Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
yota691

Iranian exports of goods to Iraq reach $ 2 billion

Recommended Posts

6 minutes ago, navira said:

This is really good news to me...CBI meeting with CBI and signing agreement using dinars instead of US dollars. Now that this is out of the way, iam very certain(100 percent) that both central banks had already calculated the rate for the iqd...hopefully we will see this rate or rv this month. Don't forget CBI just bought 20 trillion worth of treasury notes to move market...as I mentioned before, this move will increase the iqd rate. Iam very positive that this is why the CBI(central bank of Iran) met up n settled this agreement with central bank of Iraq cause they will benefit from the revaluation of the Iqd and help their economy. Cheers dv

Absolutely Agree @navira I appreciate your insight. Cheers and Go RV 

  • Upvote 4

Share this post


Link to post
Share on other sites
12 minutes ago, navira said:

This is really good news to me...CBI meeting with CBI and signing agreement using dinars instead of US dollars. Now that this is out of the way, iam very certain(100 percent) that both central banks had already calculated the rate for the iqd...hopefully we will see this rate or rv this month. Don't forget CBI just bought 20 trillion worth of treasury notes to move market...as I mentioned before, this move will increase the iqd rate. Iam very positive that this is why the CBI(central bank of Iran) met up n settled this agreement with central bank of Iraq cause they will benefit from the revaluation of the Iqd and help their economy. Cheers dv

:twothumbs: 

  • Upvote 3

Share this post


Link to post
Share on other sites
25 minutes ago, navira said:

This is really good news to me...CBI meeting with CBI and signing agreement using dinars instead of US dollars. Now that this is out of the way, iam very certain(100 percent) that both central banks had already calculated the rate for the iqd...hopefully we will see this rate or rv this month. Don't forget CBI just bought 20 trillion worth of treasury notes to move market...as I mentioned before, this move will increase the iqd rate. Iam very positive that this is why the CBI(central bank of Iran) met up n settled this agreement with central bank of Iraq cause they will benefit from the revaluation of the Iqd and help their economy. Cheers dv

 

Well I am a little skeptical having been in this since the world was in black and white and been burned to many times over the years believing that " this is it " but I do hope you are correct.

 

  pp

Edited by pokerplayer
spelling, what else ? lol
  • Upvote 6

Share this post


Link to post
Share on other sites
43 minutes ago, pokerplayer said:

Well I am a little skeptical

I'm with you PP. The Iranians are snakes. They will figure out a 'work around' regardless of what Trump throws at them. Just like this IQD / Euro conversions for trade and payments. He demanded Iraq cease using USD to pay Iran, which they have just now accomplished. The trade between the 2 countries is a huge part of their GDP. Trump must realize he can't hold Iraq hostage over his hate for Iran. Time to let the IQD value out of the bag and push Iraq to fix their economy and infrastructure. IMO a float and rate were determined years ago. The wait is stagnating, now. Open the flood gates, get the IQD growing. It's time has come.

                                                                                                                                                        :twothumbs: 

  • Like 1
  • Thanks 3
  • Upvote 6

Share this post


Link to post
Share on other sites
1 hour ago, Laid Back said:

“The value of Iranian imports to Iraq was about $6 billion for the 12 months ending March 2018, about 15 percent of Iraq’s total imports for 2017.     

The energy contracts between the two countries also contributed to a volume of trade of $12 billion last year.

Iran is currently Iraq's top trade partner, having sharply increased their trade exchanges in recent monthsdespite US sanctions on the Islamic Republic.”

 

Think about this;

The ultimate goal of US economic sanctions on Iran is to asphyxiates their economy.

 

The value of imports from Iran to Iraq about $6 billion dollars 

$6 billion dollars = 7.1 trillion IQD 

 

If iraq pays $7.1 trillion IQD and then revalue, it will oxygen to Iran. Going against US economic sanctions.

 

But, if Iraq revalues first it will be a different story.

 

I believe the signing of this agreement between Iraq and Iran 

central banks will put pressure on the revaluation of the IQD.

also the demand for IQD will be higher bringing the IQD value UP

 

Go RV

Go $1:1

 

 

 

I couldn't agree with You more my friend, Laid Back, AND The Very Best Of Your Up Coming Weekend To You!!! :tiphat:

 

Go Moola Nova!

:pirateship:

  • Like 1
  • Thanks 2
  • Upvote 1

Share this post


Link to post
Share on other sites
23 hours ago, navira said:

There it is bro in highlighted...assets in Iranian banks and conduct banking transactions in dinars.

 

Holy Cow!  I just realized what you're saying here, Navira!

Iraq will pay Iran in Dinar.....AND.....Iran will pay Iraq in Euros, since Iranian Rial is worthless.

They are not using worthless Rial and worthless Dinar.  They are using Euros and Dinar.

I'm pretty sure these currencies will have to be pretty close in worth (like 1 dinar equals $1.00, or thereabouts).

