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Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq

rocky
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payment - Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq Empty Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq

Post by rocky on Thu Feb 07, 2019 8:40 am

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Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq

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[rtl]Date of release: 2019/2/7 13:31 • 178 times read[/rtl]
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The author of an official source at the Central Bank of Iraq said Thursday that the latter held meetings with the Central Bank of Iran in the capital Baghdad on the sidelines of the visit of the Governor of the Central Bank of Iran and his delegation to Iraq, focused on the search mechanism to pay the debt to Iran in light of the exceptions that Granted to Iraq from the sanctions imposed on Iran.
"The meetings focused on examining the executive mechanisms to pay Iraq's debt owed to the Islamic Republic of Iran in light of the exceptions granted to Iraq from the sanctions imposed on Iran," the source said in a statement. 
"The mechanisms that were discussed and agreed upon are within the framework of the permitted and agreed technical framework with the Ministries of Foreign Affairs and the US Treasury." 
The Central Bank of Iraq, according to the statement, "his keenness and his constant work to protect the Iraqi banking system and its international banking relations."



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payment - Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq Empty Chief bankers of Iran, Iraq sign deal on payment mechanism

Post by rocky on Thu Feb 07, 2019 8:52 am

[size=48]Chief bankers of Iran, Iraq sign deal on payment mechanism[/size]


Wed Feb 6, 2019 12:21AM [Updated: Wed Feb 6, 2019 12:25AM ]

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[You must be registered and logged in to see this image.]Governor of Iran's Central Bank Abdolnasser Hemmati and his Iraqi counterpart Ali Mohsen Al-Allaq sign an agreement on a payment mechanism aimed at facilitating the settlement of Baghdad's debts to Tehran. (Photo by IRNA)
Governors of the central banks of Iran and Iraq on Tuesday signed an agreement on a payment mechanism which is to facilitate the settlement of Baghdad’s debts to Tehran.
The deal, signed in Baghdad by Iran’s Abdolnasser Hemmati and Iraq’s Ali Mohsen Al-Allaq, mainly focuses on a payment channel that is to facilitate the settlement of the Arab country’s debts to Tehran over gas and electricity imports, among others.
The two sides inked the agreement following negotiations between members of their delegations in Baghdad’s Al Rasheed Hotel.
Upon arrival in the Iraqi capital Tuesday, Hemmati told IRNA that his trip was aimed at removing the obstacles that hinder the settlement of Iraq’s debts to Iranian exporters.
“Currently, we’re witnessing a considerable volume of exports [from Iran to Iraq] in both public and private sectors, but there are shortcomings in banking and monetary exchanges, which have created problems for [Iranian] exporters,” he said.
In addition to natural gas and electricity, Iraq imports a wide range of goods from Iran including food, agricultural products, home appliances, and air conditioners.
The value of Iranian imports to Iraq was about $6 billion for the 12 months ending March 2018, about 15 percent of Iraq’s total imports for 2017.     
The energy contracts between the two countries also contributed to a volume of trade of $12 billion last year.
Iran is currently Iraq's top trade partner, having sharply increased their trade exchanges in recent months despite US sanctions on the Islamic Republic.
The US government in November re-imposed unilateral sanctions against the Islamic Republic of Iran and urged all countries in the world to stop doing business with Iran.
However, in a bid to meet its energy needs, Baghdad requested the US to exempt the Arab country from its unilateral sanctions against the Islamic Republic, and was finally granted a 45-day waiver, which was later extended for another three-month period.
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After giving the waiver, the US said that Iraq could continue to import natural gas and energy supplies from Iran as long as it did not pay Iran in US dollars.
Therefore, the country officially removed the US dollar in trade with Iran, and started working on the use of local currencies in its economic ties with Tehran.
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Iran’s Tuesday deal with Iraq on facilitating financial exchanges came a few days after the European signatories to the 2015 Iran nuclear deal formally announced the launch of a long-awaited direct payment mechanism meant to safeguard their trade ties with Tehran in the face of the "toughest ever" American sanctions.
Following months-long preparations, foreign ministers of France, Germany and Britain finally unveiled the mechanism -- officially called the Instrument in Support of Trade Exchanges (INSTEX) -- on Thursday following a summit in Bucharest.
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"France, Germany and the United Kingdom, in accordance with their resolute commitment and continued efforts to preserve the Joint Comprehensive Plan of Action (JCPOA) endorsed by United Nations Security Council resolution 2231, announce the creation of INSTEX SAS (Instrument for Supporting Trade Exchanges), a Special Purpose Vehicle (SPV) aimed at facilitating legitimate trade between European economic operators and Iran," the three foreign ministers said in a joint statement," they said in a joint statement.
France, Germany and the UK are the initial shareholders of the INSTEX mechanism for trade with Iran, which has been registered in the French capital, Paris, with a capital of 3,000 euros, and will be governed by a German banking expert, according to AFP and German media.
INSTEX is designed to pave the way for European firms to do business with Iran while evading the strict sanctions the US re-imposed against Iran last year after leaving the 2015 multinational nuclear deal, formally called the Joint Comprehensive Plan of Action (JCPOA).
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payment - Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq Empty An Iranian-Iraqi agreement allows the banks of the two countries to deal with the dinar and the euro

