Iraq Central Bank Governor Receives Award in Paris

Governor Ali Mohsen Ismail Al-Alaq Receives Best Central Bank Governor of 2018 Award at the International Arab Banking Summit in Paris

PARIS, June 28, 2018 /PRNewswire/ -- Today, the Governor of the Central Bank of Iraq Mr. Ali Mohsen Ismail Al-Alaq received an award issued by the Union for Arab Banks for being this year's best central bank governor among the Arab states. This award, which the Iraq Private Banks League would like to recognize, was presented at the 2018 International Arab Banking Summit taking place in Paris, France, under the patronage of the President of the French Republic Mr. Emmanuel Macron.

"His Excellency Governor Al-Alaq has demonstrated incredible ability to maintain the monetary and financial stability in Iraq during trying circumstances in the country by 1) implementing world-class central bank measures and standards; 2) developing Iraq's financial infrastructure and regulatory system; 3) enhancing financial inclusion and small and medium enterprise access to financing; and 4) spreading financial literacy and promoting consumer financial protection," said Wissam Fattouh, Secretary General of the Union of Arab Banks. "These are unprecedented achievements and deserve from us all the praise and appreciation. His Excellency's achievements should be revered as a model for the banking profession."

"I am truly humbled to accept this award from the Union of Arab Banks and to be recognized by such an esteemed group of my peers," said Governor of the Central Bank of Iraq Ali Mohsen Ismail Al-Alaq. "I will remain steadfast in my efforts to continue growing Iraq's economy and to foster strong economic and financial policies that will push Iraq forward. At the core of these efforts has been a collective goal to improve our regulatory and business safeguards to ensure that Iraq's financial system remains safe from abuse, therefore creating a strong foundation for business and investment. I look forward to continuing these efforts with my colleagues – in Iraq, in the Middle East region, and globally."

This honor comes following a number of accomplishments Governor Al-Alaq has achieved over the past year both domestically in Iraq and internationally through Iraq's partners, and in various economic and financial fields. Notably, he stabilized the exchange rate of the Dinar and increased liquidity in the market. Recognizing the improvement this step would make to Iraq's financial system, he pursued significant developments in the country's electronic payment system. Governor Al-Alaq also advanced a number of efforts and achievements to enhance Iraq's anti-money laundering/countering the financing of terrorism (AML/CFT) regime.