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Iran, Iraq to establish joint bank and free trade zone, 19 SEPT

Iran, Iraq to establish joint bank and free trade zone, 19 SEPT

Shafaq News/ Farzad Piltan, the Director of the West Asia Department at Iran's Trade Promotion Organization, announced plans by his country's government to establish a joint bank and free trade zone with Iraq.

The Iranian officer's remarks came during a forum on the sustainable development of trade relations between the two nations up until 2025, held at the Iranian Chamber of Commerce earlier today. 

Piltan emphasized Iraq's status as Iran’s primary trade partner globally and a key ally in the energy sector in Asia. 

He outlined plans to increase the trade volume to $20 billion, pointing to the strategic decision to create new institutions, driven by the private sector.

These entities would foster commercial ties through a network of commercial centers equipped to offer extensive services to traders, he said.

Piltan highlighted the advantage Iran has owing to the proficiency of its traders in Arabic, thereby facilitating smoother trade relations compared to other regional players like Turkey.

The official acknowledged the existing five border crossings that have been pivotal in nurturing economic exchanges and hinted at a concerted effort towards initiating production collaborations with Iraqi companies. 

https://shafaq.com/en/Economy/Iran-Iraq-to-establish-joint-bank-and-free-trade-zone

Sudanese Advisor: Improved Oil Revenues Will Reduce Estimates Of The Deficit Gap, 19 SEPT

Sudanese Advisor: Improved Oil Revenues Will Reduce Estimates Of The Deficit Gap

Money  and business  Economy News – Baghdad  The financial advisor to the Prime Minister, Mazhar Muhammad Saleh, confirmed on Tuesday that improved oil revenues will reduce estimates of the deficit gap and help overcome resorting to borrowing.

Saleh said in an interview with the official news agency, “The accuracy of the timing of disbursement in the general budget as planned reflects the degree of efficiency of the performance of the budget itself in terms of the conformity of the executive path with annual financial planning.”

He added, "Except for the current expenditures that must be implemented, such as monthly salaries, support, and external obligations related to debts and other payments, the improvement in oil revenues will reduce estimates of the deficit gap and help overcome the resort to borrowing to fill the deficit, especially in implementing special programs in the operating budget, and investment spending on... Planned projects according to their strategic priorities that are directly linked to raising the degree of growth in the gross domestic product and in accordance with the implementation schedules and specific timelines without delay.”

 He continued, "There is a correlation between the reduction in deficit estimates due to the improvement in public revenues from oil revenues and other revenues, and the efficiency of implementing investment programs and projects in the general budget, which confirms the success of the efficiency of implementation by matching spending with the country's annual financial planning without delay.

Therefore, the decrease in the deficit “The plan, due to the development of oil resources, will accelerate investment spending, which represents the basis of development and material economic progress, and at the same time reflects the efficiency of financial implementation.”

Views 34  09/19/2023 https://economy-news.net/content.php?id=36452

Iraqi Dinar Rv Update / State Order Issued / Iraqi Dinar Revaluation New...

"RV UPDATE" BY DINAR IRAQ & DONG VIETNAM , 19 SEPT

 DINAR IRAQ & DONG VIETNAM

Iraq and the US discussed on Wednesday plans to provide technical support to allow financing Iraq's foreign trade to be settled in other currencies other than the dollar.

The aim of this would be to ease demand for the greenback in the local market, the Central Bank of Iraq said.

Assistant Treasury Secretary Elizabeth Rosenberg, who arrived on Tuesday, met the Governor of the Central Bank of Iraq Ali Al Alaq.

Both discussed bilateral relations and measures taken by the bank to fight money laundering and terrorist financing, said the statement.

"They also discussed the possibility of providing technical support in the field of foreign trade financing through reputable banking channels with mechanisms that enable legitimate foreign trade financing, using different currencies, including the Euro, the Chinese Yuan and the UAE Dirham," it added.