Also, the dinar will have to be international.  Otherwise, Iran would not be able to use it anywhere but in Iraq.

 

YIPEE!!!!!

 

  • Thanks 3
  • Upvote 5

Share this post


Link to post
Share on other sites

Iran Claims Iraq Will Pay Its Debts, But U.S. Sanctions Make It Hard

 

95D286C1-D922-42D3-9226-B7513509A556_w1023_r1_s.jpg

Iran's central banker Abdolnaser Hemmati (L), with his Iraqi counterpart in Baghdad-- Feb 6 2019

 

 

One day after Iran's Oil Minister Bijan Zanganeh complained that Iraq has not paid billions of dollars for its imports from Iran after the re-imposition of U.S. sanctions, Iran's Central Bank Governor told reporters that he has reached an agreement with his Iraqi counterpart about the payments.

The chief banker Abdolnasser Hemmati arrived in Baghdad Tuesday evening for negotiations regarding bilateral banking relations and the payment of Iraq's debts for the electricity and natural gas provided by Tehran.

Hemmati told Tasnim news agency on Wednesday that a mechanism for the payments has been finalized thanks to an agreement he signed with his Iraqi counterpart Ali al-Alaq. The agreement, Hemmati said, also covers payments for Iraq's other imports from Iran.

He said that based on the arrangements made, payments for natural gas, electricity and other commodities sold to Iraq by Iran will be made based on "payment orders" issued by the Central Bank of Iran. Iran’s Tasnim news agency quoted Hemmati as saying that the central bank will create accounts in Euros and Iraqi dinars to facilitate payment for exported natural gas and electricity.

In addition, Iranian companies can work through Iraqi banks and Iranian banks can open dinar accounts in Iraq. He was quoted as emphasizing that these measures will expand banking cooperation between Iran and Iraq.

But no further explanation was provided as to the exact mechanism, if any, of actual fund transfers and a timetable for Iraqi late payments.

U.S. sanctions prohibit importers of Iranian products to repatriate cash money. Iran can sell its oil or natural gas but the money stays in the importing country and Iran can only use the funds to buy food and medicine as allowed under the sanctions’ regime.

What will Iran do with Iraqi dinars even if accounts are opened at Iraqi banks and payments made? This remains unclear. Iraq is not known as having surplus food or being a major medicine producer.

The Iranian Central Bank governor also said that "The U.S. has waged an economic war against Iran in order to disrupt Iran's economic and political situation," adding that sanctions have created problems for Iranian exporters.

On Tuesday, Iran's oil minister Bijan Zanganeh said Iraq imports monthly $200 million worth of natural gas from Iran but Baghdad has not been paying its debts after the United States re-imposed its sanctions on Iran last autumn.

Zanganeh added that Iraq owes Iran some two billion dollars but Iraqi officials say Baghdad is unable to pay its debts because of sanctions.

Speaking on Iran-Iraq cooperation in developing their shared oil fields, Zanganeh said: "We suggested to Iraqis that we could develop the Khorramshahr and Naftshahr oil fields together but they rejected the offer."

He said, "Iraq is not sanctioned and has no limitation for working with international companies," however, he doubted whether Iraq would sign an agreement with Iran as this might subject Baghdad to secondary sanctions.

He also said that Iraq has unilaterally terminated its oil swap arrangement with Iran based on which Iraq delivered oil from Erbil to Iran across the border and Iran sold some oil in the Persian Gulf on behalf of Iraq.

Iraq's total commercial transactions with various countries are around $190 billion per year, out of which 14 billion dollars is trade with Iran, which includes buying electricity and gas from Tehran.

The United States has given a waiver to Baghdad until the end of March, which makes it exempt from the ban on trading with Iran, so that Iraq could purchase its electricity and gas requirements from Iran. However, international energy market experts say Iraq needs a year before stopping its gas purchase from Iran and finding alternative suppliers. The question is that having waiver, why Iraq is not paying Iran.

Iraq buys 10 billion cubic meters of natural gas from Iran annually and more than 5 terawatts of electricity (5billion megawatts) for a total of nearly $3 billion a year. Since last March, Iraq has also imported $7.5 billion of Iranian rpoducts.

On January 1, the Iranian Parliament's National Security and Foreign Policy Committee Chief, Heshmatollah Falahatpisheh criticized Iran's "negative economic performance in Iraq and warned that Iran as a player will be replaced by Turkey and Saudi Arabia in Iraq's market.

