ISO 20025 platform via the CBI; allowing the CBI to collect information to meet more of the IMF’s reporting requirements. 

·        Today’s article on the Banking Supervision Reporting System is what will allow the CBI to complete the reporting requirements from the private banking system including the non-banks. 

 

Article VIII

Section 5. Furnishing of information

(a) The Fund may require members to furnish it with such information as it deems necessary for its activities, including, as the minimum necessary for the effective discharge of the Fund’s duties, national data on the following matters:

(i) official holdings at home and abroad of (1) gold, (2) foreign

exchange;

(ii) holdings at home and abroad by banking and financial

agencies, other than official agencies, of (1) gold, (2) foreign

exchange;

(iii) production of gold;

(iv) gold exports and imports according to countries of destination

and origin;

(v) total exports and imports of merchandise, in terms of local currency values, according to countries of destination and origin;

 (vi) international balance of payments, including (1) trade in goods and services, (2) gold transactions, (3) known capital transactions, and (4) other items;

(vii) international investment position, i.e., investments within the territories of the member owned abroad and investments abroad owned by persons in its territories so far as it is possible to furnish this information;

(viii) national income;

(ix) price indices, i.e., indices of commodity prices in wholesale and retail markets and of export and import prices;

(x) buying and selling rates for foreign currencies;

(xi) exchange controls, i.e., a comprehensive statement of exchange controls in effect at the time of assuming membership in the Fund and details of subsequent changes as they occur; and

(xii) where official clearing arrangements exist, details of amounts awaiting clearance in respect of commercial and financial transactions, and of the length of time during which such arrears have been outstanding.

 

The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS) 

 

Today, Thursday, the Central Bank of Iraq announced the launch of the "Banking Supervision Reporting System (BSRS), indicating that the new system will collect financial data from banks and non-banking financial institutions represented in (quarterly data tables for banks, mandatory reserve reservation tables, trial balance tables for non-banking financial institutions, liquidity and capital adequacy tables, and financial inclusion data), as well as the data of the permanent record of each bank or non-banking financial institution approved by this bank, and the unification of the database of codes of these banks and companies and their branches.

[Fimum]

Carrello thank you for the post. With the establishment of the BSRS to satisfy IMF requirements, do you think the fact that Iraq has put it in place is sufficient? Or will there need to be one or more quarters of reports before the IMF says they're good to go?

 

Thanks again!

 

Fimum.

[Carrello]

34 minutes ago, Fimum said:

Carrello thank you for the post. With the establishment of the BSRS to satisfy IMF requirements, do you think the fact that Iraq has put it in place is sufficient? Or will there need to be one or more quarters of reports before the IMF says they're good to go?

 

Thanks again!

 

Fimum.

Fimum, I do not have that kind of experiential knowledge. If I receive more input, I will post it. But...IMO if you are set up and ready to go, a settling-in period of additional quarters would not be required. The IMF has not been an overnight process, just like the WTO, but has taken years. Iraq also has the benefit of the US Treasury guiding and mentoring them, along with an administration dedicated to Iraq's success. 

[Fimum]

Thanks for your insight!

[6ly410]

CBI launches Banking Supervision Reporting System (BSRS)

CBI launches Banking Supervision Reporting System (BSRS) | Iraq Business News (iraq-businessnews.com)

30th April 2023 in Iraq Banking & Finance News

By John Lee.

The Central Bank of Iraq (CBI) has launched the Banking Supervision Reporting System (BSRS), which will collect financial data from banks and non-banking financial institutions.

According to a statement from the CBI, the system will provide the Banking Control Department with a clear view of the financial status of financial institutions, enabling regulatory authorities to monitor the financial safety of banks and non-bank financial institutions more accurately and rectify potential risks within them.

The launch of BSRS is part of the Central Bank's strategic objectives to develop institutional performance, upgrade banking control tools, and reduce risks through regulatory techniques and automation of activities.

(Source: CBI )

[yota691]

A proposal to establish a national observatory to monitor financial risks

Economical  2023/05/31

 

 

 Baghdad: Haider Fleeh Al-Rubaie 

 

A specialist in economic affairs proposed the establishment of a national observatory concerned with monitoring financial risks, which takes upon itself the development of precautionary methods related to this economic sector, and monitors the achievement achieved in investment projects and monitors economic performance in general, and while he stressed that the step is capable of undermining corruption and accelerating the pace of urban and service work, He stressed that the enactment of such laws is necessary to measure the efficiency of spending and to know the achievement achieved in various economic fields.

 

In a move close to the proposal, the Central Bank recently launched the Banking Supervision Reporting System (BSRS), which aims to collect financial data from banks and non-banking institutions, and unify the code database of these banks, companies and their branches.

A bank statement pointed out that "the system provides it with the financial status of financial institutions, enabling the regulatory authorities to monitor the financial health of banks and non-bank financial institutions faster and more accurately, and enabling the bank to remedy potential risks within financial institutions."

