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Iraq confirms its support and commitment to the OPEC agreement, 12 NOV

Iraq confirms its support and commitment to the OPEC agreement

The Ministry has released a statement to the Agency regarding press reports of increased oil exports to Iraq. According to the information, the rise in exports to certain producing countries, including Iraq, is a natural occurrence that does not affect the agreed-upon production levels of OPEC+.

The statement added that sometimes export levels increase due to a decrease in domestic consumption from one season to another. Natural conditions are one of the factors influencing the change in internal consumption rates.

The Ministry emphasized in its statement the commitment of OPEC member states and non-OPEC countries, including Iraq, to maintain the stability of global oil markets. This is to achieve the best interests of the producers, consumers, and investors while avoiding the temporary gains sought by some speculators.

Disclosure of negotiations to enhance the balances of some Iraqi banks in euros, 12 NOV

Disclosure of negotiations to enhance the balances of some Iraqi banks in euros

Saturday, a government source announced that the Central Bank of Iraq agreed with the US to provide a dollar advance to five Iraqi banks.

According to a statement from a source, there were a series of meetings in Abu Dhabi between a delegation from the Central Bank of Iraq and the American officials responsible for foreign transfer operations. The purpose of these meetings was to facilitate external transfers related to imports through the foreign currency sales window. The negotiations resulted in several decisions and mechanisms that will make the procedures for these transfers smoother and more accessible.

“We have decided to increase the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks. The transfers will be made through JP Morgan. We have resolved the issues related to rejected transfers and agreed that any future rejections should be based on strong reasons,” he said.

During a recent announcement, he mentioned that there were several meetings with one of the Emirati banks, the Central Bank of Iraq, and the American side to discuss the implementation of a mechanism for enhancing balances in the Emirati dirham for Iraqi banks. He further stated that all technical details related to this mechanism have been resolved, and things are going well in this aspect. As a result, it is expected that the mechanism for enhancing balances in the UAE dirham will commence within the next few days.

The speaker emphasized that there are ongoing negotiations in their final stages to improve the financial standing of certain Iraqi banks in euros with UBAF Bank as part of a plan to finance trade with the European Union. The speaker also mentioned that the Singapore Development Bank is working to increase the number of banks whose balances in Chinese yuan are being enhanced.

“We have opened accounts for six Iraqi banks in our bank. In the near future, we will be adding seven more banks to finance Iraqi trade and imports from China. These imports are estimated to be worth about 12 billion dollars annually.”

According to a source, a number of Iraqi banks have opened bank accounts in Indian rupees through the Singapore Development Bank (New Delhi branch). Operations have been completed to enhance the balance of two of these banks as a first stage. This mechanism is expected to contribute to financing Iraq’s imports from India, particularly for medicines and foodstuffs which are valued at around $3 billion.

"RV UPDATE" BY WALKINGSTICK, 12 NOV

  Walkingstick 

 The economic reform is blossoming...because the monetary reform was a success...It is due to the security and stability that Sudani and Alaq have created for the reforms. 

[Iraqi bank friend Aki update]When Saddam was removed, many retirees...expatriots...soldiers...citizens left Iraq...A great portion has come to the United States of America therefore these [CBI affiliated] private banks are needed for the reinstatement for the Central Bank of Iraq to re-collect the 3-zero notes that are missing...They turned the private exchange centers into private banks for...the change in the exchange rate of the Iraqi currency. 

You have all these countries that want to pour into Iraq and they're going to bring in their currency...Go ahead bring in your currency but you're going to have to convert it into Iraqi dinar. 

 And that's what?  Supply and demand on the market which will blow the Iraqi dinar value up...  

Parliament Finance responds to the Central Bank’s decision to import foreign currency and plans to host the governor, 11 NOV

  Parliament Finance responds to the Central Bank’s decision to import foreign currency and plans to host the governor

 Today, Saturday (November 11, 2023), the Finance Committee in the House of Representatives commented on the decision of the Central Bank of Iraq to import “foreign currency” from abroad, while indicating that it will work to host Governor Ali Al-Alaq.

