[size=36]The Central Bank announces the success of the electronic platform for letters of guarantee[/size]
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, today, Tuesday, the Central Bank of Iraq announced the success of the electronic platform for letters of guarantee.
In a statement received by Mawazine News, the bank said, "The mechanism for issuing letters of guarantee through the electronic platform has contributed to a serious increase for contractors and contractors in implementing projects and protecting government institutions from contracting with fictitious companies and limiting their ability to access projects to be implemented."
The bank called on state institutions and the private sector to "continue to follow the platform for letters of guarantee to ensure the solvency and correctness of the issuance of any letter issued by banks operating in Iraq."
He added, "The platform for letters of guarantee completed the issuance of more than 30,000 letters worth more than 9 trillion dinars during 2021," stressing "the success of the Central Bank's strategy in organizing the issuance of letters of guarantee and increasing the confidence of the beneficiaries of letters issued by banks that are subject to the control and inspection of the Central Bank. Iraqi".
And he continued, "The establishment of the electronic platform for recording letters of guarantee issued by licensed banks for the benefit of government and private sectors, comes within the efforts of the Central Bank of Iraq to develop banking work, organize the mechanism for issuing and renew letters of guarantee based on guarantees provided by individuals and companies and the credit rating of exporting banks, and limiting the operations of fraud and forgery. Ended 29/N33