Referring to the outcomes of a recent committee meeting entitled "Iran's economic strategy in Iraq and Syria," Falahatpisheh said that if Iran loses its economic links in those two countries, whatever Tehran has gained in the political and military arena there will be lost.

https://en.radiofarda.com/a/iran-claims-iraq-will-pay-its-debts-but-us-sanctions-make-it-hard/29756530.html

  • Thanks 1
  • Upvote 3

Share this post


Link to post
Share on other sites

Iraqi President Stresses Further Expansion of Economic, Banking Ties with Iran

 

Iraqi President Stresses Further Expansion of Economic, Banking Ties with Iran

 
 
TEHRAN (FNA)- Iraqi President Barham Salih in a meeting with Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati underlined his country's willingness to further strengthen economic and banking relations with Tehran.

During the meeting in Baghdad on Wednesday, Salih called for removing obstacles on the way of economic cooperation between Iran and Iraq private sectors.

He expressed pleasure over the agreements between the central banks of
Iran and Iraq.

During the meeting both sides conferred on the latest conditions of economic and monetary exchanges between the two countries, as well as reinforcing relations in all fields through effective cooperation, namely supporting economic development and creating job opportunities. 

The central banks of Iran and Iraq finalized an agreement to establish a bilateral payment mechanism to ease trade and the flow of money between the two neighboring countries.

Hemmati and Governor of the Central Bank of Iraq Ali Mohsen Al-Allaq met on Tuesday in Baghdad where they signed an agreement on a payment mechanism which is to facilitate the settlement of Baghdad’s debts to Tehran.

The deal mainly focuses on a payment channel that is to facilitate the settlement of the Arab country’s debts to Tehran over gas and electricity imports, inter alia.

The two sides inked the agreement following negotiations between members of their delegations in Baghdad’s Al Rasheed Hotel.

 

Edited by 6ly410
  • Thanks 1
  • Upvote 2

Share this post


Link to post
Share on other sites

Min.: New mechanism to expedite Iraq debt repayment to Iran

 

http://www.irna.ir/en/News/83201768

 

 

Baghdad, Feb 7, IRNA – Iraqi Finance Minister Fuad Hussein says the newly devised mechanism of payment will expedite Iraq electricity and gas debt repayment to Iran.

 

n83201768-72832083.jpg

 

Hussein made the remarks in a meeting with Governor General of Iran's Central Bank (CBI) Abdulnasser Hemati in Baghdad on Wednesday.

He underlined expediting repayment of the debts to Iranian party.

Hemmati, for his part, said that Iran well understands Iraq central bank limitations due to the sanctions conditions. 'We are flexible enough to cooperate within the same framework; the Tuesday night agreement between the central banks of the two sides to start monetary exchanges is appropriate.'

He hoped that the two sides will take solid stances to promote bilateral relations.

 

  • Thanks 1
  • Upvote 2

Share this post


Link to post
Share on other sites

Iraq’s political leadership supports banking agreements with Iran: Pres. Salih

Iraqâs political leadership supports banking agreements with Iran: Pres. Salih

TEHRAN, Feb. 06 (MNA) – The Iraqi president expressed his support for continuation of banking negotiations with Iran to remove barriers to bilateral economic and trade cooperation, adding that Iraq’s political leadership supports the talks.

Iraqi President Barham Salih made the remarks in a meeting with visiting Governor of Iran’s Central Bank.

Abdolnasser Hemmati, Governor of the Central Bank of Iran (CBI) arrived in Iraqi capital of Baghdad yesterday to hold talks with Iraqi officials on future banking cooperation as well as discussing repayment of Iraq’s electricity and gas dues to Iran. Since yesterday, he has met with high-ranking Iraqi officials, including the prime minister and his Iraqi counterpart.

According to a report by the CBI, in the today’s meeting between Hemmati and Salih, the two sides declared their support for the central bank of Iran and Iraq's mechanisms to facilitate financial and monetary cooperation with the aim of expanding the economic and trade relations between the two countries.

The Iraqi president, furthermore, expressed his happiness with the agreement reached by the central banks of the two countries during the visit of Iranian banking delegation to the Republic of Iraq and called for further negotiations to overcome the obstacles to economic and trade cooperation between the public and private sectors of the two countries. He also vowed the support of Iraq’s political leadership for the bilateral negotiations.

 

https://en.mehrnews.com/news/142299/Iraq-s-political-leadership-supports-banking-agreements-with

 

 

Share this post


Link to post
Share on other sites

Iraq Allows Iranian Traders to Open Accounts in Its Banks

 

By16f20f42-8b6b-44b7-96de-91bc5f31e57d.jpg

https://ifpnews.com/wired/iraq-allows-iranian-traders-to-open-accounts-in-banks/

Iranian traders can open accounts with Iraqi banks to carry out their transactions under a new payment system between the two countries, Iran’s central bank governor Abdolnaser Hemmati said Wednesday.

 

 

February 6, 2019 - 16:40

 
 

“According to an agreement reached with the Central Bank of Iraq, Iranian exporters can operate through Iraqi banks, and in this regard, Iranian banks can have dinar-denominated accounts in Iraqi banks,” he said.

