The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, and the accompanying delegation met with his counterpart, the Governor of the Central Bank of Turkey, Fatih Karahan, in Istanbul.
According to a statement by the Central Bank of Iraq, the two parties discussed “the launch of new direct mechanisms for trade transfers between Iraq and Turkey, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries.” During the meeting, Al-Alaq stressed cooperation in the field of settlements for users of Iraqi cards in Turkey, and urged Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services from neighboring Turkey. He added that the Turkish Central Bank supports the steps of the Central Bank of Iraq in organizing financial operations between the two countries in a way that contributes to facilitating trade transactions. In a separate meeting, His Excellency the Governor Ali Mohsen Al-Alaq and his accompanying delegation met with the general administrations of branches of Turkish banks operating in Iraq, stressing the need to expand fruitful trade options between the two countries, especially in the banking sector.
“ next Sunday’s (17th) session will witness the passage of important laws”Going to the international FOREX will happen on Monday morning (November 18) Middle Eastern time.
Information / Baghdad.. The head of the Parliamentary Transport and Communications Committee, Zahra Al-Bajjari, confirmed today, Thursday, that the session on Sunday of next week will witness the passing of a number of important legislations.
Al-Bujari said, in an interview with Al-Maalouma Agency, "After the election of the Speaker of the House of Representatives and the completion of the Presidency, there are draft laws that must be arranged in addition to the enactment of a number of new laws."
She added, "Sunday's session will witness the passing of very important draft laws, and the Council will avoid controversial laws because many of them may be read in a first or second reading until they are agreed upon." She explained that "one of the reasons that led to postponing the date of the next parliament session was the position of the House of Representatives regarding the second deputy, Shakhwan Abdullah, after his guards attacked a member of parliament."
The Swiss Ambassador to Baghdad, Daniel Hahn, expressed his country’s desire to invest in Iraq, especially in the construction, health, and agriculture sectors, stressing the presence of major Swiss companies specializing in these fields.
This came during the reception of the Undersecretary of the Iraqi Ministry of Foreign Affairs for Political Planning Affairs, Ambassador Hisham Al-Alawi, today, Thursday, of the new Ambassador of the Swiss Confederation to Iraq, Daniel Hahn, to discuss a number of topics of common interest between the two countries.
A statement by the Iraqi Foreign Ministry stated that “the Undersecretary welcomed the reopening of the Swiss Embassy in Baghdad and the appointment of a resident ambassador,” expressing “his hope that this would contribute to strengthening bilateral relations and joint cooperation between the two countries.”
Al-Alawi reviewed with the Swiss ambassador the government’s plans and vision to encourage investment, build a diversified economy based on solid foundations, and rebuild infrastructure and services, according to the statement.
He pointed out during this to “approving a three-year financial budget, which contributed to the completion of a number of vital service and investment projects in the capital and other Iraqi governorates, and the imminent completion of other projects such as the Grand Faw Port, and the completion of the designs of the Development Road Project, which is one of the largest projects in the region, with the participation of Türkiye, Qatar, and the United Arab Emirates.”
Al-Alawi touched on the priorities of the government program of the Ministry of Foreign Affairs, and the achievements it has made to strengthen Iraq’s relations with the international and regional community, and to activate Iraq’s role in international organizations such as the United Nations, and regional organizations such as the League of Arab States and the Organization of Islamic Cooperation, according to the statement.
He pointed to “the economic cooperation between Iraq and some important European countries such as Germany, France, the Netherlands, and Italy, and the entry of major companies to invest in Iraq in various vital fields,” stressing “the government’s desire to revive the tourism sector and facilitate all necessary procedures for that.”
According to the statement, the two sides discussed ways of joint cooperation in the field of water diplomacy, and Iraq’s benefit from Swiss expertise in this field through the relevant institutions in Geneva, and developing joint work to activate the “Water for Peace and Development” initiative, which contributes to addressing pending water issues between Iraq and neighboring countries and mitigating the effects of global climate change.
The two sides also discussed encouraging major Swiss companies to invest in Iraq, as Hahn expressed his country’s desire to invest, especially in the construction, health, and agriculture sectors, noting the presence of major Swiss companies specializing in these fields, according to the statement.
According to the statement, the two sides agreed to work together to organize visits by senior officials from the two countries during the coming year.
The statement quoted the Swiss ambassador as expressing his desire to “arrange meetings with a number of Iraqi officials in the ministries of water resources, electricity, and migration and displacement,” while “the undersecretary expressed his readiness to cooperate in achieving these meetings,” according to the statement.
The HCL IS DONE since OCT 22, and it became law Nov5, now here’s your proof HCL IS DONE
Baghdad Discusses Resuming Oil Exports from Iraqi Kurdistan
By John Lee.
Iraq's Minister of Oil, Hayan Abdul-Ghani, has met with members of the Parliamentary Finance Committee, led by Chairman Atwan Al-Atwani, to discuss resuming oil exports from the Kurdistan region via the Iraq-Turkey Pipeline (ITP) and the Turkish port of Ceyhan.
The meeting focused on strengthening cooperation between the Ministry of Oil and Kurdistan, and implementing the Cabinet's decision to transfer regional oil production to Iraq's State Oil Marketing Organization (SOMO).
According to the Oil Ministry statement, revenues will be placed in a special account, with deductions for production costs. Within 60 days, a jointly approved consultant will reassess production costs, and revenues will flow to the federal budget. It said both federal and regional authorities aim to align production contracts with the constitution, marking a transitional phase until legal adjustments are completed.
The Iraqi Cabinet last week approved an amendment to the Budget Law, compensating the Kurdistan Regional Government (KRG) for production and transportation costs of oil produced in the region and received by the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil. It said the Federal Ministry of Finance will compensate these costs in advance at a rate of $16 per barrel.
Last night (Wednesday), the Association of the Petroleum Industry of Kurdistan (APIKUR) said its member companies welcome the Iraqi Parliament's proposal to amend Article 12 of the Budget Law and believe that there could be sufficient scope in the current wording to cover our previous requests related to commercial terms and surety of payment for past and future exports via the Iraq-Türkiye Pipeline. It addeed
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"We remain ready to engage in productive discussions with Government of Iraq and Kurdistan Regional Government officials to clarify key details and finalize written agreements prior to resuming oil exports through the ITP. We agree with Iraqi Prime Minister Sudani @mohamedshia and KRG Prime Minister Barzani @masrourbarzani that the resumption of oil exports through the ITP benefits all of the people of Iraq."
Sudanese advisor indicates an increase in the Central Bank's foreign exchange reserves
The Prime Minister's Financial Policy Advisor, Mazhar Mohammed Salih, confirmed today, Wednesday, the increase in the accumulation of foreign reserves of the Central Bank of Iraq.
Saleh said in an interview with Al-Maalouma Agency, “There is a direct correlation between the current account surplus of the Iraqi balance of payments and the development of the foreign reserves of the Central Bank of Iraq.”
He explained that "as long as there is a surplus in the current account of the balance of payments that has been achieved during the current year, which is positively indicated by the accumulation of the foreign reserves of the Central Bank of Iraq during 2021, with a change rate towards an increase of more than 20% compared to the levels of 2020.”
He pointed out that "foreign currency coverage of the Iraqi dinar has increased and is approaching matching its coverage of the basic currency."
He added that "the monetary policy of the Central Bank of Iraq enjoys the availability of a strong foreign reserve tool that can maintain the purchasing power of the Iraqi dinar and confront inflationary expectations with high and comfortable capacity through the power of intervention in imposing stability in the exchange market through open market operations practiced by the monetary authority to achieve the operational goals of monetary policy with ease and flexibility.” link
