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Variation in the extent to which Iraq was affected by the decision to reduce the credit rating of {T

Rocky

Rocky: Admin Assist; Posts : 268995
Join date : 2012-12-21

Post n°1

Variation in the extent to which Iraq was affected by the decision to reduce the credit rating of {T

by Rocky Sun 17 Mar 2024, 5:00 am

Variation in the extent to which Iraq was affected by the decision to reduce the credit rating of {TBI}

Economical 03/17/2024
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The opinions of economic and financial experts varied regarding the extent of the impact of the decision of the international credit rating agency “Fitch”, after it announced the reduction of the credit rating of the Trade Bank of Iraq (TBI) to “CCC+”. Some of them mitigated its impact and others considered it a new blow to the Iraqi banking sector.
Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, said: Credit ratings are linked to the bank’s ability to obtain credit facilities, and the Trade Bank of Iraq (TBI) deals with full coverage of credits in advance, and therefore its documentary credits and financing of government imports will not be exposed to problems.
He added that Iraq is classified as negative (b), which is not a good classification, and no unit can be higher than the country’s classification. TBI will remain a semi-central bank due to its large number of correspondents, the strength of its capital, and its high profits.
In turn, financial expert Mahmoud Dagher stated, in a press statement, that the reduction of the bank’s credit rating is mainly due to the high risks and the need for more allocations to confront this, and the risks of not repaying the granted credits, as well as not recovering other amounts from the Kurdistan government, are the most influential in reducing the rating. .
He explained that Iraq’s rating (B), which TBI also held, was reduced to (ccc) due to future risks, noting that the government’s and some customers’ imports carried out by the bank will not be affected by the reduction as long as they are covered 100%, and the bank does not request facilities or issue bonds. Because it belongs to the government.
A member of the Finance Committee, Moeen Al-Kazemi, had stated that “TBI Bank is the only Iraqi bank that has the right to send remittances abroad, due to the debts incurred by the country that prevent sending remittances and operations with the Rasheed and Al-Rafidain banks.”
He stated that these measures and restrictions would affect and weaken the performance of the Trade Bank of Iraq (TBI), and thus reflect negatively on the banking sector, calling for this issue to be addressed in a fundamental and legal manner so that there is no outlet for others on the Iraqi economy.
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