Sunday, March 16, 2025
IRAQ NEWS: Defense Pete Hegseth discussed regional security and the strategic partnership between Iraq and the United States, 17 MARCH
IRAQ NEWS
: PM office
TIDBIT FROM FNU LNU, 17 MARCH
Fnu Lnu
There is no such thing as a "Redemption Center" and everyone will get exactly the same rate unless you have a pre-2011, October, private contract.
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Article: "The Central Bank of Iraq (CBI) has concluded its first quarterly meetings of 2025 with the US Treasury Department and the Federal Reserve Bank, held in Dubai, UAE, with participation from international auditing and consulting firms EY (Ernst & Young), K2 Integrity (K2i), and Oliver Wyman."
Here we see the meetings I reported some days ago are bearing fruit. We should all realize that Iraq has spent many billions of dollars to update their banking system with state of the art features.
Understand, A suppressed currency is not tradable internationally due to lack of faith and trust.
Such massive ongoing improvements are aimed at a superior currency that will soon debut on the world stage. Unfortunately, we cannot have a definitive timing. It's coming so just sit tight.
https://dinarevaluation.blogspot.com/2025/03/tidbit-from-fnu-lnu-11-march.html
Turkish Energy Minister Arrives in Baghdad for Oil and Gas Talks , 17 MARCH
Turkish Energy Minister Arrives in Baghdad for Oil and Gas Talks
3/16/2025
Turkish Minister of Energy and Natural Resources Alp Arslan arrived in Baghdad on Sunday, according to a statement issued by the Iraqi Ministry of Oil.
The ministry said in a statement that Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani Al-Sawad received Arslan and his accompanying delegation.
According to the statement, the meeting discussed bilateral relations between the two countries in the fields of oil, gas and energy.
The meeting was attended by the Undersecretary for Extraction Affairs and the General Managers of the Oil Marketing Company, the North Oil Company, the Economic Department, and the Legal Department, according to the statement.
Turkey halted flows on the pipeline, which transports oil from the Kurdistan Region of Iraq to the Turkish port of Ceyhan, in March 2023 after an arbitration court ordered it to pay approximately $1.5 billion in compensation to Iraq for transporting oil without Baghdad's approval. Ankara refused to pay the fine at the time and demanded that Erbil pay it.
The pipeline closure halted Iraqi oil exports by approximately 500,000 barrels per day. The resumption of oil flows from Kurdistan may mitigate some of the impact on markets caused by reduced shipments from Iraq, the main source of crude.
Iraq had been exporting between 400,000 and 500,000 barrels per day from northern fields, including the Kurdistan Region, via the now-defunct pipeline. Oil Minister Hayan Abdul Ghani said earlier this month that Iraq plans to transport at least 300,000 barrels per day of crude oil once operations resume. He added that the Iraqi government has also begun a formal process to persuade the regional government to transfer the oil to the Federal Oil Marketing Organization (SOMO).
Türkiye has repeatedly said that the pipeline is operational and that it is up to Iraq to resume flows, and the United States has also expressed a strong desire to see oil flow through the Iraq-Turkey pipeline.
Resuming pipeline shipments could pose a dilemma for Baghdad, which is committed to reducing crude production as part of the OPEC+ agreement but is struggling to comply with the promised cuts.
OPEC's production and exports are under increased scrutiny after US President Donald Trump called on the group in early 2025 to "bring down the price of oil." LINK
TIDBIT FROM CLARE, 17 MARCH
Clare
Article: "Iran issues new 200,000 toman banknote"
Quote: "Iran is witnessing an unprecedented surge in popular protests, with the economic situation worsening and the national currency collapsing to record lows.
The US dollar has reached 95,300 tomans, while the price of a gold bar has exceeded 79 million tomans.
This decline in the currency's value follows statements by Iranian Supreme Leader Ali Khamenei, in which he reiterated his rejection of negotiations with the United States, leading to heightened uncertainty in the markets."
