"Last Touches" - Mon. PM KTFA Thoughts/News 12/17/18

by **Ssmith** Tue Dec 18, 2018 10:04 am

KTFA

JJonesMX » December 17th, 2018

Monday, December 17, 2018

Iraq-Iran negotiations on adopting local currencies

Tehran/ Iraq TradeLink: Negotiations are under way between the Central Bank of Iraq and the Iranian

Central Bank to put the final touches to start official arrangements to use local currencies in trade between the two countries.

Chairman of the Iranian-Iraqi Chamber of Commerce Yehya al- Is-haq stated that the Iranian exports in 8 months of this year was equivalent to the exports of the whole last year, which reached to 8 billion dollars.

If the agreement is finalized, both countries can open LCs to each other.

The current payments are done through exchange offices and limited number of banks, Is-had added.

http://www.iraqtradelinknews.c.....g.html?m=1

LarryH » December 17th, 2018

This is saying using local currency. Which means RI IMO. FINISHING THE LAST TOUCHES.

LyndeeandMadee » December 17th, 2018

I hope they actually show the world that this is happening.

MilitiaMan » December 17th, 2018

Also earlier article shows Saudi Arabia talking trade exchange.. ~ MM

Don961 » December 17th, 2018

A credit account in riyal and dinar between Iraq and Iran

December 17, 2018

TEHRAN, Dec. 17 (Xinhuanet) - President of the Joint Iranian-Iraqi Chamber of Commerce Yahya Al-Ishaq announced on Monday the finalization of the opening of credit between the two countries' banks through the use of the Iranian riyal and the Iraqi dinar instead of the dollar.

The agreement between the two countries will enable the banks of the two countries to open documentary credit to each other and that the financial transactions of the traders of the two countries are currently through banking and a limited number of banks, which means that this agreement will allow the expansion of financial transactions between Iraq and Iran link

MilitiaMan » December 17th, 2018

This is a good one Don961.. I have a feeling you know that.. Thank you for your hard work! lol

I would suggest this is part of a necessary end for Iraq now that Monetary Reforms are gearing to be on a different page if you will, imo, that had/has to be done because of the volume of trade between Iraq and Iran.

A letter of credit is commonly for International Trade between parties. It is serious business. They are often used Go figure the timing of it too. ~ IMO. Lets not forget Rick Perry and all those Companies in Iraq may need them too.

By the way, CitiBank is one a large providers of Letters of Credit Globally.. They are Directly involved with Iraq as we know. Iraq wants guarantee they get paid for imports and exports. Fairly sure Iran in an unstable environment.. lol This is seriously looking good, imo.. ~ MM

"Citibank offers letters of credit for buyers in Latin America, Africa, Eastern Europe, Asia and the Middle East who may have difficulty obtaining international credit on their own.

Citibank’s letters of credit help exporters minimize the importer’s country risk and the issuing bank’s commercial credit risk. Letters of credit are typically provided within two business days, guaranteeing payment by the confirming Citibank branch.

This benefit is especially valuable when a client is located in a potentially unstable economic environment"

https://www.investopedia.com/terms/l/letterofcredit.asp

Samson » December 17th, 2018

Iran sees the world heading for "renunciation" of the dollar

17th December, 2018

Iranian foreign ministry spokesman Bahram Qasimi said Monday that the call for the replacement of local currencies instead of the dollar has become an international and regional call.

"Many countries in the region and the world are calling for monetary exchange in local currencies as a result of the obstacles that the US is putting in using the dollar," Qassimi said at his weekly press conference.

"We will not stand idly by in return for the heavy pressure exerted by the US Treasury Department on companies and countries to stop cooperating with us," he said.

"The European exchange mechanism with Iran is not limited to food and medicine, but includes other fields," the foreign ministry spokesman said. LINK