Trade Bank of Iraq denies the existence of complications in the issuance of documentary credits

20/02/2012 08:30

Bank - BaghdadErbil, February 20 (Rn) – denied the Trade Bank of Iraq, the presence of any complications in the procedures of issuing documentary credits in the bank. and was one of the local news agencies have published a story in the words of the Inspector General at the Ministry of Industry, indicates that there are complexities in the procedures of issuing documentary credits in Trade Bank of Iraq. said in a statement issued by the bank, the agency received the Kurdish news agency (Rn) a copy of quoting the Director-General and President of the Board of Directors Hamdiya Mahmoud dry as saying that “the Trade Bank of Iraq had issued in 
2011, more of 610 approved for government ministries and the value of surpassed the 000 million $ 13 U.S., and the share of the Ministry of Industry and configurations 180 depending, there was a Trade Bank of Iraq on 44 adoption of a value of more than 300 571 208 U.S. dollars, and distributed 136 depending on the private banks and the value of more than 000 337 $ 98 U.S. to implement the instructions of the Commission Economic emanating from the Council of Ministers to transfer all the credits with the lower value of 4 000 000 U.S. dollars to private banks operating in Iraq as these banks are not subject to the control of the Trade Bank of Iraq. ” The statement that “the dry and directed sections in charge of credits and management of relations with the Ministry of Industry and configurations follow-up matter with the ministries, and Inspector General, and refer to them with a report on it. ” on the other hand, between Mohammed Shakir Mahmoud official follow-up affairs ministries in the Trade Bank of Iraq that “the issues that correspond to the work of ministries and their formation is a matter of converting the dinar to the dollar, and the issue of the lack of allocation in or sometimes there are some errors in filling the form issued accreditation by the student version of dependence, these issues sometimes lead to 

delays in issuing some of the credits.
and Mahmoud “keen Trade Bank of Iraq to follow up with all the ministries,” noting that “the Trade Bank of Iraq has begun Since for quite some time to organize training courses for all government departments including the Ministry of Industry and configurations on the mechanism of issuing letters of credit and the issuance of letters of guarantee. ” He pointed out that “these courses organized within and outside Iraq, in cooperation with the correspondent banks of the Bank of the Iraqi Trade, and the expense of the Trade Bank of Iraq, where he was The last of these sessions on Wednesday, February 8, 2012. ” It is worth mentioning that the Trade Bank of Iraq is an Iraqi bank government was established in July of 2003 with a capital of $ 100 million and has been raising capital from profits accumulated in 2008 to half a trillion dinars, and in the intention to raise capital to trillion Iraqi dinars, was awarded the Bank of numerous international awards the most important award for best bank for trade in the Middle East for the years 2007, 2008 and 2009 and 2011 have been classified magazine The Banker English, which is part of the Financial Times in English Trade Bank of Iraq of the largest 418 banks in the the Middle East.Open: Wafa Zangana