Thursday, April 24, 2025
NATIONAL ECONOMY PARLIAMENTARY COMMITTEE PLANS ECONOMIC OVERHAUL FOR 2025 BUDGET
NATIONAL ECONOMY PARLIAMENTARY COMMITTEE PLANS ECONOMIC OVERHAUL FOR 2025 BUDGET
The National Economy, Industry, Trade, and Planning Committee, chaired by MP Farid El-Bustani, met on Wednesday to discuss the economic situation and plans for the 2025 budget.
The meeting criticized the 2024 budget for lacking an economic vision and decided to adopt the McKinsey plan from 2017.
The committee aims to develop ideas with input from experts and international organizations like the World Bank and IMF to present a comprehensive economic plan for the new government.
The meeting also discussed restoring confidence in the banking sector and compensating depositors.
Source: National News Agency – Lebanon
TIDBIT FROM HENING
Henig
Vietnam looks like they're changing their currency from a top-down government-mandated price to allowing the market to discover true value and THEN set the price naturally.
Kurdistan PM Welcomes U.S. Delegation, Discusses Religious Freedom, Unity, and Political Progress
Kurdistan PM Welcomes U.S. Delegation, Discusses Religious Freedom, Unity, and Political Progress
4/23/2025 ERBIL —
Kurdistan Region Prime Minister Masrour Barzani on Wednesday, April 23, received a high-level U.S. delegation led by Riley Barnes, the Deputy Assistant Secretary for Democracy, Human Rights, and Labor at the U.S. Department of State.
The meeting, attended by U.S. Consul General in Erbil Steve Bitner, emphasized America’s continued engagement in the Kurdistan Region and began with the delegation expressing their appreciation for participating in Kurdistan’s National Prayer Breakfast Day.
A key focus of the discussions was the Kurdistan Region’s commitment to peaceful coexistence and religious freedom. PM Barzani and the delegation explored the current state of interfaith harmony in the Region, which has long been recognized as a safe haven for religious and ethnic minorities amid regional unrest.
The talks also highlighted pressing political developments, particularly the urgency of forming the new Kurdistan Regional Government (KRG) cabinet. Both sides underlined the importance of resolving internal political issues swiftly to maintain stability and continue development.
In addition, the conversation touched on the timely resumption of oil exports from the Kurdistan Region—a matter with significant implications for both regional economics and Erbil-Baghdad relations.
This meeting underscores the continued strategic partnership between the United States and the Kurdistan Region, particularly on issues of governance, human rights, and religious pluralism. LINK
Iraq’s Banking Sector Reboot: Sweeping Reforms by the Central Bank
Iraq’s Banking Sector Reboot: Sweeping Reforms by the Central Bank
The Central Bank of Iraq (CBI), with full government support and in partnership with global consulting firm Oliver Wyman, has officially launched a far-reaching reform program for the country’s private banking sector. The aim is to bring Iraq’s banks in line with international standards, modernize infrastructure, boost sector efficiency, and rebuild public and investor trust.
This comprehensive plan is the product of collaboration between the CBI, the government, and the private sector, and it targets the creation of a resilient, innovative, and sustainable banking system that underpins Iraq’s economic development.
