The reason you don't see the budget is the same reason you don't see the back pay paid out or the oil not restarted because it's all related to the budget tables and a rate.
FRANk: I agree 100%.
..I agree with you Mr. Sammy because if you sit back and look at the whole picture of the monetary reform there's only one thing missing - a new exchange rate that makes everything work.
That makes everything make sense because nothing is logical at 1310.
Iraq And The United States Of America Discuss Strengthening Bilateral Relations In Various Fields
Thursday, April 17, 2025 10:21 PM | Politics Number of readings: 16 Baghdad / NINA / The Undersecretary of the Ministry of Foreign Affairs for Bilateral Relations, Mohammed Hussein Mohammed Bahr Al-Uloom, received at the ministry's headquarters in Baghdad the Deputy Chief of the US Mission to Iraq, Elizabeth Trudeau, and her accompanying delegation.
A statement by the Ministry of Foreign Affairs stated that during the meeting, ways to enhance bilateral relations between Iraq and the United States in various fields of common interest were discussed.
Bahr Al-Uloom stressed Iraq's keenness to develop frameworks for bilateral cooperation, especially in the fields of energy, electricity, economy, education, health, technology transfer, and capacity building.
He pointed to the importance of the meetings of the Higher Coordination Committee emanating from the Strategic Framework Agreement, calling for expediting their convening and activating new cooperation mechanisms that embody mutual interests and the progress Iraq is witnessing in the security, economic, and development fields.
The two sides also discussed the importance of exchanging official visits between the two countries, given their role in strengthening ties of cooperation, in addition to discussing the ongoing preparations for a number of upcoming visits.
Trudeau expressed the United States' readiness to enhance bilateral cooperation, affirming her government's commitment to supporting the Iraqi government's efforts, and praising Iraq's active role in consolidating stability in the region. /End https://ninanews.com/Website/News/Details?key=1198429
Article: "Al-Sudani talks about Baghdad and the governorates' readiness to receive international tourism companies."
Quote: "according to the statement, that the government's interest in developing infrastructure in Baghdad and the provinces is to prepare them to receive international tourism companies that wish to establish their tourism and hotel projects in Iraq...
Al-Sudani pointed to Iraq's vast tourism heritage, including archaeological sites and religious and cultural centers, which qualifies it to achieve significant leaps and become a leading tourism destination, attracting companies specializing in tourism to operate there."
Parliament's Finance Committee Expects The 2025 Budget To Be Unavailable At This Time: Its Deficit Will Reach 60 Trillion Dinars.
Local | 10:09 - 04/17/2025 Mawazine News – Baghdad Parliament's Finance Committee said on Thursday that it is unlikely that the 2025 budget will be submitted at the present time, while it expected its deficit to be 60 trillion dinars.
Committee member Jamal Koujar said, according to the official newspaper: "We expect that the current year's general budget tables will not reach parliament at the present time,
due to the decline in oil prices, as it was based on a price of $70 per barrel."
He stressed that "if the old price is adopted, the deficit will be around 60 trillion dinars, in addition to an actual deficit accumulated from the past two years." https://www.mawazin.net/Details.aspx?jimare=260794
MZ: I think this one will get us off “stuck”. Very interesting timing
MZ: “ This one just dropped. “Zimbabwe lifts exchange rate controls” in Iraq they have a fixed rate. But in Zimbabwe the rate floats and they let the market decide it and backed it with gold…but this had created a black market. By lifting the exchange rate controls…. doing this ends the black market . I’m pointing this out because it is exactly what Kuwait did when they revalued. And Iraq is talking about doing the same thing.
MZ: Tied to a basket of currencies and tied to assets and let the markets decide. To me this shows that Zimbabwe is preparing for a rest.
Member: They found a ton of lithium in the ground yesterday in Zimbawai !! I believe they finally feel good about their position with their money !??
A budget hanging on an oil thread.. The cost per barrel reveals the depth of the rift between Baghdad and Erbil.
Member of the Oil and Gas Committee, MP Ali Shaddad, confirmed today, Friday (April 18, 2025), that Article (12) of the Triennial Budget Law represents one of the most prominent reasons for the delay in sending the 2025 budget tables to the House of Representatives, explaining that it sparked a sharp dispute between the federal government and the Kurdistan Regional Government.
