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The Governor of the Central Bank discusses in Riyadh with his Saudi counterpart cooperation in the banking sector
  
{Economist: Al-Furat News} Central Bank Governor Mustafa Ghaleb Makheef discussed with his Saudi counterpart cooperation in the banking sector

And the bank’s media said in a statement that {Al-Furat News} received a copy of it, that “the Governor of the Central Bank of Iraq, Mustafa Ghaleb, visited Riyadh, accompanied by a delegation from the Iraqi banking sector, to enhance bilateral relations and prospects for cooperation in the banking sector and to exchange experiences with the Saudi side.” 
On the sidelines of this visit, the governor met the Saudi Central Bank administration. The Saudi side welcomed the governor and his accompanying delegation, considering this visit a gateway to deepening relations between the two brotherly countries and the two monetary institutions, and a step that will positively reflect on both sides.

They also discussed, according to the statement, "the willingness to open the field for exchanging experiences and cooperation in the foreign banking sector, in a way that establishes a positive stage in economic relations between the Iraqi side and the Saudi side." 

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Good morning Yota, much appreciated sir 🙏
 

according to the statement, "the willingness to open the field for exchanging experiences and cooperation in the foreign banking sector, in a way that establishes apositive stage in economic relations between the Iraqi side and the Saudiside." 

Iraq continues to strengthen its ties with its neighbors.  This means joint coordination and cooperation, which translates to working together in the international community. Iraq wants to be a global player and they are laying down the framework and becoming  a powerful partner in the Middle East. 
 

Keeping the faith 🙌

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The way these guys talk about banking reform and exchange rates you would think their currency has already been revalued... this is what I hate about this investment all they do is talk and lead people on! I don't give a damn what they post I will believe it when I spend it! I am 14 years in and it has been the same ole talk. I am sticking around to see if Al-Khdemi is going to be the PM. I have read that he has a good chance and if so there is hope. He has done more than all of the other PM's combined but if he is not chosen I will give up! 

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12 minutes ago, GreedyDinar07 said:

The way these guys talk about banking reform and exchange rates you would think their currency has already been revalued... this is what I hate about this investment all they do is talk and lead people on! I don't give a damn what they post I will believe it when I spend it! I am 14 years in and it has been the same ole talk. I am sticking around to see if Al-Khdemi is going to be the PM. I have read that he has a good chance and if so there is hope. He has done more than all of the other PM's combined but if he is not chosen I will give up! 

 

Greedy, if you decide to get out and sell your dinar, let me know. I'm always interested in buying. 

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33 minutes ago, GreedyDinar07 said:

Thanks Carello but I always buy and sale through SafeDinar, I have been with them for years. I won't be able to do another four years of this insanity if Al-khdemi doesn't win. 

That jar of change everyone hangs on to loses value every day. 

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3 hours ago, rvmydinar said:

If Adam doesn't give up and sell off his dinar, then i don't either eventhough i bought my dinar before i joined the dinarvet. And, i will still hold my dinar until this crazy ride is over no matter how many years it is going to take.

 

💎🧤

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10 hours ago, Laid Back said:

Key words “foreign banking sector”

 

CBI continues on their  quest to an open market market economy.

 

Getting ready for international business.

 

Go Iraq 🇮🇶 

Go CBI

Go international 

Go RV

and these are the articles that should make people smile! instead they listen to smack talking guru flogs with boots on the ground!

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 October 24, 2021
The Governor of the Central Bank of Iraq meets the invitation of the Saudi Central Bank

 

 


His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Mokhief, visited Riyadh, accompanied by a delegation from the Iraqi banking sector, to enhance bilateral relations and prospects for cooperation in the banking sector and to exchange experiences with the Saudi side.
The Governor met with the Saudi Central Bank administration on the sidelines of this visit. The Saudi side welcomed His Excellency the Governor and the accompanying delegation, considering this visit a gateway to deepening relations between the two brotherly countries and the two monetary institutions, and a step that will reflect positively on both parties.

They also discussed the readiness to open the field for exchanging experiences and cooperation in the foreign banking sector, in order to establish a positive stage in the economic relations between the Iraqi side and the Saudi side.
 

Central Bank of Iraq
    Media Office
October 21, 2021
 
image.jpeg

 

random news

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A super good morning Yota;

 

"They also discussed the readiness to open the field for exchanging experiences and cooperation in the foreign banking sector, in order to establish a positive stage in the economic relations between the Iraqi side and the Saudi side."

This is a key alliance in the ME, once these 2 ink a deal it will put Iraq in the game and begin a powerful partnership, 1 Saudi Riyal is equivalent to .27 cents, I'm guessing the IQD will come out around that. 

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WhatsApp-Image-2021-10-22-at-6.31.41-PM-
Byiraqi news
 

Baghdad/

Today, Friday, the Governor of the Central Bank of Iraq discussed with the head of the Arab Gulf Program for Development in Riyadh the importance of joint cooperation and the exchange of experiences between the two countries.

The bank's media office said in a statement, "The Governor, Mustafa Ghaleb, met in Riyadh with His Highness Prince Abdul Aziz bin Talal, head of the Arab Gulf Program for Development, during his visit to Saudi Arabia, where he was accompanied by a delegation from the Iraqi banking sector."
The two parties discussed, according to the statement, "the importance of joint cooperation and the exchange of experiences between Iraq and Saudi Arabia."
It is noteworthy that the Arab Gulf Program for Development (AGFUND) works as a regional development donor organization that supports and encourages innovation in the fields of human development.