On Tuesday, Iran and Iraq agreed on a payment mechanism that will enable the two neighbors to do business in the face of US sanctions on Tehran.

The mechanism was discussed in a meeting between Hemmati and his Iraqi counterpart  Ali Mohsen Ismail al-Alaq in Baghdad and the details were signed off on a document Tuesday night.

Hemmati met Iraqi bank directors, members of chambers of commerce and traders on Wednesday, saying the two sides had reached “good agreements.”

“According to the agreement, the Central Bank of Iran will have euro- and dinar-denominated accounts in Iraqi banks and gas and oil exchanges will be carried out via these accounts,” he said.

“Iraqi companies can also open accounts in Iranian banks and do trade in dinars,” said Hemmati who also announced that he agreed with a request for Iraqi banks to open branches in Iran.

“Therefore, with these agreements and the blessing of the Iraqi prime minister, banking relations between Iran and Iraq will be much stronger, and the expansion of trade relations between the two countries will take shape on this basis,” he added.

Hemmati arrived in the Iraqi capital on Tuesday to discuss banking relations and a payments backlog related to Iran’s gas and electricity exports to the Arab country, he wrote on his Instagram account.

Iraq is Iran’s biggest trade partner, but their relations are increasingly coming under pressure from the US which imposed unilateral sanctions on Tehran in May after abandoning an international nuclear agreement.

On Tuesday, Minister of Petroleum Bijan Zangeneh summed up the tricky situation.

“Every month, $200 million worth of Iranian gas is exported to Iraq which does not pay it, saying you are under sanctions. At the moment, we have $2 billion owed by Iraq for the gas and electricity sold to the country,” he said.

“We had an oil swap from Kirkuk. After the sanctions, the Iraqis stopped that too,” Zangeneh told a news conference in Tehran.

The swap deal was agreed at the end of 2017, under which Iraq was about to truck 60,000 barrels per day (bpd) of crude oil to Kermanshah in western Iran. Iraq’s southern Basra port would receive the same amount of crude from Iran either by tanker or pipeline.

The Iraqis made several batches of shipments but stopped them prior to Washington’s sanctioning of Iran’s oil sector on November 5.

Nevertheless, Iraq relies on Iran for electricity and consumer goods and trade ties are still strong.

Gas imports from Iran generate as much as 45 percent of Iraq’s 14,000 megawatts of electricity consumed daily. Iran transmits another 1,000 megawatts directly, making itself an indispensable energy source for its Arab neighbor.

Basra was hit by violent protests which spread to other cities last summer, partly because of a halt of Iranian electricity exports.

Iranian officials have said the country is pushing forth with a 2025 vision plan to raise its exports to Iraq to $20 billion a year despite US pressures on Baghdad to keep Tehran at arm’s length.

Foodstuff, livestock, construction material and plastic products constitute the bulk of Iran’s exports to Iraq. Iranian vehicles and food items are a ubiquitous sight in Iraq.

 
 

 

Edited by 6ly410

Share this post


Link to post
Share on other sites

With the help of Iraq..Iran announces the solution of one of its biggest financial problems

2/6/2019

With the help of Iraq .. Iran announces the solution of one of its biggest financial problems
 Twilight News    
 

“The Iranian banks can now open assets in Iraqi banks and deal with them in the currency of the dinar and the euro,” said the governor of the Central Bank of Iran, Nasser Hamati, who said that Iranian exporters can now carry out their business and conduct banking transactions through Iraqi banks. 
The governor of the Central Bank of Iran, “Nasser Hamati,” met today, the second day of his visit to Iraq, with heads of Iraqi banks and members of chambers of commerce and a number of Iraqi economic activists. 
“The United States, through two stages of severe sanctions against Iran, sought to bring chaos to the Iranian street by weakening the Iranian currency, but it did not succeed, as I managed to control the currency market and reduce inflation,” Hamati said.
Hamati pointed to the agreements concluded between the two sides, describing banking relations as the key to the development of economic relations between the two sides. He also pointed to the determination of officials in both Iran and Iraq to expand relations at various levels between the two countries and to support Iraqi Prime Minister Adel Abdul Mahdi, Ongoing negotiations between Iran and Iraq and the agreements reached in the framework of strengthening their bilateral relations. 
“Based on the agreements concluded, the central bank of Iran is due to have assets in euros and dinars, where oil and gas transactions will be carried out through these funds,” Hamati said.
The Iranian central bank governor said that Iraq is Iran’s biggest and most important partner. “According to the agreements, Iranian exporters can carry out their commercial activities through Iraqi banks, and Iranian banks can open balances in dinars in Iraqi banks. Which is shown by the Iraqi Prime Minister, is expected to become relations between the two parties stronger than before, which leads to the strengthening of trade and economic relations. ” 
He added that Iraqi companies also can open assets in Iranian banks and conduct banking transactions in dinars.
The head of Al-Rasheed Bank of Iraq suggested that a division of this bank be established in Iran, considering that this will play an important role in bilateral trade relations. The Governor of the Central Bank of Iran welcomed this proposal, describing the establishment of branches of Iraqi banks in Iran to facilitate transactions and expand agreements between The two sides.