Shaddad's media office said in a statement received by "Baghdad Today", that "the budget schedules for the year 2025, which the government is supposed to send to the House of Representatives for approval, may be delayed due to the lack of agreement on Article (12) of the Triennial Budget Law, in addition to the decline in oil prices."
He added that "the decline in oil prices will contribute to the exacerbation of the financial deficit in the budget," indicating that "the latter was built on the basis of an estimated price per barrel of (70) dollars, which is no longer realistic in light of the decline in prices, in addition to the accumulated deficit from the past two years."
Shaddad continued, "The government is concerned about the financial obligations that may be imposed by the budget schedules," noting that "the latter has announced on more than one occasion that it is suffering from a severe shortage of financial liquidity."
He stressed that "this shortage will not affect the salaries of employees and retirees, but it may lead to delays in the disbursement of certain financial dues, such as bonuses and promotions, as well as delays in the release of governorate budgets." link
Evening News with MarkZ, joined by Dr. Scott Young. 04/17/2025
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Good Evening Mark Z, Dr. Scott & Everyone !
MZ: I am back up and running with power, A.C. ect……and internet issues on the island are all squared away.
Member: Mark, is this month is still in play ?
MZ: April is still very much in play according to
the bond side and the banking side.
MZ: “ Spending priorities in the 2025 budget : Maintained salaries and projects following in the footsteps of the government curriculum” Saleh is Sudani’s economic advisor. He is the one to listen to about Iraq’s economy. He says they have the mechanism and rate will not be an issue. The mechanism is in the budget to change the rate if necessary….and they are already calling for that.
MZ: We know they have a big meeting on Saturday…the Erbil delegation is already arriving in Baghdad. “ Iraq officially reassures energy companies in the Kurdistan region and pledges to pay their dues” . This is a big one and they want the oil companies to start pumping oil and exporting again. Guaranteeing to send salary payments to Erbil. This has been a sticking point in agreements.
MZ: I think this one will get us off “stuck”. Very interesting timing
MZ: “ This one just dropped. “Zimbabwe lifts exchange rate controls” in Iraq they have a fixed rate. But in Zimbabwe the rate floats and they let the market decide it and backed it with gold…but this had created a black market. By lifting the exchange rate controls…. doing this ends the black market . I’m pointing this out because it is exactly what Kuwait did when they revalued. And Iraq is talking about doing the same thing.
MZ: Tied to a basket of currencies and tied to assets and let the markets decide. To me this shows that Zimbabwe is preparing for a rest.
Member: They found a ton of lithium in the ground yesterday in Zimbawai !! I believe they finally feel good about their position with their money !??
Member: Where do we register to get the notification for the RV ?
Member: All the dinar sites will let you know…Mark, TNT, Frank, Bruce and all intel providers will let us know…..it will be everywhere.
What are the consequences of basing the budget on an oil price of $55?
Economic analyst Abdul Rahman al-Mashhadani warned on Thursday of the repercussions of basing the oil price at $55 per barrel on the general budget law. He noted that this measure will lead to a financial deficit exceeding 80 trillion dinars, threatening a stifling economic crisis in the country.
Al-Mashhadani told Al-Maalouma, “Adopting a price of $55 per barrel in the budget is unrealistic in light of the ongoing fluctuations in global markets, and could result in a huge financial deficit that would exacerbate Iraq’s economic and financial crises.”
He added,
“Some experts believe that reducing the price of oil to $55 per barrel could increase the fiscal deficit, reflecting the inaccuracy of this budgeting mechanism.” He emphasized that "continuing this approach could lead Iraq to a real economic catastrophe."
Al-Mashhadani pointed out that "the only solution lies in the government's deliberate reduction of operating and investment expenditures and its efforts to diversify sources of income instead of relying entirely on oil revenues." He called for "the development of a comprehensive economic reform plan that relies on the private sector, agriculture, industry, and tourism as alternative and sustainable sources."
A number of experts suggested that calculating the price of a barrel of oil at $55 is the most appropriate option to address the current financial crisis, given the realism it provides in the estimates and the avoidance of falling into a larger budget deficit. link
I think we’re very close…Haven’t you noticed the change in pattern?
…Articles. Didn’t you notice? …That’s where all the truth, all the vital information that we need about this investment is at. This is called the Asraflak. Asraflak is when they’re giving the financial literacy education of the monetary reform, that I promised you was going to happen. That’s where we’re at.
