7 times more.. Iran announces the release of its money withheld in Iraq

Shafaq News / The Iranian Ministry of Foreign Affairs announced, on Friday, that within about a month, about 7 times the Iranian money held in Iraq was released.

The political assistant to the Iranian Foreign Minister, Ali Bagheri Kani, said in an interview with the Iranian semi-official “Mehr” agency, that: With the exception of South Korea, part of our money is also in Iraq.

He added, “In the understanding that we concluded with the American side about Iran’s money held in South Korea, the issue of Iran’s money in Iraq was also raised, and its release began.”

Bagheri Kani added, “Since the past three weeks, we have been able to release nearly 7 times the total money that we used in Iraq last year, in the process of economic activities, and of course we expect an acceleration of the liberation process.”

On August 11, official Iranian media revealed the details of the agreement reached by Tehran with the United States of America under the auspices of a third country, which provides for the exchange of prisoners between the two countries and the release of Iranian funds frozen in South Korea and Iraq.

The official Iranian News Agency, “IRNA”, quoted an official source familiar with this agreement, as saying, “This agreement requires Iran to release 5 American prisoners in exchange for the release of 5 Iranian prisoners in the United States of America.”

He explained that “in addition to that, 6 billion dollars of Iranian funds frozen in South Korea will be released, along with a large part also of Iranian funds in the Iraqi TBI Bank,” noting that “the first stages of the process of releasing Iranian funds in European banks have begun.” “.

On July 11, Prime Minister Muhammad Shia’ al-Sudani announced Baghdad’s contact with the US regarding the payment of Iran’s dues for Iraq’s gas imports, amounting to 9 billion and 250 million euros, adding that Iraq had paid “up to one billion and 842 million euros in the seven-month period of The life of the government according to the agreed mechanism.

Al-Sudani added that a delegation from the Central Bank of Iraq and the Iraqi Trade Bank left Iraq for the Sultanate of Oman with the aim of “agreeing on a formula for transferring these funds to the Sultanate of Oman in agreement with the US Treasury.”

Shafaq.com

Banking reform file.. The Governor of the Central Bank discusses it with the World Bank delegation

The Governor of the Central Bank discusses it with the World Bank delegationHis Excellency the Governor of the Central Bank of Iraq, Mr. Ali Al-Alaq, received today, Thursday, a high-ranking delegation from the World Bank headed by Mr. Farid Belhadj, Vice President of the World Bank for the Middle East and North Africa.

During the meeting, they discussed the efforts of the Central Bank of Iraq to organize and consolidate external transfers in accordance with compliance requirements and international standards, and to encourage merchants to enter the electronic platform to buy dollars by providing facilities and simplifying tax and customs procedures that the government is making anticipated amendments to.

The meeting discussed granting small loans through the “Riyada” bank, which will be responsible for providing various loans with the support of the Central Bank of Iraq and private banks, and working to establish a loan guarantee company, as well as paying attention to compliance and risk standards for the development of the banking sector.

The meeting dealt with the conditions of government banks, which constitute approximately 80% of the size of the Iraqi banking sector, and dealt with plans to improve their work, including amending their internal systems to implement institutional governance issued by the Central Bank, and plans to restructure those banks.

In turn, the World Bank delegation praised the efforts and procedures of the Central Bank of Iraq at all levels, expressing its readiness to provide any advice or technical expertise in these areas, and to continue implementing the programs it is working on with the Central Bank.

The Central Bank of Iraq,
Media Office,
August 24, 2023

cbi.iq/news/view/2405

The balance is tilted towards postponing it again.. The oil and gas law is entering a difficult labor

Information / Baghdad… The government’s statements and declarations confirm its move towards resolving all outstanding problems between Baghdad and Erbil in order to prepare the appropriate ground for approving the oil and gas law without leaving any obstacles that lead to the rejection of the law when it is submitted to the House of Representatives with a view to passing it.

At a time when political parties ruled out the agreement of the center and the region to approve this law, which was confirmed by parties affiliated with the Erbil government, expecting that the law would be postponed to another parliamentary session.

