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The exchange of banking between Iraq and Iran is based on the dinar


yota691
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Saturday 6 April
 
 
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Alsumaria News / Baghdad 
The news agency "Fars" Iran, on Saturday, the upcoming visit to the Governor of the Central Bank of Iran Abdul Nasser Hamati to Iraq. 

During talks between Iranian President Hassan Rowhani and Iraqi Prime Minister Adel Abdul Mahdi in Tehran on Saturday, the two sides agreed that the governor of the Central Bank of Iran would visit Baghdad at the earliest opportunity, the agency said. 

The agency added that the visit comes to complete and implement the financial and banking agreements between the Iraqi and Iranian sides, indicating that Hamati is scheduled to meet during his visit with his Iraqi counterpart and other officials.


It is worth mentioning that the Governor of the Central Bank of Iran Abdul Nasser Hamati visited Iraq on the fifth of last February.

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  • yota691 changed the title to Soon .. Governor of the Central Bank of Iran in Baghdad to implement the financial and banking consensus between the two countries

Soon .. Governor of the Central Bank of Iran in Baghdad to implement the financial and banking consensus between the two countries

Political | 03:29 - 06/04/2019

 
image
 
 

 

BAGHDAD - 
The governor of the Central Bank of Iran, Abdul Nasser Hamati, is due to visit Iraq soon to complete and implement financial and banking agreements between the two countries. 
During talks between Iranian President Hassan Rowhani and Iranian Prime Minister Adel Abdul-Mahdi in Tehran on Saturday, the two sides agreed that the governor of the Central Bank of Iran would visit Baghdad at the earliest possible opportunity to complete and implement financial and banking agreements Between the two sides. " 
According to Fars news, "I am scheduled to meet during his visit with his Iraqi counterpart and other officials." 
Iran's oil and gas exports to Iraq are now more than $ 4 billion, out of a total of 12 billion dollars in Iranian exports to Iraq.
The governor of the Central Bank of Iran had recently visited Iraq to solve the problem of returns of Iranian exporters of foreign currency, where he agreed with his Iraqi counterpart to determine the mechanism of financial payment between the two countries as well as the agreement to resolve the problems related to the transfer and return of returns exporters to Iraq of hard currency.

Prime Minister Adel Abdul Mahdi arrived in Tehran on Saturday for a two-day official visit

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1 minute ago, Calijim said:

How’s this going to work with US sanctions in place?

 

:twothumbs: Great Point, CaliJim, AND The Very Best Of Your Weekend To You!!! :tiphat:

 

If I recall correctly form the articles, Monday, April 8, 2019 is the date for the announcment of Insanian Spanctions on the Insanian Republican Guard Corp (IRGC). Seemingly a bold mold move WITH potentially backlash from the IRGC operating in Iraq AND elsewhere. If nothing else, WILL move things to the necessary end result. I suspect the ADDITIONAL Insanian Spanctions on the IRGC will reach deep into Iraq to possibly include influencing the continuance of the corrupt weekday Bicraqi Iraqi CBI daily currency auctions funding the Insanian Terrorist Machine activities through the IRGC in Iraq AND elsewhere. Fortunately, The United States Of America Treasury HAS BEEN at the Bicraqi Iraqi CBI since January 2015 WITH NO subsequent news of The United States Of America Treasury having left or reduced the staff monitors.

 

The weekday corrupt Bicraqi Iraqi daily currency auctions REALLY need to cease to termninate the Insanian Cash Cow being a MAJOR source of income for the Insanians. I though THAT action would have taken place BY early November 2018 THEN nominally Christmas 2018 THEN nominally March 23, 2019. So, I suspect some legal wrangling with INTERNATIONAL LAW possibly originally confounded by Flimsy (notation of character, stature, AND potency NOT name calling) Carter WHEN Flimsy Carter was The United States Of America President originally REALLY screwing things up with the Insanians to the bane of the ENTIRE WORLD. Pretty Sure the ENTIRE nonsence is ABOUT TO CEASE. Maybe BABY Ole Flimsy Carter will "reappear" in the news in some unrelated form.

