The United States is preparing to activate the framework of the trade and investment agreement with Iraq

 

2018/1/28 18:30

 

The United States promised to activate the framework of the trade and investment agreement with Iraq, stressing its support for strengthening ties between the two countries to build a multi-dimensional relationship through trade, education, cultural exchange, cultural protection, law enforcement, environmental protection, energy and others.

 

“The United States and the Republic of Iraq are committed to developing and strengthening our permanent partnership based on common interests that will continue to expand in the years to come,” said a joint statement by the US-Iraq High Coordination Committee.

 

“While we maintain our strong security partnership to ensure the permanent defeat of terrorist gangs, we are working to re-energize our political and economic ties to support the Iraqi economy in meeting the challenges of the 21st century and meet Iraq’s reconstruction needs. We will continue to strengthen our ties to build a multi- Through trade, education, cultural exchange, cultural protection, law enforcement, environmental protection, energy and other vital areas. ”

 

“In 2008, Dulata signed the Strategic Framework Agreement (SFA) to reaffirm the desire of the two sides to establish lasting ties of cooperation and friendship, and today the SFA is the basis on which we build a strong and mutually beneficial relationship. And reaffirm our commitment to this important partnership and the principles of cooperation, sovereignty and mutual respect expressed by the SFA. ”

 

“Deputy Foreign Minister Nizar Khairallah and US Deputy Secretary of State John Sullivan held the fifth meeting of the SFA High Coordination Committee on January 28 in Baghdad and reaffirmed the significant progress we have made under the SFA so far, The basis for future cooperation, particularly in the areas of political and diplomatic cooperation and trade and financial cooperation “.

 

“The United States is committed to supporting the Republic of Iraq as it is deepening and developing its political and economic relations with regional allies, including the Gulf Cooperation Council (GCC) countries. The United States reaffirms its desire to deepen cooperation in mutually beneficial areas in international forums, Our two governments to establish a subcommittee focusing on simplifying the procedure for visa entry and residence in Iraq. ”

 

“The United States and Iraq will work to revitalize the framework of the trade and investment agreement to create meaningful improvements in the investment climate in Iraq, attract the investment that is needed, and severely rebuild reconstruction projects across Iraq,” he said.

 

“The United States is also committed to supporting Iraq’s ongoing participation in the IMF program to ensure financial stability and to promote economic reform. Iraq asserts that it is acceding to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958) Iraq and its desire to provide a formal mechanism for the settlement of commercial disputes. ”

 

“Our governments agree to set up a working group to address long-standing trade disputes in order to strengthen bilateral economic relations and to point out to US companies that Iraq is open to business,” he concluded.

 

http://alforatnews.com/modules/news/article.php?storyid=158570

 

Warka Bank Letter from Saad Al-Bunnia

Dear Bill,
 
I am sure we will reach a mutual arrangement that works best for you and the bank. Although I can not quote a specific number at the moment as we have many outstanding commitments as well over 50 thousand clients all waiting anxiously to be included in the payment plan that will be supervised by the CBI however rest assured your case will be given special attention and care as well as priority.
 
The bank will extend its full support to the best of its efforts in pushing payments in your favor as soon as the capital increase is completed which should be finalzied by the end of this year. 
 
Sincerely.
 
Saad S.  Al-Bunnia
 

Update from Warka Bank

Dear Mr Burbank
Rest assured that once the increase in capital is effected as we are only waiting for the appointment of the shareholders meeting set by the company registrar, our obligations will be met.
The difficult times have passed away and with Almighty God willing, i am sure together will be stronger.
Best regards
Saad Albunnia
 

CBI: we will hold the banks that we have the counterfeit currency when you switch the new currency …

The Central Bank of Iraq that it will hold any bank found in his possession counterfeit Iraqi dinar during the process of switching the currency when you delete the zeros of the three of them.

The deputy governor of Bank of the appearance of Mohammed Saleh told a news briefing that the central bank has drawn up plans described by the Court to prevent the emergence of counterfeit Iraqi dinar during the process of switching the currency, calling at the same time to accelerate the formation of committees of governmental, parliamentary and trade union to study the draft to delete the zeros, which is hoped to proceed by early next year in conjunction With the release of the budget in 2013 for the implementation of the urgent need for this national project.

He explained that the costs of printing the new Iraqi dinar would be borne by the central bank alone, without request from the government allocation of funds for printing.

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The deputy governor of the Iraqi Central Bank (ICB), Muzher Mohammed Saleh, has set a deadline for all banks in Iraq to increase their capital to at least 250bn IQD ($215m).

He said: “We asked all banks in Iraq to increase their capital this month to strengthen their dealings and give more loans.”

According to the report from AKnews, there are more than 50 banks in Iraq, with more than 800 branches spread across the provinces, a figure that is considered low compared to the size of the population.

(Source: AKnews)

The finance committee in the Iraqi Council of Representatives warned on Wednesday about the deterioration of the Iraqi economy due to the low exchange rate of the dinar to the US dollar, assuring that proposals are underway to get the country back on its feet, reports AKnews.

According to AKnews, the Iraqi dinar hit its lowest exchange rate in three years against the US dollar, at a selling rate of 1290 dinars per dollar on Tuesday. On the othe hand, some online sources still show it trading in the range 1160 to 1165.

Committee member Shawrash Mustafa said the committee began to study the deterioration of the Iraqi dinar exchange rate and put in place several proposals to halt the crisis. He did not say what these proposals were, but that they will be delivered to the Ministry of Finance and Iraqi Central Bank (ICB).

The ICB has issued strict regulations on its sale of dollars, due to restrictions on trade with both Iran and Syria.

