Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Join the forum, it's quick and easy

Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Adviser to private banks to Rudaw: Commodities must be a tool for settling dues with Iran

    Rocky
    Rocky
    Rocky
    Admin Assist
    Admin Assist


    Posts : 270596
    Join date : 2012-12-21
    • Post n°1

    Adviser to private banks to Rudaw: Commodities must be a tool for settling dues with Iran Empty Adviser to private banks to Rudaw: Commodities must be a tool for settling dues with Iran

    Post by Rocky Sat 14 Jan 2023, 1:51 pm

    [size=39]Adviser to private banks to Rudaw: Commodities must be a tool for settling dues with Iran[/size]
    11-01-2023


    [rtl][You must be registered and logged in to see this link.][You must be registered and logged in to see this link.]
    Private banking advisor, Safwan Qusay[/rtl]





    A-
     


    [rtl]Rudaw Digital
    [/rtl]



    [rtl]The advisor to the Iraqi private banks, Safwan Qusai, stressed the need for commodities to be a tool for settling dues with the Iranian side and not hard currency, adding that the problem of removing hard currency from Iraq is not limited to Iran only. [/rtl]

     


    [rtl]Today, Wednesday (January 11, 20239), the advisor to Iraqi private banks, Safwan Qussin, told Rudaw Media Network that the transfer "can be rejected if the supplier is in the circle of suspicions, and everyone knows that the Iraqi economy is linked to imports from Turkey, Iran and China."[/rtl]

     


    [rtl]He noted that airlines are subject to sanctions, while the volume of trade exchange with them last year amounted to 8 billion dollars, and these sums went to them through the parallel market, noting that "the US treasury is currently trying to determine the size of Iraq's dollar needs, in order to guarantee them."[/rtl]

     


    [rtl]Safwan Qusay pointed out that "most Iraqi merchants deal in dollars through the informal market and introduce goods from unofficial outlets," while banks "deal with secondary correspondent banks that are not in the country of origin."[/rtl]

     


    [rtl]He pointed out that "within the new conditions of the US federal, the correspondent must be in the country of origin, in order to ensure that the invoice does not contain numbers that are contrary to the truth, and that the materials will enter Iraq, and the value of the goods is real."[/rtl]

     


    [rtl]Regarding the central bank’s dollar sales, he noted that it “decreased from $200 million per day to about $130 million, and merchants are trying to buy dollars from the parallel market to bridge the gap of about $70 million, away from the window for selling the currency, because they do not have a legal dinar they can afford.” by entering through the window.[/rtl]

     


    [rtl]And he stressed that “the central bank’s treatments during this period, such as selling cash for the purposes of treatment, travel or study, may have a limited effect,” considering that “the main treatment of the issue is for government institutions, especially the ministries of commerce and health, to open documentary credits, and purchase materials, So that the consumer is not affected by irregular prices.[/rtl]

     


    [rtl]He also stressed the need for "governance at the border crossings to reduce the entry of goods that do not fall within the scope of documentary credits, as there are poor goods flowing into Iraq from unofficial outlets, which in turn put pressure on the parallel market" for the dollar. [/rtl]

     


    [rtl]The adviser to Iraqi private banks expressed his belief that "the US Treasury intends to clean up the Iraqi economy, make it absolutely dependent on the dollar, and not allow currency smuggling outside the scope of meeting the needs of the Iraqi people," adding that this matter requires Iraqi merchants "to deal with non- suspects in different countries of the world.[/rtl]

     


    [rtl]On exporting hard currency to Iran, which is subject to US sanctions, he said: "When Iranian merchants get dinars from selling their goods in Iraq, they are supposed not to buy dollars, but rather coordinate with the Iranian government to buy their needs of humanitarian goods from inside Iraq, and that the goods are a tool." Settlement of dues with the Iranian side, not hard currency.[/rtl]

     


    [rtl]Safwan Qusay stressed the importance of "consolidating trade exchange with Iran, which is currently considered one-sided, by exporting goods worth $8 billion without importing goods from Iraq." [/rtl]

     


    [rtl]And he added that the problem is not only in Iran, but also in Russia, where "Russian capital hides under the titles of Turkish and Chinese companies" to bypass the "smart sanctions" imposed by the US treasury, which is engaged in a "global financial war that affected Iraq because of the nature of Iraqi merchants, and the import tools that depend on it." on China, Iran and Turkey.[/rtl]

     


    [rtl]And he considered that in the event of a gradual transition to "the European Union, Egypt, India or the Gulf, it is possible to raise the sales of the central bank through documentary credits, so we must speed up the consolidation of Iraqi trade away from suspicions of remittances, and this will certainly be reflected on the Iraqi consumer."[/rtl]

     

     


    [rtl]The exchange rate of the Iraqi dinar has been declining against the US dollar for weeks, as on (December 11, 2022) it exceeded 1,500 dinars per dollar for the first time, until it exceeded yesterday, Tuesday (January 10, 2023), 1,600 dinars per dollar.[/rtl]

     


    [rtl]And within the framework of government efforts to limit the rise in the exchange rate of the dollar, the Iraqi Council of Ministers decided on (January 11, 2022) to oblige all government agencies to sell goods and services in Iraqi dinars, according to the official exchange rate of (1470) dinars to one dollar.[/rtl]

     


    [rtl]The decision includes "sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies, telecommunications and Internet companies, and sales of investment residential complexes."[/rtl]

    [rtl][You must be registered and logged in to see this link.][/rtl]

    • Back to top
      Current date/time is Thu 23 May 2024, 3:16 am