Why Was Iraq Not Included On Trump's New Sanctions List Despite Being Included In 2017?, 16 MARCH
Why Was Iraq Not Included On Trump's New Sanctions List Despite Being Included In 2017?
In 2017, during President Donald Trump's first term, Iraq was included in the list of countries subject to the travel ban to the United States. However, Iraq was later exempted from this ban due to enhanced security cooperation and information sharing between the two countries, as well as Iraqi efforts in combating ISIS.
In 2025, the Trump administration is preparing a new list of 43 countries that could face travel bans or restrictions to the United States. According to draft recommendations, these countries are divided into three categories:
Red List: 11 countries whose citizens are completely barred from entering the United States, including: Afghanistan, Sudan , Syria, Yemen, Libya, Iran, Somalia, North Korea, Venezuela, Cuba, and Bhutan.
Orange List: 10 countries whose citizens will be subject to severe travel restrictions, but not a complete ban, including: Russia, Belarus, South Sudan, Sierra Leone, Eritrea, Haiti, Laos, Myanmar, Pakistan, and Turkmenistan.
Yellow List: 22 countries will be given 60 days to correct deficiencies in their security measures and information sharing, otherwise they may be transferred to one of the two previous lists.
It is noteworthy that Iraq has not been included on either of these new lists. This is due to the continued close cooperation between Iraq and the United States in the areas of security and information sharing. Iraq has also improved its security screening and passport issuance procedures, bringing it into compliance with required US standards.
This ongoing cooperation and Iraq's commitment to strengthening its internal security and sharing security information with the United States contributed to its removal from the new ban list. https://www.radionawa.com/all-detail.aspx?jimare=41382
AJ UPDATE, 16 MARCH
AJ
If you have questions, I'll be happy to help.A Dialogue Session Discusses The Central Bank's Measures For Banks Deprived Of Dollars, 16 MARCH
A Dialogue Session Discusses The Central Bank's Measures For Banks Deprived Of Dollars
Saturday, March 15, 2025, 3:31 PM | EconomicNumber of readings: 166 Baghdad / NINA / The Iraqi Private Banks Association organized a dialogue session to discuss developments in the banking sector in Iraq, including those related to deprived banks and fines imposed by the Central Bank of Iraq. The session was attended by the Governor of the Central Bank and representatives of banks and electronic payment companies.
The Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, stressed the importance of joint cooperation between the Central Bank of Iraq, banks, and electronic payment companies to enhance financial stability and develop the banking system in accordance with the latest international standards.
He added, "The Special Committee for Assisting Deprived Banks, formed in the Ministerial Economic Council, called for the necessity of assisting deprived banks and suspending fines imposed on them, as they are going through difficult circumstances, which everyone knows."
He indicated that "deprived banks work daily to implement global financial requirements and are subject to daily fines," calling for these fines to be suspended and reviewed by the Central Bank of Iraq.
For his part, the Governor of the Central Bank, Ali Al-Alaq, addressed the Central Bank's measures related to banks deprived of using the dollar, noting that there are signs of optimism in discussions with the American side on this issue.
Al-Alaq stressed that "the Central Bank of Iraq supports the establishment of digital banks, indicating that the number of applications has reached 75 banks, which contributes to accelerating the digital transformation of the banking sector in Iraq."
He pointed out that the first phase will be to grant only one or two licenses for the purpose of experimentation and studying the problems and challenges facing these digital banks.
He explained that "banks are required to work on raising the rate of financial inclusion by providing modern banking services targeting wider segments of society," stressing that "the transition towards a digital economy is an essential step to enhance financial stability and economic development." / https://ninanews.com/Website/News/Details?key=1192022
TIDBIT FROM MILITIAMAN, 16 MARCH
Militia Man
It's been a long road. I understand. Everybody is waiting for what we're looking for. Everybody should be excited because...
all the little bits and pieces if you tie them in together you're going to find that Iraq is ready to go international. Internationalism is being put out in the news the last few days...one after another, one after another...Just myself alone I was able to get to about 16 or 17 articles out of hundreds...
