Walkingstick: America threatens Iraqi banks to impose sanctions in the event of payment of Iran’s arrears of electricity
The US Treasury refused to deal with the Iraqi banks with Iran in a circular sent to the Central Bank of Iraq in the month of July threatens to impose economic sanctions on each bank has financial transactions with Tehran.
By this generalization, the Iraqi government is unable to pay the Ministry of Electricity of debts in arrears To Iran, which prompted Tehran to stop supplying Iraq with energy and the dawn of the recent crisis.
The US Treasury informed the central bank at the beginning of July not to allow any Iraqi bank to deal with Iran,” the local media reported, “threatened to” freeze the bank’s funds that violate the instructions issued by the US Treasury. ”
The Iraqi Ministry of Electricity, earlier, the decline in electricity production in Iraq to 14 thousand megawatts after Iran stopped supplying Iraq with 1,000 megawatts of electricity.
“Iran has stopped supplying Iraq with electricity capacity of 1000 megawatts, which has led to a decrease in electricity and an increase in the need of Iraq,” the ministry’s spokesman Musab al-Mudar told Iraq News.
“The reason for Iran’s suspension of supplying Iraq with electricity is the accumulation of debts and problems in the transfer of funds to Iran,” he said, pointing to “high co-ordination with Iran to resolve the problems.”
He added that “Iraq’s need of electricity in the summer is from 22 to 23 thousand megawatts and the current production is 14 thousand megawatts.”
Iraq is increasingly in need of electricity, especially in the summer, which reaches 50 degrees Celsius.
The electrical power system suffers from deterioration due to Iraq’s wars and the deterioration of the electrical system.
JJonesMX: Iraq Says Saudis to Sell It Power at a Fraction of Iran’s Price
By Mohammed Sergie and Khalid Al Ansary
July 29, 2018, 8:56 AM EDT
Photographer: Fayez Nureldine/AFP via Getty Images
Saudi Arabia agreed to build a solar power plant and sell the electricity to Iraq at a steep discount to supplies the war-torn country previously bought from the kingdom’s regional arch-rival Iran.
The deal, which hasn’t been approved yet by Iraqi authorities, includes building a 3,000-megawatt plant in Saudi Arabia within a year of the signing of the agreement, Iraq’s Ministry of Electricity spokesman Mussab Serri said by phone. Iraq will buy the electricity for $21 per megawatt-hour, or a quarter of what it paid Iran for the imports, Serri said.
Protests have broken out in Iraq this month, spurred by anger over unemployment and inadequate public services including power and water shortages ever since the U.S.-led invasion of 2003. Iraq halted purchases of electricity from Iran in July, exacerbating a gap between the supply of electricity and consumption that has resulted in rolling power cuts.
Iraqi Prime Minister Haider Al-Abadi suspended Electricity Minister Qassim Fahdawi on Sunday while the government investigates why the power service is poor. Two weeks ago, Iraq formed a committee to come up with plans to address protesters’ concerns, and allocated 3.5 trillion dinars ($3 billion) to support services that would address their issues.
JJonesmx: Saudi Arabia’s use of soft power in Iraq is making Iran nervous
The kingdom is eyeing southern Iraq, which Iran considers its backyard
Boxman: The soft power article is worth a read….seems there are large loans and contracts between Saudi and Iraq…just like Frank and WS, mentioned..
Walkingstick: Financial performance
Haidar Kazem al-Baghdadi
A number of challenges began our financial sector beyond and makes gains in the most appropriate and most important that the Iraqi banks have reached the vote outside Iraq, and we can consider this as a positive country came out of an exceptional circumstance did not pass any of the countries of the world.
The arrival of the Iraqi banking voice to the international forums is very positive for the domestic financial sector and achieves economic feasibility for the national economy, where there will be cooperation with international and regional banks that have experience in performance and offer high-speed products in a time of competition among the world’s banks .
Here we must think about entering into the field of international financial work with all the strength of starting from the fact that Iraq is a pioneer in the region and the world in the performance and financial spread decades ago, and Iraq’s economic capabilities require that it has a financial instrument of international credibility and achieve the benefits of cooperation With the largest regional and international financial institutions .
And when we find that a number of Iraqi conventional and Islamic banks are honored by a specialized institution at the Arab level, it is not a vacuum, but there is a financial follow-up by the teams of those institutions noted the existence of discrimination in performance, and this of course reflects a positive image of Iraqi banks that we are aware That not a few of them need to modernize the system and enter strongly into the field of real work to create a state of improvement in public performance, which produces an integrated financial system that puts the Iraqi financial sector in the forefront.
We need to know the requirements of international work and the mechanisms of transfer of advanced banking technology, which promotes payments and offers the best products. It is not harmful to promote the local institutions that adopt advanced technology in the field of payments and support their activities, benefiting the beneficiary citizen and the economy. While working to adopt the best advanced systems .
The Iraqi financial sector is the focus of regional and international attention and is working to build itself gradually to achieve the advancement and access to the world with the benefit of the advanced systems and continuous follow-up by the Central Bank of Iraq, which gives detailed development of performance is of great importance to create a competitive financial sector in the region and the world, and because Iraq awaits a promising future and size A large business must have a banking sector capable of dealing with the largest numbers to be in the foreground.
Suzie: I N T E R N A T I O N A L
Boxman: WOW…financial instrument of international credibility….WOW
Popeye7: Once again “atta boys” from the international community for Iraq’s progress in the financial sector despite the many opticals faced… Thanks for bringing it Walkingstick….
Sunkissed: Some VERY BOLD statements there!! Wow!
CSHessman: *****NOTICE***** the PAST TENSE…
Aliveinhim: Could this be the 2nd article?
Don961: imo …. as we’ve been taught … if anything this is a precursor … part of a building avalanche of information … that will hit like a ton of bricks … hit us right in the kisser ! … knocking out any traces of fog-brain ….. leaving no doubt …
it will be clean as a whistle … clear as a bell … as plain as the noses on our faces … leaving no question marks whatsoever … date and rate friendly …