MIKE BARA
Thursday Morning Update:
Bond holders continue cashing out in Zurich and Reno. Confirmed. I believe these are Tier 4a whales. Gold assets have been paid. Bond assets are BEING PAID.
Appointments have been set for currency exchanges for Tier 4a. NO CURRENCY HAS BEEN REDEEMED YET.
Iraqi-Swiss Agreement To Prevent Double Taxation And Enhance Economic Cooperation
The Ministry of Finance announced today, Thursday, the signing of an agreement with Switzerland aimed at preventing double taxation and evasion of income and capital taxes, in order to enhance economic cooperation between the two countries.
The ministry stated in a statement that Iraq and the Swiss Confederation initialed the agreement on Wednesday, February 26, where the Iraqi side in the negotiations was headed by Mohammed Hamza Mustafa, Director General of the Legal Department and Acting Director General of the General Tax Authority, with the participation of a number of officials, financial and legal experts, and a representative of the Iraqi Fund for External Development.
The ministry stressed that the agreement aims to create an attractive investment environment by reducing the tax burdens on Swiss companies and investors, which contributes to strengthening trade and economic relations between the two countries. It also indicated that the Swiss Confederation is one of the advanced countries in the field of tax collection, and cooperation with it would attract Swiss capital, which represents one of the most important investments in the Middle East region, to support the development process in Iraq. https://www.radionawa.com/all-detail.aspx?jimare=41277
Crude Oil Prices Stabilize
Time: 2025/02/27 08:12:42 Read: 1,665 times {Economic: Al Furat News} Oil prices stabilized near their lowest closing level this year, amid US President Donald Trump’s threats to impose tariffs and a range of supply-related issues.
WTI crude traded below $69 a barrel after losing nearly 3% in the previous two sessions, while Brent crude held above $72.
Trump said the planned tariffs on Mexico and Canada “are not going to stop,” but did not specify when they would be implemented. He also indicated that imposing tariffs on the European Union was still under consideration.
Record monthly losses
Oil looks set for its biggest monthly loss since September as rising trade tensions between the United States and its trading partners weigh on the economic outlook.
That concern has overshadowed the potential impact of tightening sanctions on Iran, which Trafigura Group identified as the biggest upside risk to prices, as well as the possibility that the OPEC+ alliance will delay restoring shut-in production again.
Supply issues: From Venezuela to Iraq
On the supply front, Trump said he plans to revoke Chevron Corp.’s license to operate in Venezuela, threatening the country’s economic recovery.
In the Middle East, Iraq announced that it had reached an agreement with the Kurdistan Region to resume crude oil exports, but did not specify a time frame for implementation. LINK
Gold Prices Decline Slightly As The Dollar And US Bond Yields Rise
Thursday 27 February 2025 11:45 | Economic Number of readings: 196 Baghdad / NINA / Gold prices fell on Thursday, under pressure from the rise in the dollar and US Treasury yields, while investors are awaiting an important report on inflation to assess the path of the Federal Reserve's monetary policy.
Spot gold prices fell by 0.1 percent to $2912.94 per ounce, while US gold futures fell by 0.1 percent to $2927.20.
In contrast, the dollar index rose by 0.2 percent, moving away from its lowest levels in 11 weeks, and US 10-year Treasury yields recovered from their previous losses.
As for other metals, silver stabilized at $31.84 per ounce, while platinum fell by 0.1 percent to $964.95, and palladium fell by 0.1 percent to $926.03 https://ninanews.com/Website/News/Details?key=1189078
Bruce
...we had at least two very strong sources that were telling us that don’t worry, this is going to be the week that we receive our notifications.
And even though we only have two days left, Friday and Saturday this week, I think it’s quite possible that we still will get notified and set an appointment this week.. .
I know...that one of our Redemption Center staff members is working tomorrow morning [Friday] at Wells Fargo Bank and then goes after lunch into the Redemption Center...Friday... it looks good for us to get notified and set our appointments for exchanges that would start on Saturday, the 1st of March...that is quite possible.
