Iraq Implements Banking Agreement with Turkey, Joins EBRD, and US Strikes Militants
The Iraqi Government has initiated the implementation of a significant banking arrangement agreement with Turkey, a move designed to strengthen the economic ties between the two nations, as reported by an undisclosed government source to the Iraqi News Agency (INA). This initiative, which kicked off last Sunday, involves the Central Bank of Iraq providing tens of millions of euros to fortify retail traders’ imports from Turkey.
Payment Process Simplification
Under the new financial arrangement, Iraqi traders are making payments in Iraqi dinars, which are then reinforced by the Central Bank with euros. Subsequently, settlements with Turkish traders are made in Turkish lira. The purpose of this financial setup is to facilitate easier transactions for Iraqi retailers importing goods from Turkey, thereby ensuring a smoother trade flow between the two countries.
Iraq Becomes 74th Shareholder of EBRD
In related news, Iraq has joined the European Bank for Reconstruction and Development (EBRD) as its 74th shareholder. The EBRD, in a statement, clarified that Iraq, as a shareholder, can now apply to become a recipient economy. This status could enable Iraq to benefit from EBRD’s finance and policy support. The EBRD board has greenlit an amendment to the agreement, expanding the bank’s operations into Iraq.
US Military Engages Militants in Iraq
In other developments, the US military announced on Tuesday that it engaged five militants preparing to launch a one-way attack drone in Iraq. The operation resulted in the death of all five militants and the destruction of the drone. Iran-backed militants have been targeting US troops in Iraq and Syria, with at least 76 incidences reported since October 17, according to American defense officials. The US military informed the Iraqi Security Forces of the strike, who then confirmed the death of the militants and the destruction of the drone.
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