Friday, May 30, 2025
WASHINGTON PRAISES IRAQ’S REGIONAL ROLE AND AFFIRMS ITS SUPPORT FOR ITS STABILITY
WASHINGTON PRAISES IRAQ’S REGIONAL ROLE AND AFFIRMS ITS SUPPORT FOR ITS STABILITY.
The United States on Tuesday commended Iraq’s regional role and its efforts to end tensions and crises.
The Presidency of the Republic stated, in a statement received by Al-Mada, that “President of the Republic, Abdul Latif Jamal Rashid, received today at the Baghdad Palace, the Chargé d’Affairs of the US Embassy to Iraq, Elizabeth Trudeau.”
The President of the Republic affirmed “Iraq’s keenness to strengthen bilateral relations in various fields, in a manner that serves the mutual interests of the two countries and peoples,” pointing to “the ongoing positive developments Iraq is witnessing at various levels, and the efforts being made to consolidate security and stability and strengthen the economy and investment.”
He stressed the importance of concerted efforts to ease tensions in the region, stop conflicts and wars, and affirm the principle of regional and international cooperation.
For her part, Elizabeth Trudeau expressed “the United States’ aspiration to enhance bilateral cooperation on issues of common interest and support efforts to establish security and stability,” praising “Iraq’s regional role and its efforts to end tensions and crises.”
MNT GOAT: "CBI CONFIRMS COMMITMENT TO COMBATING MONEY LAUNDERING IRAQ."
MNT GOAT
"CBI CONFIRMS COMMITMENT TO COMBATING MONEY LAUNDERING IRAQ."
Just how important was this for us to get the RV?
During his participation in a conference held in Baghdad on combating money laundering and terrorist financing, Al-Alag stated the CBI said last month that Iraq is adopting an extensive reform strategy designed to make the country's private banking industry a robust, innovative, and expansion-oriented system.
The strategy aims to increase financial inclusion, boost economic growth, and provide stockholders with long-term returns. Al-Alag also stated that Iraq had some shortcomings that needed to be addressed, which the CBI did well by implementing
suitable measures to decrease the dangers of money laundering and assure effective counter-terrorism financing. .........Choo-Choo.......... Sounds to me in this article all the reforms to combat money laundering have been implemented and working (past tense). Explore with me today why this was so important to do in order to move ahead with the Revaluation. Did you listen to the
upfront audio commentary? Listen again carefully!
Their words not mine.....
THE SILENT LANDING… THE HIDDEN FACTORS THAT LED TO THE DOLLAR’S FALL IN BAGHDAD
THE SILENT LANDING… THE HIDDEN FACTORS THAT LED TO THE DOLLAR’S FALL IN BAGHDAD
May 2025 witnessed one of the most exceptional periods of volatility in the US dollar exchange rate against the Iraqi dinar. The dollar’s value declined gradually and dramatically, sparking a wave of questions in the market and prompting experts to deconstruct the reasons behind this sudden shift.
In this context, Nawar Al-Saadi, a professor of economics at Cihan University in Duhok Governorate, presented a detailed analysis of this decline to Baghdad Today on Tuesday (May 27, 2025), explaining that the phenomenon cannot be attributed to a single cause, but rather is the result of a combination of monetary, commercial, behavioral, and even regional political factors.
The market is saturated with dollars. Where did the surplus come from?
Al-Saadi says that the most notable thing is that “the supply of dollars has become higher than usual, but not because of the increase in oil revenues, as is believed, but rather as a result of other factors, most notably the increase in remittances from foreign companies and non-oil investments, in addition to reverse dollar smuggling operations from neighboring countries facing a shortage of hard currency.”
This “temporary flood” of dollars, as he described it, created a state of saturation in the Iraqi market, making the dollar more available than demand, thus driving its price down.
Citizen behavior has changed. Has the dollar lost its place in savings?
But the situation isn’t solely explained by the traditional supply and demand equation, but also by people’s behavior, as Al-Saadi explains, adding that “Iraqi citizens are beginning to lose confidence in the dollar as a savings instrument, not because it is weak globally, but because the dinar has begun to show stability and tangible gains.”
