Baghdad and Washington discuss the stability of the exchange rate of the dinar against the dollar
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed, on Friday, with the US Under Secretary of the Treasury for Terrorism and Money Laundering, the issue of the stability of the dinar exchange rate against the dollar.
Hussein stressed "the Iraqi government's commitment to moving forward with its reform and economic measures related to the Iraqi banking system and the energy sector."
He explained that "the government's policy seeks to achieve Iraqi energy independence through associated gas investment projects, and to develop the mechanism of Iraqi banks' work in line with international standards to ensure transparency and provide open data, which enables banks to provide the services needed by the Iraqi people, calling on the American side to reconsider the sanctions imposed on about 32 Iraqi banks, as they have engaged in the structural reform process."
Hussein pointed out that "the stability of the Iraqi dinar exchange rate against the US dollar represents a fundamental pillar for achieving economic, social and political stability inIraq"This is what the government seeks to achieve, calling on the relevant American institutions to review it and build on it."
For his part, Nelson praised "the steps taken by the Iraqi government to support the Iraqi economy and address the challenges facing it. He stressed that the relevant American institutions understand the seriousness of the Iraqi government in updating the work mechanisms in Iraqi institutions, expressing the American side's readiness to helpIraqIn addressing the obstacles facing his reforms, which will have a positive impact on the Iraqi economy.
News sources: Western Union stops transfers issued from Iraq 72 hours after stopping transfers in Chinese yuan.
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sources: The cessation of Western Union’s activities in Iraq Union came in conjunction with the visit of the Governor of the Central Bank of Iraq, Ali Al-Alaq, to the United States.
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Secretary of State to the US Treasury Undersecretary: The stability of the Iraqi dinar exchange rate represents a fundamental pillar for achieving stability in Iraq
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A Central Bank official denies stopping Western Union transfers in Iraq
Financial expert to Iraq Observer: Western Union has set a ceiling for its money transfers from Iraq and has not stopped them completely
Financial and banking expert Mustafa Hantoush believes that Western Union Banking Company has set a ceiling for sending money transfers from Iraq and has not suspended them permanently.
Hantoush told Iraq Observer, “Western Union has reduced the size of its money transfers. For example, instead of transferring an amount of $1,000, it will become $500.”
He added, "The Central Bank has not issued any official statement regarding the suspension of Western Union Company for money transfers from Iraq," noting that this information must be verified from its primary source, which is the Central Bank."
Local news agencies reported that the world's largest money transfer company, Western Union, has stopped its money transfers from Iraq without providing further details, at a time when the dollar is witnessing a continuous rise. Meanwhile, a prominent financial source who preferred to remain anonymous told Iraq Observer that the matter is related to setting a ceiling for money transfers issued by Western Union from Iraq, ruling out a final halt.
The financial markets in Iraq are witnessing a state of instability in the exchange rate of the dollar against the Iraqi dinar, as it has been approaching 150,000 for days, in anticipation of the visit of the Governor of the Central Bank of Iraq to the United States of America.
Economic researcher Ziad Al-Hashemi said in a tweet on the X platform: The governor of the Central Bank was sent to New York to discuss the issue of the failure of yuan transfers to China, which the Central Bank relied heavily on to sell dollars and provide the dinar needed to feed the government’s finances.
He added: The causes of the problem remaining unresolved and the strong parties hovering around the Central Bank and searching for the dollar, without accountability, neutrality or internal Iraqi restrictions, will make all the pledges that Al-Alaq will present without any real value, as the same person has previously presented the same pledges throughout the past ten years, and the same problem is still ongoing without a solution, according to him.
Source denies Western Union has stopped operating in Iraq
An informed source denied that Western Union has stopped operating in Iraq.
The source told Al-Eqtisad News that there is no truth to the news that Western Union has stopped operating in Iraq.
He pointed out that the company continues to work through its agents in Iraq to provide remittances to citizens, and that the Central Bank continues to strengthen its balances in dollars.
but then this was in their social media
Western Union stops transfers issued from Iraq 72 hours after stopping transfers in Chinese yuan.
Iraqi military delegation visits Washington regarding security agreement
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein revealed today, Friday, that an Iraqi military delegation will soon visit Washington to hold security talks.
