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CBI News 10/12/2020


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 October 12, 2020
His Excellency the Governor of the Central Bank of Iraq meets with his Iranian counterpart

 



His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Makhaif, received today, Monday, October 12, 2020, his Iranian counterpart, Mr. Abdel Nasser Hemati, who is visiting Iraq accompanied by a banking and economic delegation.
The meeting, which was also attended by the Iraqi side, Mr. Director General of the Iraqi Trade Bank TBI, discussed the framework for cooperation in the banking sector between the two sides and ways of solutions and treatments for financial dues for the Iranian side within the limits of the frameworks for that.

 
Central Bank of Iraq
October 12, 2020
   Media Office,
          Baghdad
 
 
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Iranian rial (Ata Kanari / AFP)
Iran seeks to save its currency (Atta Kanari / AFP)

Talks began between Baghdad and Tehran on strengthening financial cooperation between them and resolving outstanding banking problems, including Iraq's repayment of its debts to Iran . The governor of the Central Bank of Iran, Mustafa Ghaleb Makhaif, arrived in the Iraqi capital, Baghdad, on Monday morning, heading a delegation to meet and consult with Iraqi officials, including Prime Minister Mustafa al-Kazimi.

The visit comes amid major economic crises experienced by the two countries, as the exchange rate of the Iranian riyal has collapsed due to US sanctions, and on the other hand, Iraq is witnessing a severe economic crisis due to the repercussions of Corona and the decline in oil revenues. According to observers, Iran is seeking to find an outlet for its crisis resulting from the US sanctions, which led to the collapse of the riyal in front of foreign currencies during the recent period. 

 

According to the Iranian News Agency (IRNA), the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheif, said today, Monday, in a meeting with his Iranian counterpart, Abdel Nasser Hemmati, in Baghdad, that Iraqi officials confirm that banking issues between the two countries will be resolved and that it will soon be resolved in light of the approved mechanisms. He stressed that we are trying to continue banking cooperation with Iran, and that we will use Tehran's experience in finance and banking.

He added that all our efforts are to continue cooperation between the two countries, and the existing problems in the field of Iran's financial and monetary claims will be solved.

The Governor of the Central Bank of Iraq added that there are some mechanisms that can be used to help enhance banking and monetary cooperation between the two countries, and solve the existing problems.

He said that we suggested forming a joint committee in the presence of banking and financial officials from the two countries to find the necessary solution to settle financial issues between Iran and Iraq.

For his part, the Governor of the Central Bank of Iran expressed his hope that, in cooperation with his Iraqi counterpart, the complex banking issues between the two countries would be resolved.

Hemmati said: I hope that the banking and financial problems between the two countries will be solved, in light of the determination and will of the Iraqi authorities.

The visit of the Governor of the Central Bank of Iran to Iraq at the head of a banking and economic delegation coincided with the United States ’tightening of its sanctions on Tehran, which was considered by specialists as an attempt by the Iranians to search for an outlet to ease the burden of US sanctions. 

Iranian media said earlier Monday, that Hemmati's visit came in order to hold talks with Iraqi banking officials, explaining that it comes to follow up Iran's hard currency dues and pay off Iraqi debts to Iran. 

According to the Iraqi economic expert, Abdul Rahman Al-Mashhadani, the visit of the governor of the Central Bank of Iran to Iraq is unusual, explaining to "Al-Araby Al-Jadeed" that its timing is not appropriate. 

And he indicated that this visit came shortly after the Governor of the Central Bank of Iraq took office and took procedural steps with many observations, especially with regard to the classifications of banks that could participate in the currency auction, some of which are linked to persons accused of participating in money laundering, currency smuggling and encouraging exchange. Trade with Iran, stressing that the visit came days after the United States of America placed 18 Iranian banks on the list of economic sanctions, which are among the important banks responsible for Iranian trade movement towards the world. 

He pointed out that the Iranians are looking for a new outlet through some banks, which necessitated the presence of the governor of the Central Bank of Iran in Iraq. 

