Iraq Central Bank Governor Ali Mohsen Ismail al-Alaq received the 2018 award for Best Central Bank Governor at the International Arab Banking Summit this year, which took place in Paris, France on 28 June 2018.
"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," Alaq said in a press release from the International Arab Banking Summit in Paris.
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” he added.
Alaq was hailed for a number of accomplishments, most notably by stabilizing the exchange rate of the Iraqi dinar and increasing liquidity in Iraq's financial market.
He also helped in developing the country's electronic payment system.
"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, Alaq said.
"I look forward to continuing these efforts with my colleagues – in Iraq, in the Middle East region, and globally."