The Central Bank launches the electronic platform for letters of guaranteeOctober 11, 2020
Within the framework of its reform measures and keeping pace with 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". This platform included in its work the downloading of letters' data by the authorized banks by accessing them. And with different and specific powers, provided that the bank is responsible for the accuracy and correctness of such data.
The beneficiaries of the two sectors (public and private), and after issuing the letter, are required to adopt an electronic registration form obtained from the Central Bank and 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 this bank incurring any financial commitment that results For the bank’s reluctance to pay the letter.
This bank invites the parties benefiting from letters of guarantee located in the capital, Baghdad, to obtain the information registration form by this bank, as for those outside the capital Baghdad, they can obtain the information registration form from the branches of the Central Bank of Iraq (Basra, Mosul, Erbil) and according to the geographical area of each branch. The above mechanism will be actually implemented, starting from (the 18th of October 2020).
The Central Bank of Iraq
October 11, 2020