He stressed that the Iranian currency had collapsed significantly after the US sanctions on Iranian banks, explaining that Iraq might fall into embarrassment because of its dealings with Iran during this period, because some parties often accuse Iraqis of representing "the back gate for money laundering and the financing of Iranian trade." 

The Iranian currency plunged   to new record levels in the parallel market, after it lost, within 24 hours, about 4.3% of its value against the  dollar , which has gone out of control in recent days, especially after the US administration announced, last Thursday, the imposition of new sanctions, targeting Under its provisions, 18 banks aimed at completely separating the Iranian financial system from abroad.

The price of the dollar jumped to the level of 316 thousand riyals compared to 303 thousand riyals in trading the day before yesterday, continuing the violent climb that began about three months ago, in light of the decline of the country's foreign exchange resources.

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(Baghdad: Al Furat News) The governor of the Central Bank of Iran, Abdel Nasser Hamati, arrived in the capital, Baghdad, Monday morning.

The Governor of the Central Bank of Iraq, Mustafa Ghaleb, met his Iranian counterpart.
Humati's visit to Baghdad comes at the head of a banking and commercial delegation to hold talks with officials in Iraqi banking and economic affairs.
Earlier, the Governor of the Central Bank of Iran made several visits to Baghdad within the framework of the visits of Iranian economic officials to discuss with the concerned Iraqi officials about the financial, commercial and economic relations between the two countries and to follow up the issue of liberalizing Iranian assets in Iraq.
Ammar Al-Masoudi

 

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The governor of the Central Bank submits a proposal to his Iranian counterpart regarding debts and stocks
  
{International: Al-Furat News} The Governor of the Central Bank of Iraq, Mustafa Ghaleb, said today, Monday, in a meeting with his Iranian counterpart, Abdel Nasser Hemmati, in Baghdad, that "Iraqi officials confirm that banking issues between the two countries will be resolved and that the problems will soon be resolved under the approved mechanisms."

According to the Iranian News Agency (IRNA), Ghalib emphasized that the Central Bank "is trying to continue banking cooperation with the Islamic Republic of Iran, and we will use Tehran's experience in financing and banking."
He added, "All our efforts are to continue cooperation between the two countries, and the existing problems in the field of Iran's financial and monetary claims will be solved."
And the governor of the Central Bank of Iraq stated that "there are some mechanisms that can be used to help enhance banking and monetary cooperation between the two countries and solve the existing problems."
"We suggested forming a joint committee, in the presence of banking and financial officials from the two countries, to find the necessary solution to settle financial issues between Iran and Iraq," he said.
For his part, the Governor of the Central Bank of the Islamic Republic of Iran expressed his hope that, in cooperation with his Iraqi counterpart, the complex banking issues between the two countries would be resolved.
"I hope that the banking and financial problems between the two countries will be solved in light of the determination and will of the Iraqi authorities," Hemmati said.
Hemmati considered relations between the Islamic Republic of Iran and Iraq very important and effective, adding that Tehran attaches great importance to developing cooperation with Baghdad.
The Governor of the Central Bank of the Islamic Republic of Iran arrived in Baghdad this morning, heading a delegation to meet and consult with Iraqi officials, including Prime Minister Mustafa Al-Kazemi.
Ammar Al-Masoudi

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Central Bank Governor Mustafa Ghaleb Makheif proposed, on Monday, the formation of a joint committee with Iran to settle financial issues between the two countries, while indicating that he would use Tehran's experience in financing and banking.

Fars news agency quoted Makhif as saying, during his meeting with his Iranian counterpart, Abdel Nasser Hemmati, who arrived in Baghdad this morning, that "Iraqi officials affirm that banking issues between the two countries will be resolved and that the problems will be solved soon in light of the approved mechanisms," indicating that "we are trying Continuing banking cooperation with the Islamic Republic of Iran, and we will use Tehran's experience in financing and banking. "
 

“All our efforts are to continue cooperation between the two countries, and the existing problems in the field of financial and monetary claims by Iran will be solved,” Makheif added, noting that “there are some mechanisms that can be used to help enhance banking and monetary cooperation between the two countries and solve the existing problems.”

