More News, Rumors and Opinions Thursday PM 6-5-2025
KTFA:
Clare: The Central Bank is exploring the possibility of opening branches of Turkish banks in Nineveh Governorate.
June 05, 2025
The Director General of the Central Bank of Iraq/Mosul Branch, Dr. Hussein Lazem, discussed with the Turkish Consul General, Serhad Varli, the possibility of opening branches of Turkish banks in Nineveh Governorate.
Lazem provided a detailed explanation of the Central Bank's operating mechanism in Nineveh Governorate and its role in achieving exchange rate stability.
The two sides also discussed ways of cooperation between the Central Bank of Iraq and its Turkish counterpart, as well as the Turkish Banking Authority, particularly regarding the opening of branches of Turkish banks in Nineveh Governorate.
The latest developments in the financial and banking sectors in Nineveh Governorate were also discussed, particularly the automation of customs duties.
The two sides stressed the importance of increasing cooperation to increase trade exchange between the two countries, as well as financing and supporting projects in Iraq in the fields of agriculture, industry, trade, and others.
Central Bank of Iraq
Media Office
June 5, 2025
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Clare: Al-Sudani: Our industry has reached self-sufficiency, and we aim to convert oil exports into derivatives.
6/5/2025
Iraqi Prime Minister Mohammed Shia al-Sudani said on Thursday that local industries have reached self-sufficiency, revealing at the same time that the government is targeting the conversion of oil exports into "high-value and high-yield" derivatives.
This came in a speech delivered by Al-Sudani during the celebration of National Industry Day, held by the Iraqi Federation of Industries.
In his speech, Al-Sudani said that Iraqi industrialists have proven their ability to innovate and withstand challenges throughout the various periods that Iraq has gone through, adding, "After 2003, there was an ill-considered openness that flooded the Iraqi market with imports, and industrialists turned into traders and contractors."
He added, "Our industry has reached self-sufficiency in goods and products, from food industries to pharmaceuticals," stressing that "no economic reform will be achieved without national industry, and we have given the private sector a role in decision-making and setting priorities."
Al-Sudani also pointed out that "the government, for the first time, has included sovereign guarantees for private sector projects in the budget law... which has encouraged us to bring in modern technology, equipment, and production lines to develop and provide the product locally."
He stressed that "priority was given to the construction, food, and pharmaceutical industries," noting that "the Cabinet is prepared to go beyond decisions to protect local products, and we may even ban the import of a commodity if it is available locally." Al-Sudani stated, "We still need to achieve better investment in the petroleum products industry, which will increase their value."
He continued, "We aim to transform our oil exports into high-value, high-yield derivatives by creating an important petrochemical industry that is in demand for export."
The Prime Minister concluded his remarks by saying, "We are moving forcefully to modernize the banking sector, increase control over border crossings, and limit the entry of substandard goods." LINK
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Courtesy of Dinar Guru: https://www.dinarguru.com/
Militia Man It's been many month, a long time, that we've heard any talk about the World Trade Organization but they're doing it again. I don't think that's a coincidence. It's obvious Iraq is pushing to go and integrate into the international financial system...All of this is coming together quite beautifully. Article Quote "Iraq has made significant progress towards joining the World Trade Organization." ...Integration is inevitable as far as I can tell.
Clare Article: "Iraq is moving closer to WTO membership after completing comprehensive technical responses." Quote: "Trade Minister Atheer Al Ghurairy revealed that Iraq has made significant progress on its path to joining the World Trade Organization, affirming Baghdad's serious commitment and transparency in meeting the requirements of this important international process.
Silver Outperforming Gold - What's Next? | Andy Schectman
Liberty and Finance: 6-4-2025
Join us for a live interview with Andy Schectman, CEO of Miles Franklin, as he discusses silver’s breakout past $34 per ounce and its outperformance over gold.
Schectman will also share insights on gold’s movement amid rising geopolitical tensions, including the escalating Ukraine-Russia conflict. Don’t miss this timely discussion on the shifting dynamics of the precious metals market.