 
  • Upvote 5

Share this post


Link to post
Share on other sites

Iraqi PM Urges Rapid Implementation of Banking Deal with Iran

TEHRAN (Tasnim) – Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said Iraqi Prime Minister Adil Abdul-Mahdi has voiced “his firm support” for the banking deal reached between the two countries on Tuesday night and called for its rapid implementation.

  • February, 06, 2019 - 17:15

Iraqi PM Urges Rapid Implementation of Banking Deal with Iran

 

 

After a long and four-hour meeting last night with the governor of the Central Bank of Iraq, I had a very good and constructive meeting with the Prime Minister of Iraq on Wednesday, February 6,” Hemmati said in a post on social media.

“I appreciated his determination to develop political and economic relations between the two countries,” he wrote.

“He declared his firm support for the two sides’ banking agreement and urged the governor of Iraq’s Central Bank to quickly pursue and implement the deal,” Hemmati stated.

In a meeting between Hemmati and his Iraqi counterpart, Ali Mohsen al-Allaq, in Baghdad on Tuesday night, the agreement to develop a payment mechanism aimed at facilitating banking ties was signed.

In addition to natural gas and electricity, Iraq imports a wide range of goods from Iran including food, agricultural products, home appliances, and air conditioners.

Speaking at a joint press conference with Iraqi President Barham Salih in Tehran in November, Iranian President Hassan Rouhani said the value of trade and economic interaction between Tehran and Baghdad stands at around $12 billion, adding that the two neighbors have the potential for a $20-billion trade target.

Rouhani hoped that cooperation between Tehran and Baghdad would contribute to regional security and stability.

https://www.tasnimnews.com/en/news/2019/02/06/1941631/iraqi-pm-urges-rapid-implementation-of-banking-deal-with-iran

  • Like 2

Share this post


Link to post
Share on other sites

Wow!! There is so much good news right now I just decided to work from home today and enjoy this beautiful Florida Sunshine and 80 degree weather. My phone has been beeping all day with new updates on these threads. The energy right now is so perfect. It's as if this is about to happen any day!

  • Like 2
  • Upvote 4

Share this post


Link to post
Share on other sites
1 hour ago, Synopsis said:

 

I couldn't agree with You more my friend, Laid Back, AND The Very Best Of Your Up Coming Weekend To You!!! :tiphat:

 

Go Moola Nova!

:pirateship:

Thanks for your input my friend Synopsis 👍🏼😊

With this news and the news of Kurds playing nice with The federal government and viceversa.... looks like we are really close to see the real market value of the IQD 

 

Go RV

Go $1:1

Go asap

  • Thanks 2
  • Upvote 11

Share this post


Link to post
Share on other sites

image.php?token=f42d4fffa83455637d5e1e1e93c99bee&size=

 

Iran is aggressively attacking the Iraqi government: they refuse to pay us $ 2 billion and invoke US sanctions

 
Is on 
a distinguished road


Agency of the orbit -

BAGHDAD (Reuters) - 
Iran's oil minister, Bijan Zangana, attacked the Iraqi government on Thursday, saying that Iraq did not want to pay two billion dollars to Iran for the price of imported gas, in compliance with US sanctions on Tehran. 
"We refuse to cooperate to invest small oilfields in the border city of Muhammarah, while they demand joint action in the big fields exclusively, which is opposed," Zangana told a news conference. Our interests ". 
He added that 'Iraq is not subject to any sanctions and is free to conclude agreements with major oil companies and others, and there are easy ways to help us, but Baghdad is reluctant to help.'
The Iranian minister said that 'the issuance of US sanctions made Baghdad strongly committed to the extent of the cancellation of small agreements, such as the Kirkuk deal, which we exchange 11 thousand barrels of oil per day', adding that 'for years we were exporting Iranian gas to Iraq worth 200 million dollars a month, But the Iraqis are not paying the price since the issuance of Washington sanctions on us, and the amount accumulated today and reached two billion dollars, which Baghdad refuses to pay in accordance with US sanctions. 
"The Iraqis have their own perception of interests like any other, and no country is ready to sacrifice for Iran today, including Iraq," Zangana said.

