The Sumerian reveals the outputs of an Iraqi – American meeting on external financial transfers

[DWS112]

The Sumerian reveals the outputs of an Iraqi – American meeting on external financial transfers

November 11, 2023

 

A government source revealed, on Saturday, the outputs of a meeting between the Central Bank of Iraq and the American side regarding external transfers to cover revenues.

The source said to the Sumerian News, "The past few days have witnessed intense meetings between a delegation from the Iraqi Central Bank and the American side responsible for external transfers to cover imports, in Abu Dhabi".

He added, "The negotiations culminated in a number of decisions and mechanisms that contribute to facilitating the procedures for external transfers related to revenues through the window of selling foreign currency, where:

Agreement to enhance the advance balance of five Iraqi banks in their accounts in dollars with Jordanian banks and remittances through (jp morgan).

Solve problems related to rejected transfers, and it was agreed that the refusal of remittances is based on strong reasons.

- Other meetings took place that brought together a US bank, the Central Bank of Iraq, and the American side to implement the UAE Dirham pilot mechanism.

He added, "Things are going well in this regard, as all the technical details related to the issue have been resolved, and it is expected that the mechanism of enhancing the balances will start with the Emirati dirhams during the next few days".

The source (who preferred not to reveal his name) stressed that "there are serious negotiations that have reached their final stages to enhance the balances of some Iraqi banks in euros with the UBAF bank; to finance trade with the European Union".

In the same context, he referred to "the increase in the number of banks whose balances are strengthened in Chinese yuan through the Singapore Development Bank، Where accounts were opened for 6 Iraqi banks in this bank, and during the coming period, 7 other banks will be added to finance Iraqi trade and revenues from China, where these revenues are estimated at 12 billion dollars annually".

And he continued his speech: "It has also started to open bank accounts in the Indian rupee for a number of Iraqi banks in the same correspondent, the Singapore Development Bank (New Delhi branch), and the balance enhancement operations of two Iraqi banks have already taken place as a first stage".

He expected that "this mechanism will contribute to financing Iraq’s revenues from India, especially medicines and foodstuffs, which are estimated at $ 3 billion".

Edited November 11, 2023 by DWS112

[southbeach]

Something huge brewing here and as usual Mr. JPMorgan overseeing it all lol.

[Woldopep]

Great post.  Obviously any forward progress is good progress. Can anyone on this forum with keen knowledge of article 8 and forex please chime in. It has taken a lot of effort to do what they speak of in this article. In your opinion how does this tie in with the possibility of Iraq being traded on forex this coming January. Is this a precursor or would this be in substitution of being on forex. Just trying to gauge how close or far away we are.

[keylime]

7 hours ago, Woldopep said:

Great post.  Obviously any forward progress is good progress. Can anyone on this forum with keen knowledge of article 8 and forex please chime in. It has taken a lot of effort to do what they speak of in this article. In your opinion how does this tie in with the possibility of Iraq being traded on forex this coming January. Is this a precursor or would this be in substitution of being on forex. Just trying to gauge how close or far away we are.

from what I can tell, we are closer than farther away

[screwball]

yep...importing foreign exchange!!!!! 🤣