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Influential people are manipulating the reputation of the banking sector... Refusal to pay debts threatens the first bank in Iraq
Economy 04-16-2024 | 09:59
3,281 views
Al-Sumaria News - Local
On March 15, the banking sector in Iraq received a major blow caused by cooperation and collusion with influential people,
which led to significant damage to one of the most important banks and ranked first among the rest of the Iraqi banks, which is the Trade Bank of Iraq (TBI).
The Iraqi Trade Bank is the first Iraqi bank ever to be included in Fitch’s credit rating, which relates to the extent of the bank’s safety in borrowing and lending.
The bank obtained the rating in 2018 as the first Iraqi bank to obtain this rating, and
its rating at that time was within the B range, which enjoys stable safety..
After this achievement, borrowers from the Iraqi Trade Bank failed to repay the borrowing money they owed, which caused the Iraqi Trade Bank’s rating to be reduced by Fitch Credit Rating Agency from B- to CCC+,
bringing the bank’s rating down for the first time to this level, after many people declined.
Powerful borrowers are able to repay funds to the Trade Bank of Iraq.
The debts owed by these influential borrowers to the bank amounted to one billion dollars, and
while the current administration of the Iraqi Trade Bank moved to file lawsuits and seize the movable and immovable funds of the debtors who are reluctant to pay, and they are influential figures,
these influential people began to take ways to “circumvent” the law, to refrain from... Payment, which threatens to lose the bank’s money, which it cannot recover.
Observers and specialists believe that the reduction of the bank's credit rating, which is a strong blow to the Iraqi banking sector, will not stop at this point, and
the bank's rating may be reduced to lower levels if this crisis continues and no judicial or governmental decisions are obtained obligating those who are reluctant to pay back the money.
The Parliamentary Integrity Commission previously called on the Prime Minister and the Public Prosecution to support and stand with the management of the Iraqi Trade Bank in order to take steps to put an end to the people who drain the people’s money and endanger the position of the Iraqi Trade Bank. In the same context,
he issued a court ruling requiring the Iraqi Bank to pay 215 million. Dollars for the benefit of influential people, and
observers believe that there are suspicions of cooperation between them and influential people working to steal public money.
https://www.alsumaria.tv/news/economy/486430/متنفذون-يتلاعبون-بسمعة-القطاع-المصرفي-امتناع-عن-تسديد-ديون-يهدد-المصرف
Economy 04-16-2024 | 09:59
3,281 views
Al-Sumaria News - Local
On March 15, the banking sector in Iraq received a major blow caused by cooperation and collusion with influential people,
which led to significant damage to one of the most important banks and ranked first among the rest of the Iraqi banks, which is the Trade Bank of Iraq (TBI).
The Iraqi Trade Bank is the first Iraqi bank ever to be included in Fitch’s credit rating, which relates to the extent of the bank’s safety in borrowing and lending.
The bank obtained the rating in 2018 as the first Iraqi bank to obtain this rating, and
its rating at that time was within the B range, which enjoys stable safety..
After this achievement, borrowers from the Iraqi Trade Bank failed to repay the borrowing money they owed, which caused the Iraqi Trade Bank’s rating to be reduced by Fitch Credit Rating Agency from B- to CCC+,
bringing the bank’s rating down for the first time to this level, after many people declined.
Powerful borrowers are able to repay funds to the Trade Bank of Iraq.
The debts owed by these influential borrowers to the bank amounted to one billion dollars, and
while the current administration of the Iraqi Trade Bank moved to file lawsuits and seize the movable and immovable funds of the debtors who are reluctant to pay, and they are influential figures,
these influential people began to take ways to “circumvent” the law, to refrain from... Payment, which threatens to lose the bank’s money, which it cannot recover.
Observers and specialists believe that the reduction of the bank's credit rating, which is a strong blow to the Iraqi banking sector, will not stop at this point, and
the bank's rating may be reduced to lower levels if this crisis continues and no judicial or governmental decisions are obtained obligating those who are reluctant to pay back the money.
The Parliamentary Integrity Commission previously called on the Prime Minister and the Public Prosecution to support and stand with the management of the Iraqi Trade Bank in order to take steps to put an end to the people who drain the people’s money and endanger the position of the Iraqi Trade Bank. In the same context,
he issued a court ruling requiring the Iraqi Bank to pay 215 million. Dollars for the benefit of influential people, and
observers believe that there are suspicions of cooperation between them and influential people working to steal public money.
https://www.alsumaria.tv/news/economy/486430/متنفذون-يتلاعبون-بسمعة-القطاع-المصرفي-امتناع-عن-تسديد-ديون-يهدد-المصرف