Within hours... the region's oil will be re-exported through SOMO
The Ministry of Oil announced today, Friday, that the coming hours will witness the re-export of Kurdistan Region oil through the State Oil Marketing Company (SOMO).
"Deputy Prime Minister for Energy Affairs and Minister of Oil, Eng. Hayan Abdul-Ghani Al-Sawad, is visiting Khor Al-Zubair port to see the gas pipeline connection operations," she said in a statement.
The minister confirmed, according to the statement, that “Iraq will announce in the coming hours the commencement of the region’s oil export operations through the State Oil Marketing Company (SOMO) via the Turkish port of Ceyhan at an initial rate of 185,000 barrels, gradually increasing to reach the capacity specified in the general federal budget.” link
AJ
Currency Exchange Rate for Major Oil-Producing Countries in the Middle East:
Saudi Arabia (Saudi Riyal, SAR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 SAR ≈ $0.27 USD, maintained by the Saudi Arabian Monetary Authority (SAMA) since 1986 for oil trade stability and petrodollar alignment.
Iraq (Iraqi Dinar, IQD): Pegged to the U.S. dollar (USD) at a fixed rate of 1 IQD ≈ $0.00076 USD, controlled by the Central Bank of Iraq (CBI) for economic stability, with a parallel market rate differing due to restrictions.
Iran (Iranian Rial, IRR): Managed (not freely floating), with an official rate set by the Central Bank of Iran (CBI) at 1 IRR ≈ $0.00000238 USD (or 420,000 IRR/USD), but heavily influenced by sanctions and a paralle market rate of 1 IRR ≈ $0.00000154–$0.00000167 USD (600,000–650,000 IRR/USD), not pegged to any single currency but tightly controlled.
Kuwait (Kuwaiti Dinar, KWD): Managed float (not freely floating), tied to a basket of major currencies (including USD, EUR, GBP), with limited flexibility maintained by the Central Bank of Kuwait (CBK) to ensure stability as 1 KWD ≈ $3.24 USD.
United Arab Emirates (UAE Dirham, AED): Pegged to the U.S. dollar (USD) at a fixed rate of 1 AED ≈ $0.27 USD, set by the Central Bank of the UAE since 1997 for oil trade and GCC alignment.
Qatar (Qatari Riyal, QAR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 QAR ≈ $0.27 USD, maintained by the Qatar Central Bank for oil and gas trade stability.
Oman (Omani Rial, OMR): Pegged to the U.S. dollar (USD) at a fixed rate of 1 OMR ≈ $2.60 USD, set by the Central Bank of Oman since 1986 for oil export stability.
Bahrain (Bahraini Dinar, BHD): Pegged to the U.S. dollar (USD) at a fixed rate of 1 BHD ≈ $2.65 USD, maintained by the Central Bank of Bahrain for oil trade and GCC alignment.
Top 5 Freely Floating Currencies (Ranked by Strength vs. USD):
British Pound Sterling (GBP) – United Kingdom: Freely floating since the 1970s, primarily market-driven by the Bank of England with rare interventions for extreme volatility, trading at approximately 1 GBP ≈ $1.26 USD.
Swiss Franc (CHF) – Switzerland: Freely floating since 2000, with occasional interventions by the Swiss National Bank (e.g., 2011–2015), trading at approximately 1 CHF ≈ $1.09 USD.
Australian Dollar (AUD) – Australia: Freely floating since 1983, managed by the Reserve Bank of Australia with minimal intervention, trading at approximately 1 AUD ≈ $0.65 USD.
Canadian Dollar (CAD) – Canada: Freely floating since 1970, managed by the Bank of Canada with occasional interventions, trading at approximately 1 CAD ≈ $0.74 USD.