 

  • Like 1
  • Upvote 2

Share this post


Link to post
Share on other sites

Jahangiri reveals its content: We will send a message to those who seek to destroy the relationship

Jahangiri reveals its content: We will send a message to those who seek to destroy the relationship with Iraq


with Iraq
 Twilight News    
 15 hours ago

"The relations between the two peoples' governments are represented by the visit of more than 7 million visitors to both countries within a year, and the transfer of this number of visitors is not among any countries in the region. 
He met with Iraqi Electricity Minister Loay Khatib on Thursday and expressed his satisfaction with the political stability in Iraq, saying that the new Iraqi government was formed by the will of the people and that the Da'ash terrorist group is in the process of total collapse in Iraq. 
The First Vice President of the Republic to exchange visits to various delegations between Tehran and Baghdad, and the determination of the two countries to develop relations and remove obstacles to them. He added that Iran's government and people will stand by the Iraqi government and its people at the stage of ages.
Referring to the visit of President Hassan Rowhani to Iraq in the near future, he said: "This visit is aimed at those who seek to destroy the relationship between Tehran and Baghdad, a clear message to know that the relationship between Iran and Iraq is a strong relationship can not be touched. 
"Iran is ready to expand its cooperation in all areas of mutual interest with Iraq and is ready to support bilateral and multilateral partnerships," Jahangiri said, referring to Iran's enormous capabilities in various sectors such as electricity, water and gas. 
He pointed to the recent visit by the President of the Central Bank of Iran to Iraq. "There have been good agreements between the heads of the Central Bank of the two countries, and I hope that with the development of banking cooperation we will see further expansion of economic relations between Tehran and Baghdad."

Keywords: 

 
  • Upvote 2

Share this post


Link to post
Share on other sites

 

 
 

Iraq, New Iranian Central Bank / New currency map is on its way?

The possibility of opening a dinar account of Iranian banks in Iraq and opening branches of one of the largest Iraqi banks in Iran will mark a new chapter in the interactions between the two countries.

 


In the past days, Abdel Nasser Hemmati completed one of his most important business trips during the Central Bank's time, according to the Mehr News Agency. A journey where important meetings at this historic point of the Iranian economy took place, and of course, the agreements that took place on the fringe, may have provided one of the most unique opportunities to the Iranian banking system, which, if properly implemented and timely implemented, It can be an important and effective step in the field of the Iranian foreign exchange system .

Accelerating the Iraqi debt repayment system to Iran, the activity of Iranian exporters through Iraqi banks, and the possibility of opening an Iranian bank account with the dinar and the euro, including agreements made with the Iraqi authorities at separate meetings of the head of the Central Bank of the Islamic Republic of Iran. Many banking experts say the deal, along with the importance of time for Iran, will be positive in terms of currency remittances .

Of course, the success of the implementation of these agreements necessarily involves the political will of the two sides to timely and in accordance with the agreements reached, in particular, that Iraq has for months been the first Iranian trading partner and has the largest exports Non-oil Iran. In addition, at least in the last few months, Iraq has been able to influence the foreign exchange market with its foreign exchange markets Herat and Sulaimaniyah.

Iraq, the new role of the Iranian currency system

Majid Shakeri, an economic analyst in an interview with Mehr News Agency , referring to the visit of Iraqi Central Bank Director Abdul Nasser Hemmati to Iraq, said that the trip was both the most important and positive in terms of the content of the Hawala Of foreign currencies this year. In addition, Iraq is a very important country in Iran's foreign exchange map and is considered to be the most important export destination of Iran in recent months.

He added that the Sulaimaniyah market is a bazaar related to Istanbul, Herat and Dubai, and thus has a serious impact on the cash market of Tehran, while considering the demographic situation in Iraq, the access of currency to the Central European and South American countries It is found in this country .

Shakeri believes that among the countries that have successfully succeeded in converting their currency into dollars, Iraq has the best conditions for security cooperation with Iran and has the most consistent security interests with Iran, which is why Iraq has a very important point for Iran. Including the results of the visit of the Chief of the Central Bank to Iraq, subject to the implementation of the agreement, is an appropriate access to the facilities; in addition to all the cases, such as opening an account of Iraqi companies in Iran, opening an account for Iranian banks in this country. And the opening of dinar accounts is also very important .

Shakeri said that if the dinar was a currency such as the Indian Rupee and the Russian ruble, this trip could not be very effective, but the dinar is very strong due to Iraqi foreign exchange earnings, and because of the interplay between these incomes and the interests of American companies, in the long run, the problem No special occasions .

Why is foreign exchange agreements important with Iraq?

He stated that the status of Iraq is very important, saying that the news out of the agreements shows that all actions have been in line with the purpose and the real work; the time of the agreement is also important, because in the second half of the avalanche and March because the market is more or less dormant, it is a good condition for implementation of these policies. Moreover, if these agreements are well implemented, it will be possible before the payment system goes under the new year in May next year. , Use this system appropriately.

Shakeri said that Iraq has other positive points for us, and that those populations in the south and north of the country, said that their respective textures are on the Iranian border, allowing the offices to be completely disconnected, similar to those between Tehran And Dubai exists for the Iranian and Iraqi side; while the border between Iran and Iraq is in a way that corresponds to the availability of money transfer with banknote access and reduces the sanction of the settlement unit .