 

If I recall correctly, Dr. Shabibi attempted to ReInstate the Bicraqi Iraqi Dinar in 2012 or 2013 (possibly multiple times) at a time when NOT perceived favorable. So, I am hopeful for Good News to come at a MOST unexpected "SUDDENLY"!!! For example, the 2019 Bicraqi Iraqi Budget has been opened at the program rate. Possibly, to throw EVERYONE OFF for what is ABOUT to "SUDDENLY"!!! MY (NOTE: MY) opinion, the Bicraqi Iraqi Dinar ReInstatement WILL HAVE to occur at a MOST UNEXPECTED TIME to prevent pico second speculation AND corruption corrupting the Bicraqi Iraqi Dinar ReInstatment.

 

So, to Your point, I CAN NOT imagine the Bicraqi Iraqi paying the Insanians in a "program" "rate" "non" "INTERNATIONAL" Bicraqi Iraqi Dinar since future ReInstatement will rocket the potential for Insanian Terrorist Machine funding like NOTHING seen before. The events seem to be stacking up in OUR FAVOR. To be honest, from MY (NOTE: MY) perspective, I DO NOT know how much longer the Bicraqi Iraqi Dinar can be held back for THIS AND OTHER reasons pertaining to Iraq AND INTERNATIONAL relations gaining a HUGE MOMENTUM.

 

Go Moola Nova!

:pirateship:

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https://en.mehrnews.com/news/143811/Iran-central-bank-chief-to-visit-Iraq-in-near-future

 

Iran central bank chief to visit Iraq in near future

TEHRAN, Apr. 06 (MNA) – The governor of the Central Bank of Iran (CBI) will visit Iraq in the near future to complete and pave the way for the implementation of bilateral financial and banking agreements.

According to Central Bank of Iran (CBI) Public Relations Department, during the talks between Iranian President and visiting Iraqi prime minister in Tehran today, the two sides agreed that in order to complete and pave the way for the implementation of bilateral financial and banking agreements signed between the two countries earlier this year, Governor of Iran’s Central Bank Abdolnasser Hemmati will pay a visit to Iraq in the near future.

During the visit, Hemmati will hold meetings with the Iraqi central bank chief and some other Iraqi banking and financial officials.

This will be the third visit by him to Iraq since the start of 2019. During a visit of an Iranian banking delegation headed by Hemmati to the neighboring country back in February the central banks of Iran and Iraq signed an agreement to remove barriers to bilateral financial and banking relations in the face of US anti-Iran sanctions. The deal focuses on a new mechanism to facilitate the repayment of Iraq’s electricity and gas dues to Iran and open a channel for the businesses of the two countries to conduct their mutual transactions.

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CBI governor due in Iraq

http://www.iran-daily.com/News/241031.html?catid=3&title=CBI-governor-due-in-Iraq

 

CBI governor due in Iraq

Governor of the Central Bank of Iran (CBI) Abdolnaser Hemmati will visit Iraq in the near future to finalize and implement bilateral financial and banking agreements.

He is scheduled to hold talks with his Iraqi counterpart and other Iraqi banking officials, reported IRNA on Saturday.

Hemmati visited Iraq last Iranian year (ended March 20) to talk on using local currencies in bilateral transactions.

Earlier, Iraqi Finance Minister Fuad Hussein said the newly-devised mechanism of payment will expedite Iraq electricity and gas debt repayment to Iran.

Meanwhile, Hemmati said that Iran well understands Iraq Central Bank's limitations due to the sanctions conditions.

In March, the United States granted Iraq a 90-day waiver exempting it from sanctions to buy energy from Iran, the latest extension allowing Baghdad to keep purchasing electricity from its neighbor.

The two countries plan to expand annual trade volume to $20 billion from the current $12 billion.

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

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

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50 minutes ago, Synopsis said:

So, I am hopeful for Good News to come at a MOST unexpected "SUDDENLY"!!! For example, the 2019 Bicraqi Iraqi Budget has been opened at the program rate. Possibly, to throw EVERYONE OFF for what is ABOUT to "SUDDENLY"!!! MY (NOTE: MY) opinion, the Bicraqi Iraqi Dinar ReInstatement WILL HAVE to occur at a MOST UNEXPECTED TIME to prevent pico second speculation AND corruption corrupting the Bicraqi Iraqi Dinar ReInstatment.

 

So, to Your point, I CAN NOT imagine the Bicraqi Iraqi paying the Insanians in a "program" "rate" "non" "INTERNATIONAL" Bicraqi Iraqi Dinar since future ReInstatement will rocket the potential for Insanian Terrorist Machine funding like NOTHING seen before. The events seem to be stacking up in OUR FAVOR. To be honest, from MY (NOTE: MY) perspective, I DO NOT know how much longer the Bicraqi Iraqi Dinar can be held back for THIS AND OTHER reasons pertaining to Iraq AND INTERNATIONAL relations gaining a HUGE MOMENTUM.