Hussein said in a press conference held in the US capital, Washington, that "our visit to Washington was to attend the NATO summit at the invitation of the American side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury Department to discuss issues related to monetary policy and banking signs."
He added that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."
He continued: "We discussed the future of the international mission in NATO meetings in cooperation with the Iraqi Ministry of Defense."
Foreign Minister from Washington: US Treasury positively assessed Central Bank's efforts
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein confirmed that the US Treasury Department evaluated the efforts of the Central Bank positively, while indicating that a military delegation will visit Washington to hold security talks.
"Our visit to Washington was to attend the NATO summit at the invitation of the US side, and on the sidelines of the summit we held intensive meetings with leaders of several countries, and we held a meeting with the US Treasury to discuss issues related to monetary policy and banking signs," Hussein said in a press conference held in the US capital Washington, attended by the Iraqi News Agency (INA).
He added that "the US Treasury positively evaluated the efforts of the Central Bank," indicating that "a military delegation will visit Washington to hold talks on the security agreement concluded between Iraq and the United States."
He continued: "We discussed the future of the international mission in NATO meetings in cooperation with the Iraqi Ministry of Defense."
Iraqi-American talks on the exchange rate of the dinar against the dollar
Foreign Minister Fuad Hussein discussed today, Friday, July 12, 2024, during his visit to Washington with the US Under Secretary of the Treasury for Terrorism and Money Laundering, Brian Nelson, the dollar exchange rate and lifting US sanctions on 32 Iraqi banks.
A statement by the Iraqi Foreign Ministry, received by "Baghdad Today", said that Hussein - who heads the Ministerial Council for the Economy - discussed with the American official "the issues that the two parties are working on according to their previous reform agreements."
During the meeting, Hussein stressed, according to the statement, "the Iraqi government's commitment to moving forward with its reform and economic measures related to the Iraqi banking system and the energy sector."
He explained that "the government's policy seeks to achieve Iraqi energy independence through associated gas investment projects, and to develop the working mechanism of Iraqi banks in a manner consistent with international standards to ensure transparency and provide open data, which enables banks to provide the services needed by the Iraqi people."
The Foreign Minister called on "the American side to reconsider the sanctions imposed on about 32 Iraqi banks, as they were involved in the structural reform process."
Hussein pointed out that "the stability of the Iraqi dinar exchange rate against the US dollar represents a fundamental pillar for achieving economic, social and political stability in Iraq, which is what the government seeks to achieve," calling on the relevant American institutions to review it and build on it.
For his part, Nelson praised "the steps taken by the Iraqi government to support the Iraqi economy and address the challenges it faces."
He stressed that "the relevant American institutions understand the seriousness of the Iraqi government in modernizing the work mechanisms in Iraqi institutions," expressing "the American side's readiness to help Iraq address the obstacles that hinder its reforms, in a way that reflects positively on the Iraqi economy."