The expert in economic affairs, arguing that the gender segregation of US interests with a part of Iraqi society is such that Americans can not isolate a bank in Iraq for cooperation with Iran, stated: "It seems that the head of the central bank and The country's foreign currency team has been pre-contemplated in terms of prioritization of the previous program, but along with all of these, what makes the security attachment necessary to get a good financial result in order to make Iran a good financial result, Iran's security implications West Asia and helping Iraq during ISIL's invasion .

Iraq agreement; more effective replacement of INSTEX

He stated: "The sum of these conditions says that, in contrast to the concept that the Europeans put forward, and in line with that, Iran must deal with the security gains in West Asia and receive direct access to the euro against it, a new concept can be born." Which lies on the resistance axis, which has had security and military layers to this day .

Shakeri said that this concept is technically more powerful, more credible, and more in line with Iran's security conditions, so that the access that Iraq opens to us does not solve all the problems, but it does not solve a significant part of the problems with approximation. Well, it can be solved on condition that it is executed .

How effective is Iran-Iraq exchange agreement?

Sayed Kumal Seyyed Ali, a former deputy foreign currency deputy of the Central Bank, said in a conversation with Mehr correspondent about the change in Iran's foreign exchange map and recent agreements with Iraq, saying: "Certainly, because these agreements have been signed by the head of the Central Bank, the current situation The country's currency is included in terms of sanctions.

Accordingly, what is happening is that when the two sides work with local money, they set off their sanctions, but they must also consider the dinar's use of the country; in other words, if a Iraqi exports goods to Iran, and we want to give it the money from the purchase of goods, we can pay the dinar at the disposal of the receivables, or if we export and they want local currency to us Give it, it's possible.

Seyed Ali said that Iraqi exports to Iran and Iran should be compared to Iraq so that the two sides can settle this money, but the important thing in these agreements is that if the dinar we obtain at the right rate becomes International currencies will be of benefit to bothers and can be important for exporters because they reduce costs.

He said: if Iranian banks and individuals have a euro account in order to receive the dinars they receive for selling their goods, they will be able to convert to the bank, which they account for, into dollars, dollars and euros, the benefits will be much higher; The agreement concluded by the head of the central bank also states that Iranian exporters can use this mechanism.

Seyed Ali noted that the actions taken by the Central Bank in Iraq, if executed and the possibility of converting the dinar into global currencies, is a good and big job and should provide a land that would convert the dinars resulting from exports to the country. Other currencies and, through that, provided part of the country's currency needs. 

He said: "Monetary treaties will be activated when both parties can use common currencies to maximize their profits. 

  • Upvote 1

Share this post


Link to post
Share on other sites
06-02-2019 09:01 AM

image.php?token=d485319fb64df1e61e43e8e8c7b9a775&size=

 

 

Baghdad

The Central Bank of Iraq and its Iranian counterpart signed an agreement on the mechanism of financial payment between the two countries .

"An agreement has been signed with the Central Bank of Iraq on the mechanism of financial payment related to the export of electricity, gas and other Iranian goods to Iraq," the head of the Central Bank of Iran, Nasser Hamati, told IRNA .

Hamati added that "we are currently witnessing a significant volume of exports both in the public sector and the private sector, but there are some obstacles in the banking and financial, which expose exporters to problems in this area ."

"During this two-day visit, I will hold talks with the Governor of the Central Bank and the Iraqi Finance Minister on the issues and obstacles in order to reach the desired result in this area, Hamati said .

Iraq imports electricity from Iran through four lines and a capacity of 1,000 megawatts, while importing dry gas to operate some power plants. Iran is also one of the countries on which Iraq relies heavily on imports of goods and goods.

  • Upvote 3

Share this post


Link to post
Share on other sites
n83200983-72830811.jpgThe Iranian Central Bank explains its agreement with Iraq to pay the debts
 
 

The governor of the Central Bank of Iran, Abdul Nasser Hamati, said that the obstacles will be removed from the way to pay Iraq's debts to Iran related to gas and electricity exports, according to the agreement signed between the two countries recently. 
Hamati said in a press statement on Wednesday on the latest conditions of cooperation between the two countries under the US embargo and the issue of Iraq's debt to Iran, Hamati said that during this visit, as well as a mechanism for financial payment between the two countries, the agreement to remove the problems related to the transfer and return of returns Iranian exporters to Iraq Of hard currency. " 
Referring to the US embargo, he said, "We understand the problems and conditions of the Iraqi banks and the banks of other countries in the world, and we are doing our best to continue our economic and banking activities without harming the other side."
"Accordingly, we have signed agreements and we are confident that these mechanisms will become more gradual and overcome the problems," he said. 
"With regard to Iraq's debts to Iran's gas and electricity exports to Iran, we have signed an important agreement with the Central Bank of Iraq (CBK) after 4 hours of talks to deal with the obstacles of money transfer and debt repayment," Hamati said. 
"There is a serious will on the part of the Iraqi side to deal with the problems," he said. "Based on the consensus, the monetary and banking relations between us and Iraq will be within the framework of the euro and the dinar. The Central Bank of Iran will have an account in Iraq on the basis of the dinar and the euro. Iraq ".

