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Tishwash:
Iraq moves towards signing comprehensive economic agreement with UAE
Prime Minister Mohammed Shia al-Sudani stressed, on Tuesday, the importance of continuing bilateral efforts towards signing a comprehensive economic agreement between Iraq and the UAE.
His media office stated in a statement received by “Al-Eqtisad News” that “Al-Sudani received today the new UAE Ambassador to Iraq, Abdullah Matar Al-Mazrouei.”
The statement added, “The meeting witnessed discussion of bilateral relations between the two countries, which are progressing at various levels, and ways to enhance distinguished cooperation in many fields, in a way that achieves common and mutual interests between the two brotherly countries.”
Al-Sudani referred to “the efforts made by the UAE to enhance its cooperation with Iraq, especially in the strategic development road project, which constitutes a link between Iraq’s neighbors and the countries of the region, in addition to its long-term economic importance.”
He stressed “the importance of continuing bilateral efforts towards signing a comprehensive economic agreement between the two countries link
Switzerland reopens embassy in Iraq after 33 years
The Swiss Foreign Ministry announced today, Tuesday (September 3, 2024), the reopening of its embassy in the Iraqi capital, Baghdad, after 33 years of closure in 1991 due to the Gulf War.
“By reopening the embassy, the Federal Council aims to strengthen bilateral relations with the densely populated country and consolidate cooperation in the fields of economy, security and migration,” the ministry said in a statement.
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Foreign Minister Fuad Hussein announced last May that Switzerland would reopen its embassy in Baghdad in the coming months.
In an interview with Swiss Info, during his visit to Switzerland, Hussein pointed out that Switzerland made its first official visit to Iraq in more than 40 years in 2021, during which discussions took place regarding the possibility of reopening the Swiss embassy in Iraq.link
Buried Riches”: Gas Discovery in Iraq a Ray of Hope for Economic Development
Iraq has recently achieved remarkable progress in the energy sector, especially in the field of natural gas discovery. These discoveries represent an important strategic step towards achieving energy security and strengthening the economy in general, and they also open new horizons for investment and development in this vital sector.
In recent years, oil companies and the Iraqi government have announced new discoveries of gas patches in several areas. Among these discoveries, the Anbar region stands out as a major location where important gas deposits have been discovered.
According to industrial sources, the new discoveries include large quantities of dry gas, a type of natural gas that contains low levels of sulfur and is used in many industrial applications. This type of gas is used in power generation, as an industrial fuel, and in the production of chemicals, making it an important resource for the industrial and energy sectors.
The Iraqi government is working to enhance investment in these discoveries through partnerships with international energy companies. Agreements have been signed with multinational companies to develop the infrastructure necessary to extract and purify gas. It has also been agreed to implement projects to extend gas pipelines and modernize refining stations.
Building infrastructure is an important step, as extracting natural gas and delivering it to markets requires complex facilities including pipelines, refining facilities, and pumping stations.
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These projects require huge investments and careful coordination between the various parties concerned, and the government is working to improve the legal environment to attract foreign investment, including improving contracting terms and simplifying bureaucratic procedures.
Despite the optimism that accompanies new gas discoveries, there are a number of challenges facing the exploration and production process. These challenges include the need for modern technology and technical expertise, in addition to the difficult geographical conditions that may affect drilling and transportation operations.
Great economic opportunities
On the other hand, developing the natural gas sector in Iraq opens up great economic opportunities. In addition to improving energy security, this sector can contribute to creating new job opportunities, increasing national revenues, and enhancing economic growth. Exporting gas to international markets can also provide an important source of financial returns.
“The discovery of new gas blocks in Iraq represents an important strategic opportunity for the country as it provides a strong foundation for developing the energy sector and enhancing economic independence,” said retired gas expert Dr. Sami Al-Jubouri, who held positions in major energy companies. “However, it is necessary to focus on improving the infrastructure and applying the latest technologies to ensure efficient and safe gas extraction, through cooperation with international companies, which will enhance Iraq’s ability to optimally exploit these resources.”
“The challenges facing the country include the need to develop local technical capabilities and increase operational efficiency, as well as manage resources sustainably to ensure long-term benefits,” Dr. Al-Jubouri added to the Iraq Observer. link
They are running this commercial again!
