A government delegation of 16 Iraqi officials heads to Turkey to resolve 3 files related to trade and the dollar - urgent

[6ly410]

A government delegation of 16 Iraqi officials heads to Turkey to resolve 3 files related to trade and the dollar - urgent

Economy | Today, 19:31 | 

    A government delegation of 16 Iraqi officials heads to Turkey to resolve 3 files related to trade and the dollar - Urgent » Baghdad Today News Agency

 

Baghdad Today - Baghdad

Today, Sunday (November 26, 2023), a government source reported that a delegation of Iraqi financial officials and bank managers will head to Turkey tomorrow, Monday, to resolve 3 files related to trade exchange, open correspondent accounts for Iraqi banks, and facilitate the use of credit cards for Iraqi residents and tourists.

The source told "Baghdad Today", that "based on the directives of the Prime Minister regarding the organization of trade exchange between Iraq and Turkey and its stability in the approved legal and banking ways and means, and to complement the first round of talks that took place in Baghdad on Wednesday 15/11/2013, a delegation will leave at dawn tomorrow, Monday, a delegation that includes the financial adviser to the Prime Minister, three officials of the Central Bank of Iraq and managers of 12 Iraqi banks to hold talks with a number of Turkish financial and banking institutions, including the Central Bank of Turkey and the banks in addition to the Turkish Banking Regulation and Supervision Agency."

He added that "the discussions will focus on a number of topics, including discussions with Turkish banks for the purpose of opening correspondent accounts for Iraqi banks and in various foreign currencies to be used in account settlements between the two countries and solving all obstacles facing the two parties in the implementation of this process, and discussing facilitating the use of credit cards for Iraqi residents and tourists in the Turkish banking market."

He continued, "The organization of trade exchange between the two countries will also be discussed through the Turkish and Iraqi customs authorities matching the goods supplied to Iraq with the financial transfer documents through the window of buying and selling foreign currency in a way that protects the interests and stability of trade between the two countries."

He pointed out that "it is hoped that the above talks will result in the signing of a number of agreements on banking arrangements between the two countries, which will contribute to containing the demand for cash dollars through the irregular market for foreign currencies."

[BETTYBOOP]

Moving along and meaning buisness. Positive progress

[T B]

oh yea !!    get em!  hope them turkeys lights a fire in there butts!  he! he! 😅

[RJG]

The Central Bank reveals the discussions of the joint Iraqi delegation in Türkiye... and announces two agreements

• Time: 12/02/2023 19:42:36
•  
• Read: 429 times

  

{Economic: Al-Furat News} The Central Bank of Iraq announced today, Saturday, the conclusion of two agreements during the discussions of the joint Iraqi delegation in Turkey.

He stated in a statement, a copy of which {Al-Furat News} received, that: “The discussions conducted by a joint Iraqi delegation (the government, the central bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning, and they culminated.” The discussions are as follows:-

1- Agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers and to make and pay remittances in the euro and Turkish lira currencies.

2- Agreement to organize trade exchange for small merchants and retailers (dinar for euro or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (deposit in dinars inside Iraq, payment in euros or lira in Turkey, shipping goods from Turkey to Iraq) This would facilitate the external transfer of thousands of Iraqi merchants and spare them from working through non-fundamental means.”

The Central Bank statement continued, “This comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets, and currencies with the aim of preserving the stability of the financial system, protecting it from risks, and achieving general stability in prices by covering... Imports at the official price, which is confirmed by controlling inflation rates.”

 

https://alforatnews.iq/news/البنك-المركزي-يكشف-عن-مباحثات-الوفد-العراقي-المشترك-في-تركيا

[screwball]

Urgent getting hooked up for Jan 1 2024 I would think? Anyone? 

[RJG]

Association of Banks: Agreements with Türkiye will lead to lowering the dollar exchange rate

12/3/2023

Baghdad
 

The Iraqi Private Banks Association confirmed that the agreements with Turkey will lead to reducing the dollar exchange rate and increasing citizen confidence in the dinar.

The head of the Iraqi Private Banks Association, Wadih Al-Handal, said on his Facebook page, followed by Al-Iqtisad News, “We discussed with the Turkish Central Bank and all of Turkey’s banks the reorganization of trade financing between Iraq and Turkey, using the Iraqi dinar, the Turkish lira, and the euro.”

Al-Handal stressed, "The agreements with Turkey will lead to reducing the

dollar exchange rate and increasing citizen confidence in the dinar."

https://economy-news.net/content.php?id=38073

[screwball]

1 hour ago, RJG said:

The agreements with Turkey will lead to reducing the

dollar exchange rate and increasing citizen confidence in the dinar."

so what does it mean if you have agreements with SA, the UAE etc?

[RJG]

5 minutes ago, screwball said:

so what does it mean if you have agreements with SA, the UAE etc?

Hopefully the exact same thing.

[RJG]

Al-Nusairi: The Central Bank has achieved an important step to finance trade with Türkiye in the euro

Advisor to the Iraqi Private Banks Association, Samir Al-Nusairi

money and business
   

Economy News - Baghdad

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Wednesday that the Central Bank completed an important step last week to finance trade with Turkey in the euro currency in the tens of millions as an initial payment to cover retailers’ imports from Turkey, as “the implementation of the banking understanding agreement with Turkey began last Sunday.” ".

Al-Nusairi noted that “this came through Iraqi merchants paying in Iraqi dinars and the Central Bank strengthening them in euros,” pointing out that “after that, settlement is made with Turkish merchants in Turkish lira.”

The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, previously announced, “An Iraqi delegation went to Turkey to agree with Turkish banks to enhance balances in euros or Turkish lira.”

He pointed out that the Central Bank continues to hold periodic agreed-upon meetings with the US Federal Reserve and other banks that were agreed with last month as part of a series of negotiations in order to reach more agreements to regulate trade financing and enhance balances of various currencies in correspondent banks, and thus control speculation in the dollar. On the black market, maintaining exchange rate stability.

Views 71
Added 12/06/2023 - 5:11 PM
https://economy-news.net/content.php?id=38236

 

 

[Half Crazy Runner]

On 12/4/2023 at 3:50 PM, RJG said:

 "The agreements with Turkey will lead to reducing the

dollar exchange rate and increasing citizen confidence in the dinar."

 

I would think that they’d have to do a significant increase in the rate for anyone to have any real confidence in the dinar.  1300 to 1100 or similar change isn’t going to give anyone confidence.