 

 

Synopsis, this seems to throw a "monkey wrench" into your scenario.  It makes it sound like no RV for another year.  Does this change your mind at all about "SUDDENLY"?  (I hope not.)

 

"The statement concluded that the agenda of Session No. 11, scheduled for Wednesday, April 17, 2019, will include the vote on the draft Financial Management Law, ....."

 

"Financial Management Law

 

This Law shall be published in the Official Gazette and shall enter into force from the financial year following its promulgation."

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My question is will the International Community, the World Bank and the IMF allow this to continue, why haven't the auctions, stop forced them to use their own currency and called in all of the loans that other countries have given them evidently Msdhi cares nothing about his people or his country he is worse than Malaki...and he is bold about it..Sadr is a total dumbass for picking him...no we are going in reverse all over again....F%# Iraq bring our Military home and let them stay in the stone ages...they played all of us for a fool...I am done this is too unhealthy...!!

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24 minutes ago, GreedyDinar07 said:

My question is will the International Community, the World Bank and the IMF allow this to continue, why haven't the auctions, stop forced them to use their own currency and called in all of the loans that other countries have given them evidently Msdhi cares nothing about his people or his country he is worse than Malaki...and he is bold about it..Sadr is a total dumbass for picking him...no we are going in reverse all over again....F%# Iraq bring our Military home and let them stay in the stone ages...they played all of us for a fool...I am done this is too unhealthy...!!

Unlike the weather in  Charleston, SC...wait  ten minutes and it will change, the RV situation is wait 14 years & the sh@$ hasn’t changed.  They are FUBAR

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1 hour ago, Floridian said:

 

Synopsis, this seems to throw a "monkey wrench" into your scenario.  It makes it sound like no RV for another year.  Does this change your mind at all about "SUDDENLY"?  (I hope not.)

 

"The statement concluded that the agenda of Session No. 11, scheduled for Wednesday, April 17, 2019, will include the vote on the draft Financial Management Law, ....."

 

"Financial Management Law

 

This Law shall be published in the Official Gazette and shall enter into force from the financial year following its promulgation."

 

Nah, Floridian, AND The Very Best Of Your Weekend To You!!! :tiphat:

 

IF (NOTE: IF) the Bicraqi Iraqi Dinar ReInstatement was attempted earlier in 2012 or 2013, WHY, pray tell, were THESE things NOT in place THEN???!!!

 

OR, COULD there BE external Bicraqi Iraqi controls in place to mitigate the "gap" between Bicraqi Iraqi functional installments AND requirments from WHOMEVER like the UN, Whirled Bank, etc???!!!

 

I suspect there are HAVE TO HAVES and NICE TO HAVES. Iya dunno how to differentiate.

 

When I entered THIS Bicraqi Iraqi Dinar Investment, I knew THIS would NOT be a "linear" event where EVERYTHING follows a predictable path/pattern but would LIKELY be a confluence of multidimensional entities AND interests in a seeming more haphazard occurence to include "SUDDENLY".

 

Did You notice the Insanians AND Bicraqi Iraqi want to HURRY UP AND GET THEIR RAIL ROAD SYSTEMS CONNECTED???!!!

 

Also, did You notice the Asian Infrastructure vote on the Bicraqi Iraqi Parliamentarian Agenda EARLY the coming sessions???!!!

 

Asian Infrastructure = China = Belt AND Road Initiative = Reviving Old Silk Road.

 

NOW, pray tell, would the Bicraqi Iraqi NEED an INTERNATIONAL Bicraqi Iraqi Dinar for THAT, too???!!!

 

NOT the Insanians, though, THEY WILL HAVE THE SPANCTIONS FIRMLY APPLIED!!!

 

So, OK, MY (NOTE: MY) connect-the-dots may NOT be a real pretty picture but more like an etch-a-sketch scribble so CAVEAT EMPTOR, READER :lmao:   :lmao:   :lmao:

 

Go Moola Nova!

:pirateship:

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14 minutes ago, Synopsis said:

 

Nah, Floridian, AND The Very Best Of Your Weekend To You!!! :tiphat:

 

IF (NOTE: IF) the Bicraqi Iraqi Dinar ReInstatement was attempted earlier in 2012 or 2013, WHY, pray tell, were THESE things NOT in place THEN???!!!

