Monday, June 2, 2025
Iraq enforces unified customs tariff at all border crossings, including Kurdistan
Shafaq News/ Iraq’s Ministry of Finance, through the General Commission of Customs, has begun implementing a new, unified customs tariff across all border crossings and customs centers, including those in the Kurdistan Region.
The Commission stated that the revised valuation system is based on Cabinet Resolution No. 270 of 2023 and recommendations from the Economic Ministerial Council. The update is designed to standardize procedures and curb manipulation in customs valuations—particularly for imported vehicles and goods entering through northern borders.
"We provided the Ministry of Trade with a digital copy of the reference pricing lists to help synchronize implementation across all entry points."
Implementation will follow jointly approved price lists agreed with the Kurdistan Region on December 19, 2023, using reference tables from 2022 and 2024. In cases of discrepancy between invoice values and average international prices listed in the ASYCUDA system, the higher value will be applied.
A source from the Northern Customs Directorate told Shafaq News that the tariff took effect on Monday, June 2, 2025. Customs checkpoints in Kirkuk, particularly at Jemen and Darman, have tightened inspection protocols in line with the new regulations.
The recent visit of Border Crossings Authority Director Omar al-Waeli to these checkpoints was aimed at reinforcing compliance with the updated system.
Economic analyst Abdullah Hussein described the unification of tariffs between the federal government and the Kurdistan Region as a significant reform. He noted that previous inconsistencies in valuation created vulnerabilities in the national economy, and that the new approach is expected to close gaps and ensure fairer trade practices.
TIDBIT FROM MNT GOAT: what has been preventing this revaluation to the TRUE rate of the dinar?
Mnt Goat
We know about what the TRUE rate of the dinar should currently be based on its assets.
The IMF is going to a strict asset-based evaluation of currency values. This is a Basel requirement.
So, what has been preventing this revaluation to the TRUE rate of the dinar?
...it was mostly the AML [Anti-Money Laundering] issue...i.e. banking reforms... efforts were put on warp speed to complete the AML reforms as acceleration began in early January 2023..
.we now get a sense of a real change...a sound transition away from those sanctioned days of Iraq since 1990’s. It is a new Iraq and it is here now...
So, it puzzles me as to why the currency also does not NOW reflect this change. But I assure you it will, and it won’t be long until it does...
The AML efforts is sprouting great benefits to Iraq and allowing them to move ahead quickly now.
Masour Barzani: We have begun a strategic partnership with the United States to transform Kurdistan into an energy and innovation center
Masour Barzani: We have begun a strategic partnership with the United States to transform Kurdistan into an energy and innovation center.
6/1/2025
The Prime Minister of the Kurdistan Regional Government and Chairman of the Board of Trustees of the American University of Kurdistan, Masrour Barzani, affirmed on Sunday evening that his recent visit to the United States marked the beginning of a new phase of strategic partnership. He also indicated that efforts will continue to secure permanent electricity in the Kurdistan Region.
Speaking at a graduation ceremony for a new batch of students at the American University in Duhok, Barzani said, "We in the Kurdistan Regional Government have embarked on a series of comprehensive reforms that are not just theoretical ideas, but have tangible and direct impacts on improving the lives of the people of Kurdistan. Through these reforms, we aim to provide a prosperous life and sustainable economic growth."
He noted that his recent visit to the United States "marked the beginning of a new phase of strategic partnership, with agreements signed with a number of leading American companies in the energy sector, which will contribute to creating quality job opportunities and stimulating the innovation and investment environment in the region."
Barzani added, "For the first time in its history, the Kurdistan Region is witnessing an economic transformation that is not solely dependent on oil, but rather based on diversifying vital sectors such as agriculture and banking services." He pointed to "important infrastructure projects, including improving the water distribution system and establishing a special fund to protect the future of future generations."
He also announced "continued work on the Ronahi project to provide sustainable electricity, in addition to launching the Hesabi initiative, the first of its kind in the region, which aims to consolidate financial inclusion through digital banking services and enhance transparency."
Regarding digital transformation and artificial intelligence, Barzani continued, saying, "Artificial intelligence and digital transformation are no longer futuristic concepts; they have become a pivotal reality. We encourage investment in innovation centers and strengthen cooperation between universities and the technology sector, and we call on our youth to engage in this global revolution."
