The Central Bank launches the "Scorecard" project to strengthen supervision in the banking sector

by **claud39** Sun May 23, 2021 9:40 am

The Central Bank launches the "Scorecard" project to strengthen supervision in the banking sector

05/23/2021

Economy News - Baghdad

The Central Bank of Iraq announced, on Sunday, that it has completed the scorecard project for environmental, social and governance standards in cooperation with the International Finance Corporation (IFC) affiliated with the World Bank Group, indicating that the project aims to "address supervisory issues in the banking sector."

In a statement received by Al-Iqtisad News, the Central Bank said that it had adopted “the application of institutional governance in banks as a goal within the strategic plan for the period (2016-2020) to strengthen the control and supervision systems based on international best practices in this field as well as keeping pace with developments in banking services." .

The statement added, "The Scorecard project represents (the quantitative measure) of environmental, social and governance standards."

He pointed out that "the project will be launched through a hypothetical meeting on the twenty-sixth of the current May, in the presence of relevant local and international institutions, relevant authorities and representatives of the Iraqi banking sector."

In his statement, the Central indicated that "work has started on this project at the end of 2019, as pilot tests for the scorecard were conducted during the period (2020-2021) with the participation of all commercial and Islamic banks operating in the Iraqi banking sector."

https://economy-news.net/content.php?id=25141

by **claud39** Sun May 23, 2021 9:43 am

The Central Bank launches the Scorecard project

May 23, 2021

The Central Bank launches the "Scorecard" project to strengthen supervision in the banking sector News-162175493524946

The Central Bank of Iraq has completed the Scorecard Project for Environmental, Social and Governance Standards in cooperation with the International Finance Corporation (IFC) of the World Bank Group to address supervisory issues in the banking sector.

The Central Bank of Iraq has adopted the application of institutional governance in banks as a goal within the strategic plan for the period (2016-2020) to strengthen the control and supervision systems, based on international best practices in this field, as well as keeping pace with developments in banking services.

The Scorecard project represents (quantitative measure) of environmental, social and governance standards.

It is noteworthy that work on this project was started at the end of 2019, as pilot tests for the scorecard were conducted during the period (2020-2021) with the participation of all commercial and Islamic banks operating in the Iraqi banking sector.

The project will be launched through a virtual meeting on the 26th of May, in the presence of relevant local and international institutions, relevant authorities and representatives of the Iraqi banking sector.

Central Bank of Iraq
Information Office
May 23, 2021

https://cbi.iq/news/view/1725