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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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    Iran announces a 30% growth in its exports to Iraq

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    Iran announces a 30% growth in its exports to Iraq Empty Iran announces a 30% growth in its exports to Iraq

    Post by Rocky Mon 15 Jan 2024, 4:10 am

    [size=35][size=35]Iran announces a 30% growth in its exports to Iraq[/size]
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    Al-Sumaria News - Economy,

    a member of the Joint Iranian-Iraqi Chamber of Commerce, Sayyed Hamid Hosseini, announced on Monday that the value of Iranian goods exports to Iraq within 8 months amounted to 6.2 billion dollars, which represents a 30% increase over last year.


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    Hosseini explained in a statement carried by the IRNA news agency, “Despite the problems that existed in the field of currency supply and the exchange rate in Iraq, the trend of growth in Iranian goods exports to this country continues and an average of 775 million dollars of goods are sent to... Iraq monthly.



    Hosseini stated that “Iraq is still the second destination for Iran’s exports,” adding that “Iraq has banned the use of foreign currencies in local exchanges since the beginning of the new year, and on the other hand, the banks of this country do not have the possibility of converting foreign currencies for goods imported from Iran, Syria, Russia, and Venezuela, and therefore they must Importers of goods from these destinations must obtain their currency at a higher rate than the market.”

    Hosseini confirmed that “in 8 months of the current year, Iran has exported more than $6.2 billion worth of goods to Iraq, which shows a 30% increase compared to the same period last year,” adding that “it is expected that these exports will reach... $10 billion by the end of the year, setting a new record.

    A member of the Joint Iranian-Iraqi Chamber of Commerce also stated that, “Recently, Iraq has been trying to obtain Iran’s approval to transit and exchange gas from Turkmenistan via Iran, so that it does not have to worry about cutting off gas to produce more than 4,500 megawatts of electricity.”

    Pointing out that Iran is Iraq's fourth trading partner after the UAE, China and Turkey, Hosseini explained, "If the Central Bank exempts the export of agricultural products and technical and engineering services from outsourcing in accordance with the approvals of the Seventh Plan, it will be effective in increasing exports, after the gas, electricity and steel sectors have become... Construction materials and food are Iran's main export items to Iraq."

    According to a member of the Joint Iranian-Iraqi Chamber of Commerce, the Central Bank of Iran recently announced the offshore rial project, a currency used to carry out Iranian trade transactions across borders with countries such as Iraq and Afghanistan.

    Hosseini stated that in this case, businessmen can pay the commercial riyal in Iran, stressing that if the currency pricing is close to the market price, it can facilitate exports and reduce exporters’ complaints about foreign exchange policies, adding that exporters of goods to Iraq were able this year to Payment of their foreign exchange obligations through the arrival of gold bullion from the land borders, especially at the Bashmak crossing.


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