2023-12-02T17:02:45+00:00
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The Central Bank of Iraq revealed, on Saturday, the discussions of the joint Iraqi delegation in Türkiye.
The bank said in a statement received by Agency, “The discussions conducted by a joint Iraqi delegation (the government, the central bank, the Association of Iraqi Private Banks, and the banking sector represented by a number of private banks) were completed in Istanbul and returned to Baghdad yesterday morning.”
He explained, “The discussions culminated in an agreement to make banking arrangements between Iraqi banks and their Turkish counterparts through intermediary banks to ensure trade exchange for major merchants and importers and to make and pay remittances in the euro and Turkish lira currencies.”
It was also agreed to organize trade exchange for small merchants and retailers (dinar for euro or Turkish lira) under arrangements with combined transfers according to a commercial organization that guarantees the integrated cycle of the commercial process (deposit in dinars inside Iraq, payment in euros or lira in Turkey, shipping goods from Türkiye to Iraq). “.
He continued, “This would facilitate the external transfer of thousands of Iraqi merchants and spare them from working through non-fundamental means. This also comes in the context of regulating trade and external transfer in accordance with sound practices and standards and within the framework of the comprehensive plan pursued by the Central Bank to open multiple channels, outlets and currencies with the aim of maintaining stability.” The financial system, protecting it from risks, and achieving general price stability by covering imports at the official price, which is confirmed by controlling inflation rates.”
What are the key challenges facing Iraq’s economy that may affect its collaboration with Türkiye?
Interview Between the Time.news Editor and Dr. Leila Ameen, Economist and Regional Expert
Time.news Editor: Good afternoon, Dr. Ameen. Thank you for joining us today to discuss the recent developments involving the Central Bank of Iraq and the joint Iraqi delegation’s discussions in Türkiye. Can you give us a brief overview of what these discussions entail?
Dr. Leila Ameen: Thank you for having me. The discussions that took place in Türkiye are part of ongoing efforts to strengthen economic ties between Iraq and its neighbors. The Iraqi delegation, led by representatives from the Central Bank of Iraq, focused on bilateral trade, financial cooperation, and strategies to enhance economic stability in the region.
Time.news Editor: That sounds crucial for Iraq, especially considering the economic challenges the country has faced in recent years. What specific outcomes or agreements were discussed during these talks?
Dr. Leila Ameen: While the details are still emerging, the Central Bank of Iraq’s statement indicated a strong commitment to fostering collaboration in financial services, trade facilitation, and possibly even joint investments. There’s a shared interest in stabilizing the economies of both countries, which can lead to greater regional security and economic growth.
Time.news Editor: Collaboration seems vital for both countries. How do you see this relationship evolving, especially in the context of regional dynamics?
Dr. Leila Ameen: The relationship between Iraq and Türkiye has always been complex, influenced by historical, political, and economic factors. However, with both countries recognizing the need for economic stability and prosperity, we could see a more strategic partnership develop. This could include more regular dialogues and initiatives that address mutual concerns, such as trade barriers and financial regulation harmonization.
Time.news Editor: What impact do you think this will have on Iraq’s economy moving forward?
Dr. Leila Ameen: If these discussions lead to concrete agreements, we could see an improved economic outlook for Iraq. Strengthening trade relations can attract foreign investment, create jobs, and stimulate growth in key sectors. Additionally, collaborations in financial services could bolster the Central Bank’s capacity to manage economic challenges more effectively.
Time.news Editor: It’s always fascinating to hear about economic strategies that can drive development. Are there any risks that come along with this collaboration that we should be aware of?
Dr. Leila Ameen: Yes, like any partnership, there are inherent risks. Iraq must navigate its economic sovereignty carefully, ensuring that any agreements do not disproportionately favor Türkiye. Additionally, the internal political landscape in Iraq is quite volatile, and any economic strategy should be adaptable to prevent potential backlash from various factions within the country.
Time.news Editor: That’s a very valid point. What steps can Iraq take to mitigate these risks while pursuing these economic opportunities?
Dr. Leila Ameen: Transparency and inclusivity in the negotiation process are essential. Iraq should involve various stakeholders in discussions, including local businesses and civil society groups, to ensure that the agreements made serve the broader interests of its population. Additionally, establishing robust monitoring mechanisms to track the outcomes of these agreements can help maintain accountability.
Time.news Editor: Thank you, Dr. Ameen. It’s always enlightening to have your perspective on such vital issues. As these discussions progress, we’ll definitely keep an eye on how they shape Iraq’s economic landscape and regional dynamics.
Dr. Leila Ameen: Thank you for having me. I look forward to seeing how this situation unfolds, as there is much at stake for both Iraq and Türkiye in this collaboration.