Government Advisor: Linking National Banks With Their American Counterparts Provides A Means For Economic Stability.
Money and Business Economy News – Baghdad Prime Minister’s advisor, Mazhar Mohammed Salih, confirmed on Wednesday that linking up with US banks provides financing and credit lines for trade and investment in Iraq. He also explained that direct cooperation with more than one US bank reduces the costs of foreign transactions.
“As long as Iraq is within the dollar zone like other OPEC countries, with the US dollar constituting the majority of its financial assets from oil revenues, it is in our country’s interest to deal equally with the US commercial banking system as a global correspondent for national banks, especially when dealing with more than one US bank operating globally (Global Bank) that has major global branches and arms,” Saleh said in a statement reported by the official news agency and seen by Al-Eqtisad News.
He added, “The Central Bank of Iraq’s efforts to link national banks with major banks and financial institutions in the United States, with more than one bank that enjoys international standing, is an important means of providing economic stability and improving the investment, trade, and development climate in our country through integration with the dollar trade, banking, and investment zone, which remains, without a doubt, one of the strongest and most important monetary zones in the world.”
He pointed out that “reducing the costs of foreign banking transactions today requires direct banking cooperation with more than one American bank (Global), and that the Central Bank of Iraq is moving in the right, open, and rapid direction in assessing its priorities to serve the stability of the national economy at the level of foreign banking transactions and implementing them with the required speed and high guarantees.”
Saleh explained that “the second American bank provides opportunities for Iraqi banks as a global correspondent bank with multiple branches and operations to quickly implement banking operations, whether in transfers or financing foreign trade for our country’s markets, without obstacles and with transparency and high governance.
In addition, it provides financing and credit lines for trade and investment in Iraq, as well as benefiting from digital banking services and highly advanced international standards, which will bring our national banks to the required global level.
These are factors that encourage the investment and business climate in our country at the same time, in the midst of integration and cooperation with the international banking system.” https://economy-news.net/content.php?id=54985
Baghdad And Washington Discuss Oil Exports From Iraqi Kurdistan.
April 30, 2025 Washington – Al-Zaman Iraqi Foreign Minister Fuad Hussein and US National Security Advisor Mike Waltz discussed the progress of negotiations between Iran and the United States.
The Foreign Ministry said in a statement, “US National Security Advisor Mike Waltz received Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein at the White House in Washington, DC, in the presence of Eric Trager, Head of the Middle East and North Africa Office, and Matt Vilansky, Director of the Iraq and Syria Office.”
Minister Fuad Hussein gave a detailed presentation on his visit to Washington, outlining its objectives and the results of the bilateral meetings he held with senior US officials.
The two sides discussed the security situation in the region and current challenges. They also discussed the progress of the ongoing negotiations between Iran and the United States, emphasizing the importance of reaching mutually agreed-upon outcomes consistent with President Donald Trump’s policy of resolving regional issues through peaceful means.
On another note, the meeting addressed the issue of oil exports from the Kurdistan Region of Iraq and the outstanding issues between oil companies on the one hand, and the regional and federal governments on the other. The two sides also reviewed developments in Syria and ways to support regional stability. LINK
Kurdistan Complains To The Central Bank About TBI’s Breach Of The ATM Agreement.
Aziz Ahmed, Deputy Chief of Staff of the Kurdistan Regional Government’s Prime Minister’s Office, announced that a formal complaint has been filed against the Trade Bank of Iraq (TBI) with the Central Bank of Iraq and the Ministry of Finance in Baghdad, citing its failure to honor an agreement signed last year to install 100 new ATMs in the region.
Ahmed explained in a post on the X platform that the bank has not fulfilled its commitment despite the agreement having been signed a year ago. He pointed out that TBI has received more than 40,000 applications from KRG employees under the “My Account” financial inclusion program, but has neither issued a purchase order nor completed the printing of their cards.
Ahmed emphasized that the KRG is deeply concerned about this delay, especially since new customers expect a better level of service from the country’s leading government bank. https://www.radionawa.com/all-detail.aspx?jimare=41739
Al-Sudani Affirms The Government’s Readiness To Provide Facilities And Support For Baker Hughes’ Operations In Iraq.
Money and Business Economy News – Baghdad Prime Minister Mohammed Shia al-Sudani affirmed on Wednesday the government’s readiness to provide facilities and support for the American company Baker Hughes’ operations in Iraq.
The Prime Minister’s Media Office stated in a statement received by Al-Eqtisad News that “Al-Sudani received today, Wednesday, the Chairman and CEO of Baker Hughes, an American oil and energy services company.”
He added, “During the meeting, they discussed prospects for cooperation in the energy sector and reviewed the company’s projects in Iraq, including the completion of gas processing units in the Nasiriyah field with a capacity of 200 million standard cubic feet. The first phase of this project is expected to be completed before the summer of 2026, while the second phase will be completed in 2027.”
Al-Sudani affirmed, according to the statement, “the government’s readiness to provide all necessary facilities and support for the company’s operations in Iraq, in light of the government’s procedures for the entry of businessmen and companies into the Iraqi market.” He indicated that “the government has worked to improve the business environment to attract companies in all sectors.”
For his part, Baker Hughes affirmed his company’s “commitment to implementing energy projects in Iraq and expanding its scope of work,” noting that “Iraq boasts promising investment opportunities in various fields.” https://economy-news.net/content.php?id=54981
A Slight Rise In The Dollar Exchange Rate In Baghdad Markets This Morning.
Time: 2025/04/30 10:42:27 Read: 1,320 times {Economic: Al Furat News} The US dollar exchange rate witnessed a slight increase this Wednesday morning in the markets of the capital, Baghdad.
The prices are as follows:
The selling price is 145,750 Iraqi dinars for $100, and the purchase price is 143,750 Iraqi dinars for $100. LINK
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