Japanese Yen (JPY) – Japan: Freely floating since the 1970s, with rare interventions by the Bank of Japan, trading at approximately 1 JPY ≈ $0.00669 USD.
Notes:
For pegged currencies, the fixed rates ensure stability for oil trade, while freely floating currencies reflect market forces but can face volatility.
Central Bank of Iraq signs agreement with Emirates Islamic Bank
The Central Bank of Iraq announced the signing of a banking agreement with Emirates Islamic Bank, which is considered one of the highest-rated Islamic banks, and is rated (A+) according to the international Fitch agency.
Thus, Emirates Islamic Bank is a distinctive addition to the banking relations that the Central Bank of Iraq has established with advanced regional and international banks in recent years.
The agreement includes joint cooperation on several axes, the most important of which are:
Exchange of experiences in the field of developing the Islamic banking sector.
Providing payment services in UAE Dirhams to Iraqi banks and expanding their correspondent accounts network .
Cooperation between Iraqi banks and Emirates Islamic Bank, under the supervision and support of the Central Bank of Iraq, to formulate a mechanism that will allow individual customers of Iraqi banks in the near future to invest (partially) in Islamic bonds issued by Emirates Islamic Bank or other issuers with a similar credit rating in the United Arab Emirates.
It is noteworthy that the Central Bank of Iraq announced in August of last year the start of a new phase of foreign transfer operations in a step aimed at enhancing the diversity of currencies and facilitating international transfer operations. This announcement came after reaching an agreement on the mechanisms for regulating dealings in the euro, the Chinese yuan, the Indian rupee, the UAE dirham, and other global currencies.
Central Bank of Iraq
Media Office
February 27, 2025 link
AJ
The Kurdistan Oil Industry Association (EPICOR) responded to the statements of the Federal Oil Minister about resuming oil exports from Kurdistan within hours,
stressing that there has been no official communication with its member companies to conclude new agreements that guarantee payment of dues for previous and future exports, confirming that it will not resume exports today.
The association said in a statement, that “international oil companies are seeking to reach an agreement before resuming oil exports.”
“EPICOR member companies are ready to resume exports immediately when an agreement is reached to pay for our past and future exports in accordance with existing legal contracts and commercial guidelines,” she added on Friday.
Look - it happens, when it happensIraq agrees to supply Lebanon with crude oil, with immediate cash payment
Lebanese media sources quoted informed sources as saying that the Lebanese delegation to Iraq (consisting of IDAL Chairman Mazen Sweid and Brigadier General Hassan Shaqir) agreed with Iraqi officials to renew the fuel supply contract to operate the Electricité du Liban plants with some amendments to its implementation mechanism.
The sources indicated that Iraq will supply about 2 million tons of crude oil after it had been supplying fuel oil, in exchange for paying the price of the shipments in cash and immediately, unlike the three previous versions of the contract that included Lebanon paying the price of the shipments through services provided in Lebanon to the Iraqis, provided that the previous arrears amounting to 2 billion dollars would be addressed through the platform between the two countries to provide the agreed-upon services.
By the end of 2024 and until the formation of the new government, a huge amount has accumulated on Lebanon for the price of fuel shipments. Lebanon has only paid $118 million out of $2 billion. This accumulated amount is the result of three copies of renewed contracts between the two parties.
The fourth version of the contract includes the supply of 2 million tons of crude oil and payment for it in cash.
These renovations were carried out with “provisions” and “sympathy” even though Lebanon was not paying the cost of the shipments. Despite Iraqi facilities, Lebanon was unable to pay the bills.
These facilities stipulated that Lebanon would pay the price of fuel in Lebanese pounds, and that the amounts would be deposited in the Iraqi government’s account at the Bank of Lebanon, and would be spent on services for Iraqis (including hospitalization and medical treatment for Iraqis in Lebanon) in Lebanon exclusively. link
Clare
Article: “urgent Oil Minister: Exporting the region's oil will begin within hours via the Turkish Ceyhan”
Quote: "Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani announced the imminent start of exporting oil from the Kurdistan Region....He explained that exports will be "at an initial rate of 185 thousand barrels, gradually increasing to reach the capacity specified in the general federal budget."
