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Tishwash:  Changes in commercial transactions... Iraq replaces the dollar with other currencies to stabilize the dinar

 Member of the Parliamentary Finance Committee, Nermin Maarouf, confirmed today, Saturday, that the Central Bank has made notable efforts recently to reduce pressure on the US dollar against the Iraqi dinar, and to control instability in the value of the dollar.

Marouf told Al-Mutala’ Agency, “The measures that have been adopted include dealing with some merchants abroad in other currencies, such as the Indian rupee, the Chinese yuan, and the Emirati dirham, based on the volume of trade exchanges that Iraq conducts with those countries, especially with China and India, and aims to This step reduces the pressure on buying dollars in commercial transactions.”

Marouf indicated that "these measures have not yet fully entered into force, as traders informed her that India has agreed to deal in the Indian rupee, but she is awaiting the resolution of the official mechanism between the government of Iraq and India before implementing them fully."

She stressed the need to accelerate procedures related to this matter to achieve stability of the Iraqi dinar against the US dollar. 

She added, "A bilateral agreement must be reached between countries and Iraq to deal in the currency of the country with which trade is conducted, given that the dollar is considered the prevailing currency in most commercial transactions currently."

Marouf concluded her statement by "calling to speed up procedures and reach an official agreement to implement these steps, in order to enhance the stability of the Iraqi dinar and achieve greater financial independence for the country."  link

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11-19-23..UPDATE FROM RAY..

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Tishwash:  5 years of waiting and America welcomes... What does it mean for Iraq to join the European Bank?

The European Bank for Reconstruction and Development officially included Iraq in its membership, becoming the 74th member of the multilateral lender, and the US administration welcomed this step.

Official Media
The Iraqi Ministry of Foreign Affairs announced, on Thursday, November 16, 2023, that Iraq has officially joined the European Bank for Reconstruction and Development

Ministry spokesman Ahmed Al-Sahhaf said in a statement, “Iraq has joined the European Bank for Reconstruction and Development (EBRD), as it has completed the accession procedures and is now the 74th member of the bank,” noting that “Iraq had previously submitted an application to join the bank in April 2018.” The Board of Governors approved his membership in October 2020.”

He continued, "The process of becoming a contributing member has now been completed, and as a shareholder, Iraq can apply to benefit from the financial and political support provided by the European Bank for Reconstruction and Development."

The President of the European Bank for Reconstruction and Development, Odile Renaud-Basso, said, according to the statement: “I am pleased to welcome Iraq as a member of the Bank. We are fully committed to dealing with the country, and when the time comes, we look forward to starting work in Iraq, and applying our expertise to develop its economy.”

The statement concluded, “This achievement was the culmination of effortsEmbassy of the Republic of IraqIn London and its continued efforts with the bank’s management in London, and the possibility of the bank’s contribution to infrastructure projects inIraqIncluding a projectDevelopment pathThe American administration welcomed the Iraqi step, and stated in a

comment on the matter that “accessionIraqThe European Bank allows its companies to access loans that contribute to improving products and services and enhancing communication with the world.”

He will joinIraqTo the bank’s region in the southern and eastern Mediterranean, which includes Egypt, Jordan, Lebanon, Morocco, Tunisia, the West Bank and the Gaza Strip, given the strong economic ties between it and those countries.

The Iraqi government applied to join the bank for the first time in 2018, and its status as a shareholder enables it to apply to become a recipient economy, which would provide financing and political support from the bank.

And it was foundedEuropean BankFor Reconstruction and Development (EPRD) in 1991 to assist the former communist countries in the EastEuropeOn the transition to a market economy. The Group of Seven major countries owns a majority stake in the bank.

The Foundation launched its operations in the southern and eastern Mediterranean region in 2011, and has so far invested nearly 19 billion euros in 363 projects to support the private sector and sustainable development.