The leader in the coordination framework, Turki Jadaan, told Al-Maalouma, “The number of outstanding points in the oil law reaches 14 points, half of which have been exceeded through meetings and discussions between specialized technical committees.”

He added, “There is political support from all parties in order to overcome all differences and obstacles to reach a space of acceptance that supports the option of approving it during 2023, as discussions are currently underway.”

Jadaan indicated that “there are expectations that an initial report on the size of what has been achieved will be submitted next September to the government in order to discuss the possibility of resolving what remains in coordination with the political forces.”

On the other hand, former MP Jassim Al-Bayati told Al-Maalouma, “The negotiations on the oil and gas law will not reach any good stages, as the opportunity that the Kurds had in 2008 when this law was sent to the House of Representatives for the purpose of its legislation will not return again.” “.

He added, “The Kurds rejected the law in the aforementioned year, despite a vote on it in the Council of Ministers, and preparations for it to be passed in Parliament.”

Al-Bayati pointed out that “it is impossible for the law to come back again to be in the interest of the Kurds, at a time when they are demanding that the law meet their interests far from consensus or passing a numerical majority in the House of Representatives.”

On the other hand, a member of the Kurdistan Democratic Party parliamentary bloc, Representative Mahma Khalil, told / information /, that “approving the oil and gas law is one of the most important economic laws that regulate the relationship between the center and the region, and there is an intention among the political forces to approve it.”

Khalil added, “This matter is difficult to achieve during the current parliamentary session, as the adoption of the law needs careful scrutiny in line with technical and political goals.”

A member of the Kurdistan Democratic Party expected, “political differences will emerge when discussing its details.”

Almaalomah.me

Economist: Washington imposes its authority on Iraqi oil revenues

Information / Baghdad… Economic affairs researcher Muhammad Al-Saadi explained, the extent to which it is possible to obtain oil revenues from importing countries directly without placing these funds with the US Federal Bank.

Al-Saadi told Al-Maalouma that “China, India and other Asian countries import Iraqi oil in large quantities, but Iraq receives the revenues through the US Federal Bank, which makes Washington an authority over those revenues.”

He added, “The dollar, as an American currency prohibited in some countries, Iraq can benefit from such a procedure by selling oil in exchange for goods, goods and raw materials needed by the Iraqi industry, or introducing companies from those countries and engaging them in the field of construction, construction and project implementation.”

And he indicated that “the continuation of selling oil in exchange for obtaining dollars may not be a good idea, as it is possible to obtain projects, goods and goods instead of oil revenues in dollar currency.”

He pointed out that “Iraq has large reserves of hard currency with the US Federal Bank.”

Almaalomah.me

International companies in the Kurdistan Region urge respect for their rights when enacting the oil and gas law

Shafaq News / The Kurdistan Petroleum Industry Association (IPCOR), on Monday, called on the governments of Baghdad and Erbil to preserve the contractual rights in the new oil and gas law to be legislated.

The union, which represents companies including “DNO”, “Genel Energy”, “Gulf Keystone Petroleum”, “HKN Energy” and “ShaMaran Petroleum”, said in a statement received by Shafaq News agency, “We urge the integration of companies’ rights into the Iraq budget and any future laws.” Oil and gas control in federal Iraq and the Kurdistan Region.

“It is essential for the future of the industry in these regions, and the many jobs that support them, that the outcome of the negotiations include recovery of costs and profits to which international oil companies are entitled under existing production sharing contracts,” he added.

The Kurdistan Regional Government and the Iraqi federal government held a meeting on the fifth of August to discuss drafting a new oil and gas law. During the meeting, they agreed to form a committee to draft an oil and gas law to help resolve the dispute over the constitutional rights of the Kurdistan Region over oil and revenues.

Since 2005, the Iraqi parliament has not been able to pass the draft law and the Kurdistan Region approved its own law and started its independent export through Turkey.

The dispute between Baghdad and Erbil over oil exports escalated last March, when the Court of Arbitration in Paris ruled against independent oil exports to Kurdistan under its 2007 law, prompting Turkey to halt oil exports via the Iraq-Turkish Pipeline (ITP).

