Not sure what this is about….
any big brains have any ideas?
The JPMorgan Consortium
The operating consortium banks are providing expertise, systems and back office support to the Trade Bank of
Iraq. All transactions originated or destined for Iraq are routed through one of the operating consortium banks.
The consortium banks will liaise closely with Trade Bank of Iraq and Iraqi importers and exporters.
Operating Consortium Banks Consortium Participating Banks
JPMorgan Chase Bank (Coordinator) Akbank TAS
Australian and New Zealand Banking Group Ltd. Bank of China
Bank Millennium SA The Bank of Tokyo-Mitsubishi, Ltd.
National Bank of Kuwait SAK Bayerische Hypo und Vereinsbank A.G.
Standard Chartered Bank PLC Calyon (formerly Credit Lyonnais)
Development Bank of Singapore
Royal Bank of Canada
Gruppo SanPaolo IMI SpA
Standard Bank Group Limited
9 thoughts on “The Trade Bank of Iraq has issued Letters of Credit totaling over US$ 1 Billion to 39 countries.”
Could this have something to do with Iraq being a ‘donor’ country in 2014? We heard that intent over a year ago, maybe this is it (?). IF that’s the case, it’s a heck of a good sign!
Iraq is getting ready to explode economically regarding international business:
Turkey: Advantages of Using Letter of Credit in International Transactions
Last Updated: 3 June 2010
A Letter of Credit is a payment term mostly used for long-distance and international commercial transactions.
Letters of credit are indispensable for international transactions since they ensure that payment will be received. Using documentary letters of credit allows the seller to significantly reduce the risk of non-payment for delivered goods, by replacing the risk of the buyer with that of the banks. Letters of credit have become a crucial aspect of international trade , due to differing laws in each country and the difficulty of knowing each party personally.
After trade between countries made it impossible to do business by traditional payment methods, Letters of credit make it possible to do business worldwide……for more go to link.
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Wow! IMO this is very significant as Iraq moves forward onto the international stage! With Abadi socking it to Maliki and his goons things are really progressing quickly, don’t know how much has been accomplished behind closed doors but I love it that Abadi means business!
Well said, Livefree.
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Wow! Sounds good. I know straight talking Mike always talked about this important step 🙂
Sure looks good to me and I was wondering if there going to loan out the money to these other countries on credit for a billion wouldnt they have to have value on their currency ,, Any thoughts on that guys and gals?
Doc, over and above the value of currency question:
A letter of credit is an obligation taken on by a bank to make a payment once certain criteria are met. Once these terms are completed and confirmed, the bank will transfer the funds. This ensures the payment will be made as long as the services are performed.
Thanks Carrello !! I was just thinking they would have to be able to substantiate payment with value under Basel compliance