The Trade Bank of Iraq (TBI) expects to issue letters of credit (L/Cs) worth around US$10 billion this year.

This would represent an 11.11 per cent increase in the value of L/Cs issued in 2008 by the government-owned commercial bank.

Private business

According to TBI President, Hussein Al Uzri, the bank expects to increase substantially the value of L/Cs it issues for the private sector.

This year it expects to issue L/Cs worth US$1.8 billion to the private sector. During 2008, the TBI issued L/Cs worth around US$1 billion to the private sector, while the bulk of L/Cs were issued for the public sector.

Expansion plans

The bank is planning to expand its domestic retail activities by opening five branches in Iraq - in Anbar, Tikrit, Hilla, Kerbala and Nassiriyah - which means the TBI should soon have 13 branches in Iraq.

The TBI is also planning to open foreign branches in the UK, Turkey and Lebanon.

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