Late on Tuesday, the US ambassador to Iraq said Ms Rosenberg would will hold “key meetings” with Iraqi government leaders and the Central Bank of Iraq.

“Progress on international anti-money laundering and banking reform will help combat corruption and support international investment in Iraq,” ambassador Alina Romanowski said on X, formerly known as Twitter.

READ MORE

Iraq says it has moved Kurdish dissident groups away from Iran border

Washington has been pressing Iraq since last year to stop the flow of the dollar through the foreign currency auction run by the Central Bank of Iraq to countries under US sanctions, including Iran, Syria and Lebanon.

The Federal Reserve Bank of New York has applied strict measures on requests for international transactions from Iraq, rejecting many and delaying others.

It has also blacklisted several Iraqi banks suspected of money laundering and of carrying out suspicious transactions.

The latest was in July when it barred 14 private Iraqi banks from conducting dollar transactions.

This has led to an increase in demand for the US dollar on the black market in Iraq, leaving the Iraqi dinar trembling against the greenback.

Given the high trading volume between Iraq and Iran, Tehran has asked Baghdad to deal with the Euro, Yuan, Dirham, Iraqi Dinar or Iranian Rial, Iraqi Prime Minister Mohammed Shia Al Sudani told local media outlets on Monday.

"Now, the Central Bank of Iraq and the Central Bank of Iran are working on a mechanism to set a plan to organise this trade," Mr Al Sudani said.

At an annual forum organised in March by the Institute of Regional and International Studies at the American University of Iraq, Sulaymaniyah, CBI governor Ali Al Alaq described the efforts to achieve balance between maintaining a favourable exchange rate for Iraqis and compliance with international standards to stop money laundering as complicated.

"We had seen, unfortunately, a growing number of suspicious transactions, large amounts of transfers leaving the country on a fraudulent basis,” said David Burger, deputy US chief of mission at the US embassy in Baghdad during the same conference.

While the official exchange rate is fixed at 1,300 dinars against the dollar, the currency was trading at about 1,560 to the dollar on the black market on Wednesday.

In an attempt to control the exchange rate at the parallel market, the CBI has been introducing a series of measures to make the hard currency available at the official rate to traders and ordinary Iraqis wanting to travel abroad.

On the other hand, the Interior Ministry has barred traders from dealing in US dollars and asked them to sign an agreement to sell goods only in dinar. Offenders face a fine or jail sentence.

But these measures have failed to control the exchange rate and have only exacerbated the crisis.

BY DINAR IRAQ & DONG VIETNAM

Iran: Iraq is our first trading partner and we plan to establish a joint bank and a free trade zone, 19 SEPT

 Iran: Iraq is our first trading partner and we plan to establish a joint bank and a free trade zone

Head of the West Asia Department at the Iranian Trade Development Foundation, Farzad Belten, announced on Tuesday the Iranian government’s intention to establish a joint bank and a joint free trade zone with Iraq.

Belten said in a speech he delivered before the Forum for the Sustainable Development of Trade between Iran and Iraq until 2025, which was held in the Iranian Chamber of Commerce, according to Fars News Agency, that “Iraq is our first trade partner in the world and our partner in the field of electric energy in Asia.”

He added, "Every week we see an event in Iran related to Iraq, such as sending trade delegations and holding conferences and exhibitions by the private and government sectors, and this stems from the importance of trade with Iraq."

He continued, "We have 5 border crossings with Iraq, and the presence of merchants who are fluent in the Arabic language is considered an advantage for us in trade with Iraq compared to Turkey."

Belten pointed to the goal set to bring the volume of trade with Iraq to 20 billion dollars, saying, “There is a decision taken to establish new institutions with the participation of the private sector, including a complex of commercial centers that can perform the work of a large number of commercial attachés in providing services to merchants.”