This shift prompted many to sell their dollars and convert them into dinars or gold, which contributed to increasing the supply of dollars and reducing demand for them, thus indirectly supporting the dinar.
The Central Bank intervenes… and absorbs liquidity
Al-Saadi believes that “the Central Bank of Iraq’s policy played a pivotal role in the situation,” explaining that the monetary institution reduced the money supply by more than 6 trillion dinars in just a few months, a move that falls within what is known as “liquidity absorption.”
This policy, according to his analysis, led to a reduction in the amount of dinars available in the market, which increased its value against the dollar and created a deflationary environment that helped control inflation and boost citizens’ confidence in the local currency.
Imports shrink… and the trade map changes
According to Al-Saadi, a significant part of the exchange rate decline is also linked to a decline in imports from some major countries, such as India, Turkey, and the United States, despite a notable exception in imports from China. This decline can be explained either by a decline in domestic consumption or by a reshuffling of spending priorities.
In both cases, demand for the dollar used to pay for imports declines, creating a relative surplus in the domestic market and putting downward pressure on the price.
Behind-the-scenes negotiations: Has demand for the dollar declined in Iranian trade?
What’s striking about Al-Saadi’s reading is his analysis of what he calls the “silent regional factor,” suggesting the possibility of unannounced negotiations between Tehran and Washington that have eased financial restrictions, leading to a decline in the need for dollars in some informal trade (between Iraq and Iran).
This decline, he said, reduced demand for hard currency, which was used to finance shadowy and opaque activities, which was reflected in the local market, resulting in an abundance of dollars and a decline in their value.
Will the decline continue? The future depends on two factors.
Despite this remarkable decline, Al-Saadi is not certain that the trend will continue in the long run, stating that the future of the dollar’s exchange rate in Iraq “depends on two factors”: the continuation of the current strict and stable monetary policy, and the Iraqi market’s ability to maintain the flow of hard currency, free from speculation or regional crises.
Al-Saadi concludes his analysis by warning that any disruption to these equations could return the market to square one, emphasizing that “trust is not built solely on policies, but also on continuity and transparency.”
EXCERPTS FROM MARKZ: what % of fee will the banks take for exchanging us?
EXCERPTS FROM MARKZ
Member: what % of fee will the banks take for exchanging us?
MZ: I heard the fees with the banks have been pre-negotiated at 2-3%. But its built into the back end of our exchange so we really won’t notice it.
Member: does it still look to be tax free for exchange?
Member: Does anyone know what value the dong was before it was devalued?
MZ: if I remember right it was about $2.21
Member: there is a rumor that the Zim will be worthless in a few days,
MZ; Ignore them. Those rumors have been a dime a dozen for years.
IRAQ STOCK EXCHANGE REPORTS OVER 11B IQD TRADED IN STRONG FINAL WEEK OF MAY
IRAQ STOCK EXCHANGE REPORTS OVER 11B IQD TRADED IN STRONG FINAL WEEK OF MAY
Jawad Al-Samarraie
May 29, 2025
Baghdad (IraqiNews.com) – The Iraq Stock Exchange (ISX) announced on Thursday (May 29, 2025) a robust trading performance for the fourth and final week of May. Over 11 billion Iraqi dinars in value was traded across more than 6 billion shares during five sessions.
The market demonstrated positive momentum, with key indices showing gains. The main ISX60 index closed the week at 1017.58 points, marking a 1.45% increase from its opening at 1002.79 points. Similarly, the ISX15 index finished higher at 1145.42 points, up 1.90% from its weekly start of 1123.69 points.
A total of 3,894 buy and sell contracts were executed on listed company shares throughout the week.
This active trading week underscores continued investor engagement in the Iraqi bourse, concluding May on a positive note for the market’s key performance indicators
EXCERPTS FROM MARKZ: I heard the September date was when they wanted it completed
EXCERPTS FROM MARKZ
Member: This is the longest countdown ever!
MZ: Yes it is.
