The Central Bank approves international rating agencies to classify banks operating in Iraq

September 01, 2019
The Central Bank approves international rating agencies to classify banks operating in Iraq

    The Board of Directors of the Central Bank of Iraq (CBI) has decided to adopt the rating agencies that have the criteria of (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
     
    He stressed that the bank will consider the requests made by other rating agencies, and that it will require the availability of credit rating from one of the four agencies above for banks operating in Iraq, which wish to conduct the following banking operations:
     
    - Fixing 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 the benefit of government departments.
    The Bank's Board of Directors also noted that this decision is effective in 2020 when banks complete their readiness and receive a credit rating that qualifies them to practice the above mentioned banking operations at any time.
     
    Central Bank of Iraq
     information Office
    The first of September




https://cbi.iq/news/view/1248

The Central Bank approves international rating agencies to classify banks operating in Iraq
Central Bank of Iraq
Banks

Economy News - Baghdad

The Central Bank of Iraq, on Sunday, the adoption of rating agencies winning the criteria (External Credit Assessment Institution) (ECAI) emanating from the decisions of Basel, to classify financial institutions in Iraq.

"The agencies are standard & Poor, Moody's, Fitch Ratings and Capital Intelligence," the central bank said in a statement. The four above are for banks operating in Iraq. " That want to do some banking.

The statement pointed out that the banking operations include the stabilization of 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 the benefit of government departments.

The statement added that "this decision is effective in the year 2020 when banks complete their readiness and credit rating, which qualifies them to practice the banking operations referred to above at any time."


http://economy-news.net/content.php?id=17618