Iraqi merchants will buy goods from Türkiye in dinars.. The Central Bank reveals the results of the Istanbul meeting, 3 DEC

Iraqi merchants will buy goods from Türkiye in dinars.. The Central Bank reveals the results of the Istanbul meeting

On Saturday, the Central Bank revealed the results of the discussions of the joint Iraqi delegation in Turkey, indicating that Iraqi merchants will buy goods from Turkey in dinars.

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A statement to the bank’s media, a copy of which was received by 964 Network, stated :

The discussions conducted by a joint Iraqi delegation (the government, the Central Bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning, and the discussions culminated in the following: -.

1- Agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers and to make and pay remittances in the euro and Turkish lira currencies.

2- Agreement to organize trade exchange for small merchants and retailers (dinar for euro or Turkish lira) under arrangements with combined transfers according to a commercial organization that ensures the integrated cycle of the commercial process (deposit in dinars inside Iraq, payment in euros or lira in Turkey, shipping goods from Turkey to Iraq) This would facilitate the external transfer of thousands of Iraqi traders and spare them from working through non-fundamental means. This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of preserving the stability of the financial system and protecting it. From risks and achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.

https://964media.com/265355/

Central Bank Governor Chairs First Meeting of Iraq’s National Payments Council, 3 DEC

 Central Bank Governor Chairs First Meeting of Iraq’s National Payments Council

Baghdad Economy News

The governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, chaired on Saturday, the first meeting of the Iraqi National Payments Council after its restructuring.

“During the meeting, which was attended by officials from the Central Bank and representatives of the relevant ministries, the government and private banking sector, electronic payment service providers and other actors, the objectives of the Council and the main tasks it intends to implement to achieve national strategies to develop the infrastructure of the financial and banking sector, advance the components of the electronic payment environment and strengthen the pillars of financial inclusion in Iraq,” the Central Bank said in a statement received by “Economy News.

The Council discussed, according to the statement, “the experiences of other countries in the field of payment systems and the mechanisms necessary to implement the decisions of the Iraqi Council of Ministers Nos. 23044 and 23620 of 2023, as well as the proposals that would contribute to the implementation of these decisions with the aim of expanding the scope of work of Iraqi electronic payment systems and linking them with various institutions, ministries and bodies and encouraging the public to use them and benefit from the advantages they provide.”

It is noteworthy that the Iraqi National Payments Council aims to coordinate and achieve cooperation between regulatory and supervisory authorities, executive bodies and financial institutions.

https://economy-news.net/content.php?id=38053

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Iraq to cut oil production by 223,000 bpd in March, 3 DEC

 Iraq to cut oil production by 223,000 bpd in March

ERBIL (Kurdistan 24) – The Organization of Petroleum Exporting Countries (OPEC) has officially confirmed that the total voluntary cut in crude oil production by the end of March 2024 will be 2.2 million barrels per day.

Saudi Arabia's one million barrels per day (bdp) and Russia's 500,000 bpd represent most of the reductions. Iraq will reduce production by 223,000 barrels per day, followed by the UAE with 163,000 bpd, Kuwait with 135,000 bpd, with Kazakhstan, Algeria, and Oman cutting the remainder. 

In addition to the previously announced cuts in April 2023, the voluntary reductions are based on 2024 production needs, with the ultimate goal being an increase in oil prices.

The agreement was reached after the group had to postpone its meeting for four days due to disagreements over each member's portion of the agreement. The unwillingness of African nations to lower their oil production was a barrier to the agreement.

Saudi Arabia announced in June that it would cut oil production by one million barrels per day to prop up prices, despite fears of a recession.

Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, at the time told reporters the cuts would last until July, but "can be extended."

Founded in 1960 in Baghdad, it was only until the Arab-Israeli wars of the early 1970s that OPEC earned its notoriety in the West, as its member states were successful in gouging the price of the non-renewable resource. With a price of nearly $2 bpd (not adjusted for inflation) of the carbon matter in Apr. 1972, it soared to $35 just eight years later in 1980, accounting for an approximate 1,750% increase.

https://www.kurdistan24.net/en/story/33316-Iraq-to-cut-oil-production-by-223,000-bpd-in-March

Iraqi PM holds crucial discussions with US Secretary of State, 3 DEC

 Iraqi PM holds crucial discussions with US Secretary of State

Baghdad (IraqiNews.com) – Iraqi Prime Minister Mohammed Al-Sudani recently conducted an important phone chat with US Secretary of State Antony J. Blinken in a significant diplomatic interaction. The conversations focused on important concerns impacting the region, with Blinken asking the Iraqi government to follow through on its pledges to protect locations housing US personnel in the nation.

During the call, Secretary Blinken underscored the necessity of Iraq’s commitment to defending every single facility that house US personnel, emphasizing the need of the Iraqi government vigorously pursuing those guilty for assaults on American soldiers within its boundaries.

Additionally, Al-Sudani emphasized that the US bombardment incident in Jurf al-Nasr was a breach of Iraqi sovereignty and restated Iraq’s unwavering rejection of any aggression on its land.

In addition to security issues, Prime Minister Al-Sudani and Secretary Blinken discussed the Israel-Hamas conflict. Both leaders emphasized the significance of regional stability in preventing the crisis from extending further.

https://www.iraqinews.com/iraq/iraqi-pm-holds-crucial-discussions-with-us-secretary-of-state/

U.S. Secretary of State Blinken Reaffirms Commitment to Iraq in Diplomatic Conversation, 2 DEC

 U.S. Secretary of State Blinken Reaffirms Commitment to Iraq in Diplomatic Conversation

In the midst of ongoing international challenges, U.S. Secretary of State Antony Blinken engaged in a diplomatic discussion with Iraqi Prime Minister Mohammed Shia’ al-Sudani on Friday, according to an official State Department statement. The call was a testament to the United States’ commitment to strengthening diplomatic ties and ensuring the stability and prosperity of the Middle East region.

Reinforcing Bilateral Relations

The conversation, marking a significant episode in international diplomacy, centered on fortifying the bilateral relationship between the United States and Iraq. Both leaders underscored their dedication to Iraq’s sovereignty, security, and prosperity, recognizing the necessity of a strong partnership in facing shared challenges.

Regional Stability and the Fight Against ISIS

During the conversation, Blinken and Al-Sudani also touched upon the pivotal aspects of regional stability and the ongoing fight against ISIS. Recognizing the gravity of the situation, Blinken emphasized the importance of continued cooperation under the U.S.-Iraq Strategic Framework Agreement. The agreement, a crucial facet of their partnership, aims to bolster their collective response against the extremist threat.

Continued Commitment and Shared Interests

The diplomatic dialogue was not limited to current challenges. Both leaders expressed their intent to further enhance the partnership between their countries and to work together on shared interests. Their conversation was an embodiment of ongoing diplomatic efforts to maintain a strong alliance in the Middle East. The leaders’ mutual commitment to forge ahead with shared objectives further underscores the importance of their alliance.

The call between Blinken and Al-Sudani symbolizes the United States’ unwavering commitment to Iraq’s sovereignty and a testament to the importance of ongoing diplomatic efforts to ensure stability in the Middle East.

https://bnn.network/world/us/u-s-secretary-of-state-blinken-reaffirms-commitment-to-iraq-in-diplomatic-conversation/

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