Member: , do we think this thing might really go…the “two paragraphs” (on $4.81 rate) might be actually real
MZ: I have a lot of bankers saying it could be $4.81…Some say $4.91. they are saying somewhere in that range the rate is staying constant. I wish someone would just give them the “release” so we were allowed to exchange.
Member: Frank26 Says the article about the 4.81 was legit.. .. white papers.
Member: Frank said last night something about 10 cent variance in country then said we will get rate and lower denominations b4 parliament gets the budget tables and they will receive the tables within days
Member: I heard nothing until Sept now.
MZ:I heard the September date was when they wanted it completed. Meaning they wont have finished pulling the old US dollars out of circulation until then. This means the RV needs to go way before then for us.
HUGE UNTAPPED WEALTH… IRAQ’S TOP 5 MINES
HUGE UNTAPPED WEALTH… IRAQ’S TOP 5 MINES
Iraq’s five most prominent mines reveal a map of mineral wealth that remains untapped due to decades of security challenges that have led to the neglect of these resources.
According to a report published by the Energy Platform, Iraq’s most prominent minerals include “sulfur, phosphate, and rock salt, along with strategic minerals such as iron, manganese, zinc, and lead.” The report indicated that “despite the dominance of oil in the economy, Iraq boasts vast mineral resources concentrated in a number of mines.”
The platform stated in its report: “The mining sector in Iraq has been marginalized for decades due to political and security tensions. However, recent years have witnessed increased interest in revitalizing this vital sector. The Iraqi government is currently attempting to attract international investment to revive these mines, particularly with the move to diversify the economy away from its reliance on oil.”
She added: “Geological data and surveys indicate that Iraq possesses vast reserves of important ores such as sulfur, phosphate, rock salt, iron, and manganese, some of which are ranked among the largest in the world. International reports also reveal that Iraq holds the world’s largest reserves of free sulfur, in addition to significant reserves of silica sand.”
Energy highlighted the five most prominent mines in Iraq, which form a unique geological map that could position Iraq among the region’s leading mineral-producing countries.
Al-Mashraq Mine
The Mishraq mine is one of the largest natural sulfur mines in the world, containing vast reserves of natural sulfur close to the Earth’s surface. Sulfur is extracted from the mine by fusion and is used in the fertilizer, petroleum product, and water treatment industries.
According to Energy, “exploitation of the mine began in the 1960s and reached its peak in the 1970s, but ceased after 2003. Despite plans to rehabilitate it, the mine remains out of service. The mine consists of three fields. The first field’s reserves are estimated at 23.5 million tons, the second field’s reserves are 65.8 million tons, and the third field’s reserves are 224 million tons.”
The Mishraq mine suffered extensive damage during the ISIS era, when the group set fire to sulfur storage facilities in 2016,
causing a rare environmental disaster.
Akashat Mine
The Akashat mine, located in Anbar Governorate, is one of the richest phosphate deposits in the Middle East, with total reserves estimated at more than 7 billion tons, making it one of the top five mines in Iraq.
She said: “The extracted phosphate is used in the manufacture of fertilizers, phosphoric acid, and animal feed, and its reserves in the western desert of Iraq are estimated at more than 10 billion tons.”
The mine includes an open quarry, a processing plant, and a railway line connecting it to the Al-Qaim plant. However, the infrastructure has been damaged by wars and terrorism, halting production for many years. Efforts are underway to restart the mine through investment partnerships .
Samawah Mine
The Samawah mine, located in Muthanna Governorate in southern Iraq, is “one of the five most prominent mines in Iraq specializing in extracting rock salt. The salt ore there is distinguished by its high quality and pure sedimentary composition, and is used in the food and chemical industries,” according to what the “Energy” platform reviewed.
She added, “The mine operates intermittently and is managed by the General Company for Mining Industries. It suffers from a lack of investment, but it covers a significant portion of the local market’s needs, with the potential to develop it into a regional center for salt exports.”
Iron and manganese
Sulaymaniyah Governorate in the Kurdistan Region has “promising areas for iron deposits, particularly in Qara Dagh and Birspi, where sedimentary rocks contain hematite and magnetite ores at concentrations ranging from 30 to 45%.”