.I have been engaged in structural reform
Baghdad asks Washington to reconsider sanctions imposed on Iraqi banks
Iraqi Foreign Minister Fuad Hussein called on the US Under Secretary of the Treasury for Terrorism and Money Laundering, Brian Nelson, to reconsider the sanctions imposed on 32 Iraqi banks, stressing to Nelson that these banks have engaged in the structural reform process, while Nelson announced his country's .readiness to help Iraq address the obstacles that hinder its reforms
The Ministry of Foreign Affairs stated in a statement, Baghdad asks Washington to reconsider sanctions imposed on Iraqi banks
Deputy Prime Minister and Minister of Foreign Affairs meets with US Under Secretary of the Treasury for Terrorism and Money Laundering Deputy Prime Minister and Minister of Foreign Affairs, Chairman of the Ministerial Council for Economy, Mr. Fuad Hussein, met on Friday, July 12, 2024, with the US Under Secretary of the Treasury for Terrorism and Money Laundering, Mr. Brian Nelson, in the presence of the two accompanying delegations at the ministry’s headquarters in Washington, DC. During the meeting, the issues that the two parties are working on in accordance with .their previous reform agreements were discussed The Minister affirmed the Iraqi government's commitment to moving forward with its reform and economic measures related to the Iraqi banking system and the energy sector. He explained that the government's policy seeks to achieve Iraqi energy independence through associated gas investment projects, and to develop the working mechanism of Iraqi banks in line with international standards to ensure transparency and provide open data, enabling banks to provide the services needed by the Iraqi people. He called on the American side to reconsider the sanctions imposed on about 32 Iraqi banks, as they were involved in the structural reform .process
Mr. Hussein pointed out that the stability of the Iraqi dinar exchange rate against the US dollar represents a fundamental pillar for achieving economic, social and political stability in Iraq, which is what the government seeks to achieve, calling on the relevant American institutions .to review it and build on it
For his part, Mr. Nelson praised the steps taken by the Iraqi government to support the Iraqi economy and address the challenges facing it. He stressed that the specialized American institutions understand the seriousness of the Iraqi government in modernizing the work mechanisms in Iraqi institutions, expressing the American side's readiness to help Iraq address the obstacles hindering its reforms, which will positively reflect on .the Iraqi economy
Baghdad calls on Washington to reconsider its sanctions on 32 Iraqi banks
Deputy Prime Minister and Minister of Foreign Affairs, Chairman of the Ministerial Council for Economy, Mr. Fuad Hussein, met on Friday, July 12, 2024, with the US Under Secretary of the Treasury for Terrorism and Money Laundering, Mr. Brian Nelson, in the presence of the two accompanying delegations at the ministry’s headquarters in Washington, DC. During the meeting, the issues that the two parties are working on in accordance with their previous reform agreements were discussed.
The Minister affirmed the Iraqi government’s commitment to moving forward with its reform and economic measures related to the Iraqi banking system and the energy sector.
He explained that the government's policy seeks to achieve Iraqi energy independence through associated gas investment projects, and to develop the working mechanism of Iraqi banks in line with international standards to ensure transparency and provide open data, enabling banks to provide the services needed by the Iraqi people. He called on the American side to reconsider the sanctions imposed on about 32 Iraqi banks, as they were involved in the structural reform process.
Hussein pointed out that the stability of the Iraqi dinar exchange rate against the US dollar represents a fundamental pillar for achieving economic, social and political stability in Iraq, which is what the government seeks to achieve, calling on the relevant American institutions to review it and build on it.
For his part, Mr. Nelson praised the steps taken by the Iraqi government to support the Iraqi economy and address the challenges facing it.
He stressed that the relevant American institutions understand the seriousness of the Iraqi government in modernizing the work mechanisms in Iraqi institutions, expressing the American side's readiness to help Iraq address the obstacles that hinder its reforms, which will have a positive impact on the Iraqi economy.
Economist draws a map to reduce the gap between the official and parallel dollar rates
An economic expert stressed the need for the Central Bank of Iraq to address the difference in the official dollar exchange rate and the local {parallel} market.
Mustafa Akram told {Euphrates News} agency that "the dollar exchange rate from the Central Bank is 1320 dinars, and if it reaches 1350 dinars, we can say that it is in a state of relative stability, but more than these rates are considered a risk in the exchange rate or a gap."
He explained that "this issue requires the Central Bank to dismantle the contents of the parallel market and not fight it for security reasons, by identifying platforms for imports, and identifying types of electronic payment cards for travelers to countries where the sale of dollars is prohibited, as these cards work in the currencies of those countries."
Akram pointed out "the identification of public agency companies that give dollars to retail traders and imports are done through them, and stability and credibility are the basis for work in dismantling the parallel market. This gives greater confidence to the international community and avoids accusations."
He called on "the Central Bank to gather the scattered papers and for foreign trade to be less than the current one by supporting industry and agriculture and reducing equations. This is the direction that should be."
just other articles that came out later in the day
Trade confirms the imminent opening of 3 central markets in Baghdad
The Ministry of Trade confirmed, today, Friday, that the General Company for Central Markets has prepared a well-thought-out plan to resume its activity, noting the imminent opening of 3 markets in Baghdad as part of a comprehensive plan to open 19 sites.
