Rafidain Bank Leaves sanctions blockade and facilitate import transactions

Rafidain Bank Leaves sanctions blockade and facilitate import transactions

January 16, 2017

BAGHDAD Journal News
reported a senior financial source (Journal News) that the declaration of the Rafidain Bank, is ready to receive letters of credit without a broker, is an indication to leave the bank era prosecutions was Rafidain Bank faced internationally, pointing out that the evasion of those prosecutions was the main reason to establish the trade Bank of Iraq TBI in July 2003, which means that the latter bank has completed the task of facilitating and facilitating the Iraqi Ministry of Foreign trade, under the economic sanctions that were imposed under Chapter VII of the Charter of the United Nations.

And it announced the Rafidain Bank, raising the ceiling of ministries and government departments all private letter of credit to $ 30 million, which ills specialized economic affairs, he came to meet the import transactions conducted by state departments, which usually amounts are high not covered by adopting one often forcing the institutions and customers to open more than the adoption and carrying the burden of the high commission on each open adoption.

He said economic analyst Rafat Nabil Baldawi, told (Il Giornale), said that the most important step is the return of Bank of Iraq to the UN to deal away from mediate with the Trade Bank of Iraq, which was the only mediator in the deal between the Iraqi banks and other banks abroad on the issue of letters of credit. ”

He Baldawi, “Raising Rafidain Bank ceiling amounts documentary credits to thirty million dollars, came to meet the import transactions conducted by state departments, which usually amounts are high not covered by adopting one often forcing institutions and customers to open more than the adoption and carrying the burden of the high commissions to open all adoption. ”

He Albulada that, “Since the letters of credit were found to facilitate foreign trade work, this step will activate the largest foreign trade and in line with the current requirements for import operations,” adding that the new resolution, aimed at facilitating foreign trade operations that result in a nutshell to raise the level of activity economic within the country. ”

A statement from the Rafidain Bank, said that “the bank has decided to lift the documentary credit for the ministries and government departments to $ 30 million proportion,” noting that “this step comes to the advancement of international trade and to meet the import transactions requirements and provide better services to citizens and customers bank and government departments all for the benefit mutual. ”

“The bank continuously receipt of requests for letters of credit to the private sector individuals or companies , ” expressing ” its readiness to receive requests for opening letter of credit as part of the operating budget and without mediate Trade Bank of Iraq.”
The documentary credits one of the important tools in the financing of foreign trade operations of import and export, and where it is taking place through the banks, it gives them security and stability due to the confidence of the importer and exporter mediated by banks in the implementation of these letters of credit.

And founded the Trade Bank of Iraq in Baghdad, where the means to activate Alkharahih commercial traffic, an Iraqi Bank government, is owned Trade Bank of Iraq fully the Iraqi Ministry of Finance, was established in July 2003 for the purpose of facilitating and facilitating the Iraqi Ministry of Foreign Trade and processes the reconstruction of Iraq after a United Nations oil-for food. In a short period of time the bank has seen a rapid development and great and significant banking institution effective structures in which a network of relationships with the best 134 banks in the world covering the various continents.

And himself TBI issuing credit cards (Visa Card Global) so became pregnant only license for the issuance of this card in Iraq and introduced for the first time in banking transactions to be extra service to his customers keep pace with developments in banking operations traded internationally, and thus he is still the bank developed a network the ATM s across all of Iraq. From this point it has become the Iraqi trade bank a competitive advantage by providing the best service and the lowest cost, which provides a global service to its customers.
He has TBI currently 21 branches distributed between the capital , Baghdad, Basra, Najaf, Erbil and Sulaymaniyah, Karbala and Ramadi, Tikrit and Nasiriyah and is now in the process of completing the remaining branches, which will cover all the provinces of Iraq. And finally it opened a branch of Nasiriyah, Karbala and in the process of opening other branches in Ramadi and Tikrit., Was opening other branches in each of Kut, Hilla and other branches in the city of Baghdad to expand the work Altjara.anthy

aljournal.com