Iraq, New Iranian Central Bank / New currency map is on its way?
In the past days, Abdel Nasser Hemmati completed one of his most important business trips during the Central Bank’s time, according to the Mehr News Agency. A journey where important meetings at this historic point of the Iranian economy took place, and of course, the agreements that took place on the fringe, may have provided one of the most unique opportunities to the Iranian banking system, which, if properly implemented and timely implemented, It can be an important and effective step in the field of the Iranian foreign exchange system .
Accelerating the Iraqi debt repayment system to Iran, the activity of Iranian exporters through Iraqi banks, and the possibility of opening an Iranian bank account with the dinar and the euro, including agreements made with the Iraqi authorities at separate meetings of the head of the Central Bank of the Islamic Republic of Iran. Many banking experts say the deal, along with the importance of time for Iran, will be positive in terms of currency remittances .
Of course, the success of the implementation of these agreements necessarily involves the political will of the two sides to timely and in accordance with the agreements reached, in particular, that Iraq has for months been the first Iranian trading partner and has the largest exports Non-oil Iran. In addition, at least in the last few months, Iraq has been able to influence the foreign exchange market with its foreign exchange markets Herat and Sulaimaniyah.
Iraq, the new role of the Iranian currency system
Majid Shakeri, an economic analyst in an interview with Mehr News Agency , referring to the visit of Iraqi Central Bank Director Abdul Nasser Hemmati to Iraq, said that the trip was both the most important and positive in terms of the content of the Hawala Of foreign currencies this year. In addition, Iraq is a very important country in Iran’s foreign exchange map and is considered to be the most important export destination of Iran in recent months.
He added that the Sulaimaniyah market is a bazaar related to Istanbul, Herat and Dubai, and thus has a serious impact on the cash market of Tehran, while considering the demographic situation in Iraq, the access of currency to the Central European and South American countries It is found in this country .
Shakeri believes that among the countries that have successfully succeeded in converting their currency into dollars, Iraq has the best conditions for security cooperation with Iran and has the most consistent security interests with Iran, which is why Iraq has a very important point for Iran. Including the results of the visit of the Chief of the Central Bank to Iraq, subject to the implementation of the agreement, is an appropriate access to the facilities; in addition to all the cases, such as opening an account of Iraqi companies in Iran, opening an account for Iranian banks in this country. And the opening of dinar accounts is also very important .
Shakeri said that if the dinar was a currency such as the Indian Rupee and the Russian ruble, this trip could not be very effective, but the dinar is very strong due to Iraqi foreign exchange earnings, and because of the interplay between these incomes and the interests of American companies, in the long run, the problem No special occasions .
Why is foreign exchange agreements important with Iraq?
He stated that the status of Iraq is very important, saying that the news out of the agreements shows that all actions have been in line with the purpose and the real work; the time of the agreement is also important, because in the second half of the avalanche and March because the market is more or less dormant, it is a good condition for implementation of these policies. Moreover, if these agreements are well implemented, it will be possible before the next year’s payment system will be deployed in May. , Use this system appropriately.
Shakeri said that Iraq has other positive points for us, and that those populations in the south and north of the country, said that their respective textures are on the Iranian border, allowing the offices to be completely disconnected, similar to those between Tehran And Dubai exists for the Iranian and Iraqi side; while the border between Iran and Iraq is in a way that corresponds to the availability of money transfer with banknote access and reduces the sanction of the settlement unit .
The expert in economic affairs, arguing that the gender segregation of US interests with a part of Iraqi society is such that Americans can not isolate a bank in Iraq for cooperation with Iran, stated: “It seems that the head of the central bank and The country’s foreign currency team has been pre-contemplated in terms of prioritization of the previous program, but along with all of these, what makes the security attachment necessary to get a good financial result in order to make Iran a good financial result, Iran’s security implications West Asia and helping Iraq during ISIL’s invasion .
Iraq agreement; more effective replacement of INSTEX
He stated: “The sum of these conditions says that, in contrast to the concept that the Europeans put forward, and in line with that, Iran must deal with the security gains in West Asia and receive direct access to the euro against it, a new concept can be born.” Which lies on the resistance axis, which has had security and military layers to this day .
Shakeri said that this concept is technically more powerful, more credible, and more in line with Iran’s security conditions, so that the access that Iraq opens to us does not solve all the problems, but it does not solve a significant part of the problems with approximation. Well, it can be solved on condition that it is executed .
How effective is Iran-Iraq exchange agreement?
Sayed Kumal Seyyed Ali, a former deputy foreign currency deputy of the Central Bank, said in a conversation with Mehr correspondent about the change in Iran’s foreign exchange map and recent agreements with Iraq, saying: “Certainly, because these agreements have been signed by the head of the Central Bank, the current situation The country’s currency is included in terms of sanctions.
Accordingly, what is happening is that when the two sides work with local money, they set off their sanctions, but they must also consider the dinar’s use of the country; in other words, if a Iraqi exports goods to Iran, and we want to give it the money from the purchase of goods, we can pay the dinar at the disposal of the receivables, or if we export and they want local currency to us Give it, it’s possible.
Seyed Ali said that Iraqi exports to Iran and Iran should be compared to Iraq so that the two sides can settle this money, but the important thing in these agreements is that if the dinar we obtain at the right rate becomes International currencies will be of benefit to bothers and can be important for exporters because they reduce costs.
He said: if Iranian banks and individuals have a euro account in order to receive the dinars they receive for selling their goods, they will be able to convert to the bank, which they account for, into dollars, dollars and euros, the benefits will be much higher; The agreement concluded by the head of the central bank also states that Iranian exporters can use this mechanism.
Seyed Ali noted that the actions taken by the Central Bank in Iraq, if executed and the possibility of converting the dinar into global currencies, is a good and big job and should provide a land that would convert the dinars resulting from exports to the country. Other currencies and, through that, provided part of the country’s currency needs.
He said: “Monetary treaties will be activated when both parties can use common currencies to maximize their profits.