Post by rocky on Thu Feb 07, 2019 8:54 am

An Iranian-Iraqi agreement allows the banks of the two countries to deal with the dinar and the euro

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DUBAI (Reuters) - Iranian exporters can do business with Iraqi banks after an agreement allows Iranian banks to open assets in Iraqi banks and deal with them, the central bank governor said. In the dinar and euro currencies, according to the Iranian news agency (Mehr).

"Based on the agreements concluded on Wednesday, the Central Bank of Iran is scheduled to have balances in euros and dinars, where oil and gas transactions will be carried out through these balances, and Iraqi companies can also open balances in Iranian banks and carry out banking transactions in dinars," Hamati said.

The head of the Central Bank of Iran, Abdul Nasser Hamati, and his Iraqi counterpart Ali al-Alaq signed an agreement to determine the mechanism of financial payment between the two countries to solve the problems experienced by exporters in financial exchanges.

Hamati explained that the agreement will work to remove the obstacles that hinder the payment of Iraq's debt to Iran, related to exports of gas and electricity, according to the official Iranian news agency (IRNA).
"With regard to Iraq's debt on Iran's gas and electricity exports, we signed after 4 hours of talks, an important agreement with the Central Bank of Iraq to address the obstacles of transfer of funds and debt repayment."
He noted that the Central Bank of Iran has signed agreements, with Russia, Turkey, India and China, on a bilateral mechanism for payment of money.


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payment - Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq Empty The Iranian Central Bank explains its agreement with Iraq to pay the debts

Post by rocky on Fri Feb 08, 2019 8:48 am

The Iranian Central Bank explains its agreement with Iraq to pay the debts
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The Iranian Central Bank explains its agreement with Iraq to pay the debts
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The governor of the Central Bank of Iran, Abdul Nasser Hamati, said that the obstacles will be removed from the way to pay Iraq's debts to Iran related to gas and electricity exports, according to the agreement signed between the two countries recently. 
Hamati said in a press statement on Wednesday on the latest conditions of cooperation between the two countries under the US embargo and the issue of Iraq's debt to Iran, Hamati said that during this visit, as well as a mechanism for financial payment between the two countries, the agreement to remove the problems related to the transfer and return of returns Iranian exporters to Iraq Of hard currency. " 
Referring to the US embargo, he said, "We understand the problems and conditions of the Iraqi banks and the banks of other countries in the world, and we are doing our best to continue our economic and banking activities without harming the other side."
"Accordingly, we have signed agreements and we are confident that these mechanisms will become more gradual and overcome the problems," he said. 
"With regard to Iraq's debts to Iran's gas and electricity exports to Iran, we have signed an important agreement with the Central Bank of Iraq (CBK) after 4 hours of talks to deal with the obstacles of money transfer and debt repayment," Hamati said. 
"There is a serious will on the part of the Iraqi side to deal with the problems," he said. "Based on the consensus, the monetary and banking relations between us and Iraq will be within the framework of the euro and the dinar. The Central Bank of Iran will have an account in Iraq on the basis of the dinar and the euro. Iraq ".

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payment - Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq Empty Re: Central Bank: Mechanism to pay Iran's debt in the light of the exceptions granted to Iraq

Post by weslin3 on Fri Feb 08, 2019 1:49 pm

Just wonder if this will cause problems.


"Based on the consensus, the monetary and banking relations between us and Iraq will be within the framework of the euro and the dinar. The Central Bank of Iran will have an account in Iraq on the basis of the dinar and the euro.

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