Sun. AM TNT Iraq News Articles 2-12-23



Beijing announces the resumption of the momentum of personnel exchange with Iraq soon

On Sunday, the People’s Republic of China affirmed its support for Iraq in various political, economic, urban, cultural and media fields, while indicating the tendency to provide opportunities for the Iraqi youth elite to visit and support exchange in the media field.  

The Chinese Assistant Foreign Minister, Zhu Rui, said in a statement to the official agency, followed by “NAS” (February 12, 2023), that “after China amended its policy to confront the Corona pandemic, the momentum of exchange of individuals between the two countries will resume, and we will strengthen support for the exchange of views and experiences.” .  

He added, “China will work in cooperation with its embassy in Baghdad to provide more opportunities for the Iraqi youth elite to visit China, and it will also support exchange between the two countries in the field of media, intellectual institutions and non-governmental organizations in order to deepen the friendship between the Chinese and Iraqi peoples.”   

He pointed out, “Iraq is one of the first countries in the region to sign a cooperation agreement with China in the initiative to build the Belt and Road,” noting that “this agreement includes many political, economic, cultural, tourism, media and other fields.”  

He stated, “The current year 2023 marks the tenth anniversary of the launch of the Belt and Road Initiative,” suggesting that “China will hold the third session of a high-level forum for cooperation on the Belt and Road, in addition to the main forum.”  

He pointed out, “There are five parallel forums that include politics, infrastructure, financial culture, and communication between peoples,” noting that “the parallel forum for communication between peoples will be organized by our department, and it includes cultural and media cooperation    link


Credit rating puts Iraq at the forefront of Arab countries “high risk”

Shafaq News / Moody’s credit rating agency announced that Iraq obtained high-risk credit, while the UAE came with the best credit among the Arab countries and lower Lebanon.

Moody’s said in a statistic seen by Shafaq News Agency, that “Iraq obtained a stable credit rating during the year 2022, which is CAA1, which puts it in the category of weak obligations and bearing very high credit risks, but the stable outlook for Iraq reflects the balance between the recent positive developments that occurred in 2022 and the fragility of the financial, economic and political situation in general.

“According to Moody’s, “the UAE came at the top of the list of Arab countries with the highest credit rating, with a grade of AA2, which is a high creditworthiness, and a stable outlook for the UAE, and Qatar came second with a score of AA3, which is a good credit score, followed by Kuwait and Saudi Arabia with the same grade A1, which is an average credit score on good.”

She added that “Morocco came fifth with a score of Ba1, which is non-investment, and Oman came sixth with a score of Ba2 non-investment, while Jordan, Bahrain and Egypt came with a score of B1, B2 and B3, respectively, and it has a risk, while Lebanon ranked the table of Arab countries with a score of C, which is faltering, which means the lowest in the evaluation and the value of recovery of obligations is usually low.

Saleh: The price of the dollar in the parallel market is artificial to achieve fake profits

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, described the price of the dollar in the parallel market as “artificial to achieve fake profits.”


Salih told {Euphrates News} agency: “The effects of the mysterious parallel markets come on the country’s markets mostly and their poor knowledge of the positive signs of the strength of the national economy and the strength of its reserves, which exceeded 115 billion dollars. The market is still with distorted and false information that is based on rumor to generate artificial price deviations to achieve fake profits on Calculating the effect on price stability itself.

He stressed “the importance of realizing two important things, the first is the foreign trade arm of the government that operates in accordance with international rules of trade and carries flexibility and a very high possibility in providing commodity supply at stable prices at any moment, and the second is the role of effective packages launched by the Central Bank of Iraq on which the policy is working.” Cash in accelerating the openness of the levels of meeting the demand for foreign currency, with the degree of progress of the banking system in the transparent use of foreign trade financing documents for the private sector, in order to increase the conversion in foreign currency in accordance with the rules and provisions of international trade and international compliance controls.

The Council of Ministers approved in its meeting last Tuesday the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1300 dinars to one dollar.

About four days after the government’s decision to reduce the exchange rate of the dollar against the dinar, and two days after the talks of the Iraqi delegation in Washington, the dollar’s prices did not stabilize in the parallel local markets.

The rate adopted by the Central Bank of Iraq for the dollar against the dinar, which is 1,300 dinars for one dollar, led to a temporary decrease in the price of the dollar, but it returned to rise to record more than 1,500 dinars, which means that the difference in the parallel market remains from the official price.

The reason, according to observers, is related to the lack of clarity in the final results of the discussions being held in Washington by the Iraqi delegation, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and the Governor of the Central Bank, Ali Al-Alaq, with officials in the US administration.   link

Source: Dinar Recaps


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