He continued, "We suggested forming a joint committee in the presence of banking and financial officials from the two countries to find the necessary solution to settle financial issues between Iran and Iraq."
 

For his part, the Governor of the Central Bank of Iran said, "I hope that the banking and financial problems between the two countries will be resolved in light of the determination and will of the Iraqi authorities."

Hemmati considered relations between Iraq and Iran "very important and effective," stressing that his country "attaches great importance to developing cooperation with Baghdad."

The governor of the Central Bank of Iran arrived in Baghdad this morning, heading a delegation to meet and consult with Iraqi officials, including Prime Minister Mustafa Al-Kazemi.
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Economy News _ Baghdad

Central Bank Governor Mustafa Ghaleb Makhaif received, on Monday, his Iranian counterpart, Abdel Nasser Hemmati, to discuss ways of banking cooperation between the two countries.

The central bank said in a statement that "Al-Iqtisad News" received a copy of it that “Central Bank Governor Mustafa Ghaleb Mkhaif received his Iranian counterpart Abdel Nasser Hemati to discuss ways of banking cooperation between the two countries.

He added, "The meeting discussed the framework of cooperation in the banking sector between the two sides and means of solutions and treatments for the financial dues of the Iranian side within the limits of the frameworks for making."

 
 
Number of observations 82   Date of addendum 10/12/2020
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Governor of the Iraqi Central Bank discusses with his Iranian counterpart the financial dues

Governor of the Iraqi Central Bank discusses with his Iranian counterpart the financial dues
During the meeting of the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mekhaif, with his Iranian counterpart, Abdel Nasser Humati
 12 October 2020 02:24 PM

Mubasher: The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheif, discussed today, Monday, with his Iranian counterpart, Abdel Nasser Hemmati, ways of solutions and treatments for financial dues for the Iranian side.

A statement issued by the media office of the Central Bank received by the Iraqi News Agency "Conscious" stated that "it is terrifying that he received his Iranian counterpart, Abdel Nasser Hemati, who is visiting Iraq accompanied by a banking and economic delegation."

He added that "the two sides discussed, in the presence of the Director General of the Iraqi Trade Bank, the framework for cooperation in the banking sector between the two sides and means of solutions and treatments for the financial dues on the Iranian side within the limits of the frameworks for that."

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 2020-10-12 03:05
 

Shafaq News / Iranian media revealed, on Monday, that the governor of the Central Bank of Iran will travel to  the   Iraqi capital , Baghdad, to return his country's financial dues.

The Iranian Mehr News Agency said that the governor of the Central Bank of Iran, Abdel Nasser Hemmati, went this morning to the Iraqi capital, Baghdad, to hold talks with banking officials and return Iran's financial dues, noting that he would hold talks with Iraqi banking officials .

She added that Humati's visit, accompanied by a delegation of senior finance and trade officials, comes as part of the follow-up to return Iran's dues from hard currency and pay off Iraqi debts to Iran .

Baghdad has financial dues owed to Iran by Iraq importing electric energy from Iran and dry gas to run the power stations.

The Iranian official’s visit comes days after the US Treasury announced the imposition of sanctions on 18 Iranian banks, as part of the policy of maximum pressure practiced by the US administration against the regime in Tehran, against the background of the dispute between them over the Iranian nuclear program and other files .