The importance of joining
helpsEuropean BankIt has been working on developing the economies of developing countries since its establishment in 1991, and investment is an important tool to help build market economies, and from this standpoint comes the importance of joiningIraqTo him, considering thatIraqIt represents a wide arena and a good environment for investment in various fields and sectors, and joining can helpIraqTo this bank in promoting the development renaissance in the country and this will provide great job opportunities, in addition to making...IraqA destination for giant European companies, thus supporting the Iraqi economy and moving away from the grip of the mono-economy that depends on oil, according to experts.

Experts and specialists also expressed their hope that the accession would be revitalizedIraqFor membershipEuropean BankFor reconstruction and development, the wheel of reconstruction is turning and the revival of many of the large projects that the current government has begun to implement.

The financial advisor to the Prime Minister, Mazhar, outlinedMohammed SalehThe importance of joiningIraqtoEuropean BankFor reconstruction and development, while stressing that accession was the result of sober and constructive consultations carried out by economic diplomacy.

Saleh said: “JoinIraqtoEuropean BankFor Reconstruction and Development, he has been preparing since he agreedBoard of GovernorsHe joined the 74th member in 2020,” pointing out that “the accession was the result of sober and constructive consultations carried out by economic diplomacy over the years to reach the stage of full accession to membership in this multilateral European financial institution,” according to the official agency. He added, “This will enable Our country is able to implement our priorities in sustainable economic development, which he undertakesEuropean BankReconstruction tasks there and improving important aspects of Iraq’s infrastructure.”

He explained that “the European Bank for Reconstruction and Development (EBRD) is a multilateral development bank that uses investment as a tool to help build market economies. It was founded in 1991 and initially He devoted its work to the Eastern European transitional countries that transitioned from centralized economies to markets.” The aforementioned bank financed 5,035 projects from 1991 until 2020, with a total value of business volume amounting to 120 billion euros.”

He pointed out that "the European Bank works specifically for reconstruction and development in 38 countries in the southern and eastern Mediterranean, Central and Eastern Europe, and Central Asia." It also finances large and small projects in a variety of sectors, including public works and agribusiness." Natural resources, infrastructure such as road projects, water and sanitation, and the digital and technological sector."

He continued: “Thus, the European Bank for Reconstruction and Development serves the interests of all its shareholders - whose total number today exceeds more than 74 countries from 5 continents, in addition to the European Union countries themselves.” He stressed that “Iraq’s membership in the European Bank for Reconstruction and Development will represent a true European investment partnership in launching important strategic projects in our country, such as the large Iraq development project (Development Road), which is a project that will link the interests of Iraq and the global south with Europe on the one hand, and the interests of Europe and Iraq with the global south.” The world on the other hand.  link

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Tishwash:  What are the demands of foreign companies operating in the region? Rejection, guarantees and direct transfer

Today, Saturday (November 18, 2023), economic expert Nabil Al-Marsoumi revealed the most prominent demands of foreign companies operating in the Kurdistan region. 

Al-Marsoumi referred in a blog post followed by “Baghdad Today” to “the demands of foreign companies operating in Kurdistan,” indicating that they “refuse to amend the current commercial conditions and the economic model signed between them and Kurdistan after the Federal Ministry of Oil demanded that production-sharing contracts be converted into profit-sharing contracts.” 

The economic expert added: "Foreign companies also demanded a guarantee of payment for past and future oil exports, as losses amounted to more than $7 billion in export revenues since the closure of the Iraqi-Turkish pipeline at the end of last March." 

Al-Marsoumi noted that it also demanded that “the expected oil sales payments be transferred directly to foreign companies.” 

Earlier, Oil Minister Hayan Abdul Ghani said that he expected to reach an agreement with the Kurdistan Regional Government and foreign oil companies operating in Kurdistan to resume oil production from the region’s oil fields within three days.

Abdul Ghani said during a visit to Erbil that Iraq had reached an “understanding” with Turkey regarding the resumption of northern oil exports via the Iraq-Turkey pipeline.

The Norwegian oil company DNO had previously announced that it would refrain from producing oil and exporting it through pipelines in the Kurdistan region until the problem of late payments, estimated at about one billion dollars, was resolved. link

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