Saturday, May 31, 2025
UN: Iraq will become a banking powerhouse both domestically and internationally
UN: Iraq will become a banking powerhouse both domestically and internationally
UN Secretary-General's Special Representative, Mohammed Al-Hassan, confirmed that Iraq will become a banking powerhouse both domestically and internationally .
Al-Hassan said in a statement to the Iraqi News Agency (INA) today, Friday, that "the words spoken during the conference on money laundering and combating the financing of terrorism indicated that Iraq is facing a regional and international challenge to restore its status ."
He added, "The Iraqi economic system cannot be complete without an effective financial sector, both domestically and internationally," noting that "Iraq is committed to taking positive steps to restore confidence in the financial and banking sector in Iraq ."
Al-Hassan stressed that "the United Nations supports Iraq's path, which will become, in the coming days, a banking power that interacts internally and externally," emphasizing that "the fight against terrorism is not a scourge that has afflicted Iraq alone, but the entire world, and the sacrifices that Iraq has made in lives and money are not trivial or small ."
He noted that "these sacrifices must be completed, extended, and continued to restore Iraq's position in the financial and banking sector link
FIREFLY: .They say soon the parallel market price will come to match the official CBI rate.
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Mr. Sammy says...They say soon the parallel market price will come to match the official CBI rate. That's how it's going to be fixed.
However I still believe somewhere around 1390 to maybe 1350 or 1340 that will be close that they will roll out the new rate.
FRANK: This is so close. It's like your breath to your lungs.
Baghdad Conference Calls For International Cooperation To Combat Money Laundering
Baghdad Conference Calls For International Cooperation To Combat Money Laundering
Economic 05/29/2025 Baghdad: Hussein Thaghab Participants in the Anti-Money Laundering and Combating the Financing of Terrorism conference agreed on the need for international cooperation to combat money laundering and terrorist financing crimes.
This was in light of the significant government support aimed at improving the status of Iraqi banks in accordance with international standards, and the United Nations' desire to restore Iraq to the international arena and influence.
Meanwhile, Iraq's international partners considered the cash sale system for foreign currency to beneficiaries to be the most optimal globally.
The Prime Minister's representative, Financial Advisor Dr. Saleh Mahoud, said in a speech:
"The conference represents an opportunity to build and strengthen confidence in Iraqi banks, given the government's awareness of the importance of creating a robust banking system operating according to international standards."
He highlighted the conference's importance and its role in raising awareness among specialists in this field,especially with the increasing challenges facing governments in this area and the crimes it commits,which have negative repercussions on countries.
Saleh added that to address these challenges, countries are seeking to develop their anti-money laundering legislation and adopt guidelines, as weak legislation increases the incidence of crimes.
He emphasized that the government has taken significant measures to combat money laundering in line with international standards, reflecting the government's commitment to developing effective financial performance.
He pointed to the role of the reforms adopted by the government in developing the financial sector and improving financial performance, as well as the significant successes achieved in combating money laundering
and terrorist financing.
Governor of the Central Bank of Iraq, Dr. Ali Al-Alaq, noted that this conference affirms the continuation of the reform process and the fight against money laundering and terrorist financing in cooperation with relevant institutions.
He explained that money laundering crimes are a gateway to destabilizing countries, and therefore international cooperation with partners is essential to curbing these crimes.
Al-Alaq pointed out that the international assessment results revealed strengths in Iraq's favor in key areas.
The international report also highlighted weaknesses in some areas, and we have begun addressing them in a way that mitigates their risks.
This reflects Iraq's commitment to international standards and building a secure banking system. He stressed that the Republic of Iraq has achieved significant results in strengthening the balances of Iraqi banks abroad in a way that keeps them away from problems.
Today, we have succeeded in opening accounts with correspondents.
The Central Bank has also introduced a cash sale system for foreign currencies exclusively for beneficiaries, which international partners consider the best in the world. Furthermore, the complete automation of work between the concerned parties has represented a qualitative leap in reducing suspicious transactions.
We are in the final stages of the process of linking with the relevant departments to complete the work successfully, and work to mitigate the sources of financial crime is ongoing.
Al-Alaq commended the Kurdistan Region's active participation in combating money laundering and terrorist financing, and the significant role this step plays in curbing and combating this activity.
He noted the efforts to employ artificial intelligence to regulate financial transactions, and the
ongoing restructuring and development of government banks in accordance with international standards, building them on modern and advanced foundations.
He also noted the significant successes achieved in developing electronic payments in accordance with international standards.
