Forex Guarantees

All operations related to import and export guarantees, control and collection of related fees, and the due dates of guarantees are assigned to this section of the system.

The operations for import guarantees (counter-guarantees), which start with receiving a counter-guarantee from a foreign correspondent, can be carried out within the framework of international foreign exchange guarantee regulations and internal guidelines in the system. Upon receiving and recording the issuance request message and introducing the applicant and beneficiary of the guarantee, the user is allowed to review, complete, and approve the request, leading to the issuance of the guarantee.

Post-issuance operations, including changing the guarantee’s due date (extension or reduction), changing the guarantee amount (increase or decrease), modifying the guarantee conditions, partially or fully claiming the guarantee, and ultimately canceling the import guarantee, can be performed in the system. Calculating fees and announced costs to the correspondent, with the possibility of installment payments, are other features of the system.

For handling export guarantees, in addition to the applicant and beneficiary information, general information about the contract or the guarantee base tender, as well as approvals and collaterals, is registered and maintained. Then, the request for issuing various types of direct and indirect guarantees is recorded, and the possibility for review, completion, and finally issuance of the guarantee is provided.

Fee calculations based on various collaterals and the type of guarantee are performed by the system, and with the addition of other costs (if any), are collected from the customer. Changing the due date (extension or reduction), changing the amount (increase or decrease), modifying the conditions, partially or fully claiming, and ultimately canceling the export guarantee are also possible in this section.

Preparing reports and guarantee files required by the Central Bank, as well as sending Samat guarantee information, is planned in this section.