 

OR, COULD there BE external Bicraqi Iraqi controls in place to mitigate the "gap" between Bicraqi Iraqi functional installments AND requirments from WHOMEVER like the UN, Whirled Bank, etc???!!!

 

 

Okay, I'll keep my hopes up.

Thanks, Synopsis.  😊

 

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Tehran, Baghdad to Further Increase Banking Ties

image.png.aebbd286e614753b24849266a63d0996.png

http://en.farsnews.com/newstext.aspx?nn=13980118000768

 

TEHRAN (FNA)- Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati, on the sidelines of his Sunday meeting with Iraqi Finance Minister Fuad Mohammed Hussein, said that banking relations between Tehran and Baghdad will be eased to lubricate transactions between the two countries’ businessmen.

 

Hemmati said today that regarding the ever increasing trade transactions between the two sides and Iran’s exports of gas and oil to Iraq besides Iranian private sector’s exports to the country, the exports volume from Iran to Iraq has increased recently up to $12 billion per year.

 

He made the remarks on the sidelines of his meeting with the Iraqi Finance Minister in Tehran.

 

There are some banking difficulties about which negotiations were made with the Iraqi minister today and as accorded, to ease Iranian tradesmen’s activities in Iraq the impediments will be removed soon, CBI governor said.

 

“Our transactions with Iraq are done using our national currencies,” he said, “The major part of our earned financial resources are in dinar.”

 

“Iraq has paid one billion of its arrears to CBI,” he added.

 

In a related front, early in February, 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 February 05 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 focused on a payment channel aimed at facilitating the settlement of the Arab country’s debts to Tehran over gas and electricity imports, inter alia.

 

 

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Minister of Finance calls for development of Iran-Iraq cooperation

Tehran, April 7, IRNA - Iranian Economy Minister during a joint meeting with Iraqi Deputy Prime Minister and Minister of Finance, as well as the Minister of Planning underlined on further development of economic cooperation based on specific and operational plans.

http://www.irna.ir/en/News/83268338

n83268338-72945812.jpg

'The Islamic Republic's will to develop economic cooperation is serious and unrestricted, and we expect to have a diverse, broad, long-term cooperation as consolidated political relationship in this area,' Farhad Dejpsand said.

He pointed to the meetings between the two countries' leaders, and said, 'It is now time to reach agreement on the operational and transparent plans, with such a strong will to develop bilateral relations.'

According to Dejpsand, Tehran and Baghdad can cooperate in the field of civil engineering, in particular construction of roads, tourism, technical and engineering services, construction of dam, power plant, hospital and chain stores.

Pointing out that Iran and Iraq can operate in the services and trade sectors and insurance services by having deep and extensive cooperation between customs and central insurers, the high-ranking official stated that according to the volume of foreign trade between Iran and Iraq, this country has the second rank among the Islamic Republic's partners, and in order to develop economic and all-out relations, Tehran is ready for any kind of cooperation based on maintaining common interests.

The Minister of Economic Affairs and Finance added that Iran-Iraq trade is about eight billion euros, which is expected to double with the planned measures.

Iraqi Deputy Prime Minister and Minister of Finance Fouad Mohammad Hussein, for his part, voiced his satisfaction with the discussions, and underlined that the delegation accompanying the Iraqi prime minister in a visit to Iran with the participation of nine ministers and a number of businessmen managed to resolve trade problems between the two countries.

'This trip was to solve the trade problems and lift the economic barriers, including monetary, banking, customs and insurance,' he added.

While recalling the eight billion euros volume of trade between Iran and Iraq, Fouad Mohammad Hussein expressed the hope to increase this volume in the coming and future years as Iran is considered by Iraq as a friendly and neighboring country.

According to IRNA, Iraqi Prime Minister Adil Abdul Mahdi, at the head of a high-ranking delegation, traveled to Tehran on a two-day trip on Saturday, during which he met and conferred with Supreme Leader Ayatollah Khamenei, President Hassan Rouhani, as well as Minister of Foreign Affairs Mohammad Javad Zarif.

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Iran eyes $20bn trade with Iraq in next 2 years

Tehran, April 7, IRNA- Iran says it plans to reach 20 billion dollars in volume of annual trade with Iraq in the next two years.

http://www.irna.ir/en/News/83268356

n83268356-72945839.jpg

“Our strategy to develop economic and political cooperation with Iraq is to hit the target of $20 billion trade in 2021 (1400, according to the Persian calendar),” said Iranian First Vice President Eshaq Jahangiri addressing the joint Iran-Iraq business forum that was held at Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) in Tehran on Sunday afternoon.