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{A joint committee} between Baghdad and Tehran to settle financial issues

 
Baghdad: Morning
 
Baghdad and Tehran are close to forming a "joint committee" to enhance banking and monetary cooperation between the two countries, with serious work on settling financial issues in light of the approved legal mechanisms.
Yesterday, Monday, the Governor of the Central Bank of Iran, Abdel Nasser Hemmati, during a visit to Baghdad at the head of a high-level delegation, held talks with Prime Minister Mustafa Al-Kazemi and the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif.
A statement issued by the media office of the Central Bank stated, "It is terrifying that his Iranian counterpart, Abdel Nasser Hemmati, was received and the two sides discussed ways of solutions and treatments for the financial dues of the Iranian side within the limits of the frameworks for that."
The governor of the Central Bank said, according to press statements, “We are keen to resolve banking issues between the two countries soon in light of the approved mechanisms and to continue banking cooperation with the Islamic Republic of Iran. Between Iran and Iraq. ”For his part, the governor of the Central Bank of Iran said,“ I hope that the banking and financial problems between the two countries will be resolved in light of the determination and will of the Iraqi authorities. ”
Hemmati considered relations between Iraq and Iran "very important and effective," stressing that his country "attaches great importance to developing cooperation with Baghdad."
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 2020-10-12 12:29
 
Shafaq News / The Governor of the Central Bank of Iran, Abdul Nasser Humati announced, on Monday, that his country had reached an agreement with the Central Bank and the Iraqi Commercial Bank on the release of Iranian assets.
According to the Iranian news agency IRNA, Hemmati said that this came after he had, during his current visit to Baghdad, "positive discussions" with senior Iraqi officials.
"Hemati" explained, "During the tripartite meeting between him and the Governor of the Central Bank, Mustafa Ghaleb Makhaif, and the President of the Iraqi Commercial Bank, Salem Jawad Abdulhadi Chalabi," an agreement was reached on the release of Iran's financial assets in order to buy the basic goods for the country.
He noted "the importance of discussions with the heads of the Central Bank and the Commercial Bank in Iraq," noting that "during this tripartite meeting, he reviewed the areas of trade exchange between the two countries."
Humti added, "The Iraqi prime minister expressed his welcome and satisfaction with this agreement, and also promised to follow up on its implementation weekly."
The governor of the central bank hoped that "these consensus will contribute to the development of economic and banking relations with friendly and brother Iraq."
It is noteworthy that my interest and his accompanying delegation arrived Monday morning in the Iraqi capital, Baghdad, to follow up on the agreements signed on June 17, 2020 between him and senior Iraqi officials, regarding expanding economic and banking cooperation. This afternoon, he met with the Prime Minister of Iraq, Mustafa Al-Kazemi.
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The Iranian "Central" announces an agreement with Baghdad to return financial dues

Economists: The visit aims to "loosen the screws" of US sanctions through Iraq
Tuesday - 26 Safar 1442 AH - 13 October 2020 AD Issue No. [15295]
 
 
1602514146414626200.jpg?itok=_xBL0l-S
The Governor of the Central Bank of Iran, Abdel Nasser Hemmati, holds talks with his Iraqi counterpart Mustafa Ghaleb Mekhaif in Baghdad yesterday (IRNA)
Baghdad: Fadel Al-Nashmi - London: “Asharq Al-Awsat”

The governor of the Central Bank of Iran, Abdel Nasser Hemmati, announced, after consultations with Iraqi officials in Baghdad, yesterday, that an agreement had been reached to return Iranian dues from the export of electricity and gas, as well as the development of banking and trade exchanges.

The official Iraqi and Iranian sides say that the visit of the governor of the Central Bank of Iran to Baghdad comes within the framework of banking cooperation between the two countries and the discussion of Iranian financial dues from Iraq, while economists consider it «comes within the framework of an Iranian attempt to break the stranglehold of the continuing US sanctions against Tehran.

Yesterday, the Central Bank of Iraq issued a brief statement in which it stated that the visit comes within the «framework of cooperation in the banking sector between the two sides and means of solutions and treatments for financial dues on the Iranian side within the limits of the frameworks for that».

In contrast to the brief Iraqi statement about the nature of the visit and its objectives, the Iranian media became active in covering the event, and the official IRNA agency said: “The visit of Humati and his accompanying delegation, who is one of the most senior officials in finance and trade, as part of the follow-up to return Iran's dues of hard currency and pay off Iraqi debts To Iran ».

