By John Lee.
The Central Bank of Iraq (CBI) has launched the Banking Supervision Reporting System (BSRS), which will collect financial data from banks and non-banking financial institutions.
According to a statement from the CBI, the system will provide the Banking Control Department with a clear view of the financial status of financial institutions, enabling regulatory authorities to monitor the financial safety of banks and non-bank financial institutions more accurately and rectify potential risks within them.
The launch of BSRS is part of the Central Bank's strategic objectives to develop institutional performance, upgrade banking control tools, and reduce risks through regulatory techniques and automation of activities.
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