Azzaman reports that the dinar’s depreciation has prompted the Central Bank to intervene by increasing supply of dollars and withdrawing dinars from the market. The operation is supported by estimated foreign currency reserves of $62 billion, which Central Bank Deputy Governor Mudher Saleh said is sufficient to cover 120% of the value of local currency in circulation at current exchange rate.

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The Financial Times reports that Iraq’s central bank has tightened its clampdown on its sales of dollars, amid fears that buyers are using them to launder money and skirt international sanctions on neighbouring Iran and Syria.
The bank unveiled new rules on Monday to force customers to prove their identities by supplying tax records and import licences. Its deputy governor, Mudher Salih Kasim, told the FT, “Iraq is liberal and the two countries next door are under sanctions. You can see the consequences are very bad: this is spillover.”
The Iranian rial is now trading at 16,000 to the dollar, versus 12,500 in December.
Demand for dollars is as high as $400m and $450m a day, more than double some estimates of the legitimate need, may be due to criminality and Iraqi middle men settling debts on behalf of clients in Iran and Syria.
The new rules will compel all commercial buyers of dollars at the central bank’s near-daily auctions to produce tax clearance certificates and, from 30th June, papers to prove they are allowed to import the goods they say they are using the money to buy.
In February, the central bank asked dealers to submit cheques rather than cash, in order to identify currency buyers, but this largely failed because purchasers were simply hiring third parties such as “porters from the street” to open bank accounts on their behalf.
One currency dealer told The National, “I don’t have the right to ask my client what he is going to do with the dollars when he takes it from my shop. It’s almost impossible to track where the money is going, because the currency has been taken to the street.”
(Sources: Financial Times, The National)

 

AKnews reports that Iraq’s new currency will include three languages: Arabic, Kurdish, and English. It will also include archaeological features including those of the Kurdistan Region.

Speaking on behalf of the economic committee in the Iraqi Council of Representatives, Muhama Khalil said that deleting the three zeros, and restructuring the currency will provide significant economic benefits.

He explained that Iraq signed a contract with four foreign companies to producing paper and coin variants of the new currency from the beginning of next year.

The move to delete the zeros will reduce the number of bank notes in circulation and simplify Iraq’s payment system. The Iraqi Central Bank will re-print some 30tr dinars ($26bn).

(Source: AKnews)

 

Central Bank: GDP of Iraq will rise from 180 billion toto 350 billion dollars after two years.

Baghdad – Mostafa Hashemi said the deputy governor of the Central Bank that the conditions experienced by the neighboring countries do not affect the Iraqi dinar exchange rate. confirmed the appearance of Mohammed Saleh told (the citizen) that the strength of the Iraqi dinar is derived from a link Iraq to the global economy.

He emphasized that the events taking place in neighboring countries can not affect the exchange rate of the currency, but in a superficial or negligible.

Pointing out that the currency’s strength also comes from the strength of oil exports to Iraq and how to maintain andinvest in real development. noting that the revaluation of the Iraqi dinar leap large will lead to increase the price of goods to weaken the double. also can not declare that the dinar will rise and will become the price Doe in order to prevent speculation and if what is left of the Iraqi economy at this pace and increased exports of oil and oil markets is controlled, it will make Iraq a key player in the region and will increase the GDP of Iraq of about $ 180 billion to 350 billion dollars in 2015 and this figure will be reflected on the price of the dinar in a logical yes. indicating that monetary policy aims to stabilize the external value of the Iraqi dinar exchange rate and at every opportunity to increase economic exchange rate.

Stressing that the Iraqi dinar currency strong and significant as the neighboring country (unnamed) Iraqi dinar traded at Mahalha and its markets as a hard currency at least as important as the U.S. dollar.

On the other hand, Saleh said that we are always working to review the controls sale of foreign currency out of the window official (central bank) and Iraq enjoy considerable freedom in the transfer of funds as provided for in Article VIII of the Convention on the International Monetary Fund has allowed Iraq to free current account to purchase goods and services from abroad without restrictions.

He said the obsession as a policy cash application of the law against money laundering, crime and terrorism, and must make it clear that the banking incubator for capital tainted.

Saleh said that the Iraqi economy is strong despite the lack of diversification of the economy is rent-seeking, one-sided is not a shame, Australia and Kendatad countries rents to this day ..

What matters is that import rents must be employed in development and economic progress and not in the type of economy.

Saleh expressed his support for the investments of oil in southern Iraq, saying that this will develop the Iraqi economy and not the accumulation of rent, but that the accumulation of rents in other sectors is what we aspire to Kaguetsadaan.

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The World Bank says it expects Iraq’s gross domestic product (GDP) to grow by 12.6 percent in 2012, and 10.2 percent in 2013, following a growth of 9.6 percent last year.

If achieved, this would give a compound growth of 36 percent in just three years.
This follows a downward revision of growth expectations for the world as a whole, with the global economy expected to expand 2.5 and 3.1 percent in 2012 and 2013 (3.4 and 4 percent when calculated using purchasing power parity weights), versus the 3.6 percent projected in June for both years.

The World Bank says it expects Iraq’s gross domestic product (GDP) to grow by 12.6 percent in 2012, and 10.2 percent in 2013, following a growth of 9.6 percent last year.If achieved, this would give a compound growth of 36 percent in just three years.

This follows a downward revision of growth expectations for the world as a whole, with the global economy expected to expand 2.5 and 3.1 percent in 2012 and 2013 (3.4 and 4 percent when calculated using purchasing power parity weights), versus the 3.6 percent projected in June for both years.

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