Article: "ANTI-MONEY LAUNDERING OFFICE: IRAQI AUTHORITIES FACE DIFFICULTY TRACKING
DIGITAL TRANSACTIONS"
Quote: "Iraqi authorities are facing difficulty in tracking digital transactions." ...this article tells us there is still a heavy reliance on “cash transactions”
...there will still be a need to have these larger notes for foreign trade even after the Project to Delete the Zeros is completed.
We also have to think about all the countries that have the three zeros notes now in their country’s foreign reserves. So these older three zero notes are not going away. Ours will be valuable!
New US Sanctions Shake Iraqi Banking Sector, Ban Use Of Payment Cards Abroad
02/16/2025 Mawazine News – Economy Iraqi government sources reported on Sunday that Baghdad received an official notification from the US Treasury Department imposing sanctions on five Iraqi banks, in addition to a number of exchange companies, due to their involvement in illegal money transfers inside and outside Iraq, and smuggling dollars to banned entities, most notably the Islamic Republic of Iran.
According to the US notification, the sanctions will not stop there, as the work of other banks is being closely monitored and may face similar measures in the near future.
The new US decision also included imposing a comprehensive ban on the use of Iraqi electronic payment cards outside the country during the next two months, in a move aimed at preventing currency smuggling after suspicious financial movements were monitored by a specialized US team.
It is
noteworthy that the US Treasury Department had previously imposed sanctions on 14 Iraqi banks in July 2023, and prevented four other banks from accessing the dollar in November of the same year, and imposed strict restrictions on money transfers in cooperation with the Central Bank of Iraq.
These measures come within the framework of an escalating US policy to control financial transactions in Iraq, amid fears of continued money laundering and currency smuggling, which imposes additional challenges on the Iraqi banking sector and its financial stability. https://www.mawazin.net/Details.aspx?jimare=259611
The discussion begins with the remarkable initiatives undertaken by Iraq, including a significant 15,000-acre housing project, financing for power plant enhancements, and expansions in the oil and gas sector.
The transcript highlights the substantial investments made by international companies such as Standard Chartered and BP, which collectively contribute billions to Iraq’s economy.
Additionally, the launch of new commercial projects, including the Baghdad Mall, signals a transformation in the retail landscape.
The transcript further indicates a shift in Iraq’s financial stability, with experts asserting that the country is on the brink of a significant economic change, marked by increased gold reserves and stability that enables Iraq to potentially assist other nations.
Finally, there is mention of lifting the European ban on Iraqi Airways, which could enhance international travel and commerce. Overall, the transcript reflects a sense of optimism and anticipation regarding Iraq’s economic future.
🌍 Massive Investments: Iraq is seeing significant international investments, including a $25 billion commitment from BP.
🏗️ Major Housing Project: A sprawling 15,000-acre housing initiative has been launched, demonstrating Iraq’s commitment to addressing housing needs.
🏬 Iraq Mall: Set to open in late 2025, this mega shopping and entertainment hub will redefine Baghdad’s retail and leisure landscape.
💰 Financial Stability: Experts assert that Iraq is financially stable, with no need for foreign aid and a surplus of reserves.
📈 Economic Growth: New economic agreements with neighboring countries, such as Kuwait, indicate a robust economic strategy.
⚖️ Gold Reserves Increase: Iraq has increased its gold reserves significantly, enhancing its financial security.
✈️ Lifting Travel Bans: The government is pushing to lift the European ban on Iraqi Airways, which could boost international connectivity.
Key Insights
📊 Investment Surge: The influx of investments from major global corporations like BP and Standard Chartered signifies growing confidence in Iraq’s economic recovery. These investments are not merely financial; they are pivotal in modernizing Iraq’s infrastructure and energy sectors, which have been historically challenged. The commitment of $25 billion from BP is particularly noteworthy as it reflects a long-term vision for Iraq’s oil industry, pivotal to the nation’s economic health.
