[size=36]The Central Bank decides to adopt the international rating agencies to classify banks operating in Iraq[/size]
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The Board of the Central Bank of the Iraqi administration, Sunday, adoption of the rating agencies award criteria (External Credit Assessment Institution) (ECAI ) emanating from the decisions of the Basel, for the classification of financial institutions in Iraq.
agencies: Standard & Poor
Fitch , Ratings
confirmed that the bank will consider the requests filed by rating agencies and other, and that it would be required provide a credit rating from one of the four agencies above banks operating in Iraq, wishing to conduct the following banking
operations: Fixing credits for exporting Iraqi crude oil through the Oil Marketing Company (SOMO).
- Opening government documentary credits up to $ 50 million.
- Issuing and accepting letters of guarantee for the benefit of government departments.
The Board of Directors of the Bank indicated that this decision is effective in 2020 when banks complete their readiness and receive a credit rating that qualifies them to conduct the above mentioned banking operations at any time.