Director General of the Central Markets Company, Zahra Al-Kilani, told the Iraqi News Agency (INA): "The plan includes concluding partnership contracts and contracts to open marketing outlets with private sector companies specialized in this field, as the focus was on Baghdad Governorate, and there are marketing outlets that will have priority in opening to reach the final stages."
Al-Kilani added that "the central market of Al-Amel neighborhood, Al-Salihiya market, and also Al-Shaab market will be opened very soon, and there will also be some markets with some commercial character, including Al-Rashid Central Market, Al-Khalani Building."
She stressed that "the company has begun concluding contracts in Nineveh, Kirkuk, Kut and Basra, and the rest of the other markets will witness campaigns to rehabilitate them again," noting that "the General Company for Central Markets owns 19 central markets throughout Iraq, in addition to other sites, warehouses, complexes and shares that it owns with other companies of the ministry."
The dollar stands in solidarity with July and rises to 150 thousand in Iraq
Exchange rates in local markets stabilized until Friday evening (July 12, 2024) at the 150,000-dollar barrier for every 100 dollars sold, while the purchase price recorded 149,000 in the main stock exchanges in Iraq, while the selling prices in the exchange offices recorded 151,500 dinars.
The dollar price has been fluctuating for about a month, especially after the Central Bank’s decision to sell the dollar exclusively through airport outlets and ban it from money exchange offices, which protested and raised prices until the bank reversed its decision.
The Governor of the Central Bank, Ali Al-Alaq, is currently visiting Washington after being sent to review the latest financial reforms of the bank, with a review of the measures previously taken between the two parties, which are “unexpected” to make a difference in controlling the exchange rates controlled by traders, bank owners and money changers, according to observers.
Security affairs researcher Ibrahim al-Sarraj confirmed on Friday that the American administration seeks to distract the Islamic resistance and distance it from its primary role in fighting the Zionist occupier and carrying out jihadist operations against the occupation, pointing out that American threats must be faced with a deterrent Iraqi reaction.
Al-Sarraj told the Maalouma Agency, “The resistance axis continues to target the settlements and military barracks of the Zionist entity through the joint jihadi and military operations it carries out from time to time.”
He added, "The United States continues its threats to Iraq and its popular mobilization, through statements issued by some of its figures, with the aim of distracting the resistance from its basic role and fighting the Zionist occupier."
He stated that "the American threats and repeated violations are not the result of the moment, and they should be confronted with deterrent measures and not be satisfied with statements of denunciation and denunciation that do not change anything of reality."
Saudi Arabia is Iraq's new commercial destination.. Economist predicts the future
Economic experts expected, on Thursday, the growth of trade between Iraq and Saudi Arabia in the coming period, while stressing the importance of developing trade exchange between the two countries, as Saudi Arabia has one of the strongest economies in the Middle East.
Ghazi Faisal, director of the Iraqi Center for Strategic Studies, said in a statement followed by Mawazine News, "Saudi Arabia represents one of the giant regional economies, as its annual GDP is approaching one trillion dollars, and during the past decades it has invested in the field of minerals in addition to gas and oil, as it is the first producer of oil in the world, and it is also an important investor in agriculture and industry, and it previously offered Iraq to invest in agriculture in the south of the country, but pressures from forces opposing openness to Saudi Arabia have disrupted the project."
Faisal added, "Today there is an important openness to Saudi Arabia, as an agreement was signed since the time of former Prime Minister Haider al-Abadi, and the Iraqi-Saudi Economic Council was formed, which holds joint meetings, and Iraq opened up to Saudi investors in various fields."
Faisal pointed out that "Saudi Arabia is a major player in international economic relations and an important member of the G20 group of economic powers in the world, so it is important for Iraq to open up to the Kingdom and benefit from its capabilities."
In comparison with neighboring countries, the director of the Iraqi Center for Strategic Studies explained that "Turkey's products differ in nature, due to the abundance of water and land. It is an important agricultural and industrial country, and trade exchange with Turkey will remain indispensable."
As for Iran, according to Fassal, it is "an important country commercially, but it is shackled by economic sanctions, as it suffers from restrictions on the movement of currency for trade with Iran, which causes the existence of a parallel market in Iraq and black transfers and other issues that burden the Iraqi economy with major problems."