Despite these positive indicators, according to the Energy report, “none of these mines have been commercially exploited yet. Manganese is found in areas such as Soran and Dohuk, but exploration is still preliminary. Factors such as the lack of infrastructure and transportation, in addition to weak financing, represent the most significant obstacles to developing these sites.”
Zinc and lead
The Ministry of Energy explained that “there are indications of the presence of good-quality zinc and lead deposits within MVT-type replacement carbonate formations in mountainous areas near the Turkish and Iranian borders, such as Mergasor, Zakho, and Qalaat Diza.”
“The main minerals there include galena and sphalerite, along with barite and fluorite. Despite the presence of these resources, the mines have not yet been exploited, but they represent a golden opportunity for Iraq’s future plans to develop the mining sector.”
Coffee with MarkZ, joined by MM and crew. 05/29/2025
Coffee with MarkZ, joined by MM and crew. 05/29/2025
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: GM Mark, MM and crew, marvelous mods, and rv family!
MZ: Good Morning: We are looking forward to MM and crew joining the podcast at around the 30-minute mark this morning.
Member: What’s the new “hold up” if there is any at all.
MZ: I don’t think there is any hold up. I think it is just rolling out
Member: This is the longest countdown ever!
MZ: Yes it is.
Member: , do we think this thing might really go…the “two paragraphs” (on $4.81 rate) might be actually real
MZ: I have a lot of bankers saying it could be $4.81…Some say $4.91. they are saying somewhere in that range the rate is staying constant. I wish someone would just give them the “release” so we were allowed to exchange.
Member: Frank26 Says the article about the 4.81 was legit.... white papers.
Member: Frank said last night something about 10 cent variance in country then said we will get rate and lower denominations b4 parliament gets the budget tables and they will receive the tables within days
Member: I heard nothing until Sept now.
MZ:I heard the September date was when they wanted it completed. Meaning they wont have finished pulling the old US dollars out of circulation until then. This means the RV needs to go way before then for us.
Member: You said once that bonds needed to be 30% completed before we get to exchange. Do you have any idea what percentage they are out now?
MZ: My guess is 20%. Noone knows for certain.
MZ: There is no updates today on the bond side.
Member: what % of fee will the banks take for exchanging us?
MZ: I heard the fees with the banks have been pre-negotiated at 2-3%. But its built into the back end of our exchange so we really won’t notice it.
Member: does it still look to be tax free for exchange?
Member: Does anyone know what value the dong was before it was devalued?
MZ: if I remember right it was about $2.21
Member: Is it true the Kuwait dinar revalued to $9 after it revalued?
MZ: Some I know said it went as high as $9.88. But that was very briefly -for only a few hours or so as they added it to the basket. It was there and gone quickly ….It is my understanding that after the experience with Kuwait….Iraq is doing a fixed float and the Iraqi dinar will not be allowed to float like that….they are going to peg it or fix it so there is not that large of rate swing.
Member: there is a rumor that the Zim will be worthless in a few days,
MZ; Ignore them. Those rumors have been a dime a dozen for years.
MZ: “Sudanese Financial Advisor: Al Taawan hyper-markets reduced demand for the parallel dollar and prevented inflation from rising” They are saying because of their efforts they don’t need the black market.
MZ: “Dollar falls below 140,000 dinars in Baghdad” some people say the rate of 1390 is the trigger point – I am watching it just to see if those sources are accurate or not.
Member: June 14 ... Flag Day, DJT Birthday, 250th Anniversary of US Navy ... all during 250th USA Anniversary
Member: I've been planning for June 14 for a while for Notifications & full NESARA July 04 ... when many have said 'tommorrow' for a while now
Member: Frank 26 says July 1st Target date for Fiscal year, but we may go before to stabilize both economies before collapse of fiat money across the world
Member: I believe this RV is our lesson in long suffering. I know I've found balance waiting for it, hope you all have too.