 

This approach, according to the economist and member of the Private Sector Development Council at the Ministry of Planning, Dr. Ali Hadi Jouda, represents "an advanced step that would monitor the financial operations of banking and financial institutions and link their daily lists to the central list to follow up on their activities and organize their consolidated data."

The expert, Jouda, explained, during his interview with Al-Sabah, that such systems can “help a lot in the event of financial, monetary, or procedural (administrative-technical) risks, in order to perpetuate the concept of transparency, flexibility, and governance,” stressing at the same time that this matter “ It will reflect positively on the work of the institutions and take them in advanced steps towards international dealings, and will open up expanded horizons for them in financing and investment management.” These modern financial systems, according to quality, will also have a positive impact on the commercial and industrial sectors through the ease of dealing with the new foreign trade financing system represented by (documentary credits) to speed up transfers and thus reduce by a large percentage the real exchange rate gap to its parallel rival.

The spokesman believes that "the financial situation in Iraq needs a specialized national observatory to monitor financial risks, form a strategy for financing small businesses, monitor regulatory gaps, and develop financial precautionary methods."

A member of the Private Sector Development Council stressed that "this observatory can supervise the measurement of spending efficiency and monitor the achievement achieved before financing projects and the extent of their economic impact, as this strategy, which should be supported by a binding law that accompanies the budget, measures the efficiency of spending and the achievement achieved," proposing In this regard, "separating the budget of local units from the federal budget and giving the right to local financing and local legislation to the governorates that can borrow from banks to finance their investment projects, provided that they are economically feasible by guaranteeing their local resources."

The expert pointed out the necessity of "the availability of an integrated set of conditions and characteristics for our economy so that the "impact measurement" methodology can be effective and accurate, including but not limited to (transparency, governance) and the availability of young national competencies in the state's thinking in reviewing and building its decisions. Economic".

[6ly410]

Proposal to establish a national observatory to monitor financial risks

2023/05/31

Proposal to establish a national observatory to monitor financial risks » Al-Sabah Newspaper (alsabaah-iq.translate.goog)

 

Baghdad: Haider Falih Al-Rubaie

 

A specialist in economic affairs proposed the establishment of a national observatory concerned with monitoring financial risks, taking it upon itself to develop precautionary methods related to this economic sector, monitor the achievement achieved in investment projects and monitor economic performance in general, and while stressing that The step is capable of undermining corruption and accelerating the pace of urban and service work, he stressed that the legislation of such laws is necessary to measure the efficiency of spending and know the achievement achieved in various economic fields.

In a move close to the proposal, the central bank recently launched the Banking Supervision Reporting System (BSRS), which aims to collect financial data from banks and non-bank institutions, and standardize the database of codes of these banks and companies and their branches. .

"The system provides it with the financial status of financial institutions, enabling regulatory authorities to monitor the financial soundness of banks and non-bank financial institutions faster and more accurately, and enabling the bank to address potential risks within financial institutions," a bank statement said.

According to an economist and member of the Private Sector Development Council at the Ministry of Planning, Dr. Ali Hadi Judeh, "This trend represents "an advanced step that will monitor the financial operations of banking and financial institutions and link their daily lists to the central list to follow up on their activities and organize their unified data."

The expert, Jouda, explained, during his interview with Al-Sabah, that such systems can "help a lot in the event of financial, monetary, or procedural (administrative-technical) risks, in order to perpetuate the concept of transparency, flexibility, and governance," stressing at the same time, that this matter " It will reflect positively on the work of the institutions, and will introduce them to advanced steps towards international dealings, and will open up expanded horizons for them in financing and investment management." These modern financial systems, according to quality, will also have a positive impact on the commercial and industrial sectors through the ease of dealing with the new foreign trade financing system represented by (documentary credits) to speed up transfers and thus reduce by a large percentage the real exchange rate gap to its parallel rival.

The spokesman believes that "the financial situation in Iraq needs a specialized national observatory to monitor financial risks, form a strategy for financing small businesses, monitor regulatory gaps, and develop financial precautionary methods."

A member of the Private Sector Development Council stressed that "this observatory can supervise the measurement of spending efficiency and monitor the achievement achieved before financing projects and the extent of their economic impact, as this strategy, which should be supported by a binding law that accompanies the budget, measures the efficiency of spending and the achievement achieved, " proposing In this regard, "separating the budget of local units from the federal budget and giving the right to local financing and local legislation to the governorates that can borrow from banks to finance their investment projects, provided that they are economically feasible by guaranteeing their local resources."

The expert pointed out the need to "provide an integrated set of conditions and characteristics for our economy so that the methodology of "measuring impact" can be effective and accurate, including, but not limited to, (transparency, governance) and the availability of Young national competencies in the state in reviewing and building its economic decisions.