The Prime Minister of the Kurdistan Regional Government also addressed the health sector, commending the graduation of the first batch of nursing students from the American University of Kurdistan, who received comprehensive support through scholarships.
He described them as "a promising hope for a healthier and more prosperous Kurdistan," stressing "the government's continued support for the development of advanced professional programs in this field."
Barzani also emphasized the importance of education as the foundation upon which all forms of progress are based, saying, "We are implementing radical reforms in the education sector to build a transparent and accountable education system, with a special focus on the quality of education from primary to higher education, and instilling a culture of lifelong learning." LINK
ARIEL: Fed Chair Jerome Powell to Officially Resign
From Yahoo: President Donald Trump on Thursday met with Federal Reserve Chair Jerome Powell for the first time in his second term, scolding him for not lowering borrowing costs. Powell maintained that any decisions won’t be based on the president’s demands.
The meeting, which comes after months of unrelenting attacks from Trump against the Fed chief, took place at the White House and was at Trump’s request.
“Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,” the Fed said in its statement. End quote.
Now as we can see Jerome Powell is trying to maintain a alpha position by putting on a front that if anything happens it would be on his own accord and not a the request or demand from Donald Trump. He has been wearing this poker face since D. Trump took office. Do I believe he will step down eventually? Yes. Will it be tomorrow? Not likely but ofcourse very welcomed if this so happens to be the case.
Under a government decision, Forex and cryptocurrency companies in Kurdistan are closed
Under a government decision, Forex and cryptocurrency companies in Kurdistan are closed.
6/1/2025
The Kurdistan Regional Government (KRG) decided on Sunday to form a special committee within the Ministry of Interior, with the participation of relevant authorities, to shut down cryptocurrency and digital currency companies.
According to a letter issued by the Presidency of the Kurdistan Regional Government's Council of Ministers, No. 6640, dated May 27, and seen by Shafaq News Agency, the Ministry of Interior was notified, based on instructions issued by the Central Bank of Iraq, regarding the ban on dealing with electronic trading companies (forex) and digital currencies.
The Court's presidency stressed the need to take the necessary measures to form a committee with the relevant authorities to close down all companies operating in this field under various names. LINK
WOLVERINE UPDATE
Sun. 1 June 2025 Wolverine
- The Pentecostal Group started the process on Fri. 30 May as promised. They are scheduled to be paid on Wed. 4 June 2025.
- On Sat. 31 May trigger groups were expected to come out, but evidently it has been moved till the 4th of June. A lot of people are now saying the 4th of June to the 9th June that funds are going to get released.
- I have also spoken to an owner of a platform and he told me that he can’t say anything at the moment and he told me to have faith in him as everything is looking excellent and that any day those funds will be released on that platform.
- TNT is saying the likely scenario is tonight FOREX is supposed to load the rate again tonight and we could go to the bank tomorrow. Worst case is FOREX loads Sunday upon FOREX reopening and we’re in the bank on Monday. They sound very confident and I pray that they are right.
- Now there are people criticizing gurus that we are doing an injustice to people by creating hopium which is completely false. Everyone is trying to do something to help us go through and we are not in the business in creating false information just to make you feel good which at the end all it does is hurt people .Please respect everyone that is trying to help.
- I’m praying a lot and having faith that any day we will be shouting “FREEDOM “ God bless you all. Your friend and servant. Wolverine
Parliamentarian: Extraordinary sessions will be held after Eid to approve important service laws
MP Hussein Al-Saabari revealed, on Saturday, that the House of Representatives intends to hold extraordinary sessions after the Eid Al-Adha holiday, to compensate for previous sessions that were not held due to the lack of quorum.
Al-Saabari said in a statement to the Al-Maalouma Agency, that “the House intends to discuss a number of important laws during these sessions, most notably the Popular Mobilization Law, the budget schedules, and the Ministry of Education Law.”
He called on members of the House of Representatives to “commit to attendance and not be absent from upcoming sessions,” calling on “political blocs to urge their representatives to perform their legislative role in a way that serves the public interest.”
