Friday, February 28, 2025
Central Bank of Iraq signs agreement with Emirates Islamic Bank, 28 FEB
Central Bank of Iraq signs agreement with Emirates Islamic Bank
The Central Bank of Iraq announced the signing of a banking agreement with Emirates Islamic Bank, which is considered one of the highest-rated Islamic banks, and is rated (A+) according to the international Fitch agency.
Thus, Emirates Islamic Bank is a distinctive addition to the banking relations that the Central Bank of Iraq has established with advanced regional and international banks in recent years.
The agreement includes joint cooperation on several axes, the most important of which are:
Exchange of experiences in the field of developing the Islamic banking sector.
Providing payment services in UAE Dirhams to Iraqi banks and expanding their correspondent accounts network .
Cooperation between Iraqi banks and Emirates Islamic Bank, under the supervision and support of the Central Bank of Iraq, to formulate a mechanism that will allow individual customers of Iraqi banks in the near future to invest (partially) in Islamic bonds issued by Emirates Islamic Bank or other issuers with a similar credit rating in the United Arab Emirates.
It is noteworthy that the Central Bank of Iraq announced in August of last year the start of a new phase of foreign transfer operations in a step aimed at enhancing the diversity of currencies and facilitating international transfer operations. This announcement came after reaching an agreement on the mechanisms for regulating dealings in the euro, the Chinese yuan, the Indian rupee, the UAE dirham, and other global currencies.
Central Bank of Iraq
Media Office
February 27, 2025 link
AJ UPDATE, 28 FEB
AJ
Kurdistan oil drama continues : 
The Kurdistan Oil Industry Association (EPICOR) responded to the statements of the Federal Oil Minister about resuming oil exports from Kurdistan within hours,
stressing that there has been no official communication with its member companies to conclude new agreements that guarantee payment of dues for previous and future exports, confirming that it will not resume exports today.
The association said in a statement, that “international oil companies are seeking to reach an agreement before resuming oil exports.”
“EPICOR member companies are ready to resume exports immediately when an agreement is reached to pay for our past and future exports in accordance with existing legal contracts and commercial guidelines,” she added on Friday.
Look - it happens, when it happens
The Kurdistan Oil Industry Association (EPICOR) responded to the statements of the Federal Oil Minister about resuming oil exports from Kurdistan within hours,
stressing that there has been no official communication with its member companies to conclude new agreements that guarantee payment of dues for previous and future exports, confirming that it will not resume exports today.
The association said in a statement, that “international oil companies are seeking to reach an agreement before resuming oil exports.”
“EPICOR member companies are ready to resume exports immediately when an agreement is reached to pay for our past and future exports in accordance with existing legal contracts and commercial guidelines,” she added on Friday.
Look - it happens, when it happens
Iraq agrees to supply Lebanon with crude oil, with immediate cash payment, 27 FEB
Iraq agrees to supply Lebanon with crude oil, with immediate cash payment
Lebanese media sources quoted informed sources as saying that the Lebanese delegation to Iraq (consisting of IDAL Chairman Mazen Sweid and Brigadier General Hassan Shaqir) agreed with Iraqi officials to renew the fuel supply contract to operate the Electricité du Liban plants with some amendments to its implementation mechanism.
The sources indicated that Iraq will supply about 2 million tons of crude oil after it had been supplying fuel oil, in exchange for paying the price of the shipments in cash and immediately, unlike the three previous versions of the contract that included Lebanon paying the price of the shipments through services provided in Lebanon to the Iraqis, provided that the previous arrears amounting to 2 billion dollars would be addressed through the platform between the two countries to provide the agreed-upon services.
By the end of 2024 and until the formation of the new government, a huge amount has accumulated on Lebanon for the price of fuel shipments. Lebanon has only paid $118 million out of $2 billion. This accumulated amount is the result of three copies of renewed contracts between the two parties.
The fourth version of the contract includes the supply of 2 million tons of crude oil and payment for it in cash.
These renovations were carried out with “provisions” and “sympathy” even though Lebanon was not paying the cost of the shipments. Despite Iraqi facilities, Lebanon was unable to pay the bills.
These facilities stipulated that Lebanon would pay the price of fuel in Lebanese pounds, and that the amounts would be deposited in the Iraqi government’s account at the Bank of Lebanon, and would be spent on services for Iraqis (including hospitalization and medical treatment for Iraqis in Lebanon) in Lebanon exclusively. link
TIDBIT FROM CLARE, 29 FEB
Clare
Article: “urgent Oil Minister: Exporting the region's oil will begin within hours via the Turkish Ceyhan”
Quote: "Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani announced the imminent start of exporting oil from the Kurdistan Region....He explained that exports will be "at an initial rate of 185 thousand barrels, gradually increasing to reach the capacity specified in the general federal budget."
Article: "Confirming Shafaq News.. Trump is heading to impose sanctions on Iraqi groups"
Quote: "The American website Fox News" published a report today, Wednesday, in which it referred to the 'maximum pressure' sanctions that the Trump administration is pursuing against countries that have economic and trade relations with Iran, including Iraq, which includes punishing a group of banks and controlling Baghdad's reserves at the US Federal Reserve...According to an informed political source, who told Shafaq News Agency, requesting that his name not be mentioned, American sanctions may be issued soon and will include a list of names of political figures who have armed factions."
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