"IRNA" agency quoted Hemmati as saying that he had reached an agreement with the "Central Bank" and the Iraqi "Trade Bank" to launch Iranian financial assets in Iraq. He said that he had held talks with his Iraqi counterpart, Mustafa Ghaleb Mukhaif, and the head of the Iraqi "Trade Bank", Salem Jawad Abdul Hadi Chalabi, on trade exchanges and the liberalization of Iranian resources, with the aim of purchasing basic commodities.

Hemmati pointed out that his country has "remarkable" financial ammunition from the sources of exporting gas and electricity to Iraq.

Later, the Iraqi Prime Minister, Mustafa Al-Kazemi, received the head of the Central Bank of Iran. "IRNA" agency said that the Iranian official had received promises from Al-Kazemi to continue "implementing the agreement" this week.

Thus, Hemmati expressed his hope that the relations between the two sides would witness "positive" steps in the economic and banking fields. He said, "According to today's consultations and the promises of Iraqi officials, we are optimistic about the future, and we will see its results on economic and banking relations." He said, "The Islamic Republic is looking forward to taking from its financial resources as much as it needs," but he referred to "basic obstacles", which he described as "executive" in obtaining financial ammunition.

The IRGC-affiliated Fars News Agency reported that the Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, who took over his duties last month, suggested to the Iranian side “the formation of a joint committee in the presence of banking and financial officials from the two countries to find the necessary solution to settle financial issues between Iran. And Iraq ».

This is the first foreign visit by the governor of the Central Bank of Iran after the United States imposed, last Thursday, comprehensive sanctions on 18 Iranian banks, with the aim of isolating their financial system from the global economy. US Treasury Secretary Steven Mnuchin said it "demonstrates our commitment to stop illegal access to US dollars."

Iranian President Hassan Rouhani said that the new US sanctions on the country's banks are “an attempt to prevent financial transfers in order to buy medicine and food,” but the governor of the Central Bank of Iran denied any effect of the sanctions on US exemptions for the purchase of medicine and food, announcing that Iranian banks would continue financial transfers through the system. Swift, to buy humanitarian goods. The day before Hitami's visit, President Rouhani instructed customs to speed up the mechanisms for licensing goods from border points, while directing orders to the Ministry of Economy to activate trade exchange with neighboring countries to face US sanctions.

During the past days, the Iranian currency recorded the lowest levels of decline, against the US dollar, which reached 320 thousand riyals.

Hemmati preceded his visit to Baghdad by announcing the Central Bank of Iran’s decision to pump $ 50 million a day into the currency market, to contain the deterioration of the Iranian currency’s price.

On Thursday, Hemmati announced "good news" regarding the return of Iranian assets and resources, in an attempt to reduce the pressure of the new US sanctions on the markets.

At a time when official officials place the visit within the usual framework of financial relations and banking cooperation between Baghdad and Tehran, Iraqi experts view the visit with an eye of "suspicion and suspicion", given the complex economic conditions that Iran is going through after the new US sanctions that included 18 Iranian banks, and thus Tehran's endeavor to circumvent For those sanctions, through the Iraqi banking portal, which is mainly in the eye of American censorship.

Earlier, Iranian Foreign Minister Mohammad Javad Zarif said that "the new US sanctions target the remaining channels open for his country to buy food and medicine."

Last Thursday, the US Treasury imposed new sanctions on 18 Iranian banks, as part of Washington’s policy of “maximum pressure” against Tehran, against the backdrop of their disagreement over the nuclear program and other files related to Iran's destabilization of the state of stability in the region. It is rumored that the new US sanctions are aimed at isolating the Iranian banking system from the entire global financial system.

Commenting on the Iranian banking official’s visit, Abd al-Rahman al-Mashhadani, an economics professor at the Iraqi University, says, “The visit is completely unusual for the Iranian side. The matter is quite clear. They are looking for a way out of their stifling crisis created by the US sanctions.