Al-Saabari pointed out that “the holding of extraordinary sessions represents an important opportunity to correct the course of legislative performance and compensate for the delay in passing laws that directly affect the lives of citizens,” noting that “serious political will and cooperation between blocs will be the decisive factor in the success of these sessions and achieving tangible results.”
It is noteworthy that the House of Representatives had previously called for holding emergency sessions during the legislative recess in order to vote on important laws link
JUDY NOTES
JUDY NOTES
Possible Timing:
- Fri. 30 May 2025 Wolverine: “I have it from very high sources that we begin this week.”
- Fri. 30 May 2025: Zim Bond redemptions are underway. Quietly. Precisely. And every redeemed bond is fueling humanitarian efforts that bypass the old c*****t systems. But security is tight. NDAs are mandatory. …QFS on Telegram
- From Thurs. 5 June to Mon. 9 June 2025 the Tier4B window would be open. Internal banking advisories indicated public redemption will begin regionally, based on QFS load-balancing and readiness reports.
- From Tues. 10 June to Fri. 13 June 2025 all Tier4b appointment notifications were set to be issued.
- From Sat. 14 June 14 to Tues. 17 June 2025 the General Public rollout was set to happen, with the Sat. 14 June U.S. Army’s 250th Anniversary Parade at the National Mall serving not just as a celebration — but as confirmation that America was back under Constitutional Rule.
- Around Sun. 15 June 15 and Mon. 16 June 2025 expect minor banking downtimes, signaling the final switchover to full QFS integration.
- On Wed. 18 June to Sat. 21 June 2025 the Global Access Phase would begin for Tier 5, the General Public who hold foreign currencies to exchange.
- Fri. 4 July 2025: Public rollout of Global Currency Reset.
- Wed. 9 July 2025 was the Back Wall for the Global Currency Reset to occur optically. …Jon Dowling, Iraq
Including the Popular Mobilization Law… 140 draft laws await parliament’s vote
The Parliamentary Investment and Development Committee revealed that there are more than (140) draft laws, including new legislation and amendments to existing laws, that are still awaiting a vote in the House of Representatives.
The committee’s vice-chair, Hussein Al-Sa’bari, said, “A large number of these projects have completed their discussions within the relevant committees and are ready for inclusion on the agenda of the general sessions.”
He pointed out that “many of them concern vital sectors that affect citizens’ lives.”
He explained that “among the most prominent laws proposed are the Popular Mobilization Forces Law, legislation related to higher education, particularly the “Basis for Granting Certificates,” in addition to service and administrative laws.”
For his part, member of the Parliamentary Legal Committee, Muhammad Anouz, added that the legislative priorities also include the Anti-Narcotics Law and the Retirement Law, which needs to be amended to ensure.. link
TIDBIT FROM PIMPY
Pimpy
Article: "UN: Iraq will become an internal and external banking force"
That's what we're hoping for, that's why our fingers are crossed...
Quote: "Iraq is coming to a regional and international benefit to restore its status." That's one of the big steps Iraq needs to do for the dinar to be trading onto the Forex.
Parliamentarian: Extraordinary sessions will be held after Eid to approve important service laws
Parliamentarian: Extraordinary sessions will be held after Eid to approve important service laws
MP Hussein Al-Saabari revealed, on Saturday, that the House of Representatives intends to hold extraordinary sessions after the Eid Al-Adha holiday, to compensate for previous sessions that were not held due to the lack of quorum.
Al-Saabari said in a statement to the Al-Maalouma Agency, that “the House intends to discuss a number of important laws during these sessions, most notably the Popular Mobilization Law, the budget schedules, and the Ministry of Education Law.”
He called on members of the House of Representatives to "commit to attendance and not be absent from upcoming sessions," calling on "political blocs to urge their representatives to perform their legislative role in a way that serves the public interest."
Al-Saabari pointed out that “the holding of extraordinary sessions represents an important opportunity to correct the course of legislative performance and compensate for the delay in passing laws that directly affect the lives of citizens,” noting that “serious political will and cooperation between blocs will be the decisive factor in the success of these sessions and achieving tangible results.”
It is noteworthy that the House of Representatives had previously called for holding emergency sessions during the legislative recess in order to vote on important laws link
TIDBIT FROM WALKINGSTICK
Walkingstick
Two years the United Nations came out and said everything they're saying today.
