The Governor of the Central Bank announces the establishment of the Riyada Bank for Development, and a center for finance and business

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The Governor of the Central Bank of Iraq, Mr. Ali Mohsen al-Alaq, announced today, Saturday, the establishment of the Riyada Bank for Social Development, and the new bank will work to support the segments of Iraqi society, pointing out that the bank has social and economic dimensions, and the Central Bank of Iraq will provide the necessary support through various initiatives to make this project a success.

On the sidelines of the opening of the annual Iraqi banking conference organized by the Association of Private Banks, the governor said, "The initiatives of the Central Bank of Iraq are the largest in the history of Iraq," revealing "the completion of new projects, including the establishment of the Riyada Bank for Social Development in line with the vision and initiative of the Prime Minister in the government’s project (Riyada) to support youth,” stressing that “the bank will be the first in Iraq to care for low-income people through soft loans and simple guarantees in support of the vulnerable segments, and to diversify the non-oil economy through small and micro projects to activate the private sector and reduce unemployment and poverty rates,” noting that "The Central Bank of Iraq put the final touches to prepare a national strategy for bank lending."

Mr. Governor noted, "The Central Bank of Iraq will launch a project to establish a center for money and business, it will serve as an integrated city that includes the stock market, the business sector, and financial institutions."

He explained, "The Central Bank is working to achieve an integrated structure, rules, and sustainable policies to overcome technical challenges, information security, cybersecurity, applying the security and privacy measures to protect users and the public's information."

The governors of the Jordanian and Palestinian central banks participated in this conference, and a large presence of the Iraqi banking sector, as well as, the conference included to dialogue sessions that talked about the directions of the Central Bank of Iraq in banking reform and development, in which the departments’ directors of the Central Bank of Iraq and the Iraqi Private Banks Association participated.

 

Central Bank of Iraq

Media Office

27 May, 2023