Member: Waiting...is preparation from God not punishment...Embrace it. :)
Member: Thanks Mark, mods and MM…..everyone have a great day.
MilitiaMan and Stacie Z join the stream today. Please listen to replay for their information and opinions.
CBI CONFIRMS COMMITMENT TO COMBATING MONEY LAUNDERING IRAQ
CBI CONFIRMS COMMITMENT TO COMBATING MONEY LAUNDERING IRAQ
May 28, 2025
Baghdad (IraqiNews.com) – The Governor of the Central Bank of Iraq (CBI), Ali Al-Alaq, reaffirmed on Wednesday the country’s commitment to countering money laundering and terrorist funding in collaboration with international partners.
During his participation in a conference held in Baghdad on combating money laundering and terrorist financing, Al-Alaq stated that Iraq is working with foreign partners to ensure compliance with international treaties on combating money laundering.
Iraq has unique qualities in terms of financial data transparency and access required by authorities for monitoring currency flows outside the country, according to Al-Alaq.
Al-Alaq explained that Iraq is cooperating on a global scale to exchange information through broad communication networks.
Al-Alaq also stated that Iraq had some shortcomings that needed to be addressed, which the CBI did well by implementing suitable measures to decrease the dangers of money laundering and assure effective counter-terrorism financing.
The CBI said last month that Iraq is adopting an extensive reform strategy designed to make the country’s private banking industry a robust, innovative, and expansion-oriented system. The strategy aims to increase financial inclusion, boost economic growth, and provide stockholders with long-term returns.
Expanding financial inclusion throughout Iraq, improving the effectiveness and productivity of private banks, and creating a competitive, risk-resilient banking environment are the three primary aspects around which the reform program is built, according to a statement released by the CBI.
By implementing financial literacy initiatives, bolstering the legislative and regulatory framework, and enhancing depositor and creditor safeguards, the strategy seeks to rebuild public confidence in Iraq’s banking sector. Additionally, it will make financial services more accessible across the country.
The CBI plans to boost its anti-money laundering operations through the adoption of digital identification technologies.
TIDBIT FROM CLARE
Clare
Article: "RepJoeWilson My letter today with @RepGregSteube to Secretary Rubio asking for sanctioning Iraq to be included as part of maximum pressure."
Quote: "We write to express our deep concern over the complete subjugation of Iraq to the Iranian regime... Today, Iraq stands an nothing more than a puppet of Tehran...The National Security Policy Memorandum-2 of Feb 4, 2025 clearly articulates the reimposition of maximum pressure on Iran...
Any campaign against the Iranian regime, will require an equally robust campaign against Iraqi institutions, which have become essential clients for the Iranian regime."
Republican lawmakers urge immediate US sanctions on Iraq
Shafaq News/ On Wednesday, two Republican members of the US House of Representatives called for immediate sanctions on Iraq, accusing Baghdad of falling fully under Iranian influence and acting as a “puppet” of Tehran.
In a letter addressed to US Secretary of State Marco Rubio, Representatives Joe Wilson of South Carolina and Greg Steube of Florida demanded a “comprehensive reassessment” of US-Iraq relations, urging the suspension of all American aid to the Iraqi government until “serious steps” are taken to curb Iran’s dominance.
PAULETTE: I sure hope we are close
Paulette
I am hopeful that perhaps the 1390 [Market Rate] target is to enact the Delete the Zeros project (RD/RV) resulting in an annihilation of the Market Rate.
This would then result in Article 8 obligation compliance in order to get to the RI stage.
This would be congruent with the 2009 MOP/MOF report of "initially a rate of 1.14-1.18 and held there for a period"
....prior to "restoring the true rate of 3.208."
I sure hope we are close.
Iraqi Parliament dismisses US lawmakers’ claims of Iranian influence
Shafaq News/ The Iraqi Parliament’s Foreign Relations Committee on Thursday rejected recent accusations by members of the US Congress alleging Iranian influence over Iraq’s political and security institutions.
Two Republican lawmakers had called for a “comprehensive reassessment” of US–Iraq relations and urged the suspension of all American assistance to the Iraqi government until what they described as “serious steps” are taken to reduce Iranian involvement.