It is known that Iraqi markets depend on Turkey and Iran to meet their needs for goods, as the volume of trade exchange between Iraq and Turkey reached $20 billion according to Turkish President Recep Tayyip Erdogan, while Iran intends to reach this number by 2027.
Some things on social media
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein held an important meeting with the US Under Secretary of State for Political and Administrative Affairs, John Bass, in Washington, DC, during which the issue of frozen Iranian funds in Iraq was discussed.
According to a statement by the Ministry of Foreign Affairs, Fuad Hussein stressed "the importance of strengthening US-Iraqi relations in various fields," noting "the common desire to expand political and economic cooperation between the two countries."
The Minister addressed the issue of frozen Iranian funds in Iraq, stressing the need to find a quick and fair solution that serves the interests of both parties and enhances financial stability in the region.
He stressed the "need to find solutions that enhance the stability of the Iraqi economy and contribute to achieving sustainable growth."
bullet points from social media
Foreign Minister Fouad Hussein meets with US Undersecretary of State for Administrative and Political Affairs John Bass in Washington
The Foreign Minister stressed the necessity of finding a quick and fair solution to the issue of Iranian funds frozen in Iraq
- We are concerned about the situation in Gaza and the spillover of the conflict into southern Lebanon
- The importance of supporting the financial and banking sector in Iraq, with a focus on the challenges related to the use of the dollar in financial transactions
Int'l Chamber of Commerce (ICC) opens in Iraq
The International Chamber of Commerce (ICC) has expanded its presence in Iraq with the official launch of ICC Iraq at ICC's Global Headquarters in Paris on Wednesday.
Reflecting ICC's global reach, the new ICC national committee will promote ICC's mission in Iraq, boosting the voice of Iraqi business and chambers worldwide.
The addition of ICC Iraq brings the current number of ICC national committees to 92.
An ICC Iraq delegation joined ICC leaders and staff at ICC's Global Headquarters for an event marking the official launch, which was followed by a celebration at the Iraqi Embassy in Paris.
ICC Secretary General John W.H Denton said:
"The context in which businesses operate today is marked by geo-economic and geo-political tensions giving rise to instability, uncertainty and new challenges in Iraq and beyond. Bringing our mission to Iraq will deliver real value for Iraqi business and the real economies in which they operate."
ICC Iraq will support ICC's institutional objectives for business to foster peace, prosperity, and opportunity for all through local commissions on arbitration and ADR, digital economy, intellectual property, and trade and investment.
ICC Iraq's founding members are Abdulrazaq Al-Zuheere, who serves as ICC Iraq Honorary Chair and President of the Federation of Iraqi Chambers of Commerce (FICC), Mohsin Al Hamed, Chair of ICC Iraq and Al-Asriya Group and Ahmed Alyasiri, ICC Iraq Secretary General and International Organisation Consultant at FICC.
Through the national committee in their respective country, ICC members help shape ICC policies and alert governments to international business concerns.
another version
The Paris-based International Chamber of Commerce (ICC) has announced the expansion of its global presence through the official launch of the chamber’s new headquarters in Iraq from the French capital, thus enhancing the spread of the chamber’s network of offices worldwide.
According to the official website of the International Chamber of Commerce, which was founded in 1919 in the French capital, it has a network of offices in more than 170 countries, and represents more than 45 million business companies.
The website stated that the official launch of the International Chamber of Commerce in Iraq was celebrated at the global headquarters of the Chamber in Paris, which will work to enhance the mission of the International Chamber of Commerce in Iraq, and strengthen the voice of Iraqi businessmen and chambers all over the world.
The report indicated that the International Chamber of Commerce of Iraq will constitute an addition to the total number of international chambers of commerce, reaching 92 around the world.
He added that a delegation from the International Chamber of Commerce of Iraq joined the official celebration in Paris, which was followed by a celebration at the Iraqi embassy in the French capital.
The report quoted ICC Secretary General John W. H. Denton as saying: “The context in which companies operate today is one of geo-economic and geopolitical tensions that are causing instability, uncertainty and new challenges in Iraq and beyond. Bringing our mission to Iraq will provide real value to Iraqi companies and the real economies in which they operate.”