Article: "Confirming Shafaq News.. Trump is heading to impose sanctions on Iraqi groups"
Quote: "The American website Fox News" published a report today, Wednesday, in which it referred to the 'maximum pressure' sanctions that the Trump administration is pursuing against countries that have economic and trade relations with Iran, including Iraq, which includes punishing a group of banks and controlling Baghdad's reserves at the US Federal Reserve...According to an informed political source, who told Shafaq News Agency, requesting that his name not be mentioned, American sanctions may be issued soon and will include a list of names of political figures who have armed factions."
STATUS OF THE RV . PART. 3
😊In line with this last article we have to connect the dots with other articles from today’s news to get the full present-day picture of what is going on. There are three more on this subject matter. They are titled:
“IT WILL NOT BE ON THE “LOSING TEAM”.. IRAQ MOVES TO THE POST-IRAN PHASE” and
“US PRESSURES BAGHDAD: IRAQI FM REVEALS DETAILS” and
“RUSSIA-UKRAINE WAR ENDS: WILL IRAQ PAY THE PRICE FOR TRUMP’S FOCUS ON IRAN?“.
If I were you I would spend a few minutes are read carefully these other three articles. You will get a very good sense of where this is all going. This news can also very good news for us because finally we may see Iraq getting serious about moving away from being a puppet state status of Iran. Remember the money laundering to Iran has to stop. This could help in this matter.
The articles tell us that Iraq is facing to get out of the “Iranian orbit” and the “axis of resistance”, which took Iran years to build in order to expand its influence deep into the Arab world, but it is rapidly shrinking and could collapse overnight. So, you see folks, things could happen quickly. In weeks, maybe months but certainly not years. The Iranian axis of resistance has deteriorated during the past year from its formal rise to a stage of final decline, as Israel struck two of its main members, Hamas and Hezbollah, the regime of Bashar al-Assad fell, and the Lebanese parliament elected a new president and a new prime minister, who are not on friendly terms with Iran. The report in the article stated that until recently, Iran boasted that it controlled four Arab capitals: Damascus, Beirut, Sanaa, and Baghdad, but now the first two have slipped away, while the third is still under the control of the Houthis, who are still loyal to Tehran. But what about the fourth, Baghdad?
Can the Iraqi’s overcome the Iranian influence. Will they have to wait until the next elections to do so? We all experienced their elections and how cumbersome and long they can be. But let’s just see what happens. At least there is finally pressure from the US and plans are in place now to end this Iranian influence once and for all. A reminder that Iraq will hold elections in October 2025, and that if enough Iraqis reject pro-Tehran parties at the ballot box, as most did in 2021, there will be an opportunity for al-Sudani, or whoever may succeed him, to form a government that makes an extra effort to assert Iraqi sovereignty and finally Baghdad my free itself of Iranian dominance.
From Safe Internet to Smart Systems" Iraq Enters the Digital Revolution Era with Steady Steps
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is moving steadily towards achieving a major digital renaissance, based on a set of foundations that support this trend.
Saleh explained to {Euphrates News} agency, "The most prominent of these foundations is the progress achieved in two types of infrastructure."
He explained that "the first category is represented by the advanced technological infrastructure, whether through secure and strong internet networks or digital payment systems that work effectively and efficiently in parallel with each other."
Saleh continued, "As for the other category, it is the advanced legal infrastructure that provides protection for the rights of users, operators, and the public right against electronic and financial crimes arising from the digital transformation."