They were premature...
The CFT (Combatting Financing Terrorism) was what brought us back to security and stability and to remove all those thieves from Iranian politicians that were using auctions through parliament.
Including the Popular Mobilization Law... 140 draft laws await parliament's vote
Including the Popular Mobilization Law... 140 draft laws await parliament's vote
The Parliamentary Investment and Development Committee revealed that there are more than (140) draft laws, including new legislation and amendments to existing laws, that are still awaiting a vote in the House of Representatives.
The committee's vice-chair, Hussein Al-Sa'bari, said, "A large number of these projects have completed their discussions within the relevant committees and are ready for inclusion on the agenda of the general sessions."
He pointed out that "many of them concern vital sectors that affect citizens' lives."
He explained that "among the most prominent laws proposed are the Popular Mobilization Forces Law, legislation related to higher education, particularly the "Basis for Granting Certificates," in addition to service and administrative laws."
For his part, member of the Parliamentary Legal Committee, Muhammad Anouz, added that the legislative priorities also include the Anti-Narcotics Law and the Retirement Law, which needs to be amended to ensure.. link
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 s*****y and hopefully it’ll get us out of financial s*****y
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.
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
IRAQ NEWS HEADLINES : The Iraqi Federal Supreme Court announced it will review a complaint against the Ministry of Finance over its decision to withhold salary payments for Kurdistan Region civil servants
IRAQ NEWS HEADLINES
#BREAKING: The Iraqi Federal Supreme Court announced it will review a complaint against the Ministry of Finance over its decision to withhold salary payments for Kurdistan Region civil servants,
amid escalating tensions between Baghdad and Erbil over oil and non-oil revenue management. The court said a final ruling on the matter is expected soon.
Fri. 30 May 2025 BREAKING INTEL: TIER 1–5 STRUCTURE EXPOSED – THE ENGINE BEHIND GCR 2025 …QFS on Telegram
Fri. 30 May 2025 BREAKING INTEL: TIER 1–5 STRUCTURE EXPOSED – THE ENGINE BEHIND GCR 2025 …QFS on Telegram
- You’ve heard whispers of the Global Currency Reset. But no one told you the truth: you’re already inside it. Whether you realize it or not. In the ruins of collapsing fiat empires, a tiered system has been built — not based on wealth, age, or status… but on consciousness. A spiritual classification disguised as finance. Tier 1–5 isn’t about privilege. It’s about your level of awakening.
- TIER 1: Central banks, G7 treasuries, global dynasties (R*********s, Rockefellers). They built the plumbing of the old world — and must now flush it. They’re first in line not because they earned it, but because liquidity must be unlocked through their pipes before it can flood the world.
- TIER 2: Private banks (UBS, HSBC), religious trust funds (Vatican), elite NGOs.These are the money movers. Many are corrupted middlemen. Some flipped sides. Their role: release, not control.
- TIER 3: Historical bondholders, families with gold-backed debt notes and suppressed assets. These are the forgotten guardians of real value. Their redemption erases f**e fiat history — and ignites global balance.
- TIER 4A: Military-aligned engineers, QFS coders, intel operatives. These are the shadow architects who tested, secured, and cleared the infrastructure. No spotlight — just encrypted mission success.
- TIER 4B: YOU. The awakened. The digital soldiers. The meme warriors. The ones who saw through it all and prepared in silence. You didn’t need a paycheck to join the war. Now you wait for the private ping — your moment.
- TIER 5: The masses. Asleep. Unaware. Not evil — just late. They’ll benefit when the system flips, but with no leverage, no redemption rate, no position. Just basic access.
- This is not about class. It’s about clarity. Tier 4B is not a group. It’s a frequency. You tuned in. You heard the signal. You are not Tier 5. You were chosen. You are positioned. You are ready. The reset is real. The tiers are operational. And the world is about to change.
- Final Warning: This isn’t just money. This is the weaponized collapse of an ancient financial beast. Hold the line. Watch the water. And prepare. You’re not just witnessing history — you’re rewriting it.