For his part, Wadih Al-Handhal, Chairman of the Iraqi Private Banks Association, stated that the conference addresses a significant topic in the financial landscape, and that its significance is heightened by the challenges facing Iraqi banks in their relationships with international banks.
He emphasized that most banks have adhered to transparency and compliance standards and continue to support the national economy. He added that they believe our banks are capable of making an effective comeback.
He noted that the banking sector is evolving and has an ambitious plan in the areas of compliance and money laundering, and that the two-day conference will discuss critical topics that will enhance financial performance in Iraq.
UN Secretary-General's Special Representative, Mohammed Hassan, said the forum represents an important milestone in Iraq's journey toward adopting a law to combat financial crimes. He added that the
United Nations believes in Iraq's return to its rightful place among the nations of the world, and that
governance and compliance are important and imperative pillars. He added that we appreciate the efforts of the Central Bank and the Association of Banks to consolidate these pillars, and we recommend international partnerships to build national capabilities that will advance the financial sector.
He highlighted the importance of leveraging successful Arab and international experiences to integrate Iraq into the global financial system, explaining that technology is an urgent necessity at this time and must be coupled with a transparent legislative system.
Secretary-General of the Union of Arab Banks, Wissam Fattouh, emphasized the importance of adhering to international standards, which play a key role in strengthening Arab and international financial relations.
He also pointed to the need for international partnerships to develop the Arab financial sector, emphasizing that the goal is to build a secure, flexible, and independent banking sector that serves all sectors of the national economy.
Chairman of the Parliamentary Finance Committee, Dr. Atwan Al-Atouni, said:
"The conference addressed a topic that should receive significant attention, as it is part of global requirements that help respond to the global financial sector, preserve its integrity, and contribute to supporting development efforts."
He emphasized that Iraq has made significant strides in this area, issuing important directives and creating human cadres with the expertise to enable it to reduce crime and adopt the best methods for combating financial crimes.
Ziad Khalaf, Vice Chairman of the Board of Directors of the Union of Arab Banks, explained that the
Iraqi banking sector faces challenges in opening accounts with international banks.
Despite banks' compliance with the regulations, some international banks view Iraqi banks as requiring further compliance. He noted that Iraqi banks are capable of digital transformation, having achieved successes that surpass those of other banks in the region, and are looking forward to building financial institutions that will advance Iraq and serve its people.
https://alsabaah.iq/115440-.html
DINAR EXCHANGE 🇮🇶✨ Iraq’s Big Moment!
DINAR EXCHANGE
Iraq’s Big Moment!
On Nov 11, 2025, Iraq will elect 329 new leaders 
A fresh chance to shape the future—new president, new PM, new direction!
Political stability = stronger IQD 
Hope is rising! 
Iraq Update
IMF projects Iraq’s non-oil GDP growth to slow to 1% in 2025, down from 2.5% in 2024—pressured by falling oil revenues.
Dinar hoarding has hit critical levels, threatening liquidity and economic momentum.
IMF on Iraq – May 2025 
IMF praises Iraq’s reforms:
Non-oil growth strong in 2023
Budget deficit widened
CBI modernizing trade finance & tightening policy
Reserves solid at $100B
Still no mention of RV—but signs of serious reform momentum. 
Mazhar Saleh: Evaluating Bank Boards Boosts The Economy And Investor Confidence
Mazhar Saleh: Evaluating Bank Boards Boosts The Economy And Investor Confidence
Time: 2025/05/29 22:07:38 Read: 1,935 times {Economic: Al Furat News} The Prime Minister's financial advisor, Mazhar Mohammed Saleh, affirmed on Thursday that Prime Minister Mohammed Shia al-Sudani's directive to re-evaluate bank boards is a strategic step to support the national economy.
While noting that government reforms will positively impact the quality of banking services, he noted that modernizing their structure will enhance transparency and increase investor confidence.
Saleh said in a press statement that "Prime Minister Mohammed Shia al-Sudani's directives to re-evaluate the boards of directors of state-owned banks represent a strategic step toward restructuring the Iraqi financial system, in line with the current banking reform program.
He explained that this initiative aims to enhance banks' ability to support the real economy and achieve comprehensive development goals." He added, "The success of this step requires institutional consensus and ensuring the independence of financial decisions, in addition to optimal investment in national competencies in accordance with international governance standards."
He emphasized that "re-evaluating the boards of directors of government banks, which control more than 80% of banking activity in Iraq,represents a fundamental entry point for launching broader reforms,including digital transformation, modernizing the settlement and payments infrastructure, strengthening oversight and reducing systemic risks, as well as improving compliance with International financial and monetary standards and providing an attractive environment for investment."
