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CandyKisses:  Urgent…Iran: Iraq paid off part of its debts and its amounts were transferred to a third country

{Economic: Euphrates News} The Iranian Foreign Ministry announced that Iraq paid part of its debts to Iran for supplying gas to it.

“This money has been transferred to a third country,” an Iranian foreign ministry spokesman said at a press conference today, stressing that “technical talks will continue on that.”

Last month, the US State Department announced that part of Iran’s money in Iraqi banks would be transferred to Oman.

These funds will be held in Oman, but Iraqi restrictions on these funds will also apply in Oman and these funds can only be used for humanitarian and non-sanctioned purposes, and any transfer must be approved by the US Treasury Department,” she said.إيران-العراق-سدد-جزءاً-من-ديونه-وتم-نقل-مبالغها%C2%A0الى-دولة-ثالثة

Tishwash:  Headed by the Minister of Defense.. A high-ranking Iraqi security delegation visits Washington

Today, Monday (August 7, 2023), the spokesman for the Commander-in-Chief of the Armed Forces announced that a delegation from the Iraqi Ministry of Defense has begun a visit to the United States of America, while pointing out that the delegation will discuss the future of the relationship between Iraq and the international coalition.

Major General Yahya Rasool said in a statement received by “Baghdad Today”, that “at an official invitation from the US Department of Defense (The Pentagon), a high-level delegation headed by Iraqi Defense Minister Thabet Muhammad Al-Abbasi began a visit to the United States of America, noting that” the delegation includes the head of the security apparatus Combating Terrorism, First Lieutenant General Abd al-Wahhab al-Saadi, Chief of Staff of the Army, Lieutenant General Abdul Amir Rashid Yarallah, Special Forces Lieutenant General, Lieutenant General Qais al-Muhammadawi, Deputy Commander of Joint Operations, and a number of advisors and officers.

He added, “During this visit, the delegation will hold several meetings to discuss a number of issues, foremost of which is the future relationship of the presence of the international coalition, bilateral security cooperation between Iraq and the United States, and the exchange of experiences and information, especially in the intelligence aspect in pursuing the remaining elements of the terrorist gangs of ISIS.”

And the spokesman for the Commander-in-Chief added, “The visit also includes holding a series of meetings and conferences with officials in the US Department of Defense in a way that serves the common interests between the two countries  link


CandyKisses:  Will you move to Iraq? Great demand for gold in Istanbul due to the rise of the dollar

A report by Wall Street Journal journalist Jared Malsen revealed that many Turkish traders tend to inject money into foreign currencies, gold and cryptocurrencies, due to the deterioration in the value of the local currency, the lira, which has lost more than 80 percent of its value in the last five years.

Citing traders in Istanbul’s Grand Bazaar, Malsen says there is an “atmosphere of panic” where “people think the dollar is going to rise, so there is higher demand right now.”

The dollar exchange rate in Turkey on Monday is 27 liras.

The Wall Street Journal journalist quotes gold traders in Istanbul as saying that there has been a significant increase in the demand for buying the precious metal.

Buyers use gold as a “financial instrument,” according to traders Malsen spoke to.

Turkey’s economic turmoil has put pressure on merchants in the bazaar, who have played a central role in the economy since the construction of the vast covered market during the days of the Ottoman Empire more than five centuries ago.

Gold traders worry that the profits from the high demand for the metal do not offset the negative impact of the turmoil in the Turkish economy.

Turks and other traders have to deal with a complex web of rules imposed by the government in recent years to scare foreign currency and prevent the country from descending into bankruptcy.

These rules include a rule forcing companies to convert 40% of their foreign currency profits into lira, according to the report.

According to many economists, the lira’s collapse is the result of an era of economic mismanagement by Turkish President Recep Tayyip Erdogan.

Erdogan has in recent years pressured the central bank to cut interest rates despite the country’s high inflation rate — the opposite of what central banks usually do.

Erdogan has tried to reverse course since winning a close election in May in which his opponents attacked him over Turks’ purchasing power and many cut meat, fish and even vegetables, according to the Wall Street Journal.

Analysts say the newly appointed central bank governor, Hafiz Jay Erkan, and Finance Minister Mehmet Şimşek raised interest rates, but too slowly to control inflation.

The Turkish lira continued to fall after the central bank meeting in July, in which officials decided to raise interest rates by just 2.5 percentage points, a move that slowed the pace of rate increases and put the lira under further pressure.

The decision disappointed some economists and investors who had hoped Şimşek and Erkan would be more decisive on tackling inflation, according to the report.

It is noteworthy that Iraq has been witnessing for more than two weeks a rise in the exchange rate of the dollar, where it currently exceeds 1500 dinars, so will gold be a safe haven for citizens in the face of fluctuations in the price of foreign currency?

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