The Trade Bank of Iraq (TBI) announced on Sunday the recovery of one trillion and 500 billion dinars, while confirming the absence of loans for fake projects.
“The Trade Bank of Iraq represents the gateway to contact the world for the implementation of Letters of credit and the issuance of letters of guarantee and foreign transfers with financial institutions with countries of the whole world, and that these banking operations are implemented for the government and private sectors,” a statement of the TBI received by the Iraqi News Agency (INA) read.
Responding to a story published on one of the satellite channels, the statement explained: “The amount of the total loans in the bank is inaccurate because there are financial settlements that have been concluded with the bank’s customers and they continue to repay the amounts of loans and their interest without delay.”
It stressed there are no loans for fictitious projects, as mentioned, and pointed out that “the circulation of this information in the media without verifying its accurate sources directly affects the Trade Bank of Iraq and its relationship with correspondent banks around the world, which is reflected in the Iraqi economy in general.”
The statement added: “The management of the Iraqi Trade Bank is keen to preserve public money and has been working in the last two years in cooperation with the Financial Supervision Bureau, the Integrity Commission and the Supreme Judicial Council on this matter, where nearly an amount of (one trillion and five hundred billion Iraqi dinars) has been obtained”.