Central Bank of Iraq confirmed its support for the direction of private banks to open branches abroad and opening documentary credits of Foreign Affairs.
The deputy governor of the Central Bank of the appearance of Mohammed Saleh, said that the central bank support and encourage this trend because it is the correct procedure, which gives the guarantee for the arrival of goods to Iraq
He added that the Rafidain and Rasheed they can not do so due to circumstances beyond their control because of the claims is a friendly against Iraq lawsuits from dealers and companies to claim the money as compensation decision. “
He noted that Iraq is suffering a weakness in the role of government banks in opening letters of credit for the reasons mentioned, and that private banks are limited international relations.
He stressed that the central bank encourages a competitive environment between the banking and large private banks in this area because it facilitates the entry of special services investors.
The bank of the Tigris and Euphrates Ahli adopted a program of open letters of credit through the Foreign Trade Bank of Iraq, a move is the first of its kind in Iraq.
The head of the bank’s Board of Directors of Mohammed Fadhil in a press statement that he was adopting a program single-window / to open letters of credit and external development of a special section in this business is managed by experienced staff have a sophisticated and highly efficient in this area.
Working in Iraq and 44 civil strife and foreign banks in addition to 7 state banks are the Rafidain and Rasheed and Trade Bank of Iraq and the Industrial Bank and the Agricultural Bank and the Land Bank and Commercial Bank of Iraq.