🏡 Housing Development as a Priority
: The initiation of a massive 15,000-acre housing project highlights the Iraqi government’s recognition of the acute housing crisis facing its population. This project is essential not only for providing homes but also for stimulating economic activity through job creation and infrastructure development. It points to a holistic approach to urban planning and development in a nation where reconstruction is crucial.
🛍️ Transformative Retail Experience: The planned Iraq Mall, set to be one of the largest in the region, emphasizes a shift towards modern consumerism and lifestyle changes in Baghdad. This development will not only offer global brands to Iraqi consumers but is also expected to attract tourism and create a space for social interaction, thereby enriching the local economy. The mall could become a central hub for commerce and leisure, indicating a shift in societal norms towards more Western-style retail experiences.
📈 Economic Self-Sufficiency: The assertion that Iraq does not require foreign aid and has substantial reserves is a significant shift in narrative. This positions Iraq as a potential leader in regional economics, capable of extending support to neighboring countries. Such a stance enhances Iraq’s geopolitical significance, as it can leverage its resources for diplomatic and economic alliances.
💎 Increased Gold Reserves: The increase in Iraq’s gold reserves is indicative of a strategic move towards strengthening its financial foundation. Gold is often seen as a safeguard against economic instability, and Iraq’s decision to bolster its reserves reflects a commitment to financial prudence and security, which can also inspire investor confidence.
🤝 Strengthening Regional Ties: New economic agreements with Kuwait and other regional players reveal Iraq’s strategic shift towards regional collaboration. These agreements could pave the way for joint ventures and shared resources, crucial for economic recovery and stability. This collaborative approach is necessary for addressing regional challenges and enhancing collective growth.
✈️ Reviving International Connectivity: Efforts to lift the European ban on Iraqi Airways point towards an intent to reintegrate into the global travel and trade network. Enhanced travel options are vital for economic revitalization, as they facilitate tourism, business travel, and international commerce. The resumption of operations will likely have a direct positive impact on Iraq’s economy by improving foreign relations and trade opportunities.
From massive investments and housing developments to a new retail revolution and strengthening regional ties, Iraq appears poised for significant growth and transformation.
The overall sentiment reflects optimism among experts and stakeholders about the future of the Iraqi economy, suggesting that the nation is on the threshold of a robust economic revival.
After Meeting With The US Federal Reserve, The Central Bank Denies That Iraqi Banks Are Subject To Sanctions
Economy |- 02/16/2025 Baghdad - Mawazine: The Central Bank of Iraq denied the existence of international sanctions on some Iraqi banks, after media outlets circulated news about sanctions that included dozens of banks in the country.
The Central Bank stated in a statement received by "Mawazine", a copy of it, that "it announced the end of the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve Bank,
which were held in Dubai / United Arab Emirates with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman), and the meetings culminated in praise for the steps taken by the Central Bank of Iraq and the Iraqi government in reforming the banking sector,
the most important of which were: the development of the cash distribution system for the US dollar in Iraq, which they considered the most controlled and controlled system in the world, which limits manipulation and smuggling of the US dollar,
in addition to the qualitative shift in foreign transfer operations and the steps taken by the Central Bank of Iraq to address the risks resulting from these operations, which have now risen to the levels of transfer operations carried out by international banks.
The statement confirmed that the consulting firms (EY and Oliver Wyman) reviewed the plans to reform the government and private banking sector and upgrade them in line with international standards and to facilitate the involvement of Iraqi banks in the network of financial relations internationally."
The statement added: "Since the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector, we stress the need to ensure that the official channels of this bank are adopted to know the latest news and not to transmit incorrect news such as some Iraqi banks being subject to international sanctions and others." https://www.mawazin.net/Details.aspx?jimare=259609
On Thurs. 30 Jan. 2025 the privately owned Fed and IRS officially dropped d**d – when the US Treasury withdrew from the C***l’s Bankrupt Central Banks across the World. President Trump has said he will replace the IRS with the ERS (External Revenue Service) where taxation on goods will replace taxation on The People and their income.
