Central: The Letter of Guarantee platform issued more than 30,000 letters, worth 9.3 trillion

Update 06/26/2022 - 12:02 AM
  
Economy News - Baghdad

The Association of Iraqi Private Banks, 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.

During the symposium, the assistant director of the banking department, Ghazwan Ali Hussein, said that "the platform for letters of guarantee issued, since its inception until the end of the year 2021, more than 30,704 letters of guarantee, with a total of more than 9.3 trillion dinars."

Hussein explained, "The platform for letters of guarantee plays an important role in regulating contractual issues between beneficiaries and customers, and protects government agencies and the private sector, from companies lagging behind in implementing projects, and it also increases the banking sector's revenues."

He added, "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."

For his part, Deputy Executive Director of the Association of Iraqi Private Banks, Ahmed Al-Hashemi, said, "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." , indicating that "the banking sector is fully committed to implementing the directives of the Central Bank of Iraq in this area."

Al-Hashemi pointed out that "the speech platform contributed to the creation of a large database, through which companies and banks can be classified, and the contributor to the development of the economy."

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