“Materializing this target has an important role in quantitative and qualitative development of ties and elevating economic indices between the two countries,” he added.

Current annual trade volume between Iran and Iraq stands at 12 billion dollars, according to Jahangiri.

A large number of Iranian and Iraqi businessmen and women took part in the joint business forum that tries to ease bilateral trade and facilitate further economic relations.

He stressed that Tehran will stand by Baghdad in the reconstruction period, saying his country has always supported Iraq's sovereignty, independence, territorial integrity, political security and stability.

“Iraq has entered a period of reconstructing itself in a bid to successfully go through the challenges, obstacles as well as pursue a political process based on democracy and political stability,' Jahangiri mentioned.

The Iranian official noted that his country is ready to engage in mutual and multilateral cooperation in a bid to accelerate Iraq’s reconstruction and economic development.

He said Iranian firms are prepared to set up joint companies with Iraqi economic operators as well as third parties to take up big projects in the Arab country.

The first vice president criticized “illegal and brutal” US sanctions that go against development of bilateral relations between Iran and Iraq.

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Iran-Iraq Joint Committee on Commerce formed: Minister

Tehran, April 7, IRNA - Iran's Minister of Industry, Mining and Trade announced the formation of a Joint Iran-Iraq Commerce Committee, and said that an Iranian delegation in the near future will travel to Iraq.

http://www.irna.ir/en/News/83268412

n83268412-72945917.jpg

Addressing Iran-Iraq business-economic conference held at the Iranian Chamber of Commerce, Reza Rahmani said memoranda of understanding (MoUs) were signed during a recent visit by Iranian President Hassan Rouhani to Iraq in the areas of Shalamcheh railway, business visa facilitation, health and oil.

The senior Iranian official stating that some of these memoranda of understanding were being implemented and the preparations for the implementation of other sectors were also provided, emphasized, “During the visit of the Iraqi prime minister, in the field of modernizing the country's industries, improvement of infrastructure and establishing industrial townships, memoranda of understanding were signed.'

According to the Minister of Industry, Mine and Trade, facilitating the issuance of visas for Iranian businessmen is another agreement between the two sides on the basis of which a one-year visa will be issued to Iranian traders this year.

Earlier, Iranian Economy Minister during a joint meeting with Iraqi Deputy Prime Minister and Minister of Finance, as well as the Minister of Planning underlined on further development of economic cooperation based on specific and operational plans.

'The Islamic Republic's will to develop economic cooperation is serious and unrestricted, and we expect to have a diverse, broad, long-term cooperation as consolidated political relationship in this area,' Farhad Dejpasand said.

He pointed to the meetings between the two countries' leaders, and said, 'It is now time to reach agreement on the operational and transparent plans, with such a strong will to develop bilateral relations.'

According to Dejpasand, Tehran and Baghdad can cooperate in the field of civil engineering, in particular construction of roads, tourism, technical and engineering services, construction of dam, power plant, hospital and chain stores.

Pointing out that Iran and Iraq can operate on the services and trade sectors and insurance services by having deep and extensive cooperation between customs and central insurers, the high-ranking official stated that according to the volume of foreign trade between Iran and Iraq, this country has the second rank among the Islamic Republic's partners, and in order to develop economic and all-out relations, Tehran is ready for any kind of cooperation based on maintaining common interests.

The Minister of Economic Affairs and Finance added that Iran-Iraq trade is about eight billion euros, which is expected to double with the planned measures.

Iraqi Deputy Prime Minister and Minister of Finance Fouad Mohammad Hussein, for his part, voiced his satisfaction with the discussions, and underlined that the delegation accompanying the Iraqi prime minister in a visit to Iran with the participation of nine ministers and a number of businessmen managed to resolve trade problems between the two countries.

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The exchange of banking between Iraq and Iran is based on the dinar

 

The Governor of the Central Bank of Iran Abdul Nasser Hamati discussed with Finance Minister Fuad Hussein on Sunday, April 7, 2019, the fields of banking and financial exchange between the two countries, raising the volume of trade between the two sides and balancing exports with imports and ways of repaying the Iranian debt in Iraq.