Committee member MP Mukhtar al-Moussawi told Shafaq News that such calls are not new and do not reflect the official position of the US administration. “These are media-driven appeals that lack any real substance,” he said.
“There is no Iranian hegemony over Iraq,” al-Moussawi stressed. “Iraq’s decisions and its relationship with Iran are similar to its relations with other countries in the region and around the world.”
He asserted that the US seeks strong relations with Iraq due to its strategic importance, and there is no indication of any intention to impose sanctions. “Ties between Baghdad and Washington are progressing across multiple levels and will not be affected by suspicious appeals from certain hardline figures in the US Congress.”
STATUS OF THE RV . PART.6 BY MNT GOAT
STATUS OF THE RV . PART.6
The campaign focused on the concept of simplicity of use and security of the experience, removing the psychological and cultural barriers associated with fear of financial technology, especially in a country where a large portion of the economy still operates in cash and on the margins of banking.
“Asreflak” gained double power because it wasn’t just a top-down decision, but rather the product of a need from below. Field monitoring showed that people were ready to embrace this change, but were waiting for trust, and now they have found it.
What more can I tell you today?
😊I find this next article interesting because once again Iraq is reinforcing the decline of the dollar. This time a finance committee member is telling us the real reasons why the decline. See article titled “THE PARLIAMENTARY FINANCE COMMITTEE EXPLAINS THE REASONS FOR THE DECLINE IN THE DOLLAR PRICE: IT IS NOT DUE TO GOVERNMENT MEASURES.”
Member of the Parliamentary Finance Committee, Jamal Kocher, considered on Tuesday that talk about measures taken by the government that contributed to the decline in the dollar exchange rate against the Iraqi dinar is “incorrect.”
“There are many reasons for this decline, the most prominent of these reasons is the stagnation of trade and the decline in demand for the dollar in the parallel market.” Feel free to read up on the other reasons for the decline in the full article in the Articles Section of the Newsletter.
Remember that the current CBI “official” rate if the dinar is still at 1320 although there is some fluctuations in the ISX market to 1300-1310. The goal is still to get the parallel dollar market even with the “official” rate.
It has not yet happened but is making progress every day in that direction.
😊 Okay so now that we talked about the successful AML efforts we see that the exposure of more potential wealth for Iraq. Let’s study the article titled “HUGE UNTAPPED WEALTH… IRAQ’S TOP 5 MINES”. Just be reading the title I say WOW! WOW! WOW! But I have already talked about these other minerals to you many times already. So, today we get more details about them in this article.
Iraq’s five most prominent mines reveal a map of mineral wealth that remains untapped due to decades of security challenges that have led to the neglect of these resources.
According to a report published by the Energy Platform, Iraq’s most prominent minerals include “sulfur, phosphate, and rock salt, along with strategic minerals such as iron, manganese, zinc, and lead.” The report indicated that “despite the dominance of oil in the economy, Iraq boasts vast mineral resources concentrated in a number of mines.”
So, again lets summarize some of the wealth:
- Oil revenues (realized and untapped)
- Customs and Tariffs (can rival the oil revenues)
- Tourism (hotels, holy shrines, pilgrimages, museums, etc)
- Agriculture exports
- Development Centers / Industrial Cities (soon to generate many exported products)
- Untapped minerals (sulfur, phosphate, and rock salt, iron, manganese, zinc, lead and some rare earth minerals.)
- Gold Mines in Iraq
- What did I miss?
In summary, if any of my readers are gloomy today this Newsletter should cheer you up. I wish I could give you a date and a firm rate for the revaluation, but this will never happen. But what I can give you is HOPE. I mean realistic HOPE with FACTS and TRUTH not some intel guru every day / any day bullshit. This AML effort was a critical part for Iraq and effected the three Pillars of Financial Reforms. If you read today’s articles, they all sound like reforms of the past. In other words, already completed.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/WALKINGSTICK: The United States of America is working on an act. The act is called Free Iraq from Iran
Walkingstick
The United States of America is working on an act.