According to the report, the ICC Iraq will support the ICC’s institutional goals of promoting peace, prosperity and opportunities for all through local committees on arbitration, alternative dispute resolution, digital economy, intellectual property, trade and investment.
The report pointed out that the founding members of the International Chamber of Commerce of Iraq are Abdul Razzaq Al-Zuhairi, who holds the position of honorary president of the International Chamber of Commerce of Iraq and president of the Federation of Iraqi Chambers of Commerce, in addition to the president of the International Chamber of Commerce of Iraq, Mohsen Al-Hamid, who also heads the “Asriya Group”, along with Ahmed Al-Yasiri, Secretary-General of the International Chamber of Commerce of Iraq, who is also an advisor on international organizations.
The report concluded by pointing out that the members of the International Chamber of Commerce of Iraq, through their headquarters in Iraq, help formulate the policies of the International Chamber of Commerce and alert governments to what interests international business.
Doing Business in Iraq 2024 - a Tax and Legal Guide
PricewaterhouseCoopers (PwC) has published "Doing Business in Iraq 2024 - a Tax and Legal Guide".
The guide is intended to provide an introduction to the taxation and legal aspects of doing business in Iraq, particularly from the perspective of the items an inbound investor will have in mind.
Click here to download the full report. only 14 pages and its in English
Saudi Arabia is Iraq's new commercial destination.. Economist predicts the future
Economic experts expected, on Thursday, the growth of trade between Iraq and Saudi Arabia in the coming period, while stressing the importance of developing trade exchange between the two countries, as Saudi Arabia has one of the strongest economies in the Middle East.
Ghazi Faisal, director of the Iraqi Center for Strategic Studies, said in a statement followed by Mawazine News, "Saudi Arabia represents one of the giant regional economies, as its annual GDP is approaching one trillion dollars, and during the past decades it has invested in the field of minerals in addition to gas and oil, as it is the first producer of oil in the world, and it is also an important investor in agriculture and industry, and it previously offered Iraq to invest in agriculture in the south of the country, but pressures from forces opposing openness to Saudi Arabia have disrupted the project."
Faisal added, "Today there is an important openness to Saudi Arabia, as an agreement was signed since the time of former Prime Minister Haider al-Abadi, and the Iraqi-Saudi Economic Council was formed, which holds joint meetings, and Iraq opened up to Saudi investors in various fields."
Faisal pointed out that "Saudi Arabia is a major player in international economic relations and an important member of the G20 group of economic powers in the world, so it is important for Iraq to open up to the Kingdom and benefit from its capabilities."
In comparison with neighboring countries, the director of the Iraqi Center for Strategic Studies explained that "Turkey's products differ in nature, due to the abundance of water and land. It is an important agricultural and industrial country, and trade exchange with Turkey will remain indispensable."
As for Iran, according to Fassal, it is "an important country commercially, but it is shackled by economic sanctions, as it suffers from restrictions on the movement of currency for trade with Iran, which causes the existence of a parallel market in Iraq and black transfers and other issues that burden the Iraqi economy with major problems."
It is known that Iraqi markets depend on Turkey and Iran to meet their needs for goods, as the volume of trade exchange between Iraq and Turkey reached $20 billion according to Turkish President Recep Tayyip Erdogan, while Iran intends to reach this number by 2027.
Security affairs researcher Ibrahim al-Sarraj confirmed on Friday that the American administration seeks to distract the Islamic resistance and distance it from its primary role in fighting the Zionist occupier and carrying out jihadist operations against the occupation, pointing out that American threats must be faced with a deterrent Iraqi reaction.
Al-Sarraj told the Maalouma Agency, “The resistance axis continues to target the settlements and military barracks of the Zionist entity through the joint jihadi and military operations it carries out from time to time.”
He added, "The United States continues its threats to Iraq and its popular mobilization, through statements issued by some of its figures, with the aim of distracting the resistance from its basic role and fighting the Zionist occupier."
He stated that "the American threats and repeated violations are not the result of the moment, and they should be confronted with deterrent measures and not be satisfied with statements of denunciation and denunciation that do not change anything of reality."
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