CBI confirms the success of the electronic platform for letters of guarantee

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CBI confirms the success of the electronic platform for letters of guarantee

 

Today, Tuesday, the Central Bank of Iraq called on state institutions and the private sector to continue to follow the platform for letters of guarantee to ensure the financial solvency and authenticity of the issuance of any letter issued by banks operating in Iraq.

The Central confirmed that issuing letters of guarantee through the electronic platform increased the seriousness of contractors in implementing projects and protected government institutions from contracting with fictitious companies and limiting their ability to access new projects.

The Letters of Guarantee platform has completed issuing more than (30) thousand letters worth more than (9) trillion dinars during 2021, which confirms the success of the strategy of the Central Bank of Iraq in organizing the issuance of letters of guarantee and increasing the confidence of the beneficiaries of letters issued by banks that are subject to the control and inspection of the Central Bank of Iraq.

It is noteworthy that the establishment of the electronic platform for registering letters of guarantee issued by licensed banks for the benefit of the governmental and private sectors comes within the efforts of the Central Bank of Iraq to develop banking work and organize the mechanism for issuing and renewing letters of guarantee based on guarantees provided by individuals and companies and the credit rating of exporting banks, and reducing fraud and counterfeiting operations.

 

Central Bank of Iraq

Media Office

5 Apr 2022