[Iraq boots-on-the-ground report]
FIREFLY: Sammy wants to talk to you. The reason you don’t see the budget is the same reason you don’t see the back pay paid out or the oil not restarted because it’s all related to the budget tables and a rate.
FRANK: I agree 100%...I agree with you Mr. Sammy because if you sit back and look at the whole picture of the monetary reform there’s only one thing missing – a new exchange rate that makes everything work. That makes everything make sense because nothing is logical at 1310.
Community comment: “$6.47 like it was in my dreams!“
I don’t think it could ever reach something like that…because that would cause a domino effect with the other Middle Eastern currency values. It would be the opposite of what we’re doing right now, an undervalued exchange rate. We would be dealing with an overvalued exchange rate. That would really mess tings up in imports and exports.
In a meeting with Al-Sudani, Oman offers a digital partnership to Iraq.
Prime Minister Mohammed Shia al-Sudani received today, Thursday, the Omani Minister of Transport, Communications and Information Technology, Saeed bin Hamoud al-Maawali.
According to a statement from his office, a copy of which was received by {Euphrates News}, Al-Sudani welcomed the Omani minister and sent his greetings to the Sultan of Oman.
Al-Sudani pointed out that "the level of development, employment, and investment in Iraq, including the telecommunications sector, has advanced and improved, thanks to the political, security, and social stability the country is witnessing, as well as the economic renaissance," stressing that "the many commonalities between Iraq and the Sultanate of Oman provide an opportunity to develop economic and investment cooperation between the two countries."
For his part, Al-Maawali praised Iraq's achievements on various fronts, reviewing "the results of his discussions in Baghdad," and affirming "the readiness of his country's public and private sectors to cooperate with Iraq in the field of the digital economy and digital government."
Al-Maawali also expressed his country's "readiness to cooperate in the ports and airports sectors by investing in projects related to various Iraqi airports." link
MILITIAMAN: Real-time Iraqi dinar data - Coordination and cooperation mechanisms targeted
Highlights
Summary
In this engaging video by Militia Man, the host discusses the current state of the Iraqi economy and its banking sector while providing updates on political developments in Iraq, particularly in relation to the Kurdish region.
The host stresses the importance of collaboration between the central government and the Kurdistan region to resolve issues surrounding oil exports and economic stability.
He notes significant improvements in the political and economic landscape of Iraq, driven in part by foreign investments and a renewed focus on integrating Iraq within the global financial system.
Militia Man highlights the crucial role the banking reform process plays in modernizing Iraq’s financial institutions, aimed at compliance with international standards and enhancing investor confidence. He touches upon the ongoing efforts to resume oil exports from the Kurdistan region and emphasizes that these measures are necessary to address severe economic setbacks. He asserts that Iraq is approaching a critical phase, needing to synchronize various political, economic, and financial efforts to foster stability and sustainability.
The host expresses optimism that Iraq is not only ready but also actively engaging with regional players to strengthen ties and attract investments. He concludes by urging viewers to stay connected for future updates while reminding them of the importance of supporting independent content creators and platforms in this space.
☕ Morning Coffee Ritual: The host starts his day with Freedom Forge coffee, setting a personal tone for the discussion.
🏦
Banking Sector Reforms: Iraq is undergoing reforms in its banking system to comply with international standards and boost investor confidence.
🇮🇶 Political Stability: The host emphasizes recent improvements in the political scene, contributing positively to the economy.
🛢️ Kurdistan Oil Exports: Significant discussions are ongoing to resume oil exports in the Kurdistan region, which is critical for Iraq’s economy.
🌍 Global Integration: The need for Iraq to synchronize its financial practices with global norms to enhance economic stability is stressed.
🗣️ Regional Cooperation: Both the federal government and Kurdistan region show signs of cooperative efforts to resolve outstanding economic issues.
🤝 Ongoing Conversations: The importance of continuing dialogues between various authorities in Iraq to facilitate economic growth and stability is highlighted.
Key Insights
🌟
Importance of Data Analysis: Militia Man emphasizes the necessity of data analysis in drawing conclusions about Iraq’s economic situation. The aggregation of information on a daily basis allows for informed discussions regarding economic forecasts and the overall health of the country’s financial environment.
📈 Investment Climate Improvement: The increasing presence of foreign and Arab banks signals a recovering investment climate in Iraq. By enhancing the banking framework, Iraq is working towards becoming a regional financial hub, which would uplift its economy and attract more foreign investments.
