The Central Bank approves international rating agencies to classify banks operating in Iraq

by **RamblerNash** Sun Sep 01, 2019 10:13 pm

The Central Bank approves international rating agencies to classify banks operating in Iraq

Central Bank of Iraq

01/09/2019

Economy News - Baghdad

The Central Bank of Iraq, on Sunday, the adoption of rating agencies winning the criteria (External Credit Assessment Institution) (ECAI) emanating from the decisions of Basel, to classify financial institutions in Iraq.

"The agencies are standard & Poor , Moody's , Fitch Ratings and Capital Intelligence , " the central bank said in a statement. The four above are for banks operating in Iraq. " That want to do some banking.

The statement pointed out that the banking operations include the stabilization of 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 statement added that "this decision is effective in the year 2020 when banks complete their readiness and credit rating, which qualifies them to practice the banking operations referred to above at any time."

http://economy-news.net/content.php?id=17618

by **claud39** Mon Sep 02, 2019 7:59 pm

The Central Bank approves international rating agencies to classify banks operating in Iraq

September 01, 2019

The Central Bank approves international rating agencies to classify banks operating in Iraq Article-156732818559344

The Board of Directors of the Central Bank of Iraq has decided to approve the rating agencies that have the criteria (External Credit Assessment Institution) (ECAI) emanating from the decisions of Basel, to classify the financial institutions in Iraq, namely :

Standard & Poor

Moody's

Fitch Ratings

Capital Intelligence

He stressed that the bank will consider the requests made by other rating agencies, and that it will require the availability of credit rating from one of the four agencies above for banks operating in Iraq, which wish to conduct the following banking operations :

Install credits to export Iraqi crude oil through the oil marketing company . (SOMO)

Open government letters of credit up to $ 50 million .

Issuance and acceptance of letters of guarantee for the benefit of government departments .

The Bank's Board of Directors also noted that this decision is effective in 2020 when banks complete their readiness and receive a credit rating that qualifies them to practice the above mentioned banking operations at any time.

Central Bank of Iraq

information Office

September 1, 2019

https://cbi.iq/news/view/1248