The Central Bank of Iraq launches a system that enables remedial potential financial risks
The Central Bank of Iraq launches a system that enables remedial potential financial risks
2023-04-27 02:38
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.
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