So far, talks between Baghdad, Erbil and Ankara have failed to find a solution to resume oil exports. Moreover, according to the Iraqi budget law, the Kurdistan Region is required to deliver 400,000 barrels of oil per day.

A representative of the “IPCOR” consortium said in a statement to “Standard & Poor’s” that the oil companies “want to guarantee their contractual rights, including cost recovery and entitlement to oil, and protect them in the discussions between Erbil and Baghdad.”

“The international oil companies in Kurdistan must be compensated for the real costs, just as they are in federal Iraq. Our investments have fully funded the entire sector and there are solutions that will guarantee future foreign investment in the Iraqi energy sector,” he added.

He pointed out that “the PSC (professional standards) model used in the Kurdistan Region has a competitive investment structure that is widely used in oil regions around the world.”

He continued, “Within the framework of the security companies of the Kurdistan Region, the international oil companies bear all the financial risks, and in the event of success, the Kurdistan Region retains the majority share of the reward.”

“To provide international oil companies with confidence in their contractual right to recover costs and receive profit payments from successful projects, the Kurdistan Company PSC model is governed by English law, with disputes settled through international arbitration at the London Court of International Arbitration,” said the Epicor consortium.

The oil companies also said that it would not be possible for the Kurdistan Region to provide 400,000 barrels of oil per day to Baghdad, without the international oil companies operating in the Kurdistan Region.

“To achieve this, the Kurdistan Region will depend on production from fields run by the International Olympic Committee,” he said.

“Despite the political, security and geological challenges in the region, the sector operated by the ICRC has developed from almost nothing 15 years ago to produce about 250,000 barrels of oil per day,” he added.

“As (oil) the most important industry in Kurdistan by far, the oil and gas sector now provides tens of thousands of high-quality jobs directly through the IOCs themselves as well as indirectly through service companies and contractors and in the communities surrounding our operations, homes and offices,” he added.

Moreover, due to the cessation of oil exports, foreign companies operating in the Kurdistan Region had to implement cost-cutting measures, which led to staff layoffs.

Shafaq.com

Kurdish bloc: Legislation of the oil law will grant the producing provinces rights

Information / Baghdad… The representative of the New Generation Bloc, Omid Muhammad, affirmed, on Monday, that the oil and gas law legislation will grant the rights of the oil-producing provinces, indicating that the law legislation will resolve differences over the oil file.

Muhammad said in an interview with Al-Maalouma agency, “The legislation of the law finds a radical solution to the oil and gas problems between the federal government and the regional government, which represents one of the outstanding problems between the two sides.”

He added, “The oil and gas law is one of the controversial laws, and a political agreement must be found on it outside the parliament to remove obstacles in its path.”

He pointed out that “the legislation of the law puts everyone before their powers and defines them clearly, which will eliminate the differences that currently exist regarding the oil file.”

The Oil, Gas and Natural Resources Committee confirmed Parliament’s intention to legislate the oil and gas law during the current session, while noting that approving the law would contribute to resolving the problems between Baghdad and Erbil.

Almaalomah.me

Parliamentary finance indicates the reluctance of traders to enter the “platform” for selling the dollar, and gives reasons for its rise

Shafaq News / A member of the Parliamentary Finance Committee, Moein Al-Kadhimi said, on Monday, that merchants are reluctant to enter the electronic platform to buy and sell dollars, and resort to the black market, which raises the prices of the dollar in the local markets.

Al-Kadhimi told Shafaq News agency, “The central bank’s basic sales of foreign remittances, which range daily between 150-200 million dollars, have some complexity on the part of the US Federal Bank.”

He added, “There is a reluctance of merchants to enter the electronic platform to buy the dollar and to resort to the black market to buy the dollar, which increases the demand for the dollar and thus the rise in its prices until the exchange rate of $100 reached more than 150,000 dinars.”

Al-Kazemi continued, “There is no shortage of dollars in the central bank, but rather the problem lies in the central bank’s procedures and the complications of obtaining dollars for merchants and preventing the transfer of funds to countries prohibited by the US Federal Bank, which prompts the merchant to resort to the black market and collect dollars to buy consumer goods and foodstuffs.” from abroad.”

