TURKSTAT: Turkey's Exports to Iraq Surge, making it the third top importer in November
Shafaq News/ Turkish Statistical Institute (TURKSTAT) reported that Iraq secured the third position among countries importing the most from Turkey in November.
According to the report, exports climbed by 5.2% compared to the same month in 2022, totaling $22.999 billion, while imports decreased by 5.7% compared to 2022, reaching $28.916 billion.
The report said that Germany topped the list with 1.750 billion dollars, the UAE came up at $1.365 billion next after them (second place), the United States ranked fourth with $1.262, and Italy scored fifth with a total imports of $1.103 million.
"Iraq Stock Market Report · ISC approved the listing and trading of reconstruction bonds which was issued on 10/10/2023 by the Ministry of Finance, ..."
An economist criticizes the step to export Iranian goods to Iraq in riyals: It has question marks
On Saturday, December 30, 2023, economic expert Nabil criticized the decision to export Iranian goods to Iraq in Iranian riyals.
“He said, “This will raise a significant doubt about how Iraqi traders can purchase Iranian currency. It requires either the US dollar or the Iraqi dollar, which will be returned to Iraq for exchanging it with the dollar. However, since the Iraqi exports to Iran are very low, the volume of Iraqi dinar is quite limited”.”
The Governor of the Central Bank of Iran, Mohammad Reza Farzin, confirmed that Iran will now settle its exports abroad in the national currency, the riyal.
Muhammad Reza Farzin, on the sidelines of the Government and Private Sector Council meeting in Khorasan Razavi Province (northeast), stated that the Central Bank has been studying the possibility of settling Iranian exports through the riyal currency outside the country for several months. If implemented, this move will cater to the needs of exporters to Iraq and Afghanistan.
He said, “The export of goods to Afghanistan is one of the demands of Mashhad’s merchants. By implementing the ‘riyal offshore’ project, merchants will be able to benefit from it by using riyals outside the borders instead of foreign currency.”
According to him, the Central Bank has formulated regulations for the cross-border riyal project, two banks have already started the project and soon all the banks in the country will follow suit.
The articles below go into great detail about aspects of Maritime Shipping Industry routes that have been broken for some time.
Several are currently being built and rebuilt and will be stronger than ever as shipping routes from the East to the West are being reset. For example, Iraq has a new shipping port that will take away some of the pressures of some ports across the world.
We have talked about several routes these past few years that are being created to carry cargo ships filled with goods to areas of the world forging new pathways into the future and into the new digital economy.
These new passageways will create less of a bottleneck and more of an even flow in the movement of goods across the world as well as a Level Playing Field monetarily.
Look for new price pressures to form because of these changes along with exchange rates to meet the needs of our new Global Economy.
IMO the monetary reform will mature...They are trying their best to help you understand they are about to give you [Iraqi citizens] your monetary reform in the coming days. I don't care what rate it comes out at just release the tiger...
Question: "Can any country RV their currency whenever they want?" Yeah but they have to go through the IMF. That's what the International Monetary Fund does - they regulate all the banks around the world and allow them to either increase, decrease, print new currency, destroy their currency, change their exchange rate .
There is a systematic way of doing it. They're called international banking laws.
The black market rate will no longer be...The black market rate is the American dollar. The CBI wants the official rate 1310 to match the dollar rate. That means the currency of Iraq is too low... Slowly we're having a reciprocal effect where the dollar is going down and the dinar is going up...
The black market rate will no longer be...The black market rate is the American dollar. The CBI wants the official rate 1310 to match the dollar rate. That means the currency of Iraq is too low... Slowly we're having a reciprocal effect where the dollar is going down and the dinar is going up...
The IMF regulates all banks around the world. If a bank wants to come out with a new currency they will talk to the IMF about it.. .
Whatever it might be concerning the financial structure of a country with its banks the IMF has to give the okay...Why? Because you're dealing with every country internationally. Well, Iraq isn't. They're about to! And that's the point...They're about to do what big boys do, what big banks do. The IMF has worked with them...This is the conclusion of those meetings.
Right now it's an illusion to many banks because they don't know. But the banks that do know, are the ones that are being primed.