He continued, "This step comes within the framework of a comprehensive study conducted by the global consulting firm Ernst & Young, which focuses on improving banking governance in the government sector, thus contributing to the restructuring of government banking entities to become more effective in supporting development, investment, and revitalizing the financial market."
Saleh pointed out that "the Iraqi financial and banking system, especially the governmental one,
faces major challenges in terms of efficiency, transparency, and ability to support economic development."
He stressed that the Prime Minister's call to reconsider the composition of the boards of directors of government banks aims to correct the course and ensure a healthy environment capable of achieving the required reforms, through the effective application of governance and transparency standards and the efficient representation of decision-makers and government banking policymakers."
The financial advisor expected that "the reassessment process will contribute to improving the speed and quality of financial decisions and enhancing risk management,
which will support the stability of the financial system and enhance transparency and accountability, thus increasing investor and public confidence." He pointed out that "these reforms will have a positive impact on the quality of banking services provided, including improved payment, credit, and investment services."
He stressed that "these measures are part of a comprehensive reform plan for the financial and banking system,
which contributes to advancing economic development by improving financial services and attracting investments, and enhancing the efficiency of financial institutions and resource management in line with the country's financial and development policies." https://alforatnews.iq/news/مظهر-صالح-تقييم-مجالس-المصارف-يعزز-الاقتصاد-وثقة-المستثمرين
JON DOWLING UPDATE
Jon Dowling
More Gold comms from President Trump! No surprise here.
Elon will be working behind the scenes most assuredly. If he’s stepping out of the limelight, that confirms the new financial system foundation is set and poured. It will be the hottest summer of our lives in a good way.
Iraq will be an international powerhouse, even Gesara himself mentioned it in his news reported today. It’s just a matter of time now and not long at this point. Western union and money gram have stopped money transfers in and out of Iraq, with sanctions imposed upon them.
60,000 new homes and infrastructure are being created in Iraq as we speak!
How is that happening with no money incoming into the private sector??
Weekend Coffee with MarkZ. 05/31/2025
Weekend Coffee with MarkZ. 05/31/2025
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
MZ: Good Morning- The first 45 minutes is with CBD Gurus…then the news.
Member: Good morning everyone… happy Saturday to you
Member: Its odd that there is so much quiet and so little RV news lately. I sure hope its still moving forward and not stopped.
Member: Hope Mark has some really good news today. We certainly need it.
MZ: We will talk about the conflicts and back and forth in the Kurdish region when should force the resolution on gas and oil laws and revenue sharing (HCL Law) .
MZ: I have been told for many years now that this is the final roadblock before Iraq is ready to pull the trigger.
MZ: “An expanded meeting of Kurdish parties begins in Erbil to discuss stopping funding the salaries of the regions employees” There are “all hands on deck” meetings in Erbil right now
MZ: And Saleh chimes in on the progress in the banking world “Iraq is third in the Arab world in the number of bank cards” They are embracing the digital world.
Member: Supposedly when Barzani met with Rubio- Rubio told Barzani to get oil flowing. Supposedly budget went to com (council of ministers) on Wednesday and Sudani was supposed to get it through
Member: Militia man highlighted an article last night out of the UN stating that in the coming days, Iraq would be a global banking powerhouse.
Member: re forex holding spot with imf anticipated starting rate 4.81 then float! Really hope that is real
Member: I read a rumor that Trump and Company gave them -Iraq a back wall date of June 15th to get it done , or be left behind !! He reminded them how far they have come and now it was time to go -hope that is real. !
Member: Was hearing a go for this weekend but got halted. Let’s hope we stop getting delays. I know there is a lot of T’s to get crossed and I’s to get dotted
Member: We are into June now.. any idea when we might get notified?
Member: anything new form the Vietnam dong.
MZ: Nothing new….still hearing it is going at the same time as the dinar.
Member: Any Bond or bank news ??
MZ: On the bond side and banking side still quiet- but I did have a bond contact send me a message yesterday saying that the dinar now had an official spot on forex. I don’t know what that means , but he seemed excited. Hopefully that means they are preparing for an international rate and international trade. I am waiting for more clarification
MZ: My redemption center/wealth management folks are not working this weekend.
Member: if some banks are accepting for forex amount..does that mean it is definitely extremely close ??????
Member: BANK STORY: Mom went to a Chase bank in Florida this AM. She asked the bank teller if he had seen the new money yet. To her surprise he said “YES” WooHoo
MZ: I do love that.
Member: July 1st is supposedly the deadline that banks worldwide have to be Basel 3 complient.
Member: June 14 is flag day. Supposed to be a big July 4th celebration coming.