Key Objectives of the Reform:
• Expand and deepen financial inclusion for individuals and businesses across Iraq
• Enhance the efficiency and productivity of private banks
• Foster a competitive, fair banking market that can withstand financial and economic shocks
Core Reform Projects:
- Upgrade financial infrastructure, expand branch and ATM networks to improve access
- Develop digital payment systems for fast, reliable banking services
- Streamline anti-money laundering (AML) and counter-terrorism financing (CTF) compliance
- Implement a digital identity system to ensure secure customer verification
- Launch national campaigns to boost public trust and financial literacy
New Banking Standards:
Ownership & Governance:
- Caps on ownership: 10% for individuals/corporations, up to 20% by exception, 60% for institutional investors
- Aggregated ownership rules to prevent coordinated control
- Mandatory independent, qualified Boards of Directors; rigorous checks for executives
- Intensive due diligence for major shareholders to ensure transparency
Business Model & Sustainability:
- Banks must develop detailed, sustainable business plans aligned with Iraq’s needs and adopt new technologies
- Core banking services should reflect the requirements of the Iraqi economy and its citizens
Financial Metrics:
- Minimum capital adequacy ratio: 12.5%
- Minimum liquidity coverage ratio: 100%
- Banks must build resilience to withstand financial shocks
Risk & Regulatory Compliance:
- Full adoption of international AML/CTF frameworks
- Greater transparency, with robust external audits and oversight of related-party transactions
Implementation Process:
- Reform will be phased; all private banks will undergo regular evaluations
- First compliance evaluation set for Q1 2026
- CBI to issue formal standards, timelines, and launch workshops/technical support soon
- All licensed banks required to confirm participation in the reform process
Strategic Choices for Banks:
1. Internal upgrades to meet standards
2. Mergers/consolidation with other banks for greater strength
3. Exit the sector (sale or orderly wind-down) for those unable to comply
Impact on Iraq Stock Exchange (ISX):
- Reforms expected to lift investor confidence, especially among foreign institutions
- Anticipated rise in bank M&A activity, potentially increasing share prices and trading volume
- Improved governance, making listed banks more attractive
- Pressure on weaker banks, driving reform or exit
Conclusion:
This ambitious reform signals a turning point for Iraqi banking. Backed by government and private sector cooperation, the CBI aims to transform the financial system—making it modern, resilient, transparent, and globally connected.
The goal: a trustworthy banking environment supporting Iraq’s sustainable growth and opening the door to domestic and international investors.
The Central Bank of Iraq organizes an introductory workshop for the National Job Day Award
The Central Bank of Iraq organizes an introductory workshop for the National Job Day Award
The Central Bank of Iraq organized an introductory workshop on the National Job Day, which honors a number of innovators in various ministries and state institutions.
The workshop was attended by the Executive Director of the National Job Day Initiative at the Prime Minister's Office, Mr. Amjad Al-Khafaji, who reviewed some success stories of Iraqi state employees.
He emphasized that there are 1,275 committees distributed across all civil, military and security departments of the state, with approximately 5,000 employees working under them. They work to select inspiring success stories to be included in the National Job Day award, as the award motivates state employees to be creative.
He emphasized that the award is divided into four sections: the first is for Hope Makers, the second is for Inspirational People, the third is for Dedicated People, and the last is titled the Job Day Initiative, which is the category for state institutions for their employees.
At the end of the workshop, the Director of Women's Empowerment and Head of the Job Day Committee at the Central Bank of Iraq, Ms. Alaa Jamal, was honored.
It is noteworthy that the National Job Day Award aims to highlight the importance of public service and the role of national competencies in building the state.
Central Bank of Iraq
Media Office
April 23, 2025
FIREFLY: " They are telling us to go and deposit our 3 zero notes at these ATM machine"
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Commercials are showing the locations of the new ATMs.
They are telling us to go and deposit our 3 zero notes at these ATM machines and at the bank.
They're taking the 10k, 25k and 50k notes, free deposits, for us to keep our receipts .
FRANK: This is what they have to do, collect as many three zeros as possible before they give them the new lower notes...This is all wonderful news.
Banking Sector Update
Banking Sector Update
Economic 04/15/2025 Yasser Al-Mutawali Iraq has recently witnessed significant improvements on the political, economic, and security fronts, which has had a positive impact on attracting foreign and Arab investments, particularly in the banking sector.
The increasing presence of foreign and Arab banks in the country is evidence of a recovering investment environment and reflects government efforts to enhance economic stability.
Among the most notable positive indicators that have contributed to strengthening the investment environment are regional and international cooperation and Iraq's openness to Arab and international countries.
This has boosted investor confidence and encouraged Arab banks to expand their presence in Iraq, which is relied upon to provide advanced financial services, such as trade finance and Islamic banking, in addition to supporting the private sector and joint investments.