IRAQ NEWS HEADLINE: Kurdistan Region President Nechirvan Barzani extended warm congratulations to the Patriotic Union of Kurdistan (PUK) on its 50th anniversary
IRAQ NEWS HEADLINE
Kurdistan Region President Nechirvan Barzani extended warm congratulations to the Patriotic Union of Kurdistan (PUK) on its 50th anniversary, honoring the party’s decades-long struggle and urging greater unity among Kurdistan’s political forces to protect the Region’s gains and ensure a brighter future – statement
: KRI Presidency
NADER: IQD STATUS
NADER: IQD STATUS
Summary
The Prime Minister’s economic advisor, Mazar Muhammad Salah, highlighted the strong coordination between monetary and fiscal policies in addressing the economic challenges stemming from recent global oil price shocks. This collaboration aims to maintain national economic stability,
ensure sustainable public spending, and manage domestic debt effectively. Salah emphasized the importance of maintaining robust reserves to safeguard economic stability amid fluctuating global energy markets and geopolitical uncertainties,
especially in key energy-producing regions such as the Gulf, the Mediterranean, and the Russia-Ukraine conflict zone. These regions significantly influence around 40% of global oil demand and form the backbone of European oil and gas supplies.
The advisor pointed out the ongoing impact of these geopolitical tensions on global energy prices and demand trends, which are expected to improve over time. Looking forward, economic policy cooperation is planned to continue throughout fiscal year 2025, with a focus on implementing major financial reforms.
These reforms will prioritize controlling public expenditures aligned with governmental programs, particularly targeting budget allocations for services, infrastructure, salaries, pensions, and social welfare.
Salah underscored the critical role government income plays for more than 8 million Iraqi citizens, which directly affects the household income of up to 35 to 40 million people in the country, making government spending a key driver of economic activity domestically.
Highlights
- 🔄 Close cooperation between monetary and fiscal policies to combat oil price shocks.
- 🛡️ Emphasis on economic stability through robust reserves and smart debt management.
- 🌍 Critical role of geopolitical factors in global energy markets, especially in Gulf, Mediterranean, and Russia-Ukraine regions.
- 📊 Anticipation of global demand shifts and energy price improvements.
- 📆 Policy cooperation and major financial reforms planned through fiscal year 2025.
- 💰 Focus on controlling public spending while securing salaries, pensions, and social welfare.
- 👥 Government income supports millions of Iraqi households, underscoring the social impact of fiscal policies.
Key Insights
- 🔗 Integrated Monetary and Fiscal Policy: The decision to tightly coordinate monetary and fiscal policy demonstrates an understanding that a multi-pronged economic approach is necessary when facing external shocks such as oil price volatility. This strategy helps cushion the economy from external disturbances by ensuring liquidity and government spending are balanced to sustain growth without fueling inflation.
- 🌐 Geopolitical Dependencies: The emphasis on geopolitical scenarios in energy sectors, particularly in unstable regions, reveals Iraq’s vulnerability as well as opportunity in a highly interconnected energy market. Fluctuations in the Gulf, Mediterranean, and Russia-Ukraine areas directly impact Iraq’s economic planning due to their share in global supply chains and influence on energy prices.
- 🔮 Uncertainty and Risk Management: By linking economic stability to unpredictable future energy market movements and geopolitical developments, the advisory highlights the inherent uncertainties faced by Iraq’s economy. This necessitates flexibility in policymaking and the maintenance of reserves to manage risk associated with external shocks.
- 💼 Focus on Public Spending Efficiency: The intention to control public spending in alignment with government priorities shows a shift towards fiscal discipline, which is crucial for long-term sustainability. Prioritizing sectors like services and infrastructure ensures that spending drives growth and development rather than waste.
- 👥 Social Safety Net Importance: With over 8 million citizens relying on government income and the ripple effect on up to 40 million household members, Iraq’s fiscal policy directly affects the social fabric. Ensuring the payment of salaries, pensions, and social welfare becomes critical to maintaining social stability and consumer demand.
- 📈 Sustainability of Economic Reforms: The timeline extending the current cooperative economic measures through 2025 indicates a commitment to medium-term reform rather than short-term fixes. This long horizon allows for the gradual implementation of reforms needed to modernize fiscal governance and economic management.
