Economy News

An international agency that gives an Iraqi bank an internationally recognized credit rating

The Bank of Iraq (BIC) has granted the BTI a stable outlook, while the bank affirmed that its balance sheet strength, high profitability, liquidity and diversification strategy are behind the rating.

The agency said in a statement, received “The Economist News” a copy of it, “The Iraqi Bank was granted to trade B-degree with a stable outlook, reflecting the decision to praise the institution continued efforts of the Bank of Iraq in the implementation of its comprehensive program of economic reform.”

For his part, said the Chairman of the Board of the Iraqi Bank for Trade Faisal Al-Hims in a statement received “economy News” a copy of it, “The classification is the first of its kind for Iraqi banks and in line with the principles of sovereignty in Iraq,” stressing the importance of “the role of security stability in the country The recent improvement in foreign investment indicators and the recovery of the commercial market. ”

“The strength of the balance sheet and the high level of profitability in the business of the Iraqi Bank for Trade in addition to liquidity and diversification strategy in the corporate sector and retail on the growth rates and employment opportunities resulting from it, and the high creditworthiness of the Iraqi economy and the quality of services provided to the Iraqi citizen, in addition to our success in providing Innovative banking products and services that have played an important role in this category. ”

The Bank of Iraq’s classification of credit rating B – to be the first Iraqi bank to obtain a credit rating official by a rating agency global, the main factors that lead to a positive assessment is to improve the growth prospects and the business environment and security situation, Budget, thereby reducing the debt-to-GDP ratio over the medium term.

All of the Bank’s financial and banking operations have been evaluated according to internationally recognized Fitch standards, which represent the Bank’s overall financial health with a focus on financial reporting, portfolio management, profitability and diversification, as well as liquidity, income and other banking factors.

It is worth noting that the Iraqi Trade Bank has achieved great achievements since its opening in 2003, and continues to play a key role and influence in the development process of Iraq. The success of the Bank’s efforts is directly related to the stability and prosperity of Iraq and will have a long-term positive impact on Iraqi society.

The Iraqi Bank for Trade has a network of banking branches in Iraq which plays a very important role in identifying sources of financing and securing projects. As a leading and trusted institution among international banking institutions, the Bank has opened a representative office in the UAE in 2017. Since then, the Bank has established joint working and cooperation relationships with leading international banks and financial institutions to finance infrastructure projects inside Iraq, Reconstruction of Iraq. Source