According to the Iranian websites, Hamati pointed out during the meeting that the aim of this meeting is to follow up the financial and monetary issues and improve the economic and political relations between Iran and Iraq.

He said that the volume of trade between the two countries is currently in an appropriate position and given the floors suitable for both sides, we can by using the new energies to find a balance between exports and imports.

He pointed out that the obstacles to the activity of the branches of Iranian banks in Iraq, stressing that the banking exchange between Iran and Iraq is based on the dinar, and that this issue in fact is the key to strengthen banking relations between the two countries and affect all issues and hence work to resolve the obstacles And facilitate the activity of Iranian banks in Iraq.

Fouad Hussein expressed his satisfaction with his visit to Iran and the growing trade and political relations between the two countries. He said that the trade relations between the two countries are growing and that the idea of balancing foreign trade between Iran and Iraq will serve the two countries and on this basis we look forward to further discussions to reach a new mechanism in this field. .

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Iranian, Iraqi ministers confer about energy, economy co-op

April 7, 2019
 
3092967.jpg

https://www.tehrantimes.com/news/434415/Iranian-Iraqi-ministers-confer-about-energy-economy-co-op

 

During the two-day stay of an Iraqi high-ranking delegation in Iran, the Iraqi ministers met their Iranian counterparts to discuss different areas of cooperation between the two neighbors.

Iraqi Prime Minister Abdul Mahdi arrived in Tehran on Saturday morning at the head of a high-ranking economic and political delegation. He was accompanied by ministers of oil, finance, foreign affairs, planning, commerce, energy as well as national security advisor, army chief of staff, deputy interior minister, and a number of parliamentarians.

The visit came after Rouhani’s landmark visit to Iraq in March which marked the signing of several memorandums of understanding for expansion of cooperation in key sectors and meeting with top political and religious figures.

 

Iran to export 1500 MW of electricity to Iraq

After his meeting with Iraqi Minister of Electricity Louay Al Khateeb on Saturday, Iranian Energy Minister Reza Ardakanian announced that Iran will export 1500 megawatts (MW) of electricity to Iraq, IRNA reported.

Iran's electricity is now exporting to Iraq and relative down payments have been made in due course, he said.

Al-Khateeb, for his part, described prospects of Iran-Iraq cooperation in the field of electricity as positive.

“We are optimistic about developing electricity industry in cooperation with Islamic Republic of Iran,” he noted.

About the export of gas and electricity from Iran to his country, the Iraqi official said, “We will continue imports from Iran until Iraq’ gas sector and power plants achieve self-sufficiency.” 

Energy imports from Iran are temporary and will last almost two or three years, he pointed out.

 

Iran, Iraq agreed on joint development of 2 oil fields

During a meeting between Iranian Oil Minister Bijan Namdar Zanganeh and his Iraqi counterpart Thamir Ghadhban on Sunday, the two sides agreed on the joint development of Naft Shahr and Khorramshahr joint oilfields, Shana reported.

Speaking in the meeting which was held during a visit to Energy Industries Engineering and Design Company (EIED), an affiliate to Oil Industries' Engineering and Construction Company (OIEC), the Iranian minister said that there are massive potentialities for expanding Iran-Iraq cooperation in oil, gas, refining and petrochemicals areas, and Iran is ready to offer its capabilities to the Iraqi oil industry.

He added that Thamer al-Ghadhban, during the visit to EIED, learned about the capacities of the company, and it was decided that a joint partnership be established between OIEC and a similar company in Iraq in order to develop joint capacity utilization.

The official further said that Iran had a lot of potentialities in the oil, gas, refining and petrochemicals sectors, adding: "Given the lack of development in the petrochemicals and gas industries in Iraq, there is a bright perspective for cooperation between the two countries."

He also said that Iran’s gas dues from Iraq stood at $1 billion already.

 

Incentives for doing business in Iraq

Iran’s Minister of Economic Affairs and Finance Farhad Dejpasand said Iranian traders will be provided with plenty of incentives to expand their presence in the Iraqi market, Mehr News agency reported.

Dejpasand made the remark after a joint meeting with Iraqi ministers of planning and finance in Tehran on Saturday.

“During the meeting with the two Iraqi ministers, we conferred on customs issues, facilitating business activities, the need for insurance, and joint ventures between the two countries,” he added.

Iraq is Iran's second largest trade partner, said Dejpasand, adding however that the volume of trade and economic transactions between the two countries is not desirable given the countries’ backgrounds, histories and cultures.