Reassuring Citizens, The Central Bank Told NINA: We Have Ample Cash Liquidity, 16 MARCH
Reassuring Citizens, The Central Bank Told NINA: We Have Ample Cash Liquidity
Saturday, March 15, 2025, 4:35 PM | EconomicNumber of reads: 335 Baghdad / NINA / The Central Bank of Iraq (CBI) reassured the banking and community circles of ensuring the availability of cash liquidity to cover all local transactions in Iraqi dinars.
The Governor of the Central Bank, Ali Al-Alaq, said in a statement to the National Iraqi News Agency ( NINA ), that "the Central Bank is the last entity that can be without cash liquidity in Iraq."
He explained that "the Central Bank has wide scope to provide local currency to the extent that this currency is covered by foreign reserves, which currently far exceeds the level of local sufficiency, and more than we can finance."
He added, "There is frequent confusion between the position of the Central Bank, which is a completely different situation from the financial situation related to the financial policy in the country or the Ministry of Finance," indicating that "the Ministry of Finance's revenues are based in dollars through Iraqi oil sales in the global market."
Al-Alaq stressed that "the Central Bank deals in Iraqi dinars for all amounts it receives in dollars, and this is very available under any circumstances," calling for distinction and separation between the financial situation at the level of the government and the Ministry of Finance, and the availability of cash at the Central Bank of Iraq. / https://ninanews.com/Website/News/Details?Key=1192029
FIREFLY & FRANK26: FRANK: Sudani sends the budget tables to the COM? Are you kidding me?, 16 MARCH
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Mr. Sammy...says watch for when the budget tables make it to Council of ministers (COM) because they already said they would review it and vote on it as soon as possible. The the COM is where and when that rate will show up...
When it goes to the COM that's when to get excited because soon they will vote and the COM will do it quickly. ..That's what we need, Council of Minister first...then that rate will show...Parliament is just a formality.
FRANK: Sudani sends the budget tables to the COM? Are you kidding me? I didn't know he was going to do that. He's not going to send it to parliament?
Oh my goodness that's like Sudani telling parliament to pick a finger and you might as well pick the middle finger because he's not going to share anything with them...until the very last second...
Al-Sudani's advisor: Iraq's foreign reserves reach $110 billion, 16 MARCH
Al-Sudani's advisor: Iraq's foreign reserves reach $110 billion
3/16/2025- Baghdad
The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Sunday that Iraq's foreign exchange reserves are a safety net against economic fluctuations, noting that they are estimated at approximately $110 billion.
"Iraq's foreign exchange reserves are one of the most important indicators supporting investment, both domestic and foreign, as the country has a stable foreign exchange portfolio estimated at approximately $110 billion, distributed between gold, dollars, and foreign currencies," Saleh said in a statement to the official agency, followed by "Al-Eqtisad News."
He explained that "these reserves contribute to strengthening macroeconomic stability, both domestically and externally, making them a protective factor against global economic fluctuations and shocks. They also provide strong coverage for the monetary base and financial indicators related to trade and international debt maturing soon."
He added, "The current account of the balance of payments is recording positive rates that enhance the stability of the value of the Iraqi dinar, thus reducing the impact of fluctuations in global oil markets, given the nature of Iraq's rentier economy."
He noted that "Iraq, as the fifth largest oil producer in the world, enjoys sustainable foreign financial flows, enabling it to quickly and efficiently support its cash reserves."
He stressed that "these strong reserves provide a stable investment environment, which contributes to accelerating the pace of investment and supporting the country's promising economic growth." LINK
CBI Intel Call = Going International : The Shift Toward Digital Banking in Iraq, 16 MARCH
CBI Intel Call = Going International
The Shift Toward Digital Banking in Iraq
Introduction
The conversation surrounding the evolution of banking in Iraq significantly underscores the country’s transition towards a digital economy.