- 💰 Domestic Debt Management and Economic Stability: Effective management of domestic debt alongside building good reserves is identified as key to sustaining economic stability. This approach balances immediate fiscal needs with long-term debt sustainability, showing prudent economic governance aimed at avoiding excessive borrowing that can lead to future crises.
IRAQ NEWS HEADLINES: A contract to drill the first exploratory well
IRAQ NEWS HEADLINES
As part of efforts to implement the government program aimed at increasing Iraq’s hydrocarbon reserves, Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayyan Abdul-Ghani, on Sunday sponsored and attended the signing ceremony for a contract to drill the first exploratory well, “Kifri A", located in the Kurdistan Region.
: Iraqi Oil Ministry
MILITIAMAN : Iraq Dinar Update-Banking Powerhouse-Coming days-UN-IMF-EBRD-IFC Supported-Oil & Gas Law-Salaries-ER
MILITIAMAN : Iraq Dinar Update-Banking Powerhouse-Coming days-UN-IMF-EBRD-IFC Supported-Oil & Gas Law-Salaries-ER
Highlights
Summary
The video provides an in-depth analysis of recent developments in Iraq’s banking and financial sector, emphasizing its expected emergence as a “banking powerhouse” on the international stage.
Anchored by a statement from Muhammad Hassan, the UN Secretary General’s special representative for Iraq, the report highlights Iraq’s ongoing reforms aimed at modernizing its financial system, fostering integration with the global financial community, and reducing reliance on cash transactions in favor of digital payments.
Key international institutions such as the IMF, World Bank, IFC, and EBRD support these initiatives, which include combating corruption, improving governance, promoting private sector banking, and adhering to global financial standards.
The video further touches on Iraq’s digital tax collection advancements, efforts to foster financial inclusion, and important geopolitical developments, such as US support for salary disbursement in the Kurdistan region and the reopening of crucial oil pipelines.
The content underscores the diplomatic and economic significance of these reforms and the likely benefits for international investors, regional stability, and the Iraqi economy’s transition to a digital economy.
- 🌍 UN endorsement positions Iraq as an emerging global banking powerhouse.
- 💳 Iraq ranked third in the Arab world for bank card issuance, signaling financial sector growth.
- 💹 IMF praises Iraq’s banking reforms, including reduced parallel market currency spreads.
- 💻 Digital tax collection and payments are pivotal to Iraq’s economic modernization.
- 🇺🇸 US Treasury and K2 Integrity assist Iraq in anti-money laundering efforts and financial transparency.
- 🤝 Iraq’s accession to the European Bank for Reconstruction and Development strengthens private sector investment.
- 🛢️ Resolution of Kurdish region salary issues linked to the reopening of the Iraqi-Turkey oil pipeline.
Key Insights
🌐 UN Statement as a Confidence Booster: The UN’s public declaration of Iraq as a banking powerhouse signals high-level international confidence in Iraq’s financial reforms. Such endorsements typically influence global investor sentiment positively, encouraging increased foreign direct investment (FDI) and enhanced participation from multinational banks. The statement’s diplomatic weight may help shift perceptions away from political instability to economic progress.
📉 Parallel Market Contraction and Currency Stability: The IMF has noted Iraq’s successful reduction in the disparity between official exchange rates and black market rates. This decrease is driven by reforms in correspondent banking and trade finance, which enhance visibility, reduce corruption opportunities, and improve currency stability. This is crucial for Iraq’s credibility and integration into the global financial system.
💻 Digital Transformation and Financial Inclusion: Iraq’s rapid adoption of digital payment infrastructure and electronic tax collection shows the government’s commitment to modernizing its economy and reducing reliance on cash transactions, which are historically linked to corruption and unofficial markets. This moves Iraq toward a more transparent and inclusive financial ecosystem that appeals to fintech companies and international investors.
🏦 Strengthening of Private Sector Banking: The roadmap developed jointly by the IFC and Central Bank of Iraq aims to modernize banks and improve governance while encouraging private sector growth. This is vital because a diversified banking sector promotes competition, innovation, and resilience, distancing the economy from dominance by inefficient state-owned institutions.
🛡️ Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) Compliance: U.S. Treasury and K2 Integrity’s collaboration with Iraqi regulators reflects a strategic focus to ensure Iraq’s financial system is safeguarded from illicit activities. Such compliance is critical to gain trust from Western financial institutions and to avoid sanctions, thereby facilitating smoother integration into international financial markets.