The Iraqi minister of planning, for his part, said the presence of nine ministers and a large number of Iraqi businessmen who have accompanied the Iraqi prime minister on this trip to Tehran reflects the interest of Baghdad in increasing the level of trade and economic exchanges with the neighboring country.

The Iraqi minister of finance also said that he would discuss with Iranian authorities the barriers and problems that exist for the development of trade transactions between the two sides.

Joint committee to be set up for industrial co-op

On the sidelines of his meeting with Iraqi Trade Minister Mohammad Hashim Abdul Majid Jasim, Iranian Industry, Mining and Trade Minister Reza Rahmani said a joint committee is to be set up between the two countries for following up the issues of cooperation, IRIB reported.

The Iraqi minister for his part said that his country welcomes Iranian investors in implementation of different projects in his country.

 

 Banking relations to be facilitated

 

Governor of the Central Bank of Iran (CBI) announced on Sunday that Iran-Iraq banking relations will be eased to lubricate transactions between the two countries’ businessmen.

Making the remarks on the sidelines of his meeting with the Iraqi Finance Minister Fuad Mohammed Hussein in Tehran, Abdolnaser Hemmati said that regarding the ever increasing trade transactions between the two sides and Iran’s exports of gas and oil to Iraq besides Iranian private sector’s exports to the country, the exports volume from Iran to Iraq has increased recently up to $12 billion per year.

There are some banking difficulties about which negotiations were made with the Iraqi minister today and as accorded, to ease Iranian tradesmen’s activities in Iraq the impediments will be removed soon, CBI governor said.

Meanwhile, Iranian President Hassan Rouhani and Iraqi Prime Minister Adil Abdul-Mahdi agreed on the future visit of Hemmati to Iraq.

The trip is aimed at finalizing and implementing financial and banking agreements between Iran and Iraq. 

Hemmati had visited Iraq last year to talk on using local currencies between the two countries. 

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Iraq and Iran discuss export balance with imports

Economy | 07:18 - 07/04/2019

 

https://www.mawazin.net/Details.aspx?jimare=41646

 

image.png.e3ea22d8161d74756298ff0ef8ba1f17.png

 

BAGHDAD - The 
Deputy Prime Minister for Economic Affairs, Finance Minister Fuad Hussein, and the Governor of the Central Bank of Iran, Abdul Nasser Hamati, discussed Sunday the balance of foreign trade between Iraq and Iran through the budget of exports with imports. 
According to the Fars News Agency, which was reviewed by Mawazin News, the Governor of the Central Bank of Iran, Nasser Hamati, and Iraqi Finance Minister Fuad Hussein discussed the fields of banking and financial exchange between the two countries. Which is in the hands of Iraq. "
"The purpose of this meeting is to follow up the financial and monetary issues and improve the economic and political relations between Iran and Iraq," Hamati said, noting that "the volume of trade between the two countries is currently in a suitable position and given the suitable floors for both sides. Exports and imports". 
He added that "the banking exchange between Iran and Iraq is based on the dinar and that this issue in fact is the key to strengthening banking relations between the two countries and affect all the issues and hence should work to resolve obstacles and facilitate the activity of Iranian banks in Iraq." 
In turn, Finance Minister Fouad Hussein expressed "satisfaction with his visit to Iran and the growing trade and political relations between the two countries," noting that "
He expressed his "aspiration to hold further discussions to reach a new mechanism in this area"

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http://www.irna.ir/en/News/83268521

Economic problems hinder expansion of Iran-Iraq trade exchange

Tehran, April 7, IRNA - Head of Iran chamber of commerce, Mine and Industry said on Sunday that the current level of trade exchange between Iran and Iraq is not satisfactory and relative problems to this end should be removed to help increase to a desirable level.

n83268521-72946077.jpg

 

There is no doubt that regular talks between the two sides officials play a very prominent role in broadening economic cooperation between Iran and Iraq in various economic sectors, Gholam hossein Shafei said.

The Islamic Republic of Iran is to broaden strategic cooperation with its neighboring countries and Iraq in particular as the country's private sector will play a very prominent role to this end, he said.

To further increase volume of trade exchanges, the two sides should sign MoU on promoting free trade, set up free trade economic zones, setting up international shipping companies and issuing economic visa for both sides' businessmen, he said.

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  • yota691 changed the title to The exchange of banking between Iraq and Iran is based on the dinar

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