This chapter illustrates the details of a recent discourse involving representatives from the Central Bank of Iraq (CBI), with pivotal insights shared by Goldilocks, a figure actively involved in the discussions.
The overarching theme of this content is the emerging digital banking landscape in Iraq, which acknowledges the increasing adoption of debit cards, credit cards, and point-of-sale systems.
Understanding this transformation is vital for grasping the future financial ecosystem of the region, as it not only impacts how consumers interact with financial services but also the broader implications for economic growth and modernization.
The Context of Digital Transition in Iraq
- Historical Background: Iraq has been slowly moving towards modern financial systems, but significant changes have accelerated this year.
- Digital Transition Declaration: The CBI announced that Iraq recognized itself as a digital country in March-April 2023, marking a substantial milestone in its banking narrative.
- Consumer Adoption: CBI indicated that Iraqis are increasingly utilizing digital banking solutions, which suggests a shift in consumer behavior towards technology-influenced financial transactions.
The Call and Insights from CBI
- On October 14, a conference call was held involving Goldilocks and the CBI, emphasizing the growing collaboration between financial entities.
- Participants in the Call: Goldilocks expressed gratitude for the opportunity to engage with CBI, highlighting the longstanding relationship they have maintained.
- Key Developments Discussed:
- The adoption of debit and credit cards is set to increase as infrastructure improves.
- An anticipated widespread implementation of point-of-sale systems, which will facilitate easier transactions at retail and service locations.
Importance of the Shift to Digital Banking
- Benefits of Digital Banking:
- Promotes financial inclusion by giving unbanked populations access to banking services.
- Encourages transparency and reduces corruption, often a concern in cash-heavy economies.
- Economic Implications: The movement towards digital banking aligns with broader economic goals, suggesting that digital transactions could lead to increased tax revenues and enhanced regulatory oversight.
Challenges Facing Digital Banking in Iraq
- Infrastructure Needs:
- The transition is not without challenges, as it requires significant investment in technological infrastructure.
- There is also a need for education and awareness campaigns to ensure that average citizens can navigate the digital banking landscape effectively.
- Security Concerns : As digital banking grows, so does the need to address issues related to cybersecurity and fraud, critical for maintaining trust in these new systems.
Real-World Examples and Case Studies
- Case Study: The successful implementation of digital banking in nearby regions such as the Gulf Cooperation Council (GCC) countries provides a blueprint for Iraq’s initiatives. These nations have demonstrated embracing technology leads to increased financial efficiency and consumer engagement.
- Statistical Evidence: In other countries that have transitioned to digital banking, reports indicated that corresponding economic growth rates improved due to enhanced consumer spending capabilities facilitated by digital transactions.
Perspectives on Future Directions
- Goldilocks emphasized the optimistic outlook on Iraq’s financial future due to these developments. The call with the CBI indicates a positive shift in institutional mindsets aimed at embracing technology.
- The role of institutions committed to digital banking is crucial. These entities need to work collaboratively to create a favorable regulatory environment and market incentives.
Conclusion
The advances in digital banking in Iraq signify a pivotal moment in its economic evolution. As outlined through the dialogue with the CBI, the government’s recognition of a digital identity marks the beginning of significant changes in how financial transactions are conducted. The adoption of technology in banking not only aids in modernizing the system but also fosters economic growth and enhances financial inclusion.
Overall, the implications of advancing towards a digital banking system can greatly influence Iraq’s economic landscape, encouraging other nations with similar challenges to consider their digital transformations as vital for long-term societal advancement. In conclusion, for Iraq, the journey towards embracing a digital economy appears promising, yet the execution of supporting measures—educational initiatives, infrastructure investment, and collaborative partnerships—will ultimately determine the success of this transformation.