Sunday, March 9, 2025
The Kurdistan Government decides to extinguish bank interest on beneficiaries of agricultural loans, 10 MARCH
The Kurdistan Government decides to extinguish bank interest on beneficiaries of agricultural loans
Shafaq News / The Ministry of Finance and Economy in the Kurdistan Regional Government decided on Sunday to exempt borrowers from the bank interest resulting from agricultural loans remaining in their ow, if they are paid during the current fiscal year 2025.
An official letter of the ministry, seen by Shafaq News Agency, addressed to the General Directorate of Specialized Banks, signed by the Minister of Finance and Economy, Awat Janab Nouri, stated that the Council of Ministers of the region issued an exemption on interest on agricultural loans.
The ministry’s decision was based on a letter of the Kurdistan Regional Council of Ministers No. 15786 dated 12/11/2024, which included three points, explaining that the first point includes approval of the exemption of debts arising from interest on agricultural loans granted to farmers who could not repay them due to the financial crisis.
The book added that the second point confirmed that the exemption included those who repaid the full amount of the loan and its interest remained at their charge, noting that the third point stressed that the borrower repays the loan during the fiscal year 2025 and it is covered by the exemption after paying the last installment of the loan amount.
AJ: 🔥Iraq tells US: Stopping Iranian gas imports will cause electricity system to collapse, 10 MARCH
AJ
Iraq tells US: Stopping Iranian gas imports will cause electricity system to collapse
On Sunday, the head of the Finance Committee in the Iraqi Parliament, Atwan Al-Atwani, sent a letter to the US government stating that stopping the import of gas from Iran will cause the collapse of the electricity grid system during the coming summer in Iraq, indicating the need to extend the exemptions granted to Iraq in this regard after they were officially stopped by the administration of US President Donald Trump.
This came during Al-Atwani's meeting with the US Ambassador to Iraq, Daniel Rubinstein, and the accompanying delegation, according to the MP's media office.
The head of the Parliamentary Finance Committee stressed the importance of this visit at this sensitive time, and stressed the need for continuous communication to correct the course of Iraqi-American relations.
The statement added that the meeting focused on discussing the US sanctions file and their impact on the electricity sector, especially in light of talk about the expiration of the deadline for Iraq to be exempted from importing Iranian gas.
The statement also indicated that Al-Atwani conveyed an important message to the US ambassador to his country's government, stating that stopping gas imports would have disastrous consequences for the Iraqi people, especially in the summer, as it would cause the collapse of the national electricity system, due to the lack of any alternatives at the present time.
Al-Atwani said during the meeting that the Iraqi government is serious about achieving energy independence through several promising projects related to investing in associated gas, for the purpose of using it in generating electricity and achieving self-sufficiency, but these projects will enter service in the coming years.
Al-Atwani also called on the US administration to review the policy of pressure exerted by the US Treasury on the financial and banking sector in Iraq by imposing continuous sanctions on local banks.
He pointed out that Iraq has achieved a qualitative shift in the policy of compliance and financial transfers, and despite that, we are surprised by collective sanctions targeting Iraqi banks without prior warning and without any declared justification or even notifying the Central Bank of Iraq about that, and this has created a major problem for us and affected the work and activity of the banking sector.
In turn, the US Ambassador expressed his understanding of what Al-Atwani had raised during the meeting regarding the energy and banking sanctions files, and promised to convey these messages to his country's government in the hope of finding permanent treatments and solutions that would achieve the interests of the two friendly peoples, noting that the import of natural gas is, until now, outside the sanctions system, according to the statement.
Until further notice.. Parliament postpones its session, 10 MARCH
Until further notice.. Parliament postpones its session
The Media Department of the Council of Representatives announced today, Saturday, the postponement of the parliamentary session until further notice.
The media department of the House of Representatives stated in a statement received by / Al-Maalouma / that “Parliament postponed its session until further notice due to the lack of a legal quorum.”
It is noteworthy that the State of Law and Al-Sadiqoun parliamentary blocs have announced a boycott of the sessions of the House of Representatives until the Popular Mobilization Law is included in its regulations. link
TIDBIT FROM FRANK26, 10 MARCH
Frank26
Be serious about it. You know very well it's coming...You can read the signs.
You can't read Arabic but you can read English. You can read the articles.
You have the cerebral capability to understand that's a good guy, that's a bad guy and the good guy is saying the good things and the bad guy is saying the bad things. So deep in our hearts you should sleep good like I did.