  • Thanks 1
  • Upvote 2

Share this post


Link to post
Share on other sites

Iranian traders can open accounts in Iraqi banks to facilitate trade transactions: official

Source: Xinhua| 2019-02-07 01:17:47|Editor: Mu Xuequan
 
 
 

TEHRAN, Feb. 6 (Xinhua) -- Iranian traders can open accounts in Iraqi banks to carry out their transactions under a new payment system recently agreed between the two neighbors, the governor of Iran's central bank, Abdolnaser Hemmati, announced on Wednesday.

"According to an agreement reached with the Central Bank of Iraq, Iranian exporters can operate through Iraqi banks," Hemmati was quoted as saying by Press TV.

In this regard, Iranian banks can also have dinar-denominated accounts in the Iraqi banks, he said.

"Based on the agreement, the Central Bank of Iran will have euro- and dinar-denominated accounts in Iraqi banks, and gas and oil exchanges will be carried out via these accounts," he said.

On Tuesday, Hemmati and his Iraqi counterpart, Ali Mohsen Ismail al-Alaq, discussed a trade transaction mechanism in Baghdad that will enable the two neighbors to do business in the face of U.S. sanctions against Tehran.

On Wednesday, Hemmati met Iraqi bank directors, as well as members of the Iraqi chambers of commerce and traders, and announced that "good agreements" reached between Iraq and Iran over payment mechanism.

"Iraqi companies can also open accounts in the Iranian banks, and the Iraqi banks can open branches in Iran," he added.

"Therefore, with these agreements ... banking relations between Iran and Iraq will be much stronger, and the expansion of trade relations between the two countries will take shape on this basis," he added.

Hemmati arrived in the Iraqi capital Baghdad on Tuesday to discuss banking relations and payments backlog related to Iran's gas and electricity exports to the Arab country.

Iraq is Iran's biggest trade partner, but their relations are increasingly coming under pressure from Washington which imposed unilateral sanctions on Tehran last May after abandoning Iran's international nuclear agreement.

On Tuesday, Iranian Minister of Petroleum Bijan Namdar Zanganeh complained about Iraq's overdue payments over Iran's sales of natural gas to the Arab country.

The United States has reimposed sanctions on Iran, including its oil exports and banking sectors.

However, Washington agreed to let eight countries, including Iraq, keep temporarily buying Iranian oil.

  • Upvote 2

Share this post


Link to post
Share on other sites

Iraqi PM Urges Rapid Implementation of Banking Deal with Iran

TEHRAN (Tasnim) – Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said Iraqi Prime Minister Adil Abdul-Mahdi has voiced “his firm support” for the banking deal reached between the two countries on Tuesday night and called for its rapid implementation.

  • February, 06, 2019 - 17:15 
  •  
 
Iraqi PM Urges Rapid Implementation of Banking Deal with Iran

“After a long and four-hour meeting last night with the governor of the Central Bank of Iraq, I had a very good and constructive meeting with the Prime Minister of Iraq on Wednesday, February 6,” Hemmati said in a post on social media.

“I appreciated his determination to develop political and economic relations between the two countries,” he wrote.

“He declared his firm support for the two sides’ banking agreement and urged the governor of Iraq’s Central Bank to quickly pursue and implement the deal,” Hemmati stated.

In a meeting between Hemmati and his Iraqi counterpart, Ali Mohsen al-Allaq, in Baghdad on Tuesday night, the agreement to develop a payment mechanism aimed at facilitating banking ties was signed.

In addition to natural gas and electricity, Iraq imports a wide range of goods from Iran including food, agricultural products, home appliances, and air conditioners.

Speaking at a joint press conference with Iraqi President Barham Salih in Tehran in November, Iranian President Hassan Rouhani said the value of trade and economic interaction between Tehran and Baghdad stands at around $12 billion, adding that the two neighbors have the potential for a $20-billion trade target.

Rouhani hoped that cooperation between Tehran and Baghdad would contribute to regional security and stability.

  • Thanks 1
  • Upvote 2

Share this post


Link to post
Share on other sites

"Seyed Ali said that Iraqi exports to Iran and Iran should be compared to Iraq so that the two sides can settle this money, but the important thing in these agreements is that if the dinar we obtain at the right rate becomes International currencies will be of benefit to bothers and can be important for exporters because they reduce costs."

 

Where there's smoke there's fire

 

Go Dinar

Go international 

Go $1:1

  • Like 4
  • Thanks 3
  • Upvote 3

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.



×

Important Information

By using this site, you agree to our Terms of Use.