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  • 3 weeks later...
In the context of strengthening economic relations, Iraq and Saudi Arabia are diversifying their trade outlets, intending to increase trade exchange to more than $3 billion annually.
Iraq economy
A picture taken on October 21, 2017 shows Saudi food products on display at the Saudi Pavilion at the Baghdad International Fair in the Iraqi capital. SABAH ARAR/AFP via Getty Images
 

Iraq and Saudi Arabia agreed on Nov. 6 to open a second border crossing between the two countries.

Iraqi Prime Minister Mustafa al-Kadhimi and Saudi Crown Prince Mohammed bin Salman have both advocated economic openness and more expansive economic integration in the Gulf. The opening of the Arar crossing in 2020 was a first step to reopen the four border posts that were closed after the second Gulf War. Trade between the nations currently amounts to $1 billion annually.

Iraqi-Saudi relations began to improve with the government of Haider al-Abadi in 2017; a Saudi embassy has since opened in Baghdad, and the Iraqi-Saudi Coordination Council was established.

A well-informed source in the Iraqi Central Bank told Al-Monitor that a large banking delegation will visit Saudi Arabia, headed by Central Bank Governor Mustafa Ghaleb, on Nov. 19, and that Saudi Arabia has agreed to open two branches of the Trade Bank of Iraq and the National Bank of Iraq. A similar delegation visited Saudi Arabia in October and agreed to open the two branches, which will develop banking and economic relations.

Alaa ad-Din al-Qaisi, spokesman for the Iraqi Border Ports Authority, told Al-Monitor that Saudi Arabia agreed to establish the al-Jumaima crossing in the Muthanna governorate, and it will bear the cost of its construction on the Iraqi side. The authority approved the Saudi proposal in its last meeting, but it may need over a year to establish it.

The Muthanna governorate has the highest poverty rate in Iraq, with 52% of the population living below the poverty line, and the al-Jumaima crossing will be very beneficial. In addition, the Iraqi Ministry of Electricity made it the main point for connecting electricity between Iraq and the Gulf states via Saudi Arabia.

Muthanna governor Ahmed Manfi told Al-Monitor that the new border crossing is very important to the governorate, which has allocated 125 acres for the project, including the commercial exchange yard. All the necessary steps have been completed, he said, and "It will significantly contribute to revitalizing the trade movement between Saudi Arabia and Iraq.”

Manfi pointed out that the port will increase investment in addition to employing workers in the governorate, making it a center for transporting Saudi goods to other Iraqi cities.

Karim Mohammed, head of the Muthanna Chamber of Commerce, told Al-Monitor that his group would use about 12 acres to build warehouses to store Saudi goods before they are transferred elsewhere in Iraq. The new crossing will cut the transportation time of Saudi goods in half, he said, and "more job opportunities will be available to the population.”

Saudi Arabia has requested to develop one million hectares of the Muthanna desert to establish dairy, seed, and feed factories, and farms, depending on groundwater. However, Shiite militias  in southern and central Iraq have threatened to target Saudi and Emirati investments in the country on several occasions.

Through social media, the Shiite militias have led multiple campaigns to prevent Saudi companies from entering Iraq, specifically in the Anbar desert, to invest in the Akkas gas field and establish clean energy power stations in Muthanna.

Saudi Arabia wants a significant share in the Iraqi market, to compete with Iran, Turkey, and China, but the Arar border crossing is not enough to do so.

In addition to trade, the Jumaima port will help transport Iraqi, Iranian, and Turkish pilgrims to Saudi Arabia during the Hajj season. Iraq will also benefit from fees for the passage of trucks to neighboring countries, but this will be rare at first due to the current regional tension.

Saudi Arabia plans to open two other crossings: Hafar al-Batin on the Basra side and al-Awaqilah on the Najaf side. The expansions could raise trade exchange with Iraq to more than $3 billion annually. Still, it may face great difficulties, because all the borders with Saudi Arabia fall within Shiite governorates, within range of the Iranian-backed militias.

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A large banking delegation will visit Saudi Arabia at the end of the week, and Riyadh is financing the establishment of an Iraqi outlet
  
{Economist: Al Furat News} A large Iraqi banking delegation will visit Saudi Arabia at the end of this week.

An informed source in the Central Bank of Iraq said in a press statement, "A large banking delegation will visit Saudi Arabia, headed by the Governor of the Central Bank, Mustafa Ghalib, on November 19."
He added that "Saudi Arabia agreed to open two branches for the Trade Bank of Iraq and the National Bank of Iraq."
It is noteworthy that an Iraqi delegation visited Saudi Arabia last October and agreed to open the two branches, which would develop banking and economic relations.
Iraqi-Saudi relations began to improve with the government of Haider al-Abadi in 2017, and since then, a Saudi embassy has been opened in Baghdad, and the Iraqi-Saudi Coordination Council has been established.
Prime Minister Mustafa Al-Kazemi and Saudi Crown Prince Mohammed bin Salman alike called for economic openness and increased expansionary economic integration in the Gulf. 
The opening of the Arar crossing in 2020 was a first step to reopening the four border posts that were closed after the former regime's invasion of Kuwait in 1990.
Trade between the two countries currently amounts to one billion dollars annually.
Meanwhile, a spokesman for the Border Ports Authority, Alaa Al-Din Al-Qaisi, said that "Saudi Arabia has agreed to establish the Al-Jumaymah port in the Muthanna governorate, and it will bear the cost of its establishment from the Iraqi side."
"The authority approved the Saudi proposal at its last meeting, but it may need more than a year to establish it," he added.

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