Since Friday 3 Feb. 2023 all Basel 4 Compliant banks have gone public with the new Gold / Commodity-backed currency International Rates as required by the GESARA Law. This is the Re-evaluation of all the global currencies (meaning the global currency reset).
Tues. 11 Feb. 2025 Official Notification: Leaders in the Global Currency Reset received signal payments authorized by the Quantum Network
This week the Quantum Financial System was said to be fully operational for completion of that Global Currency Reset.
The use of the FIAT US Dollar will be used for up to 90 days Feb. / March / April parallel with the new United States Note (USN), they may cut it off of by April 30th or soon thereafter. …Bruce
Rashid Bank launches the sale of national bonds and calls on citizens to invest
2/16/2025
Rashid Bank announced that it has directed its branches across the country to begin selling national bonds (first issue), which comes within the plans to enhance local investment.
The bonds include two different categories, according to a statement by the bank, a copy of which was received by {Al Furat News}, two categories: “The first, a bond worth 500 thousand dinars with an annual interest of 6% paid every six months for two years, at a rate of 3% every six months,
and the other category, a bond worth one million dinars with an annual interest of 7.5% paid every six months for four years, at a rate of 3.75% every six months.
The bank called on all those wishing to purchase to visit its branches in various governorates. LINK
Correspondent banks and local banks plus exchange companies with three electronic payment services are banned from using the dollar for their international transfers
From today on , use the DINAR for international trades and transfersOnly possible by going on Forex
Central Bank announces details of its meetings with US Treasury and Federal Reserve
2/16/2025
The Central Bank announced, today, Sunday, the details of its meetings with the US Treasury and the Federal Reserve, which witnessed praise for the reform measures taken by the Central Bank and the Iraqi government in the banking sector.
The bank stated in an official statement received by {Al Furat News} that “the meetings praised the development of the US dollar cash distribution system in Iraq, describing it as “the most controlled and monitored system in the world”, due to its role in reducing manipulation and dollar smuggling operations.”
The statement explained that “the reforms also included a qualitative shift in foreign transfer operations, as the Central Bank took measures to address the risks associated with these operations, to reach levels comparable to transfers carried out by global banks.”
The bank pointed out that “international consulting firms (EY and Oliver Wyman) presented during the meetings plans to reform the public and private banking sector, in line with international standards, and to support the involvement of Iraqi banks in the global financial network.” LINK
Article: "Iraq Mall: Baghdad’s upcoming mega shopping and entertainment hub"
Quote: "Baghdad is set to welcome a game-changing retail and entertainment hub with the opening of Iraq Mall, a sprawling 550,000-square-meter development in the Al-Dora area, near the two-story bridge overlooking the Tigris River.
This mega mall will house top global brands, including Zara, Pull & Bear, Massimo Dutti, PUMA, Under Armour, Lacoste, Levi’s, HUGO BOSS, and Bershka, among many others.
With a diverse mix of high-end fashion, sportswear, and lifestyle stores, Iraq Mall is poised to become the ultimate shopping destination in the country...Set to open in late 2025, Iraq Mall will transform Baghdad’s retail landscape and provide an unparalleled shopping and leisure experience."
Informed sources revealed that three electronic payment service companies will be banned from dealing in dollars.
Reuters quoted the sources as saying that “three companies will be banned.”Services Electronic payment in Iraq From dealing in dollars.
This came after Iraqi banking sources revealed Quoted According to diplomats working in Baghdad, new sanctions will be issued against 5 Iraqi banks that violated international standards and some of which transferred funds to illegal entities, while the Central Bank denied the veracity of this news.
The sources reported in a news report that I followed up on. Sumerian News, “The sanctions will include bank owners after at least one of the five banks was accused of working entirely for the benefit of One of Armed factions in Iraq.
It was later published that the five banks included in the measures are Misk Bank, Al-Sanam Bank, Al-Muttahid Bank, Al-Amin Bank, and Al-Mashreq Bank.