🌍 Regional Financial Hub Ambitions: Iraq’s reform trajectory and infrastructure improvements position it as a potential competitor to established Middle Eastern financial centers such as Dubai and Riyadh. The development of financial hubs, especially in the Kurdistan region, aligns with broader regional economic diversification strategies, making Iraq an increasingly attractive destination for investment and banking services.
🛢️ Geopolitical Stability Linked to Financial Reform: The video highlights the importance of resolving salary payments in the Kurdistan region as a prelude to reopening the Iraqi-Turkey pipeline. This underscores how financial reforms and political stability are intertwined, with improvements in governance and fiscal management serving as enablers of sustained economic growth and regional cooperation.
Extended Analysis
The video’s overarching theme is Iraq’s financial sector evolution, driven by a convergence of domestic reforms and international support. The United Nations’ statement acts as a pivotal moment, symbolizing a paradigm shift in the international narrative from a conflict-ridden state to a budding banking powerhouse. This reputational boost is fundamental for attracting global banks and investors wary of geopolitical risk.
Iraq’s commitment to reducing the spread between official and parallel market exchange rates is an encouraging sign of transparency and market efficiency. Historically, high spreads create arbitrariness, encourage illicit trade, and undermine monetary policy. The successful reduction, as praised by the IMF, is a tangible outcome from structural reforms that improve correspondent banking relationships, increasing financial sector integrity and global connectivity.
Digitalization initiatives, including new payment regulations and electronic tax collection, underscore Iraq’s broader economic transformation. Cash-based economies often struggle with tax evasion and corruption; thus, digitizing payments can create a reliable revenue base and set the stage for comprehensive economic planning. It also facilitates financial inclusion, helping businesses and consumers integrate into the financial system, fostering entrepreneurship and economic growth.
The IFC and World Bank’s role in devising a sustainable finance roadmap positions Iraq within a broader context of climate-resilient and socially responsible banking. Linking banking reform with global ESG (Environmental, Social, and Governance) goals is forward-thinking, aligning Iraq with investor demands for accountability and sustainability.
The collaboration with the US Treasury and K2 Integrity further secures Iraq’s banking system against illegal finance flows. Establishing a compliance framework is essential for Iraq to avoid international sanctions and to rebuild confidence with foreign partners. This compliance effort also forms part of a broader economic stability agenda that dovetails with IMF and World Bank oversight.
Iraq’s accession to the European Bank for Reconstruction and Development signals increased international institutional support, bringing not just capital but also expertise and standards necessary for the successful implementation of reforms. This improves Iraq’s competitive positioning, especially in the private sector, which is crucial for sustained economic diversification amid fluctuating oil revenues.
The discussion on Kurdistan regional salaries and the reopening of oil infrastructure highlights the link between financial reforms and broader political-economic challenges. Efficient management of public finances is critical to regional stability and resource management, which in turn affects foreign investor confidence. The encouragement from the US State Department for rapid resolution reflects geopolitical considerations intertwined with economic reform.
Overall, Iraq’s banking and financial reforms are multi-dimensional, involving improvements in governance, integration into the digital economy, compliance with international standards, regional political reconciliation, and strategic partnerships with international financial institutions. These efforts collectively aim to transform Iraq from a cash-heavy, fragmented financial environment into a competitive and transparent banking powerhouse aligned with global markets.
Conclusion
This video offers a comprehensive overview of Iraq’s evolving financial landscape, highlighting how domestic reforms, international endorsements, and geopolitical realities interconnect. Iraq’s push toward digital financial transformation, reduction in currency market distortions, and collaboration with global financial institutions are key to positioning itself as a banking powerhouse. While substantial challenges remain, particularly regarding governance and regional political issues, the combined support from the UN, IMF, World Bank, US Treasury, and others establishes a strong foundation for Iraq’s integration into the global financial system. For investors, policymakers, and observers, these developments indicate a critical transition phase with the potential to significantly reshape Iraq’s economic future.
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🌟 FIREFLY UPDATE: Iraq’s Currency Shake-Up Could Reshape the Economy 💰 #frank26 #dinarrevaluation
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