Member: 14 days to June 14 ... it's going to be a big day ... Maybe; the Victory Flag will be waved at the Finish Line ...
Member: Any day the RV happens will be my new favorite holiday
Member: Juneteenth is a holiday for the ending of slavery and hopefully it’ll get us out of financial slavery
Member: Once the RV happens we all can start new lives. Thanks Mark for all the encouragement.
Member: I think we are in better shape than we think..closer than we think
Member: Everyone enjoy your weekend. Hopefully this is the last one where we are broke.
TIDBIT FROM MNT GOAT
Mnt Goat
I strongly believe that the CBI has broken the proverbial back of the camel, yes, the back of the parallel market...
it is evidenced in an article titled “THE DOLLAR’S DECLINE IS IN THE INTEREST OF CITIZENS AND STRENGTHENS THE PURCHASING POWER OF THE DINAR.” ...
Hamid Abu Firas, owner of a money exchange company, explained...that “this fluctuation in the exchange rate cannot be called a fall in the dollar price, but rather an increase in the value of the Iraqi dinar against other currencies."
Folks this statement by Firas is a “WOW!” statement. We are hearing this from a money exchanger. These are the people who want the dollar to rise not decline and so this is a very important truth he had to now admit.
Foreign reserves between inflation targeting and external rent shocks
Foreign reserves between inflation targeting and external rent shocks
5/29/2025
Dr. Haitham Hamid Mutlaq Al-Mansour
Monetary policy relies on a fixed exchange rate system to guide the real exchange rate towards the short-term target inflation rate.
This system is appropriate for the Iraqi economy, as real output values are linked to global prices due to the unilateral structure of the economy and the sharp decline in the contribution of non-oil exports to fixed capital formation.
Therefore, the fixed exchange rate system was a realistic option to avoid the erosion of the value of the dinar.
Due to the impact of external rent shocks, controlling foreign reserves (dollars, gold, and securities included on the asset side of the Central Bank’s balance sheet as Iraq’s external debt) has become an instrumental approach to managing the Central Bank’s responses to the aforementioned shocks.
This involves regulating exchange rate fluctuations, targeting inflation rates. Inflation can rise and fall due to external rent shocks, leading to fluctuations.
Therefore, the Central Bank uses its reserves to sterilize the dinar’s expansion through dollar purchases and sales, and cash transactions in the stock market, both buying and selling, to achieve the target exchange rate.
The movement of foreign reserves is linked to public spending on oil revenues in dollars after the Central Bank exchanges them for dinars to meet demand from the private and public sectors, as well as government and household purchases. Depending on the surplus and deficit in the balance of payments, reserves grow or shrink. When oil revenues rise, the central bank refrains from financing the budget deficit, and the government reduces its spending, aiming to raise foreign reserves to be used to finance the budget deficit when oil revenues decline again.
Foreign reserves witnessed a significant increase due to the positive shock in the second half of 2021, reaching 3.244 million barrels per day at an average price of $110 per barrel.
This increased Iraq’s surplus in public finances and overall external balances, as reserves exceeded $90 billion, helping to stabilize the stabilization system and inflation targeting. However, with global oil prices heading towards a negative shock this year (2025) to less than $60 per barrel, and the Central Bank continuing its sterilization policies and measures towards international compliance, this led to a decline in reserves to less than $97 billion in March 2025, after having been around $105 billion in December 2024. Due to the recent shock, the Central Bank resorted to compensating by increasing its foreign exchange sales.
Therefore, in light of external rent shocks, we see the need for coordination between government policy and the Central Bank. From the government policy side, spending must be restricted to purely technical limits, thus deepening the reduction of the government deficit and strengthening the strategic role of reserves. Monetary policy must sustain its goal of achieving a stable inflation rate by managing the movement of the dollar exchange rate and demand for it in the interest of price stability and reducing costs in favor of rational spending policies.
Achieving low and stable inflation is an important factor in enhancing the local and foreign investment climate, which is linked to related economic policies, including commercial, agricultural, and industrial policies.
In short, the dependence of foreign reserve volatility on external shocks will remain a limiting factor in the national economy’s ability to combat inflation and support the investment climate. Therefore, two levels of optimal solutions can be identified.
The first, at the strategic level, involves sustained coordination between fiscal and monetary policies. The second, at the macro and structural level of the Iraqi economy, lies in addressing the rentier nature of the economy by gradually increasing the contribution of non-oil GDP to meet aggregate domestic demand, while supporting export diversification policies. LINK
TIDBIT FROM WALKINGSTICK
Walkingstick
This [Forex] memo confirms the Iraqi dinar is fully armed for public rate visibility at $4.81 with active infrastructure integration, live suppression staging and institutional level confirmation...
