Documentary Credits


Thamer Hymes
In accordance with Security Council Resolution 2390 on 8/12/2017, Iraq has fulfilled all obligations related to its withdrawal from Chapter VII of the UN Charter.

This resolution will enable us to open documentary credits to meet the real demand for consumer or productive materials as needed.

This achievement, which our government is proud of, is one of the successes that we hope to invest in our economy as part of the benefits of leaving Chapter VII, so that we will have $ 3 billion to be transferred to the Government under Resolution 2335 / 2017.

The other benefits will depend first and foremost on the stakeholders, Raise the positive entry through the return of confidence in the Iraqi banks (Rafidain and Rashid) after being frozen from government imports in the past three decades.

There are those who say that the Rafidain and Rashid banks did not keep pace with modern technology because their instructions are of a totalitarian nature.

According to my information, there is a project to restructure Mesopotamia in line with the re-confidence of the bank and its harmonization to work according to the new philosophy of the state.

That the two banks have sold them in the practice of smart card technology for retirees and direct in the world of public office; which brings things back to normal by restoring confidence internationally in our banking system and the continuation of the relationship between Rafidain and rational citizen or employee, will be restructured by trustees on public money and ways of investment.

Both banks can build a network of banking relations whether the government's sectoral banks (housing, agricultural, industrial) offer new products after the resumption of their activity in opening the documentary credits of the government, or the capacity of the deep trust that citizens give as they deal with the widest social segment, the critical mass of Pension and welfare), estimated at seven million members.

The Rafidain and Rasheed Bank, once restructured, will also be ready to set up a banking system in the light of the Central Bank's standards when a group of banks has been set up to deal with the process of settling salaries.

The documentary credits also provide us with an ideal exchange rate between the Central Depository and the market price, Buying the dollar; it also becomes the basis for tax accounting as well as the case of restructuring the ports in accordance with the pace of open credit in the government banks and banks approved eligibility and thus qualify for the final exit from the extraordinary procedures that accompanied the process of leaving Chapter VII.