Tehran, Baghdad “Keen to Expand Banking Ties”, 15 MARCH

Tehran, Baghdad “Keen to Expand Banking Ties”

14th March 2024 in Iraq Banking & Finance News

From Tasnim, under a Creative Commonslicence. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

The chairman of the Iran-Iraq Joint Chamber of Commerce said banking officials from the two countries are keen to expand the monetary and banking relations.

There is not any problem in the field of banking and monetary interactions between Iran and Iraq, Yahya Al-e Es’haq said, adding that the two sides are pursuing the implementation of the agreements previously inked by the two central banks.

Referring to the suspension of the activity of Bank Melli Iran (BMI) in Iraq by the central bank of the Arab country, the official said a number of Iranian banks had been authorized to be active in this Arab country but a recent decision came due to the sanctions imposed by the United States.

Recently, however, the Central Bank of Iraq (CBI) has announced that the activity of Bank Melli Iran will continue in this country, Al-e Es’haq added.

He put the current value of the annual trade exchanges between Iran and Iraq at about $10 billion, adding that the two countries have a high potential to enhance bilateral trade.

Iran and Iraq are interested in boosting mutual banking, monetary and trade ties, so the economic officials of the two countries should roll up their sleeves in order to spur trade and economic activities, he stated.

https://www.iraq-businessnews.com/?p=217153

"RV UPDATE" BY FRANK26, 15 MARCH

 Frank26 

 I've always said that when it would happen IMO it would be from a Saturday night when you're asleep to when you wake up on Sunday morning. Saturday into Sunday is what I've always said.  Sunday into Monday is illogical because that's a second day of the week.  The first day of the week is when you would officially kick the football and start the game.

 The banks are not saying as much that it's a scam.  If you hear someone that says it's a scam it's probably someone at the very front line. 

 But once you get past them we're finding they have JP Morgan representatives at every Chase Bank it seems like.  Perfect timing...Not one bank story has been negative in 8 or 9 days or so...The resistance is getting less and less.  The force field is no longer at 10, it's probably at 1 or 2.

Iraqi Dinar💰Wow Its Messive Iraqi Dinar Going To Be Internationally-Iraq...

Parliamentary Finance hosts the Governor of the Central Bank of Iraq, 15 MARCH

 Parliamentary Finance hosts the Governor of the Central Bank of Iraq

Mawazine News – Baghdad
The Parliamentary Finance Committee announced, today, Thursday, the hosting of the Governor of the Central Bank, Ali Al-Alaq, to ​​discuss important files.
A statement from the committee received by Mawazine News stated, “The Finance Committee, headed by Atwan Al-Atwani, began a session hosting the Governor of the Central Bank, Ali Al-Alaq.”
He continued, “The hosting came to discuss a number of important files.”

https://www.mawazin.net/Details.aspx?jimare=243853

"RV UPDATE" BY MNT GOAT, 14 MARCH

 Mnt Goat  

 Don’t be discouraged, the currency reform and banking process has come a very long way in a short period of time since January 2023 compared to waiting since 2011, when the plan originated with the IMF on how to turn the currency back on.

 So we went 11 years with not much progress then suddenly a huge jump which tells us something is up. This alone is all telling...If Iraq is to progress, as they say is their goal, they will need a globally recognized and traded currency once again and get it VERY SOON!  

 This Saturday I had my normal call to my CBI contact in Iraq and was told they too are waiting for the signal to go ahead with the Project to Delete the Zeros.

 This is the next step. Everything from the Iraqi side has been cleared but the US Treasury has not yet given their assurance of the reinstatement once the process moves to the next step. The CBI now wants this in writing and a formal document stating the approvals. They are waiting for this to come.  ...we know that what has been accomplished in the de-dollarization process is hard to undo at that point...So, there is no turning back and they must move ahead.

🔥 Iraqi Dinar 🔥 Legit Move: Agreement End is Done 🔥 Guru News Exchange R...

Al-Alaq announces the understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks

 Al-Alaq announces the understanding with the US Treasury to reconsider the sanctions imposed on Iraqi banks

The Finance Committee, headed by Atwan Al-Atwani and the presence of its members, hosted, today, Thursday, the Governor of the Central Bank Ali Al-Alaq; to discuss a number of important files, most notably, the measures to address the large gap in the sale of the dollar between the official price and the parallel market, as well as foreign trade transfers through (the platform).

The meeting also reviewed, according to the committee’s statement, {Euphrates News} received a copy of it, the file of US Treasury sanctions on local banks and the extent of their impact on monetary and financial policy and banking work in the country, and the measures taken by the Central Bank in this regard, in addition to discussing the adopted international standards, future plans to improve the reality of the banking system, the possibility of expanding relations with international banks, drawing the structure of banks, and moving towards the electronic payment process, in addition to the possibility of amending the Central Bank Law.

Al-Atwani stressed “the importance of following up the economic file, monetary policy and the system of external and internal transfers, and finding appropriate solutions to the obstacles facing the work of the Central Bank,” noting that “the government is making a great effort to maintain the stability of the local market during the holy month of Ramadan, especially with regard to the prices of selling food and other necessary goods.”

“We look forward to continuous coordination and cooperation with the Central Bank in order to increase the value of the Iraqi dinar and control the local market in order to alleviate the citizen,” he added.

For his part, Al-Alaq stressed “establishing basic rules for monitoring the process of external and internal transfers,” attributing the instability of the exchange rate to “the existence of illegal trade by small traders and some speculators that finance by withdrawing the dollar cash from the market.”
Al-Alaq said that “the external sanctions imposed on a large number of our local banks have hindered the endeavors and plans to open relations and communication lines with accredited international correspondent banks,” explaining, “the process of printing the local currency is carried out according to the required financial cover and in a way that balances the foreign and local currency and prevents any financial inflation.”

He added, “We are currently coordinating with the concerned authorities on the implementation of the foreign trade regulation plan, and we also have continuous meetings with the American Treasury, and it was understood to reconsider the sanctions imposed on Iraqi banks, and that such decisions should not be issued in the future until after discussing and informing the Central Bank of Iraq as it is concerned with monitoring its activity.”