He pointed out "the importance of having the ability to keep pace with the developments of digital technology in the virtual world on an ongoing basis," indicating that "the advisory team in the General Secretariat and all relevant Iraqi state institutions are keen to achieve this to ensure that Iraq enters the new digital age." link
MarkZ
“Iraq and Switzerland sign double taxation agreement to enhance economic cooperation” This is very interesting…
They are really going international in actions as well as words. Many contracts being signed with many countries the last few weeks…huge progress for Iraq.
“To arrange the papers with the Americans: The reasons for Al-Kazemi’s return to Baghdad” This is former prime minister, Al-Kazemi is extremely well versed and well connected in the US and Sudi political systems.
He is back in Iraq to be a go between/ mediator as they work through all their final agreements with the US, Saudi and the basket of currencies . They have the A-Team in charge and it is getting fun to watch.
Within hours... the region's oil will be re-exported through SOMO
The Ministry of Oil announced today, Friday, that the coming hours will witness the re-export of Kurdistan Region oil through the State Oil Marketing Company (SOMO).
"Deputy Prime Minister for Energy Affairs and Minister of Oil, Eng. Hayan Abdul-Ghani Al-Sawad, is visiting Khor Al-Zubair port to see the gas pipeline connection operations," she said in a statement.
The minister confirmed, according to the statement, that “Iraq will announce in the coming hours the commencement of the region’s oil export operations through the State Oil Marketing Company (SOMO) via the Turkish port of Ceyhan at an initial rate of 185,000 barrels, gradually increasing to reach the capacity specified in the general federal budget.” link
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:We are seriously linked to the world. We knew that already but I never heard it come from Alaq. He's saying it on TV now. FRANK: You are right. Brother I have never seen Alaq tell you you are international.
And look at the timing. He's been put away for about 10 days and now Sudani sends him out he tells you you are intentional?
Not at 1310...To hear it from the source of where the funds will be coming IMO is rather crucial. It's crucial to hear this from the CBI directly...
CBI: Digital Payments to replace Physical Currency
By John Lee.
In his speech to a conference in Baghdad, Ali Mohsen Al-Allaq, Governor of the Central Bank of Iraq (CBI), highlighted significant progress in digital payments, citing an increase in ATMs and e-wallets, which helped boost financial inclusion to 40% from 20% in just two years, supported by CBI initiatives.
He noted that Iraqi banks are undergoing major transformations, adopting internationally accredited financial systems to enhance cross-currency transactions and banking operations. Looking ahead, he envisioned banks shifting from traditional entities to smart digital platforms, issuing digital financial identities to facilitate seamless transactions.
Al-Allaq also stated that cash transactions will gradually decline, with digital payments issued by central banks replacing physical currency. CBI is actively working on launching its own digital currency, mirroring global trends. Additionally, Iraq is planning to establish a national data center, critical for digital economy growth, AI applications, and big data analysis.
He called for a comprehensive national strategy to accelerate Iraq’s digital transformation.
MIKE BARA
Thursday Morning Update: Bond holders continue cashing out in Zurich and Reno. Confirmed. I believe these are Tier 4a whales. Gold assets have been paid.
Bond assets are BEING PAID. Appointments have been set for currency exchanges for Tier 4a. NO CURRENCY HAS BEEN REDEEMED YET.
Further updates tomorrow at 1PM eastern on Rumble. We will be joined by special guest Matt from the CBD Gurus!
Kurdistan banks will take their share of sanctions. Economic shows the reasons
Baghdad Today – Baghdad
The economic expert Hividar Shaaban, on Thursday (February 27, 2025), said the reasons for imposing US sanctions on a number of banks in the Kurdistan Region.
Shaaban said in an interview with “Baghdad Today” that “within the framework of coordination between the US Treasury Department and the Central Bank of Iraq, sanctions will be imposed on banks in the region, including banks participating in the Hassabi project for the salaries of employees in Kurdistan.”
“This process is to control currency smuggling in some banks in the region, control money laundering, illegal transactions, and the process of structural regulation of banks,” he added.
