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The Iraqi Central Bank, announced Sunday, the opening of documentary credits tomorrow, under the direction of a plan to develop the banking system, and in agreement with the Al Rafidain Bank and Rasheed.
The Bank said in a statement, received "alsumaria news", "the Bank's management has decided to open documentary credits on Monday, in agreement with the Al Rafidain Bank and Rasheed, under direct Central Bank to develop a plan for the development of the banking system and increase development in opening documentary credits".
The statement added that "Iraqi Central Bank Governor Abdul-Basit Turki, held a meeting with directors of the Rafidain Bank and Rasheed, in the presence of a number of Directors of the Central Bank."
The instructions of the Council of Ministers shall convert all special allocations to ministries in excess of four million dollars to the Iraqi Trade Bank transferred funds of less than four million dollars to private banks, which are distributed according to their activity according to the classification of banks by the Central Bank of Iraq.
Article 28 of the Banking Act 94 of 2004 that no bank should exercise or as an agent or partner or owner, wholesale or retail trade or manufacture, transport or agriculture or fisheries, or mining or construction or insurance or any activity or other unauthorized work.
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