This step represents the optimal means for global integration through the entry of international banks, reflecting the return of investor confidence in the Iraqi economy.
Meanwhile, the Iraqi banking reform process, undertaken by the government to address the challenges facing the banking sector and keep pace with the digital age and international requirements, is proceeding along two parallel tracks.
The first involves reforming private banks, led by the Central Bank, and ensuring compliance with international standards and the implementation of anti-money laundering and counter-terrorism financing requirements.
This includes lifting the ban on dealing with Iraqi banks and cooperating with international companies to develop the technical infrastructure.
The second path is being adopted by the government to modernize state-owned banks, with support from the executive branch.
This involves improving efficiency and adopting modern banking systems to reduce corruption, increase transparency, integrate with the private sector, and encourage partnerships between banks.
It's worth noting that there are obstacles hindering banking development, including bureaucracy, legal complexities, weak digital infrastructure in some local banks, and the need for qualified human resources to manage modern financial systems.
This goal aims to create a modern banking system that supports the national economy.
However, complete success requires accelerating reforms to ensure compliance with international standards, transforming Iraq into an attractive financial center that contributes to economic diversification and the creation of new job opportunities, thus strengthening its regional and international standing.
In any case, there is no alternative but to integrate with the global financial and banking climate, after comprehensive reform is completed, with the aim of creating a unified national banking market, directing banking credit towards investment, driven by the promising economic stability our country enjoys. https://alsabaah.iq/112899-.html
AJ : The Third Strategic Plan of the Central Bank of Iraq (CBI) for 2024–2026
AJ
The Third Strategic Plan of the Central Bank of Iraq (CBI) for 2024–2026,
This outlines their plan, includes seven main objectives,
each with specific sub-objectives, aimed at transforming Iraq’s financial system,
enhancing stability, and promoting digitalization and inclusion. 2024 2025 2026
Will The Government Resort To Mandatory Deposits For Citizens? These Obstacles
Will The Government Resort To Mandatory Deposits For Citizens? These Obstacles
Time: 2025/04/21 22:48:02 Reading: 4,920 times {Economic: Al Furat News} The head of the Iraqi Economic Alliance, Adi Al-Alawi,
warned of the major challenges facing monetary and fiscal policy in Iraq,
emphasizing that financial reform requires real tools for transformation,
most notably the independence of the central bank.
During his appearance on the "Free Talk" program on Al Furat satellite channel this evening, Al-Alawi pointed out that:
"The most prominent problem lies in the lack of effective oversight of banks," stressing that
"the Central Bank is in one valley, and the banks are in another, as the latter
do not adhere to official instructions and
operate according to special policies,
which has caused the banking system to lose real control over it." He added that
"strict oversight represents the Central Bank's best weapon in controlling banking activity,"
calling for "a move toward a cashless economy despite a deep-rooted crisis of confidence among citizens in the banking system due to past experiences, including the seizure of funds in the 1990s and the subsequent bankruptcy or failure of some banks."
Al-Alawi stressed that
"citizens cannot be forced to deposit their money in banks, even within the legal framework, because that would have negative repercussions." He pointed out that
"persuasion must be achieved through incentives," revealing that
"the number of shops and commercial companies registered with the Iraqi Chambers of Commerce is 1.2 million,
while the number of unregistered ones is 2.8 million,
bringing the total to approximately 4 million outlets." He explained that
"the mentality governing the Iraqi economy remains socialist,
despite the official transition to a market economy following the 2005 constitutional vote," suggesting that
"Iraq's budget is close to $100 billion or more, and was supposed to generate $12 billion from non-oil revenues."
Al-Alawi called for "a five-year tax freeze to
regulate corporate operations and
alleviate concerns about joining the financial system,
which could bolster the state treasury by $17 billion currently missing due to dollar-selling mechanisms."