The act is called Free Iraq from Iran. It's a congressional act. HR-2658.
It was done on April 3, 2025.
Walkingstick
Yesterday they made a statement at the Baghdad summit.
This Baghdad summit is a stage IMO to show off to every that is interested in the potential of Iraq's future. Not right now, but as soon as they release the new exchange rate...Sudani...
said Iraq is a Recovered nation....They have a recovered monetary reform...monetary policy... investment opportunity...recovered their banks...infrastructure...
They have recovered 1310 and in doing so IMO have a recovered exchange rate.
This is part of the recovery to say to the world and Iraqi citizens that the recovery of their monetary policy was successful.
https://dinarevaluation.blogspot.com/2025/05/tidbit-from-walkingstick_02108579958.html
From Mogadishu to Madrid: Iraq’s forgotten global assets
Shafaq News/ From tea plantations in Vietnam to Mediterranean villas in France, and from the outskirts of Mogadishu to the coastlines of Mozambique, a vast trove of Iraqi-owned properties and investments—valued at no less than $90 billion—has slipped into obscurity.
Once key instruments of influence and diplomacy, these assets now lie buried in unarchived files, undocumented contracts, and unnamed holdings.
Forgotten Assets
Senior diplomatic sources who spoke with Shafaq News reveal that Iraq holds more than 50 properties and foreign investments scattered across Europe, Asia, and Africa. Acquired over decades, this portfolio spans luxury real estate, farmland, banks, office buildings, and industrial facilities.
Europe houses a significant portion of Iraq’s footprint, with assets in Spain, France, the UK, and Italy. Some properties are situated in prestigious locations, such as Cannes on the French Riviera, a city synonymous with elite allure. Beyond residences, the holdings include financial institutions and commercial offices strategically placed across major cities, originally intended as economic diplomacy outposts.
In Asia, the focus shifts to agricultural investments. Iraq’s ventures include plantations producing tea, rice, rubber, and tobacco across Malaysia, Sri Lanka, and Vietnam.
Africa presents yet another dimension. Iraqi assets comprise tourist islands, agro-processing factories, and agricultural estates in Somalia, Nigeria, and Mozambique.
This expansive network of international holdings traces back to policies from the 1970s and 1980s when surging oil revenues fueled Iraq’s global investment ambitions.
Under the Foreign Investment Law of 1981, the state secured the authority to acquire and manage overseas properties through embassies, commercial attachés, and sovereign investment vehicles. The goal was clear: establish Iraq as a player in global trade and leverage its economic presence abroad.
Yet, that vision lost momentum over the years. The 1990s sanctions, the 2003 regime change, and prolonged instability severely disrupted oversight. Some assets fell into undocumented limbo, others became caught in legal grey zones, and several were absorbed into local markets under circumstances still not fully understood.
Dormant Oil Plant
A vivid example of this forgotten legacy emerged at the recent Arab League summit in Baghdad. Somali President Hassan Sheikh Mohamud brought to light an Iraqi-built oil refinery on the outskirts of Mogadishu that had vanished from official records.
Constructed in 1978 through a formal agreement between Iraq and Somalia, the refinery disappeared from Iraq’s inventories after Saddam Hussein’s fall. For over two decades, its existence remained unacknowledged—absent from registries and erased from institutional memory.
Somali officials informed Iraqi Prime Minister Mohammed Shia Al-Sudani that the refinery remains structurally intact and could resume operations with technical rehabilitation. This revelation arrives as Somalia prepares to explore its offshore oil reserves, positioning the plant as a potential regional energy hub.
Originally designed to refine imported crude and store petroleum products for domestic and regional use, the facility once processed over 10,000 barrels per day. Beyond its practical function, it symbolized Iraq’s Cold War-era economic diplomacy—a strategic energy foothold anchoring Baghdad’s influence in the Horn of Africa.
In response, Baghdad swiftly organized specialized legal and technical committees to probe Iraq’s overseas asset landscape, beginning with Somalia and expanding to other countries hosting similar projects. The Ministries of Oil, Foreign Affairs, and Justice joined efforts to verify ownership, review documentation, and regularize the legal and tax status of each facility.