Parliamentary Oil Committee reveals urgent solutions for Iranian gas, 9 MARCH
Parliamentary Oil Committee reveals urgent solutions for Iranian gas
The Parliamentary Oil and Gas Committee revealed, on Sunday, the Iraqi government's intention to import Gulf gas instead of Iranian gas after the recent US sanctions, announcing a project that is being worked on at high speed in Basra, the far south of the country.
The spokesman for the committee, Ali Shaddad, said, "The problem with the Ministry of Electricity is that it has established stations in the Iraqi provinces that depend on gas only, while the stations in Basra are complex and operate on gas, crude oil, and black oil, and this is what contributed to the stability of the electrical system in the province."
He explained that "the Prime Minister personally follows up on the completion of the gas pipeline project from the floating platform in Basra on a daily basis," indicating that "the Ministry of Oil began working on it about thirty days ago and it will be completed at high speed within 120 days."
He added that "the completion rate has exceeded 30% so far," stressing that "the project will contribute to transporting Gulf gas in quantities of up to 200 cubic meters link
JON DOWLING UPDATE, 9 MARCH
JON DOWLING
Folks, despite what you may have heard, the Venezuelan bolivar has NOT revalued! Don’t listen to rumors and people trying to shortcut or are gaming the system.
Venezuela needs new elections, remove the corruption as well as having the sanctions removed Iraq goes first, plain and simple.
Just be patient and wait on the Lord. It will all work for our favor. Trust his timing!
@JonDowling
Regional oil companies seek agreements to resume oil exports.. and America is "interested" in reopening the Ceyhan pipeline, 9 MARCH
Regional oil companies seek agreements to resume oil exports.. and America is "interested" in reopening the Ceyhan pipeline
The global oil company, APIKUR, operating in the Kurdistan Region, seeks to sign clear agreements with Baghdad and Erbil that guarantee the payment of its past and future financial dues in preparation for the resumption of oil exports, as it confirmed that the United States is still very interested in reopening the Iraq-Turkey Ceyhan export pipeline from the Kurdistan Region’s fields.
In an interview with the K24 news website, translated by (Al-Mada), the spokesman for the APIKUR group, Miles Caggins, described the recent meeting in Baghdad as a step forward in discussing the resumption of oil exports from the Kurdistan Region, stressing the need for clear agreements and written guarantees.
Caggins said in a statement to the news website that the meeting allowed the member companies of the APIKUR group to directly convey their conditions to the federal government authorities in Baghdad and the Kurdistan Regional Government.
Among the main issues discussed in the meeting was the selection of an international consultant to evaluate the costs of oil production and export.
The APIKUR group has urged the Iraqi government to define the scope of the consultant’s work, his responsibilities, and the timetable for his activity. The Epicor Group provided the Ministry of Natural Resources of the Kurdistan Regional Government with a list of independent experts specialized in the assessment process.
The report indicated that other meetings are planned to establish agreements through which oil exports can be allowed to resume through the Iraq-Turkey Ceyhan export pipeline, which is a priority emphasized by Iraqi Prime Minister Mohammed Shia al-Sudani.
The member companies of the APICORP group called for the conclusion of transparent and fair agreements regarding future financial payments, in addition to settling and paying the debts due for invoices amounting to $1 billion.
Caggins, an APICORP spokesman, said: “We need written guarantees and we have proposed solutions,” noting that “APICOR is open to receiving financial payments, whether through the companies selling their allocations of produced oil, or through cash payments through escrow accounts to ensure that the amounts due are paid on time.”
He stressed the need for “financial agreements not to be affected by political aspects and atmospheres.”
While Turkey announced that the Iraq-Turkey Ceyhan pipeline is ready for operation following inspections, the APICORP group stressed the need for agreements between Baghdad and Erbil to allow exports to resume.
The APICORP spokesperson highlighted the strategic importance of oil exports from both the Kurdistan Region and southern Iraq, stressing that a stable energy sector would strengthen the country’s economic and security position.
He also reiterated that APICORP has no oversight role over exports, which are the responsibility of the State Oil Marketing Organization (SOMO) and the Iraqi Ministry of Oil.
Caggins added that the United States remains very interested in reopening the export pipeline, and that the Trump administration is discussing the matter with the previous administration. Given the important development, and the humanitarian and military assistance that the United States provides to Iraq, APICORP calls on the Iraqi authorities to treat American and other foreign oil companies fairly, especially those operating in the Kurdistan Region
.
