The central launches the electronic platform for letters of guarantee

Central Bank of Iraq logo
 
10/11/2020

Economy News - Baghdad

The Central Bank of Iraq announced, on Sunday, the launch of the "electronic platform for letters of guarantee" as part of its reform measures to keep pace with developments in the banking industry.

The Central Bank said in a statement received by "Al-Eqtisad News", that "within the framework of its reform measures and in keeping with the developments in the automation of the banking industry, this bank announces the launch of the electronic platform for letters of guarantee, in which the information of letters will be recorded by the authorized banks."

He pointed out that the platform is comprehensive, "in its work, to download the letters' data by the authorized banks through accessing them and with different and specific powers, provided that the bank is responsible for the accuracy and correctness of that data."

The statement emphasized: “The beneficiaries of the two sectors (public and private) are required, after issuing the letter, to adopt an electronic registration form obtained from the Central Bank, which this platform will issue, including information on those letters and has various security marks such as the heat stamp and the (barcode) feature, without bearing this bank. Any financial obligation resulting from the bank’s delay in paying the value of the letter.

In the statement, the Central Bank called on the parties benefiting from letters of guarantee located in the capital, Baghdad, to obtain the information registration form by this bank, while those outside the capital Baghdad can obtain the information registration form from the branches of the Central Bank of Iraq (Basra, Mosul, Erbil) and according to the geographical area. For each branch, and the above mechanism will be effectively implemented starting (October 18, 2020).

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