The Central Bank approves international rating agencies to classify banks operating in Iraq
The Central Bank approves international rating agencies to classify banks operating in Iraq
9/1/2019 11:57
(Baghdad: Euphrates News) The Board of Directors of the Central Bank of Iraq approved the adoption of rating agencies that have criteria {External Credit Assessment Institution) (ECAI) emanating from the decisions of Basel, to classify the financial institutions in Iraq, namely:
Standard & Poor
Moody’s
Fitch , Ratings
Capital Intelligence
confirmed in a statement that ” the bank will consider the requests filed by rating agencies and other, and that it would be required provide a credit rating from one of the four agencies above banks operating in Iraq that want to conduct the following banking
operations: installation Credits for exporting Iraqi crude oil through the Oil Marketing Company (SOMO) –
Opening government documentary credits up to $ 50 million –
Issuing and accepting letters of guarantee for government departments
The Board of Directors of this bank indicated that this decision is effective in 2020 when the banks are completed Readiness and access to a Credit rating , which qualifies for the practice of banking operations referred to above in any Guet.anthy
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