📉 Impact of Delaying Oil Exports: The halt in oil exports from Kurdistan has resulted in massive losses for Iraq. Understanding the financial implications, it’s clear that immediate action is required to resume oil production to benefit the federal budget and overall economy.
💼 Legal Framework and Federal Coordination: Establishing a legal framework that supports the oil agreement between the federal government and the Kurdistan region is essential for long-term economic sustainability. This coordination underscores the interdependencies within Iraq’s political landscape.
🔄 Synchronizing Economic Strategy: The host argues that Iraq must synchronize its economic reforms and strategies, particularly regarding currency valuation and cross-border trading processes. This synchronization is necessary to minimize market disruption and boost investor confidence.
🛣️ Infrastructure Development: The development road project indicates ongoing efforts not just for domestic growth but for integrating regional economies. This strategic approach ensures that economic benefits extend beyond borders to foster neighborly partnerships.
📊 Emerging Digital Frameworks: The emphasis on transparency and accountability in Iraq’s governance structures suggests a transition toward digital frameworks for financial management. This modernization is necessary for confronting challenges in a global context and ensuring effective state functionalities.
Overall, Militia Man’s reflections emphasize that Iraq is in a crucial transitional phase; the outcome will greatly depend on its ability to navigate political, economic, and cooperative relations effectively. The journey toward financial integration and stability entails a multi-faceted strategy and significant collaboration across all levels of government and society.
The leader of the Kurdistan Democratic Party, Wafaa Muhammad Karim, confirmed that the Kurdistan Region will seek to convince oil companies operating on its territory to resume oil exports, as part of the joint efforts between the federal government and the region to resolve the oil file.
Useful summary.. In the important news, you can find it in the Euphrates News channel on Telegram. To subscribe, click here
Karim said in a statement to {Al-Furat News} that: “Among the important axes discussed by Prime Minister Mohammed Shia Al-Sudani during his visit to the region, is the size of the losses incurred by Iraq as a result of the suspension of Kurdistan’s oil exports during the past two years,
which amounted to 23 billion dollars.” He added that “the region will work seriously to convince oil companies to resume exports, within the framework of the recent understandings aimed at ending the stalemate in this file.”
The Iraqi Bank for Trade announced on Tuesday the availability of the cash deposit service (free) through ATMs to its bank card holders, indicating that this aims to simplify procedures and provide faster and easier services to citizens.
The bank’s media advisor, Aqeel Al-Shuwaili, said in a statement reported by the official news agency, and seen by “Economy News”, that “the cash deposit service is available to the holders of the bank’s (Visa, Mastercard) cards issued in the Iraqi dinar currency only,” pointing out that “the service is free and does not require any additional fees.”
Al-Shuwaili explained that “the upper limit for one deposit is 5,000,000 Iraqi dinars, provided that the number of banknotes does not exceed 150 sheets, while the upper limit of the monthly deposit is 13,200,000 Iraqi dinars,” pointing out that “other deposits made through the bank’s mobile phone application or through the branch cashier are counted within the specified monthly ceiling.”
He pointed out that “the cash categories accepted through ATMs are: 10,000, 25,000 and 50,000 Iraqi dinars,” calling on customers to “withdraw the receipt of the transaction after deposit, including its details, as well as sending a notification of the deposited amount to the customer’s email.” He stressed that “the cash deposit service is available through ATM machines in the following locations:
* Main Branch: Al-Harithiya – Al-Kindi Street – Building No. (4). * International Zone Branch: Legislation District – Green Zone – Locality 228. * Al-Mansour Branch: 14 Ramadan Street – Adjace to Shamisani Restaurant. * Tahrir Branch: Al-Rasheed Street – Building No. (11) – Next to the Artists Syndicate. * Erbil Branch: Waziran – Zakros Street – Opposite Sami Abdul Rahman Park. * Hibet Khatun Branch: Al-Azamiyah – Omar Bin Abdulaziz Street. * Al-Sadiya Branch: Al-Alwa Street – Opposite SAS Toyota. * Pool Branch: Al-Karrada – Pool Intersection – Near Degla Village.
GOLDILOCKS: SPECIAL REPORT: New currency changes announced in Iraq and Vietnam
Summary
In the latest broadcast from Goldilocks Global Banking News, host Freedom Fighter delivers insightful updates on the banking systems of Iraq and Vietnam, particularly concerning their integration into the global financial landscape.
