CBI launches the electronic platform for letters of guarantee

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Within the framework of its reform measures and keeping pace with developments in the automation of the banking industry, CBI announces the "launch of the electronic platform for letters of guarantee in which the information of letters will be recorded by the authorized banks." The platform included downloading of the letters' data by the authorized banks by accessing them with different and specific authorization, and the bank will be responsible for the accuracy and correctness of such data.
The beneficiaries of the two sectors (public and private) and after issuing the letter required to adopt an electronic registration form obtained from the Central Bank, which this platform will issue including information on those letters. The letter will have various security marks like the heat stamp and the (barcode) feature, without incurring CBI any financial commitment that results in the bank’s reluctance to pay the value of the letter.
CBI invites the parties benefiting from the letters of guarantee and located in Baghdad to obtain the registration form from it. The benefiting parties outside Baghdad can obtain the registration form from the branches of the Central Bank of Iraq (Basra, Mosul, and Erbil) and according to the geographical area of each branch. The above mechanism will implement starting (18th of October 2020).