He added, in an interview with Asharq Al-Awsat, that «the new sanctions against Tehran have affected the most important Iranian banks that finance import and export issues, which means that they are facing a real problem, so they seek, through the Iraqi banking sector, to circumvent this, and it is known that they have banks other than Few in Iraq work for them in secret. ” Al-Mashhadani excludes the visit being suspended from the Iranian financial dues owed by Iraq. “Because Tehran can get it; It is well-known and related to the import of electricity and gas, and it does not exceed the limits of two billion dollars. ”

He hinted that «Iran may benefit from the new standards set by the Director of the Central Bank of Iraq recently and related to the banks eligible to enter the currency auction at the bank».

Professor of monetary policy at Baghdad University, Ihssan Jabr, agrees with his colleague Al-Mashhadani's claim that the visit is an Iranian attempt to confront sanctions through the Iraqi gate.

Jabr told Asharq Al-Awsat: “Tehran cannot offer anything to Baghdad in the banking field in light of the sanctions it is suffering from. It is clear that they are seeking to pass money through Iraqi banks, especially as we know that Iran has banks that operate under Iraqi banners. He adds: “This visit is not beneficial to Iraq, and it may have dire consequences if the United States of America discovers that Iraq has become a conduit for Iranian funds coming out and entering, and the US Treasury has previously placed a group of Iraqi banks on the blacklist for their dealings with the Iranian (Revolutionary Guard) and ( Hezbollah (Lebanese and other institutions).

Jabr believes that "Iran has only Iraq to solve its crisis, and that will surely have disastrous repercussions on Iraq if the Iraqi banking financial circles risked and tried to circumvent the US sanctions in favor of Tehran."

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 2020-10-14 07:02
 

Shafaq News / The Governor of the Central Bank of Iran, Abdel Nasser Humti said on Wednesday that his country is continuing negotiations with countries to recover its frozen funds, including five billion US dollars in Iraqi banks.

Hemmati said in a statement to reporters today that tens of billions of Iranian proceeds funds are frozen in foreign banks, and even countries that have good relations with Iran are unable to dispose of these funds due to US pressure and threats .

"The pressure on Iran has become more intense in the last days of the current US president, and therefore we must withstand and resist these pressures and work to lift their repercussions inside the country," Irani added.

He indicated that Tehran is continuing negotiations with countries that include frozen Iranian assets in their banks, indicating that his recent visit to Iraq was in this context and that the results were positive, hoping to recover five billion dollars of Iranian money in Iraq.

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The Iranian Central Bank expresses its desire to recover $ 5 billion frozen in Iraqi banks

 

 

195 Policy 2020/10/14 13:50 ha Baghdad today -

Baghdad The Governor of the Central Bank of Iran, Abdel Nasser Hemmati, expressed, on Wednesday (October 14, 2020), his country's desire to recover $ 5 billion frozen in Iraqi banks. Hemmati said in a statement carried by the official Iranian news agency, that "negotiations are underway with countries whose banks have frozen Iranian funds," adding that "his recent visit to Iraq achieved success in this field." He added, "The conditions of the hard currency market in Iran are currently experiencing complications, especially due to several things, including the outbreak of the Corona virus, the maximum American pressure, and the implementation of the embargo during the past six months." "The government and the specialized agencies are doing everything they can to achieve stability in the market in the current circumstances, pending adjustments in this market," he said. He pointed out that "tens of billions of Iranian revenue funds are frozen in foreign banks, and even countries that have good relations with Iran cannot dispose of these funds due to US pressure and threats." The governor of the Central Bank of Iran added, "The pressure on Iran has become more severe in the last days of the current US president, and therefore we must withstand and resist these pressures and work to lift their repercussions inside the country." He continued, "Tehran continues negotiations with countries that include frozen Iranian assets in their banks," explaining that his recent visit to Iraq was in this context and that the results were positive, hoping to recover five billion dollars of Iranian money in Iraq.

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