The video emphasizes the significant developments in both countries regarding their monetary policies, with Iraq establishing a more complex relationship with foreign currency through its stock exchange and Vietnam’s commitment to transparency concerning its currency valuation practices.
In Iraq, major steps have been taken to modernize its financial services by the Sama Baghdad exchange, which has recently announced the initiation of electronic trading platforms for securities and foreign currency exchanges. This move signifies Iraq’s readiness to align its financial practices with international standards, as it prepares to connect with global stock exchanges. Notably, the announcement emphasizes a shift towards facilitating foreign currency exchanges among domestic companies.
On the other hand, Vietnam’s Central Bank is responding to pressures from international entities like the International Monetary Fund (IMF), committing to avoid the competitive devaluation of its currency, the Vietnamese Dong. The central bank aims to enhance transparency in its exchange rate policies and allow the Dong’s value to reflect market conditions instead of being strictly controlled by the central bank. This commitment, especially in light of external pressures such as tariffs from the U.S., aims to stabilize Vietnam’s economy and foster better international trade relations.
Both countries are navigating crucial economic reforms that could impact their standing in the global market. The video concludes with a reminder of ongoing negotiations between Vietnam and the U.S. regarding currency policies as part of aligning more closely with international trade norms.
Highlights
📈
Iraq’s Stock Exchange Expansion: Introduction of electronic trading platforms signals Iraq’s readiness to modernize its financial market.
🌍 Integration into Global Financial System: Iraq is preparing its stock exchange for connections with global financial centers like Wall Street.
💱 OTC Platforms for Currency Exchange: The implementation of OTC trading in Iraq enhances foreign currency transactions among local businesses.
🚫 Vietnam’s Commitment to Non-Devaluation: Vietnam pledges to cease competitive devaluation of the Dong, aligning with IMF advice.
🔄 Market-Driven Currency Valuation: Vietnam plans to transition to market-based valuation of its currency to increase economic stability.
📊 Impact of External Pressures: U.S. tariffs are influencing Vietnam’s monetary policies, pushing for changes in currency handling.
🔗 Shift towards Digital Banking: The integration into a new digital banking system is touted to eliminate the potential for currency manipulation.
Key Insights
🌐 Financial Interconnectivity: Iraq’s introduction of electronic trading platforms for foreign currency and the establishment of OTC trading systems indicates a profound shift towards a more interconnected and modern financial environment. This signifies Iraq’s intent to not only enhance local financial transactions but also to establish conducive pathways for foreign investment and trade.
📈 Imminent International Standards: The move towards allowing the Iraqi dinar to transact with other currencies on the stock exchange is a clear indicator of Iraq preparing to meet international financial standards, which could pave the way for greater foreign investment and participation in global markets.
🌏 Transparent Monetary Policies in Vietnam: Vietnam’s commitment to avoiding currency devaluation and improving transparency reflects a strategic pivot to boost international confidence in its economy. By ensuring that the Dong’s value is determined by market factors, Vietnam aims to stabilize its economic narrative in global financial discussions.
💡 Influence of the IMF and Global Relations: The involvement of the IMF in conducting an article 4 consultation demonstrates the global emphasis on adhering to sound monetary practices, illustrating how international organizations can influence national policies for improved economic health. This also reinforces the interconnectedness of global economies, particularly in times of economic negotiation.
🚀 Future of Currency Values: As mentioned, the advent of a new digital banking system heralds a potential end to previous currency manipulation practices, suggesting a future where currency values reflect actual market conditions. This could foster greater economic stability and equitable trading conditions globally.
🏦 Underlying Economic Pressures: The influence of tariffs and other external economic pressures on Vietnam highlights the necessity for the country to make changes that align with both international expectations and market demands. This dynamic poses risks but also opportunities for economic evolution.
🪙 Long-Term Negotiation Outlook: As the video indicates, ongoing negotiations between the U.S. and Vietnam regarding currency valuation policies are in progress. The outcomes of these negotiations will significantly impact not only bilateral relations but also the broader economic landscape in the Asia-Pacific region.
Overall, the updates shared in the video signify transformative changes in the banking and currency practices of both Iraq and Vietnam, reflecting a broader trend towards transparency and integration into the global economy. These developments suggest a bright future for both countries, provided they navigate the challenges presented by international relations and market dynamics effectively.
