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Letters Of Credit

LATTERS OF CREDITS


North Bank has a proven track record of special relations with customers from companies and organizations inside and outside of Iraq in various sectors of work seeking to provide all commercial services for importers and exporters, which fit their needs whether from private, governmental or quasi-governmental institutions, so it is also keen to provide a full range of outstanding international banking services in the highest levels of efficiency in the areas of foreign trade through the following: LATTERS OF CREDITS


Documentary credits represents a financial credit pledged issued by a bank at the request of the buyer (importer), this bank guarantees the payment of the goods amount of the exported items to the seller (source), after making sure the implementation of the agreed terms contained in the credit letter. The documentary credit includes usually a a description of the seller and identification of the required documents and records to be submitted upon the payment and the date of shipment of the goods and the duration of credit. So the documentary credits are an effective way to reduce the risk of international trade for both parties (buyer and seller).The details of the executed credits by the bank according to the years are shown by the table below:

 

YearNumberCredit amount in $Insurance in $Commission in $Interest in $

2004

8

138549

115852

1169

23

2005

67

17348629

7140205

261455

3107

2006

68

20590084

12374246

231238

15659

2007

100

54730715

31585873

500068

43961

2008

91

59931573

20947712

839977

67446

2009

131

72240666

30242382

1725972

62207

2010

178

182000000

84126112

1508781

138141

2011

179

183331975

43097181

2503929

605768

2012

227

248477836

69230676

3910416

1174308

2013

95

186052482

59246793

3496747

1847914

2014

34

45397776

12161551

2614861

1503473

2015

2

4189430

4189430

515614

 3226957

2016

175

620605740

620605740

297904

3934214

Total

1355

1695035456

995063754

18426132

22251559


Please see the form below and make sure of the accuracy of the required information before delivery.

Credit form

 

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