“The only obstacle to resuming oil exports is the need for clear agreements,” Caggins stressed, noting that “a simple three-page document could solve the problem and allow exports to resume according to standard commercial procedures and practices.”
While negotiations on this matter continue, the Epicor Group expressed its readiness to meet again and reach an agreement that benefits all parties.
Oil exports from the Kurdistan Region’s fields via the Iraq-Turkey-Ceyhan pipeline were halted on March 23, 2023, following a ruling by the International Chamber of Commerce in Paris in favor of Baghdad against Turkey for facilitating oil exports between 2014 and 2018 without the approval of the federal government. Turkey must pay Iraq $1.5 billion in outstanding amounts, according to the court ruling, which Turkey refused to implement and closed the pipeline.
Reports indicated that the chronic closure of the Ceyhan export pipeline has caused significant losses to both Baghdad and Erbil, as it has halted crude oil exports at a rate of 450,000 barrels per day, a figure that represents 0.5% of global market supplies. link
Iraq, Finland Discuss Strengthening Economic and Investment Ties, 9 MARCH
Iraq, Finland Discuss Strengthening Economic and Investment Ties
Ambassador Mohammed Hussein Bahr Aluloom, Undersecretary of the Iraqi Foreign Ministry for Bilateral Relations, met in Helsinki with Jarno Syrjälä, Under-Secretary of State for International Trade of Finland, to discuss ways to enhance economic, trade, and investment cooperation between the two countries.
Ambassador Bahr Aluloom highlighted Iraq's economic progress, emphasizing security stability and an improved business environment, which have made Iraq an attractive destination for foreign investments.
He cited the United Kingdom's decision to lower travel warnings to Iraq as an example of international confidence in Iraq's progress. The Ambassador also encouraged Finnish companies to invest in strategic projects, particularly the Development Road and the energy sector.
Under-Secretary Syrjälä welcomed Iraq's economic reforms, acknowledging their role in enhancing the investment climate. He expressed Finnish companies' interest in returning to the Iraqi market.
The two sides agreed to develop practical mechanisms to strengthen cooperation, including a delegation of Finnish companies visiting Iraq to explore investment opportunities in renewable energy, electricity, digital transformation, and artificial intelligence. link
TIDBIT FROM FNU LNU, 9 FEB
Fnu Lnu
I reported some time back thatMaliki had been caught with a jet filled with Dinar attempting to depart for Switzerland. The jet was initially detained but ultimately allowed to depart Iraq.
I saw video of the detainment and the interior of the plane and judging by the volume of Dinar onboard, it had to be multiple trillions of dinar. Now Iraq wants it back.
Article: "Iraq's Federal Commission of Integrity (COI) has called on United Nations Convention Against Corruption (UNCAC) member states to enhance legal cooperation in recovering stolen assets and illicit funds...
Swiss Ambassador Daniel Hunn...praised Iraq's reconstruction efforts...affirming Switzerland's readiness to cooperate in recovering stolen assets...and confirmed that Swiss authorities are actively working with Iraq to facilitate the repatriation of funds".
Sudanese advisor: The upcoming digital currency is easy to trade and does not differ in exchange rate, 9 MARCH
Sudanese advisor: The upcoming digital currency is easy to trade and does not differ in exchange rate
The Iraqi Prime Minister's Advisor for Economic Affairs, Mazhar Muhammad Salih, reassured that the digital currency intended to be launched in the future in Iraq is easy to trade and does not differ in exchange rate.
Mazhar Mohammed Saleh told Rudaw Media Network, "The digital currency that is intended to be introduced in the future is consistent with the general trends of central banks in the world, not just in Iraq," indicating that "the idea started with the Bank for International Settlements, which is the international bank of banks in Basel."
He explained that "there is a project called (M. Bridge) that deals with settling financial transactions between central banks with this digital currency, so this external reflection must also be reflected internally," believing that "the central bank is more in need of entering (M. Bridge) in its settlements with the major global oil trade areas in China, India, Southeast Asia and some European countries."
It is noteworthy that the "M Bridge" project was launched in 2021 at the initiative of the Bank for International Settlements in cooperation with China and a number of central banks, with the aim of accelerating international payments using digital currencies, reducing transaction costs and ensuring their security.
Mazhar Muhammad Salih pointed out that “the importance of this currency is that it is generally easy to trade for banks, and it does not require what is called liquidity risks,” adding: “Theoretically, if all the currency within banks is digital, there are no risks in bank credit, no risks in money laundering, and so on.”