Prime Minister Mohammed Shia Al-Sudani confirmed on Wednesday (April 16, 2025) that Iraq needs bold and comprehensive reforms, announcing its candidacy for the upcoming parliamentary elections.
Al-Sudani said in a speech during the ninth Sulaymaniyah conference and followed by “Baghdad Today”: “I will run for the elections on time, which has been determined, and the government is committed to preparing all its obligations, and the elections are an opportunity to support a reform project for Iraq.” “The real value of any reform is to reach the poor and marginalized groups and save them from the clutches of poverty, and it is unacceptable that political competition should turn into employing the vocabulary of defamation and blurring the facts about government performance,” he added.
The Prime Minister added that “the Arab summit is an important event befitting Iraq,
noting that he issued an official invitation to Syrian President Ahmed Al-Shara to attend the summit in Baghdad.”
He continued: “We have sougued from the first day to take responsibility for Iraq to be first, especially since our people have lived many years of oppression, pressure and bearing the burdens of adventures and attacks,” pointing out that “the country is entering today the second quarter of the twenty-first century and it is full in every corner of its parts with a unique success story, and in every Iraqi city there is a restless service and urban workshop.” Al-Sudani explained that “youth are our first weapon to face the challenges of the future, and infrastructure has grown in all cities of Iraq, and inherited lagging projects have decreased to less than 850 projects after they were counted in the thousands,” noting that “the government is continuing to establish the elements of the strong state, and that Iraq is ready to be a reliable partner and a contributing and effective element in regional stability.” With regard to energy, the Prime Minister pointed out that “the government has embarked on the highest production plan for the construction of power plants and entering for the first time in solar energy and clean and renewable energy projects, and the rate of stopping the burning of gas exceeded 70 percent.” The work of the ninth Sulaymaniyah Forum was launched on Wednesday, with the participation of Prime Minister Mohammed Shia Al-Sudani, at the American University of Sulaymaniyah.
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Blessed Wednesday evening all
Member: Are you surprised we are still waiting Mark? I sure didn’t think back in January we would still be sitting here in mid April.
MZ: I am very surprised that we are still waiting. But things look to be very close.
MZ: There are no updates on bonds….that I am allowed to discuss.
MZ: Bank stories really do give us hope for timing…..and I love this one …..here we go.
MZ: My son was not a believer in the IQD…but he is now. My son is a day trader…..and as plugged into the traditional system as you can get….. “Here is what he texted “ I noticed lots of movement in the market and IQD values on the trading views( MZ: in other words- he was looking at the screens and saw this) IQD values are going kooky …so I reached out to a friend at a bank 9 an old friend and empoyer) and asked what is going on? The response from the banker was this” You should definitely get some…Hold some dinar….keep it close by…I believe very soon it will be exchanging…I am serious.” .
MZ: So now her son is a believer. I did not give that story verbatim so as not to get anybody into trouble. It is so nice when doubters and family members get that verification. It just feels good.
Member: We love Bank stories.
Member: has all of tier 3 been paid?
MZ: No….not all of tier 3 has been paid…yet.
Member: I hope you all get some rest and are ready for an action packed weekend…..we hope. .
Mod: SEE YA LATER FOLKS...SEE YOU IN THE MORNING OR ON NEXT PODCAST...
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Shafaq News / The head of the Cabinet of the Kurdistan Regional Government Council of Ministers, Omid Sabah, revealed on Wednesday, an important meeting to be held next Saturday between the federal government and the Kurdistan Regional Government to discuss the region’s oil export file, in the presence of representatives of oil companies operating in the region.
Sabah said during a press conference attended by a reporter of Shafaq News Agency, that “the oil export file is receiving great attention from the regional government, and it has fulfilled all its obligations related to this file,” expressing his hope that things will go in the right direction during
the next phase.
With regard to the file of the formation of the tenth ministerial cabin in the Kurdistan Region, the head of the Cabinet explained that “the political delegations reached during their previous meetings important understandings that will facilitate the process of forming the government in the next phase.”
He pointed out that “the next phase will see subsequent steps to open up to other parties with the aim of forming a strong government capable of facing existing challenges.”
SANDY INGRAM : Iraq Breaking News: Three CBI Announcements #iqd
Summary
In the first quarter of 2025, the Central Bank of Iraq (CBI) made several significant announcements aimed at modernizing the financial landscape of the country.
