The financial expert, the former head of the Financial Supervision Bureau, Salah Nouri, revealed on Sunday, the most prominent of the report of the International Credit Rating Agency {Fitch} on the evaluation of the Iraqi Trade Bank.
Nouri said {Al-Furat News} that: “The debts {loans} that are not on the recovery and the first of which is the bank’s debts to the Kurdistan Regional Government, and this debt since the bank’s management was assumed by Hamdia Al-Jaf and still, as well as the loans granted to many Iraqi companies supported by politicians {according to the agency’s information}.”
He pointed out that “there are risks about the bank’s ability to continue to be active because of the loans granted and non-refundable, and the government interferes significantly in the decisions of the bank’s management, especially as a provision in the Federal General Maronite Law that the bank should finance part of the general budget deficit.”
“The weakness of the bank’s administrations and the doubts about the credibility of the annual financial statements prepared by the bank, and an answer will be prepared by the bank’s management to the questions and evaluation grades issued by the credit rating agency,” Nuri continued.
“The report pointed out the possible repercussions of the reluctance to deal with the bank by international foreign banks as correspondent banks for government revenues,” he said.
