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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

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Established in 2006 as a Community of Reality

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    The banks of the dinar and the dollar: the journey of financial relations between Iraq and Iran

    Rocky
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    banks - The banks of the dinar and the dollar: the journey of financial relations between Iraq and Iran Empty The banks of the dinar and the dollar: the journey of financial relations between Iraq and Iran

    Post by Rocky Sun 07 Jan 2024, 7:02 am

    [size=38]The banks of the dinar and the dollar: the journey of financial relations between Iraq and Iran[/size]


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    January 7, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: The Iraqi government is trying to resolve the relationship between the dinar and the dollar in the context of dealings with Iran and other countries. Negotiations between the Central Bank of Iran and its Iraqi counterpart indicate an attempt to find solutions or mechanisms for financial transactions and currency exchange.
    The relationship between the dinar and the dollar, especially with regard to dealing with neighboring Iran, has major implications for Iraq's economic stability and international trade. Resolving or restructuring this relationship could affect trade dynamics, financial stability, and the broader economic landscape in the region.
    Negotiations between the central banks of Iraq and Iran indicate a desire to ease financial restrictions or improve monetary exchanges between the two countries. However, this could also be affected by geopolitical considerations, given the complexities of Iraq's regional relations.
    Assessing and potentially changing exchange rates or financial mechanisms between currencies can have profound effects on cross-border trade and investment and the general economic climate. These negotiations may reflect an attempt to create more stable financial frameworks that benefit Iraq and its regional partners while overcoming challenges posed by international sanctions and economic interdependence.
    The head of the Iran-Iraq Joint Chamber of Commerce, Yahya Al-Ishaq, pointed to negotiations between the Central Bank of Iran and its Iraqi counterpart in this regard.
    The Iraqi government banned dealing in the dollar with five countries, including Iran, which means that Iranian merchants and businessmen can only buy the currency they need from the Iraqi market at a price higher than the exchange rate in this country’s official market.
    In an interview with the ILNA Labor Agency, Al-Ishaq considered these developments to be temporary and not new for Iran, and he explained: What is happening today in trade relations between Iran and Iraq is not a new thing. About three months ago, the Iraqi government established rules to regulate the relationship between the dinar and the dollar. Under which all importers of goods into Iraq are obligated to obtain their currency from the Central Bank of Iraq at the official rate, as this was previously done through exchange offices in the country.
    He added: Given the limitations faced by importers of goods from Iran in obtaining the dollar in the official market, they buy the dollar from the free market and exchange it through exchange offices, where the price difference is about 20%, and this may increase the problems for Iranian merchants.
    Al-Ishaq confirmed that the Iraqi government is trying to resolve the relationship between the dinar and the dollar with regard to Iran and other countries, noting that there are negotiations between the Central Bank of Iran and its Iraqi counterpart in this regard.
    He continued: Iraq's problems with Turkey in this regard have recently been resolved, and with regard to Iran, it is very likely that they will be resolved as well, so that the commercial flow of Iranian merchants to Iraq will not face any problem. These solutions will help the Iraqis achieve the desired system and consolidate the trade flow for the Iranians at the same time.
    The head of the Joint Iran-Iraq Chamber of Commerce denied reports about the impact of these developments on the local currency market in Iran and said: The monetary relationship between Iran and Iraq is divided into two parts. The first includes financial exchanges for the public sector in Iran and Iraq, which includes gas and electricity exports and the like, and the other is The monetary relationship between the private sector in the two countries.
    He concluded by saying: The private sector in Iran and Iraq has not faced a crisis in trade so far and has suffered few losses. Currently, the level of export flows to Iraq is almost stable, and even in the past eight months, Iran’s exports to Iraq increased by 34% compared to the same period last year and reached 6 billion dollars, and this number is expected to rise to 11 billion. By March 20 (the beginning of the Iranian New Year). R
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