He also stated that "there is a trend towards participation in production with Iraq and its companies."   link

Coffee with MarkZ 09/19/2023

Thank you MarkZ for all your time, and encouragement daily….. PDK

MarkZ  Update- Some highlights by PDK-Not verbatim

MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context.  Be sure to consult a professional for any financial decisions

Member:  Good Tuesday morning everyone –Blessings

Member: Angel one reported via MilitiaMan that Sudani did his speech at the UN yesterday instead of waiting for Friday. He has meetings scheduled for today

MZ: He did address the UN and he has more meetings. A big week is already underway. He has meetings with the State Dept and with the Asst.Secretary of the Treasury today. 

Member:  AG1 said Sudani had one more meeting this morning and coming home early!

Member: Let’s hope he is coming home early to push the RV button 

Member:  Can we get rates while sudani is over here in the US? Or does he need to be back over in Iraq before we get them? I heard we might get rates while he’s here on US soil.

Member:  MM & Angel 1- say Sudani has to be back in Iraq before rate change. He has more meetings this morning

MZ: To me they are setting the stage. Sudani is telling everyone that Iraq is in compliance and that they are done before they pull that trigger for the world stage on the currency change. That is my opinion and the opinions of many others I have been talking too high up in this process. They are stage setting and expect Sudani to let the cat out of the bag while at the UN….I hope that is accurate. . 

Member: When does Sudani go back to Iraq?

MZ: Last I saw on his schedule is Saturday of this week. 

Member: Charlie ward might have been right on his Thursday prediction.…..The  21st is looking like a great day...

Member: 96,364 new millionaires per the debt clock since July 27, 2023. What’s that about!!!!!

Member: I have a friend who has confirmed a yellow dragon bond was paid and liquid.

MZ: That is huge…I am hearing a number of those stories over the last few days…..but, . I am looking for one of my personal contacts to say that. One of mine (who is a huge bond holder) has been given a date for it to happen…..and that date is soon. 

MZ: I continue to hear great rumblings from the bond side….nothing negative. Things remain very positive.

Member: How can bonds be liquid if Mr. C has not been paid yet?

MZ: some of these are paid through different pots of money. Some of the bond money comes from different areas. But, for someone to exchange currencies into gold backed dollars….that is where Mr. C has to be paid first. That is how I understand it. 

Member: If bond folks are under an NDA…they may not be able to tell you Mark…

Member: I was told our NDA will last about 90 days.

MZ: I was told if we sign an NDA –it will be on the rate only. But, if you tell lots of people you just got a lot of money you are absolutely moronic. If you do that you are asking to lose your wealth. 

Member: Best to keep lips zipped and live a quiet happy life…..the NDA is for our safety….keep your big mouths shut. 

Member: I wonder when they crash the US dollar will and all currency goes it automatically be gold backed in QfS?????

Member: Some are still saying we will be paying taxes on our currency exchange

MZ: We will not know for sure….but that is not what I am hearing. Just be prepared for either way. 

Member:  Mark, I heard the IMF reportedly will cap the Dinar RV at $9. Have any of your sources supported that info.?

Member: (From Dinar Guru)  Guru Walkingstick  The monetary reform is very loud right now.  It's extremely loud right now.  The decibel level is at a hurting point...

MZ: Walking stick is right….having conversations with people in Iraq , people in government sectors there…..in finance and oil sectors…..the contractors ……saying it’s a deafening roar right now is an understatement. 

Member:  MarkZ, your efforts, time and and information you provided us over the years is simply priceless. Have no words how much I appreciate what you did for me and my family. Many love and blessings.

Member: I thank all of you again for informing us - plus "Hats-Off" to Militia Man and Crew - All the Gurus deserve a "Great Thank You" from "we the people!" You folks set a great example for all of us!

StacieZ joins the stream at the end today. Please listen to the replay for all her information 

“THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE.” PLEASE CONSIDER EVERYTHING DISCUSSED IS IN MARKZ’S OPINION ONLY

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THANKS FOR JOINING. HAVE A BLESSED DAY! SEE YOU ALL THIS EVENING FOR NEWS @ 7:00 PM EST ~ UNLESS BREAKING NEWS HAPPENS!

Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.