Diplomacy Meets Armed Threat
These recovery efforts are not new. In 2012, Iraq initiated one of its earliest serious missions to reclaim overseas properties, sending a delegation to Mozambique to inspect a state-owned asset—reportedly a former palace on a tourist island. What was intended as a routine diplomatic inspection quickly turned precarious.
According to a diplomatic source briefing Shafaq News, the delegation encountered no official representatives but instead faced armed threats. An armed group controlling the site forced the Iraqi team to abort their mission and leave the country immediately. This incident epitomizes the broader, intricate challenge Iraq faces in reclaiming its scattered global properties.
Similar attempts in Sudan, Chad, and parts of Eastern Europe have met comparable resistance. In many cases, local militias, privatized entities, or reorganized state bodies invoke laws on adverse possession or post-conflict redistribution to justify retaining control over assets Iraq insists are rightfully theirs.
A Complex Recovery
Preliminary valuations place these foreign holdings between $80 billion and $90 billion—an amount economists view as a vital resource for diversifying Iraq’s income. With the 2024 federal budget totaling approximately $152 billion and crude oil exports accounting for 93% of revenues, recovering even 10% of these assets could contribute nearly 6% of the annual budget. Such a boost would provide a critical cushion against oil market volatility.
Nonetheless, reclaiming these assets remains a complex endeavor. Legal experts highlight numerous obstacles, including statutes of limitations and protective court rulings that recognize new ownership, given Iraq’s prolonged absence from these jurisdictions. Years of neglect have compounded the difficulty.
Complicating matters further, Iraq’s Parliamentary Integrity Committee acknowledges that a significant portion of ownership records was lost, stolen, or destroyed following the 2003 invasion. During the ensuing chaos, some properties transferred quietly to individuals or front companies linked to the former regime, while others vanished into legal limbo—abandoned, seized without challenge, or entangled in unclear ownership.
The situation grows more complicated in countries like Italy and Nigeria, where inheritance claims, local investment restrictions, and debates over whether assets were held directly by the Iraqi state or through now-defunct shell companies create additional hurdles. In weaker judicial systems, forged documents have surfaced, supporting false ownership claims, while legitimate Iraqi cases face bureaucratic delays, political interference, and corruption.
Faced with these challenges, Iraq’s Anti-Corruption Commission warns that without a centralized, publicly accessible registry of foreign holdings, future recovery attempts risk repeating past failures.
To bridge this gap, the Iraqi Foreign Ministry has launched a historical mapping initiative aimed at reconstructing records of foreign assets. This project taps into embassy archives, decades-old trade agreements, and files from the United Nations oil-for-food program. Retired diplomats and senior officials who managed these holdings during the 1980s and 1990s have also been called upon to help unravel the complex ownership puzzle.
Legal specialists interviewed by Shafaq News emphasize the need for Iraq to move beyond initial inquiries and behind-the-scenes discussions. They recommend initiating formal legal proceedings before the International Court of Justice, alongside negotiating bilateral treaties with host countries to reaffirm Iraq’s ownership claims. Equally important, they note, is the creation of accountability mechanisms to identify and address those who have benefited from or hidden these assets over the years.
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MAJEED: 💥 From Zeros to Value: How Iraq’s Currency Reform Could Transform the IQD 💥
💥 💥 From Zeros to Value: How Iraq’s Currency Reform Could Transform the IQD 💥 ⭐ Introduction The term “Zero Game” is buzzing among Ir...
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A groundbreaking and irreversible shift is occurring in the global financial system as it rapidly transitions to a gold-backed structure. T...
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Confirmed on Live TV – Announced Exchange Rate: $6.02! – Take Advantage!🔊 Highlights Summary Here are reports on the officially confirmed...
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Global Currency Reset: Mon. 19 May 2025 NESARA & QFS REDEMPTION EXPOSED: THE FINAL PHASE HAS BEGUN · The RV Redemption is LIVE. The fin...