We believe this to be true. What that paragraph means is the IQD is now convertible...
[and] has absolutely no restrictions on the currency at all - Article VIII.
PRIME MINISTER’S ADVISOR: THERE IS NO FINANCIAL CRISIS IN IRAQ AND THE ECONOMIC SITUATION IS UNDER CONTROL
PRIME MINISTER’S ADVISOR: THERE IS NO FINANCIAL CRISIS IN IRAQ AND THE ECONOMIC SITUATION IS UNDER CONTROL.
The Prime Minister’s financial advisor, Mazhar Mohammed Saleh, confirmed on Wednesday that the circulating talk of a financial crisis in the country is “nothing more than rumors,” emphasizing the importance of hedging economic policies in light of the current international circumstances.
Saleh explained that the Iraqi economy relies on oil revenues to finance public expenditures by up to 90%, while government spending constitutes approximately 50% of GDP, which accounts for approximately 85% of total demand and economic activity.
He added, “Current indicators do not point to a financial crisis, thanks to prudent fiscal policies. However, global challenges, such as trade wars and faltering energy markets, require vigilance and caution to maintain the country’s prosperity.”
He pointed out that the oil market is entering the early stages of a price decline cycle, emphasizing that there is close coordination between fiscal and monetary policies to address these challenges through fiscal discipline and controlling revenues and expenditures, in parallel with financing measures that do not negatively impact public spending.
Saleh explained that Iraq has accumulated experience in dealing with oil cycles since 2014, and has succeeded in ensuring economic stability by providing salaries, pensions, and social welfare, supporting agriculture, and strengthening partnerships with the private sector within the government’s reform program.
He concluded by saying, “Securing liquidity to meet the country’s needs is a top priority. There is successful central financial management of this issue, and there are no current concerns in this regard.”
TONY'S INTELLIGENCE CALL, TNT, MAY 28, 2025
TONY'S INTELLIGENCE CALL, TNT, MAY 28, 2025
Summary:
1. No more RV delays. I wish!
2. We'll never have a call on a holiday again.
3. Tony had a great weekend.
4. We received a lot of intelligence over the weekend. Tony said he didn't share it because it changed every two hours. It went up and down, over and over again.
5. The intelligence went back and forth: UN, IMF, Federal Reserve, banks, etc.
6. It was a roller coaster ride all weekend. Tony said he saved us a lot of trouble by not sharing the information.
7. The RV was scheduled five times over the weekend.
8. Everything is done on Iraq's side; Everything is done by the UN, the IMF, the Federal Reserve, and the US Treasury. By "everything done," he meant countries connected, tariffs charged, and information sent.
9. There was a document, part of which was released, but no one was supposed to see it. It was step-by-step information on how we got to where we are now and the process of where we're going.
10. There were no details about what would be done or how.
11. Everything is finished, but we're waiting.
12. We're at a window waiting for notification, even as this call is being made.
13. Some people were at the bank this morning waiting to switch, but they were told to come back after 2:00 today.
14. Iraq is trying to get it approved.
15. The deadline is from today to Friday.
16. Tony expects it to be completed today.
17. Everything is ready at the banks, we're just waiting for the go signal.
18. We have a few more hours in this window.
19. The exchange rates are good. The bolivar was on the bank's screen.
20. The dinar was worth $4.41.
21. Eight hundred numbers were given to the banks, but they were for them, not us. Each bank was assigned a different number.
22. When Tony asked for information he needed to share with us, he was told they had better information than he was asking for, but couldn't get it until they gave him the 800 number.
23. A piece of advice for us: be prepared for change.
24. Tony was asked if he would accept the higher amount or the exchange rate shown on the screen. Tony said, "Why not just accept the higher amount and keep quiet for 90 days?"
25. This is a once-in-a-lifetime event."
26. All the currencies we've talked about are still in circulation.
27. Everyone says the exchange rate will be delayed today.
28. In Iraq, the exchange rate will be one to one.
29. There's nothing more to be done. Iraq will announce it to its citizens, period.
(Personal note: It's coming, it may or may not be tonight, don't be intimidated by these delays; it's going to happen.)
Subscribe to:
Comments (Atom)
🌟 FIREFLY UPDATE: Iraq’s Currency Shake-Up Could Reshape the Economy 💰 #frank26 #dinarrevaluation
Read also: Q & A WITH GINGER ABOUT HOW PEOPLE WILL RECEIVE NOTIFICATIONS AND THE PROCESS IN THE REDEMPTION CENTERS