With our dinar and our products we are stronger… Support the Iraqi dinar
With a dinar and our products 0:08
Stronger we reap the good 0:13
With a dinar we build and develop 0:16
Our country we teach our generations about the greatness of our civilization and strength 0:23
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A dinar is our homeland with all goodness and blessings 0:30
A dinar is a homeland issue
https://www.youtube.com/watch?v=6Tq9QoIKWik
Source: Dinar Recaps
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Tishwash:
Proposal to cancel SWIFT and replace it with relations with the international banking network
US Treasury praises Iraq’s progress in monitoring transfers and selling dollars
The US Treasury Department praised the remarkable progress made by the Central Bank of Iraq in strengthening control procedures over foreign transfers and cash sales of the dollar, while considering that these steps contribute to strengthening financial and economic stability in the country .
Auditing companies
A statement by the bank received by (Al-Zaman) yesterday said that (a high-level negotiating delegation headed by Governor Ali Mohsen Al-Alaq held a series of intensive meetings in New York City, USA, which included discussions with the US Treasury Department and the Federal Reserve Bank, in addition to meetings with a group of companies, including international auditing companies, who praised the major transformations achieved by the Central Bank, represented by the remarkable progress in the procedures for monitoring foreign transfers and cash sales of the dollar currency)
Adding that (this led to improving systems, policies and procedures in accordance with international and local standards, enhancing transparency in covering foreign trade and providing protection for the banking and financial sector from the risks of money laundering, financing terrorism and financial c****s)
And pointed out that (a meeting will be held between bank officials and its international partners by the end of this year regarding the major transformation in ending the work of the electronic platform for foreign transfers and replacing it with direct banking relations between Iraqi banks and the network of international correspondent banks, according to the plan developed by this bank, and implemented internationally, which will allow the Central Bank and the Federal Reserve Bank to exercise their supervisory roles Away from the executive procedures
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This transformation will have important repercussions on the stability, fluidity and transparency of the country’s foreign trade financing operations,” he continued, adding that “this step will contribute to achieving the required stability in exchange rates, which in turn will lead to enhancing the efficiency of the financial system in Iraq.”
The statement stressed that “the meetings also addressed the mechanisms for expanding the network of international correspondent banks and qualifying Iraqi banks to meet the necessary requirements for opening their accounts with international correspondent banks, with the aim of enabling them to complete their financial transactions, whether through external transfers in US dollars or other foreign currencies .”
A source had previously revealed an unannounced visit by the Central Bank to the United States of America to discuss developments in the Iraqi banking sector .
Banking sector
The source said in a statement yesterday that (a delegation from the Central Bank, led by Al-Alaq, and a number of general managers, visited the United States of America, since the 26th of last month, to discuss developments in the banking sector and the restrictions on the use of the dollar imposed on a large number of private banks)
And he continued that (the Central Bank delegation discussed canceling the platform at the beginning of next year, and relying on correspondent banks, which will increase the imposition of restrictions on Iraqi private banks, and completely eliminate competition in favor of Jordanian banks that have American correspondent banks), noting that (the Central Bank is close to signing a contract with Oliver Wyman, the consulting company for the Iraqi Development Road, to conduct a study on reforming the Iraqi banking sector, and in order for it to be approved by the bank as a roadmap for reforming the private banking sector ).
The dollar exchange rate rose slightly in the Baghdad and Erbil stock exchanges. Money exchange office owners said yesterday that “dollar prices rose with the opening of the Al-Kifah and Al-Harithiya stock exchanges to record 149,200 dinars for every hundred dollars.” They added that “selling prices in exchange offices in the local markets in Baghdad stabilized at a selling price of 150,000 dinars, while the purchase price reached 148,000 dinars for every hundred dollars. As for Erbil, the stock exchange does not trade on official holidays, but the dollar recorded a slight increase there .” link
More than a trillion dinars in Iraqi customs revenues in half a year
The head of the Iraqi General Customs Authority, Hassan Al-Akeili, revealed on Tuesday that more than one trillion dinars were achieved in revenues during the first half of the current year, indicating that this amount will double by the end of the year.
Al-Akeili told Shafaq News Agency after attending a reception in the House of Representatives, “Today, we attended a reception session in the Parliamentary Finance Committee and reviewed the most important activities of the Customs Authority during the past and current years, most notably the automation project.”
He added, “The General Authority of Customs’ revenues in 2023 amounted to one trillion and 33 billion dinars, an increase of 28% over the previous year.”
He added, “During the first half of this year, the Authority’s revenues reached 1.145 trillion dinars, and by the end of the year we will reach the set amount of 2 trillion dinars.”
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Al-Akeili stressed that, “According to the budget law, the amounts collected from customs are measured annually, and if the amounts achieved by the authority are measured, we are within the acceptable percentage link
Source: Dinar Recaps
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