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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The Central Bank: Issuing letters of guarantee worth 9.3 trillion dinars

    Rocky
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    • Post n°1

    The Central Bank: Issuing letters of guarantee worth 9.3 trillion dinars Empty The Central Bank: Issuing letters of guarantee worth 9.3 trillion dinars

    Post by Rocky Wed 15 Jun 2022, 9:20 am

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    • Time: 06/15/2022


      
    {Economic: Al Furat News} The Iraqi Private Banks Association, in cooperation with the Central Bank of Iraq, organized a workshop on the "Letters of Guarantee Platform" established by the Central Bank of Iraq, in the presence of a number of ministries and banks.
    The assistant director of the banking department, Ghazwan Ali Hussein, said in the symposium, that "the platform for letters of guarantee, since its inception until the end of the year 2021, has issued more than 30,704 letters of guarantee, with a total of more than 9.3 trillion dinars." 
    He explained that "the letter of guarantee platform plays an important role in regulating contractual issues between beneficiaries and customers, and protects government agencies and the private sector, from companies reluctant to implement projects, and it also increases the banking sector's revenues."
    He explained that the letters of guarantee were suffering from major problems represented by defrauding state departments, by issuing letters outside the bank records, but the establishment of this platform eliminated all problems and limited corruption. 
    In turn, Deputy Executive Director of the Association of Iraqi Private Banks, Ahmed Al-Hashemi, said that "the platform has limited corruption and illegal procedures, and facilitated the beneficiaries' access to the platform without any complexity, as beneficiaries and ministries can verify letters of guarantee by entering the platform electronically," noting that "The banking sector is fully committed to implementing the directives of the Central Bank of Iraq in this area."
    He pointed out that the discourse platform contributed to the creation of a large database, through which companies and banks could be classified, and the contributor to the development of the economy.
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