Central necessary to mediate letter of guarantee 100% over the next four years companies



Economy News / Baghdad ...


Committed the central bank, on Thursday, broker for buying and selling currencies letter of guarantee 100% of their capital during the four-year companies, noting that the decision would be motivated to work for these companies in accordance with the bank's requirements.

The bank said in a statement that "the economy News" received a copy of it "decides to be a letter of guarantee for companies to broker the sale and purchase of foreign currencies 100% of their capital over the next four years."


The bank said "the Board of the Central Bank studied this decision in the light of the applications received and decided to be letters of guarantee of 25% of the company's' capital that the increase is completed before the first of January 2017 and increased annually by 25%, ie, to be 100% during the four years. "

The bank pointed out that "the decision will be motivated to work for these companies in accordance with the bank's requirements and comply with the decision in the area of ​​sales of foreign currency."

Letters of Guarantee and know that it is a written pledge, under which the bank undertakes to ensure a customer (applicant) within a certain amount towards a third party, in order to ensure the fulfillment of the guaranteed customer commitment towards a third party during a certain period of time.

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