Almost since the beginning of this year, the Central Bank of Iraq launched a working mechanism in an electronic platform and the international financial transfer system “SWIFT”, but this did not help the dollar exchange rates to stabilize in Iraq, despite the attempts of the government and the central bank to control the exchange rate in the parallel (black) markets. ).

The official exchange rate is 1320 dinars to the dollar in the Iraqi budget, but the parallel price is witnessing a strong and continuous rise in the markets of Baghdad, and in Erbil, the capital of the Kurdistan Region, where it reached today, Monday, 154 thousand dinars for every $100.

Shafaq.com

Parliamentarian: Dialogues with the American ambassador are useless..Your interests will not be achieved at all

Information / special… Today a member of the House of Representatives, Thaer al-Jubouri, considered the dialogues with the US ambassador to Iraq “useless,” while stressing that the only benefit that Washington can provide to Baghdad is to withdraw and stop plotting.

Al-Jubouri said, in an interview with Al-Maalouma Agency, that “countries that call themselves the Great or the Great think from time to time to occupy a country and give themselves legitimacy to control this or that country,” pointing out that “Iraq is one of the countries known for the abundance of occupations since the 1920s.” the last century to the present day as the focus of the world’s attention.”

He added, “Iraq cannot benefit from dialogues with America,” noting that “the only benefit that Washington provides to Baghdad is to stop plotting and attacking the country, as it bears the status of sovereignty.”

The member of the House of Representatives stated that “Iraq will not be dependent on any country and its land is forbidden to every foreigner,” noting that “the visits of the Washington ambassador or the representative of the United Nations to Iraq and the holding of meetings come to try to achieve the interests of her country.”

Al-Jubouri said, “These attempts will not succeed or be achieved at all,” stressing that “the only benefit that the ambassador can achieve is the departure of the American embassy from the country and leave it alone.”

Earlier in the day, the Prime Minister, Muhammad Shia’ al-Sudani, held a new meeting with Washington’s ambassador to Iraq, Elena Romansky, in which she expressed the US government’s keenness to continue cooperation and develop common interests with Iraq.

Almaalomah.me

Parliamentary Integrity: The Coming Days Will Witness The Issuance Of An Arrest Warrant Against Al-Kazemi

Earth News / A member of the Parliamentary Integrity Committee, Ali Turki, revealed today, that an arrest warrant has been issued against former Prime Minister Mustafa Al-Kazemi in the coming days.

Turki said, in an interview with “Earth News”, that “the previous government included personalities such as Nour Zuhair and some professional figures began to escalate to include the main footnote and the management of Al-Kazemi’s office, and then began to escalate as well to include the former Minister of Finance and Minister of Transport, who began to pursue them.”

He added, “The coming days will witness the issuance of arrest warrants against Al-Kazemi and those with him, as he is the one who issued the wrong decisions, and this is what was proven in the document. He is the one who issued the order to appoint the Director General of the Tax Authority, who has clear suspicions.”

Earthiq.news

The Parliamentary Economy hosts the governor of the central bank to discuss controlling the exchange rate of the dollar

Today the Parliamentary Committee on Economy, Industry and Trade, chaired by Representative Ahmed Salim Al-Kinani and in the presence of the members, announced hosting the Governor of the Central Bank, Mr. Ali Al-Alaq, to ​​discuss the bank’s procedures to address the rise of the dollar and the mechanism for controlling the exchange rate against the Iraqi dinar.

The media office of the head of the Parliamentary Committee, Representative Ahmed Salim Al-Kinani, stated in a statement that the committee also discussed with the governor of the Central Bank the issue of the financial reserve and the electronic platform for foreign transfers.

The committee affirmed, according to the statement, that it stands with the government side and the Central Bank in the mechanisms taken to deal with the exchange rate, indicating that there are international standards that the Central Bank operates in that it cannot bypass and work hard for the stability of the exchange rate and control of outlets and currency speculators and illegal trade.

Dijlah.tv