Al-Sudani's advisor pointed out that "90% of the monetary mass is outside the banking system, so Iraqi society deals with paper money, and it is unreasonable to immediately switch to digital currency overnight," adding that "it is the project of hope for Iraq, and is directly proportional to the progress and development of the uses of digital currency in the world, and it is equivalent and proportional in terms of value to the issued paper currency."
Mazhar Muhammad Salih confirmed that the digital currency "does not differ from the paper currency at all, and the exchange rate does not differ with it, and there is no difference except that its efficiency is higher, and it comes in line with the development of the world, and I believe that Iraq is keeping pace with the world in this matter." link
TIDBIT FORM FRANK26, 9 MARCH
Frank26
Don't ever let go of your dinars. If a bank says to you, 'well I need to authenticate your dinars, we need to send them to the main branch and have them look it over.'
You tell them what is the address of the main branch? I'll take them. Don't ever let go. Don't lose sight of your dinar.
If we can get Iran to start working with Sudani...You see, it's not that Iran has to do things, Iran doesn't have to do things that Trump wants them to do.
Trump doesn't need Iran. What it is, is Iran has to stop the things that they are doing. That's what Trump wants of Iran...Security and stability is demanded of the monetary reform.
Iraq, Finland Discuss Strengthening Economic and Investment Ties, 9 MARCH
Iraq, Finland Discuss Strengthening Economic and Investment Ties
Ambassador Mohammed Hussein Bahr Aluloom, Undersecretary of the Iraqi Foreign Ministry for Bilateral Relations, met in Helsinki with Jarno Syrjälä, Under-Secretary of State for International Trade of Finland, to discuss ways to enhance economic, trade, and investment cooperation between the two countries.
Ambassador Bahr Aluloom highlighted Iraq's economic progress, emphasizing security stability and an improved business environment, which have made Iraq an attractive destination for foreign investments. He cited the United Kingdom's decision to lower travel warnings to Iraq as an example of international confidence in Iraq's progress. The Ambassador also encouraged Finnish companies to invest in strategic projects, particularly the Development Road and the energy sector.
Under-Secretary Syrjälä welcomed Iraq's economic reforms, acknowledging their role in enhancing the investment climate. He expressed Finnish companies' interest in returning to the Iraqi market.
The two sides agreed to develop practical mechanisms to strengthen cooperation, including a delegation of Finnish companies visiting Iraq to explore investment opportunities in renewable energy, electricity, digital transformation, and artificial intelligence. link
NEWS ROOM WITH CHELLA CC HIGHLIGHTS NOTES, 9 MARCH
NEWS ROOM WITH CHELLA CC HIGHLIGHTS NOTES
Highlights
Summary
In this week’s episode of Newsroom, host Chelsea Smith presents an overview of the latest developments in Iraq’s economy, focusing on significant reforms and challenges.
The discussion highlights ongoing political disagreements that have stalled the passage of Iraq’s oil and gas law, crucial for regulating the country’s oil wealth and ensuring fair revenue distribution. Despite pressure from the US to resume oil exports from the Kurdistan region, exports remain halted due to payment disputes.
Iraq’s financial landscape is transforming with the proposed issuance of a digital currency aimed at reducing cash use and enhancing financial transparency.
The episode also touches on Iraq’s growing gold reserves, recent achievements in self-sufficiency in liquid gas, and significant plans for industrial expansion through the Medika project. Overall, Iraq is at a critical juncture, balancing geopolitical pressures with economic reforms aimed at fostering stability and growth.
- 🌍 Oil and Gas Law Stalled: Political disagreements impede progress on a law essential for fair oil revenue distribution.
- 💰 Kurdistan Oil Export Issues: US pressure on Iraq to restart halted oil exports remains ineffective amid payment disputes.
- 📈 Digital Currency Initiative: Iraq is moving towards launching a digital currency to enhance financial transparency and reduce cash dependency.
- 🪙 Growing Gold Reserves: Iraq’s gold reserves increased by 45.1%, bolstering economic stability.
- 🔥 Self-Sufficiency in Gas: Iraq has achieved self-sufficiency in liquid gas and is now exporting surplus.
- 🌆 Medika Project Development: Plans for a major industrial city in FAO are underway, aiming to boost trade and job creation.
- 💳 Banking Reforms: Iraq’s proposals to digitize banking processes aim to improve transaction efficiency and transparency.