Committee member Mustafa Al-Karaawi told “Baghdad Today” that “the committee will work to host the Governor of the Central Bank, Ali Al-Alaq, and the senior staff at the bank, to discuss the decision to import foreign currency from abroad, and to find out the reasons that prompted such a decision to be taken and how it might have an impact.” On the internal Iraqi economic situation.”

He stated, “There is a fear that such decisions will be exploited by some parties and personalities who want to exploit any decision to their advantage, and for this reason we will have a position of following up and monitoring this decision, and we will also have a position in making an appropriate decision after reviewing the full details of this decision within a few days.” "The next one."

The instructions of the Central Bank of Iraq, which it issued on Wednesday (November 8, 2023), regarding allowing banks to import foreign currency from abroad, raised a number of questions and discussions in economic circles about the legality, motives, and goals of this step.

The discussion was topped by some recalling the decision of the State Shura Council in 2011, to infer the lack of legal basis for the decision to import foreign currency, as the State Shura Council issued Resolution 2/2011, in January of the year 2011, based on a request for an opinion that came to the Council by the Office Financial oversight, as the State Shura Council relied on several legal texts, to infer the absence of a legal basis for the Central Bank to grant licenses to import foreign currency from abroad.

On the other hand, researchers in economic affairs have proven the validity of the Central Bank’s instructions, as the Central Bank had previously issued instructions to import foreign currency in July of 2011, and they were published in the Al-Waqe’at newspaper at that time, that is, 6 months after the decision of the State Shura Council, which makes it a document. Legally enforceable.

Observers and specialists raised a number of questions about the Central Bank’s decision, about the reason for opening the door to importing foreign currency, and whether this means or indicates that the Central Bank has begun to find difficulty in obtaining the dollar or sufficient quantities of it from the US Federal Reserve, and therefore the bank The Central Bank has become unable to meet the demand for the dollar because it does not possess it in sufficient quantity  link

Iraq is moving to support its assets with the Chinese yuan to finance imports amounting to $12 billion annually, 11 NOV

 Iraq is moving to support its assets with the Chinese yuan to finance imports amounting to $12 billion annually

Opening bank accounts in Indian rupees for Iraqi banks to finance trade worth $3 billion

A government source in Iraq said that officials from the Central Bank of Iraq held “intensive meetings” with American officials in Abu Dhabi in recent days to discuss external transfers to cover imports.

The source added that Iraq has strengthened its assets denominated in the yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually.

The source stated that the oil-exporting country also moved to strengthen its assets in UAE dirhams and is negotiating to increase its assets denominated in euros to finance trade with the European Union, according to what was reported by Iraqi news agency “Inaa.”

The source said that negotiations with the American side reached a set of decisions and mechanisms that contribute to facilitating procedures for foreign transfers related to imports through the foreign currency sales window.

He added, "It was agreed to enhance the advance balance of five Iraqi banks in their dollar accounts with Jordanian banks and transfers via JP Morgan Bank," noting that "the problems related to the rejected transfers were resolved, and it was agreed that the rejection of transfers should be based on strong reasons."

He continued: “There were also other meetings that brought together one of the Emirati banks, the Central Bank of Iraq, and the American side, to implement the mechanism for enhancing balances in the Emirati dirham for Iraqi banks,” indicating that “things are going well in this regard, as all technical details related to the issue have been resolved, and it is expected to begin.” The mechanism for enhancing balances in UAE dirhams during the next few days.”

He stressed that “there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with UBAF Bank to finance trade with the European Union,” noting “an increase in the number of banks whose balances are being enhanced.” In Chinese yuan through the Singapore Development Bank.”

The source also reported that bank accounts had begun to be opened in the Indian rupee for a number of Iraqi banks at the same correspondent, the Singapore Development Bank (New Delhi branch), and operations to enhance the balance of two Iraqi banks had actually been completed as a first stage, and it is expected that this mechanism will contribute In financing Iraq's imports from India, especially medicines and foodstuffs, which are estimated at about 3 billion dollars  link

(11/11) Critical RV Update