After including the five banks in the sanctions, 34 out of 44 private banks will be in Iraq It has been included in the sanctions to keep 5 Iraqi banks operating in
Iraq In addition to 5 other Iraqi banks operating with Arab and foreign capital.. the total number of banks operating in Iraq 10 banks, in addition to other government banks, namely Rafidain Bank, Rashid Bank, Trade Bank of Iraq, and other specialized banks such as agricultural, industrial, and others. LINK
A military Intel contact said they (allegedly) released everything for the Global Currency Reset at 3pm PDT on Tues. 11 Feb. 2025 to start the shotgun release of liquidity & notifications over next 72 hours for the lower levels / tiers including Tier4B.
February 16, 2025 Baghdad - Ibtihal Al Arabi The meeting of the Central Bank of Iraq with the American side and international auditing companies resulted in positive results, denying that some Iraqi banks were subject to international sanctions. A statement received by Al-Zaman yesterday said that (the first quarterly meetings of the current year, with the US Treasury Department and the US Federal Reserve Bank,
which were held in the United Arab Emirates with the participation of international auditing and consulting companies, were crowned with praise for the steps taken by the bank and the government in reforming the banking sector),
and continued that (the most important of these reforms is the development of the cash distribution system for the US dollar in Iraq, which they considered the most controlled and controlled system in the world, which limits manipulation and smuggling of the US dollar),
appreciating (the qualitative shift in foreign transfer operations and the steps taken by the Central Bank to address the risks resulting from these operations, which have now risen to the levels of transfer operations carried out by international banks),
and pointed out that (the consulting companies reviewed the plans to reform the government and private banking sector and upgrade them in a manner consistent with international standards and facilitating the involvement of Iraqi banks in the network of financial relations internationally),
and the statement went on to say that (the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector,
and we emphasize the need to ensure the adoption of official channels for this The bank to know the latest news and not to transmit incorrect information such as some Iraqi banks being subject to international sanctions and others).
An economic expert revealed that 34 out of 44 banks are now under US sanctions, which constitutes a major crisis in the local banking sector.
The expert, Munir Al-Obaidi, explained in a statement received by (Al-Zaman) yesterday that (34 out of 44 banks are now under US sanctions, which constitutes a major crisis in the local banking sector), adding (the remaining 10 banks are distributed as follows: five of them have foreign capital, two are affiliated with the Kurdistan Region, and only three banks remain entirely Iraqi).
Meanwhile, the Central Bank of Iraq gave banks operating in the country that do not have an account in a bank that deals directly with the American bank, JP Morgan, a deadline of June to settle their electronic payments, threatening to stop them if they do not comply with the decision.
Mustafa Hantoush, a researcher in economic and banking affairs, said in a statement yesterday that (if this decision is implemented, it will lead to limiting the dealings of electronic payment companies in Iraq to Jordanian and Gulf banks, which currently dominate the currency auction with the support of the Central Bank of Iraq),
noting that (electronic payment companies will be forced to open accounts in banks that have dealings with JP Morgan and Citibank, in exchange for closing their accounts in Iraqi banks, whether they are sanctioned or not, which may affect the local banking sector), and Hantoush renewed his call to (reconsider the standards of the Central Bank of Iraq related to building local banks),
stressing (the need to strengthen and develop them to face the challenges resulting from these decisions), and he continued that (so far, the bank’s management has not issued any official statement confirming or denying the validity of this news, which leaves the door open to speculation about the impact of the decision on the banking system in Iraq and its relationship with international banks). LINK
Two international banks will join the Kurdistan Region’s “My Account” financial initiative in the next few weeks, Deputy Chief of Staff to the KRG Prime Minister Aziz Ahmad announced, calling it a strong endorsement of the program.
The announcement comes amid growing restrictions on Iraqi banks’ access to US dollars, but Ahmad emphasized that banks participating in “My Account” remain unaffected due to strict financial and compliance checks.
: KRG