Key Insights
🔍 Political Stalemate on Oil Legislation: The lack of consensus between Baghdad and the Kurdistan region has resulted in significant delays in passing the oil and gas law. This stalemate is detrimental as it prevents the establishment of a regulatory framework that could enhance investor confidence and stabilize Iraq’s economy. Without this law, the management of oil resources remains unclear, which could lead to further political tensions and economic instability.
🌐 Impact of US Pressure on Oil Exports: The inability to resume oil exports from the Kurdistan region, despite US efforts, signifies a deeper issue in Iraq’s political landscape. Companies are unwilling to resume operations without guarantees of payment, indicating that the existing legal and financial frameworks are inadequate. This situation not only affects Iraq’s oil revenue but also highlights the complexities of international relations and economic dependencies.
💳 Digital Currency as a Financial Game Changer: The introduction of a digital currency in Iraq is a proactive measure to modernize the financial system. The move aims to reduce reliance on cash, improve tracking of financial transactions, and combat money laundering. However, successful implementation will require robust cybersecurity measures and public trust in the banking system, which currently faces skepticism.
📈 Strengthening Gold Reserves: The significant increase in Iraq’s gold reserves reflects improved economic conditions and a strategic move to protect against financial risks. The growth in reserves not only enhances stability but also contributes to more regulated exchange markets, providing a buffer against economic shocks.
🌿 Achieving Energy Independence: Iraq’s recent accomplishments in attaining self-sufficiency in liquid gas production underscore its potential for energy independence. By exporting surplus gas, Iraq can diversify its economy and reduce reliance on oil revenues. This achievement is crucial for fostering long-term economic sustainability and enhancing regional energy security.
🚧 Medika Project’s Potential Impact: The development of the Medika project represents a significant step towards industrialization in Iraq. By creating one of the largest industrial cities in the Middle East, the project aims to enhance trade routes and reduce shipping times between China and Europe. This could catalyze job creation and economic diversification, reducing Iraq’s dependence on oil exports.
🔄 Banking Reforms for a Modern Economy: Proposed reforms to digitize Iraq’s banking system are critical for enhancing efficiency and transparency in financial transactions. By updating private banking laws and establishing a federal revenue-controlled authority, Iraq aims to create a more structured and trustworthy financial environment. These reforms are essential for integrating into the global financial system and curbing informal trade practices that have historically plagued the economy.
Conclusion
Iraq’s current economic landscape is characterized by both challenges and opportunities. The political stalemate surrounding the oil and gas law, ongoing disputes over Kurdistan oil exports, and the need for banking reforms highlight the complexities faced by the nation.
However, initiatives such as the digital currency proposal, the growth of gold reserves, and the Medika project represent strategic moves towards economic modernization and stability.
As Iraq navigates these transitions, the ability to balance domestic challenges with international cooperation will be vital for achieving sustainable growth and a stable financial future. The developments discussed in this episode of Newsroom underscore the importance of strategic decision-making and reform in shaping Iraq’s economic trajectory in the coming years.
Economist warns: Oil prices falling below $70 only cover salaries, 9 MARCH
Economist warns: Oil prices falling below $70 only cover salaries
Economic expert Nabil Al Marsomi warned of the repercussions of the decline in oil prices on the government’s financial situation, stressing that Iraq is facing an escalating financial crisis with the start of the decline in oil revenues since last February.
Al-Marsoumi told Al-Furat News Agency that "expectations of the financial crisis have begun to materialize on the ground, as the government has imposed strict restrictions on investment spending, and decided not to include new projects in the 2025 budget and to suffice with completing the current projects included in the current budget."
He pointed out that the current price of an Iraqi barrel, which is about $67, is only enough to cover about two-thirds of the general budget, explaining that "current oil revenues are allocated entirely to paying salaries and social welfare programs, while vital governing and sovereign paragraphs related to the lives of citizens and the national economy are marginalized.
Al-Marsoumi pointed out that the situation requires proactive measures to avoid the exacerbation of the crisis, calling for rationalizing public spending and strengthening non-oil sources of income to ensure the stability of public finances. link
TIDBIT FROM MARKZ, 9 MARCH
MarkZ
In Iraq: “Parliamentarian: Budget tables have not reached the finance committee so far” We are all wondering why?
There is one very obvious answer to this question.
It may have a rate change in it. I am hearing from contacts in Iraq-they continue to delay until they are allowed to release …because there will be rates in there. I hope it is accurate and it makes a lot of sense.
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