Among these changes, a notable new feature enables direct transfers between debit cards, allowing individuals to transact with a limit of 400,000 Iraqi dinars per transfer and a monthly limit of 2 million dinars. This initiative reflects the CBI’s commitment to enhancing electronic payment systems across Iraq.
In a further effort to improve trade relations and streamline currency transactions, the CBI expanded foreign currency transfer options for local banks. The addition of the Jordanian dinar and Saudi riyal to its currency portfolio, as well as permitting Iraqi banks to engage in trade with Turkey using the euro, highlights the bank’s strategy to diversify financing and provide more efficient international transaction processes.
Perhaps the most crucial announcement concerns the successful transition to direct foreign currency transfers by Iraqi banks through international correspondent banks, rather than relying on a centralized electronic platform.
This pivotal change enhances the separation of the central bank’s functions from commercial banking, aligning Iraqi financial operations more closely with global standards.
These updates signify not just improvements in the efficiency and security of Iraq’s banking network, but also reflect a robust plan to fortify the financial stability and global standing of the Iraqi economy.
The CBI’s initiatives have garnered international support, further strengthening the role of Iraqi banks in global transactions. Moving forward, the CBI will continue to bolster the balances of Iraqi banks with correspondent entities in various currencies.
This summary encapsulates the CBI’s ongoing efforts and the implications for investors and the banking sector in Iraq, thereby showcasing a dynamic shift towards a more robust digital economy.
Highlights
💳 Direct Debit Card Transfers: New feature allowing transfers between debit cards with limits set for convenience.
💸 Expanded Currency Options: Introduction of the Jordanian dinar and Saudi riyal for foreign transactions.
🌍 Trading Efficiency: Iraqi banks can now trade with Turkey using the euro, enhancing trade relations.
🔄 Direct Foreign Transfers: Transition to handling foreign currency transfers directly through banks is a major operational upgrade.
📈 International Banking Standards: Shift aligns Iraqi banking practices with global financial standards, improving credibility.
🔒 Enhanced Security: Improved security for foreign transactions thanks to the new banking infrastructure.
📊 Increased Financial Stability: CBI’s initiatives are seen as a significant step towards enhancing Iraq’s financial stability and attractiveness to international investors.
Key Insights
📅 Shift to Modern Banking Practices: The CBI’s move to allow direct transfers between debit cards reflects a broader trend in banking towards digital transactions. This initiative could lead to an increase in consumer trust in electronic payment systems, potentially boosting economic activity as individuals and businesses become more willing to engage in electronic transactions.
💱 Diversified Currency Options: By expanding the list of transferable currencies, particularly with the Jordanian dinar and Saudi riyal, the CBI is not only facilitating smoother trading operations but also promoting regional economic collaboration. This can strengthen Iraq’s economic ties with its neighbors, reducing dependency on more volatile currencies.
🗂 Direct Transaction Protocols: The transition to direct currency transfers represents a significant operational redesign. By moving away from a centralized electronic platform, the CBI increases the efficiency of transactions, potentially leading to quicker processing times, reduced costs, and enhanced flexibility for local banks as they engage in international trade.
📈 Enhanced Roles of Commercial Banks: The separation of roles between the CBI and commercial banks is an essential feature of the new system, ensuring that banks can operate more autonomously in handling foreign transactions. This change provides commercial banks with increased responsibilities and potentially greater profits as they expand their services.
🌐 International Support and Credibility: The CBI’s initiatives are backed by international support, which is crucial for Iraq’s ongoing economic recovery. Building trust with international stakeholders will enhance Iraq’s credibility in global markets, making it easier to attract foreign investment and foster economic growth.
💪 Future of Iraqi Banking: With planned enhancements in correspondent banking relationships and the introduction of new currencies for trade, Iraq’s banking sector is poised for considerable growth. This resilience indicates that Iraqi banks will likely play a more prominent role in the context of international finance, thus improving their competitiveness.
🎓 Educational Initiatives: The call for membership to gain further insights into these developments underscores the importance of educating investors and stakeholders about the rapidly changing financial landscape. Providing resources on topics like tax strategies and investments can empower citizens and investors to make informed decisions in the evolving market.
The announcements from the Central Bank of Iraq not only indicate a shift towards modernizing Iraq’s financial operations but also reflect an emphasis on building a more integrated and efficient banking system that aligns with global practices. These changes can have far-reaching implications, making it a pivotal moment for the Iraqi economy as it navigates its path toward recovery and growth.