Earlier this February, two informed sources said that the Central Bank of Iraq will prevent local banks from dealing in dollars.
Reuters quoted the sources as saying: “The Central Bank of Iraq will prevent 5 local banks from dealing with dollars at the request of the US Treasury.”
“Three payment service companies will be banned from dealing in dollars according to the request of the US Treasury,” the sources added.
They pointed out that “America submitted its request due to serious monetary violations and smuggling of the dollar out of the country.”
https://baghdadtoday.news/268804-مصارف-كردستان-ستأخذ-نصيبها-من-العقوبات.-اقتصادي-يبين-الأسباب.html
Walkingstick
[Iraqi Bank friend Aki update]
Very early in the morning Aki will be part of a large meeting that will be broadcast to all the CBI banks, even all the private banks, financial institutions that have been working on the monetary reform with the CBI and the US Treasury...with the CBI.
It will go for two days, Thursday and Friday.
More than likely one day will deal with banks, exchange rate, currency, monetary reform and the other day will deal with the international status of Iraq.
Iraqi Bank of Trade stops withdrawing cash through ATMs outside Iraq
The Iraqi Bank of Commerce announced on Wednesday the suspension of cash withdrawals through ATMs (ATM) using electronic cards (Visa and MasterCard) outside Iraq, as part of preventive measures to avoid security risks associated with the misuse of these cards.
Useful summary.. In the important news, you can find it in the Euphrates News channel on Telegram. To subscribe /a>
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Television says the Oil Minister is now saying the oil export flowing to regions is now happening much earlier than expected. It will start flowing next week. This is excellent news. We don't think the oil is going to flow at 1310.
FRANK: I don't either. Everything seems to be coming to a massive collision. It's like an atom smasher. I don't think it's going to be flowing at 1310...I'm very confident the oil is going to start flowing next week. I'm not as confident it's going to be revealed at 1310. I am confident it's going to be done at a new exchange rate but I don't know when it will be revealed at that rate.
FIREFLY: Now it's saying that it's going to be at 1310...
Rafidain Bank Affirms Its Commitment To Developing The Financial Sector And Enhancing Digital Transformation
Banks Economy News – Baghdad Rafidain Bank affirmed, on Wednesday, its commitment to developing the financial and banking sector and enhancing its role in supporting digital transformation and financial inclusion.
A statement by the bank, seen by "Al-Eqtisad News", stated that "as part of its ambitious strategy to enhance its leading position in the Iraqi banking environment, Rafidain Bank participated in the 9th Annual Exhibition and Conference on Finance and Banking Services in Iraq", stressing "its commitment to developing the financial and banking sector and enhancing its role in supporting digital transformation and financial inclusion".
The statement added that "the conference witnessed a wide presence from various financial and banking institutions, in addition to an elite group of experts in digital technology and electronic services, as its activities focused on the importance of digital transformation and the application of electronic payment technologies as a means of facilitating access to banking services, which contributes to enhancing financial and economic stability in
light of the current challenges".
It pointed out that "the bank reviewed the latest digital banking solutions it provides, through its special pavilion at the exhibition, where it provided electronic payment services through banking applications, in addition to innovative solutions that enable individuals and companies to conduct their financial transactions easily and safely",
indicating that "this comes in line with the bank's orientation towards renewing its banking identity under the slogan "Iraq is renewed", which reflects its ongoing commitment to developing its services according to the latest international banking standards".
The statement stressed that "the bank focused on the importance of enhancing financial inclusion by enabling citizens in cities and rural areas to access digital banking services, which contributes to stimulating economic activity and supporting sustainable development."
The statement continued, "On the sidelines of the conference, participants exchanged experiences on the future of digital transformation in the banking sector, and discussed ways to enhance cooperation between banks and financial institutions to develop the electronic payment environment and spread financial awareness among citizens, in a way that supports building a more advanced and comprehensive banking system in Iraq." https://economy-news.net/content.php?id=53004
