CBI announces the success of the e-platform for letters of guarantee

 
Baghdad-INA
 
The Central Bank of Iraq (CBI) announced Tuesday, the success of the electronic platform for letters of guarantee.
"The mechanism for issuing letters of guarantee through the electronic platform contributed to a serious increase in the number of entrepreneurs and contractors to implement the  projects and the protection of government institutions from contracting with shell corporation and limiting their ability to access the projects to be implemented," calling " State institutions and the private sector to continue to follow the platform for letters of guarantee to ensure the financial solvency and validity of the issuance of any letter issued by banks operating in Iraq," CBI said in a statement, received by the Iraqi News Agency (INA).
 
"The platform completed the issuance of more than (30) thousand letters o guarantees worth more than (9) trillion dinars during the year 2021," the statement added.
 
CBI also affirmed that the step of establishing the electronic platform came 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, reducing fraud operations and forgery.”