In the same context, Al-Alawi revealed that
"the Central Bank has agreed with two international companies,
one specializing in bank mergers and the
other in private sector restructuring,
to submit a comprehensive study next July on the struggling banks."
https://alforatnews.iq/news/هل-ستلجأ-الØكومة-إلى-الإيداع-الإجباري-للمواطنين؟-هذه-العقبات
MARKZ: “Huntington Bank in Michigan now accepts the Iraqi dinar, the Indonisian Rupiah and the Vietnamese dong"
MarkZ
[via PDK]
Many of you sent this to me today and it is very interesting. “Huntington Bank in Michigan now accepts the Iraqi dinar, the Indonisian Rupiah and the Vietnamese dong.”
I am hearing from many banks that even if banks are accepting them…They are not accepting them at an increased value yet.
The question is Why would they set up the mechanisms to deal with these currencies ?
This means they can go ahead and train employees, the system is plugged in and they can verify it. The only difference is once the value changes – you will get a lot more for it. To me this is a great sign we are very close. I am hearing from many banks that this is the system preparing.
Starting Sunday or so …bankers lit up and are saying in the next 1-2 weeks we will be complete.
Al-Sudani's Advisor: Annual Returns From Investing Reserves Are No Less Than $2 Billion
Al-Sudani's Advisor: Annual Returns From Investing Reserves Are No Less Than $2 Billion
Money and Business Economy News – Baghdad The Prime Minister's financial advisor, Mazhar Mohammed Saleh, confirmed on Tuesday that the "annual returns" from investing foreign reserves are no less than $2 billion, according to his estimates. Saleh said,
"These investments are often short-term and directed toward US, European, or British treasury bonds,
with the goal of achieving appropriate returns."
He added, "These investments are characterized by low risk and generate appropriate returns, and the invested assets can be quickly converted into cash without incurring losses."
Saleh pointed out that "profits generated from reserves are divided into two types: the first is realized, represented by direct interest, and the second is unrealized, resulting from diversifying the investment portfolio, in addition to realizing potential profits from exchange rate differences between currencies and gold."
The Central Bank of Iraq previously revealed a decline in foreign reserves for 2024, reaching 130.81 trillion dinars, a 10.18% decrease compared to the same period in 2023, when these reserves reached 145.64 trillion dinars. https://economy-news.net/content.php?id=54462
GINGER: "We could be just hours away"
GINGER
Passengers Flying Freedom Flight GLL117 ✈️ - We have an announcement from a Special Friend.
· A redemption center contact I know said that several uncommon currencies are populating on their screens now.
· He tends to think we could be just hours away.
· He didn't elaborate on the names of the currencies or their rates but he did say this rare anomaly had never happened before; and his staff is freaking out. ✨👀✨ 4.22.25
CRYPTO TRADER: The Global Economy Enters a New Era.
CRYPTO TRADER
Within days, MasterCard services are expected to be suspended in Iraqi banks.
-- The Parliamentary Finance Committee rules out adjusting the price of a barrel of oil in the budget tables, and reveals the reason.
--
IMF BLOG The Global Economy Enters a New Era. The global economic system under which most countries have operated for the last 80 years is being reset, ushering the world into a new era. https://imf.org/en/Blogs/Articles/2025/04/22/the-global-economy-enters-a-new-era
PIMPY: THE DELETION OF ZEROS IS A REDENOMINATION
Pimpy
Community comment: "Delete the zeros, that's good, that's off the exchange rate."
No. The deletion of the zeros is a redenomination.
I they redenominate they take the zeros off first. You better cross your fingers they change the exchange rate.
Central Bank of Iraq Warns about Fraudulent Banknotes
Central Bank of Iraq Warns about Fraudulent Banknotes'
The Central Bank of Iraq (CBI) has issued a warning to the public regarding the circulation of foreign banknotes - including authentic, withdrawn, and counterfeit currency - used by fraudsters to deceive citizens.
According to the CBI, criminals lure individuals into exchanging these notes for Iraqi dinars at inflated rates under the false promise of exceptional investment returns. It gave examples of Venezuelan and Belarusian currencies.
The bank urges citizens and relevant security and regulatory authorities to remain vigilant and avoid dealing with any foreign notes outside the officially recognised currencies handled by the central bank and licensed banks.
(Source: CBI)
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