The Central Bank of Iraq launches the Banking Supervision Reporting System (BSRS)
April 27, 2023
The Central Bank of Iraq announced on Thursday the launch of the “Banking Supervision Reporting System (BSRS), explaining that the new system will collect financial data from banks and non-banking financial institutions represented by (banks’ quarterly data tables, mandatory maintained reservation tables, and trial balance tables for non-banking financial institutions.” banking liquidity and capital adequacy tables, financial inclusion data), as well as permanent record data for each 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 stated that the system provides the Banking Supervision Department and the various bank’s departments with a clear vision of the financial status of financial institutions through relying on the capabilities offered by modern technology in downloading and auditing data, and that will enable the regulatory authorities to monitor the financial safety of banks and non-bank financial institutions quickly and more accurately, as well as the Bank will be aware about 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 supervision tools, and reducing risks through adopting regulatory techniques and automating the activities and functions undertaken by the Central Bank and its departments to regulate the work of the Iraqi banking sector.Central Bank of IraqMedia Office27 - April - 2023
