Monday, June 9, 2025
Iraq Expands Gas Projects to Curb Flaring
As part of Iraq's government-backed gas development programme, the Ministry of Oil has reported significant progress in reducing gas flaring and increasing gas utilisation.
It says the Ministry has raised associated gas capture from 53% to 70%, and dry gas production from 1,300 to 1,800 million standard cubic feet per day (mmscfd).
Key projects already completed or underway include:
The government aims to end routine flaring by 2028 and increase gas output to 3,000 mmscfd by 2030, aligning with Iraq's environmental commitments under the 2016 Paris Agreement.
In liquefied petroleum gas (LPG), production rose from 2 million tonnes in 2024 to 3 million tonnes in 2025. Exports also surged from 250,000 tonnes in 2023 to 1 million tonnes in 2025. LPG systems were installed in over 41,000 homes and more than 38,000 vehicles.
To expand storage capacity, the Ministry completed 8 of 16 spherical LPG tanks, each with a 3,000-cubic-metre capacity, adding 24,000 cubic metres overall.
The Ministry reiterated its commitment to maximise national resource utilisation, enhance electricity supply, and boost petrochemical production. Gas field contracts under the 5th and 6th licensing rounds have been awarded to international companies, alongside dozens of investment agreements to develop both associated and free gas resources.
(Source: Ministry of Oil)
TIDBIT FROM FRANK26
Frank26
Question: "Are we going to pay taxes on our dinar?" Of course you are.
In what world do you not pay taxes?
Seriously, stop.
You're dreaming if you think you're not going to pay taxes on something like this.
You're the backbone of the United States of America. You're the tax payer...How else do you think America pays its bills?
Etihad Law publishes New Guide to Sovereign Guarantees in Iraq
Etihad Law is proud to announce the publication of our new Guide to Sovereign Guarantees in Iraq.
This guide is a comprehensive introduction that highlights the key aspects related to obtaining sovereign guarantees and their role in promoting investment and encouraging major projects in Iraq's dynamic and evolving market. The guide has been prepared by the Etihad team in collaboration with legal advisors.
Iraq is experiencing a significant transition period, with a growing economy, diverse public and private sector projects, and reforms aimed at enhancing the investment environment and attracting international capital. As a strategic trade and investment hub in the region, Iraq offers significant potential in various fields, making sovereign guarantees an important tool for enhancing confidence and encouraging impactful investments.
We hope this guide will serve as a valuable resource, offering clear insights into the mechanisms of sovereign guarantees in Iraq and supporting investors in building and growing their businesses in this promising and opportunistic market.
Click here to download our comprehensive 44-page guide.
IRAQ STATUS: A BAN ON CASH PAYMENTS
IRAQ STATUS: A BAN ON CASH PAYMENTS
A ban on cash payments at government institutions will take effect early next month as part of Iraq’s push toward digital transformation.
Advisor to the Prime Minister, Salih Salman, told the Iraqi News Agency that the country has made significant progress in electronic payment systems, with bank accounts increasing to 22–23 million.
He added that Iraq is cooperating with around 30 foreign banks, reflecting deeper integration with the global financial system.
: Financial Times/ file
Iraq Prepares 97 Industrial and Agricultural Projects
As part of preparations for the Iraq Investment Forum, scheduled for 14-15 June in Baghdad, the Operations Room of the National Investment Commission (NIC) held an extensive meeting to review investment opportunities submitted by the Ministries of Industry and Minerals and of Agriculture.
97 Strategic Opportunities
The review covered 97 industrial investment opportunities worth an estimated 4 trillion Iraqi dinars. These include:
In the agricultural sector, promising investment opportunities include:
The NIC emphasised the importance of aligning the national investment map with state priorities in productive sectors and food and industrial security. The Commission called for streamlined investor procedures in coordination with relevant ministries to ensure the readiness of projects before their presentation at the forum.
The meeting was attended by members of the NIC Operations Room, representatives from the Iraqi Economic Council, and officials from the sectoral ministries.
(Source: NIC)
DINAR IRAQ RV STATUS: : PM Sudani Makes Historic Live Announcement - Dinar RV Just Got Real (Iraqi Dinar News Today 2025)
DINAR IRAQ RV STATUS : PM Sudani Makes Historic Live Announcement - Dinar RV Just Got Real (Iraqi Dinar News Today 2025)
Highlights
- 💰 The revaluation of the Iraqi dinar is officially confirmed and live, ending years of speculation.
- 🏗️ Strategic reforms—combating corruption, rebuilding infrastructure, and strengthening financial institutions—paved the way for this milestone.
- 🌍 The revaluation is a geopolitical statement, signaling Iraq’s rise as a global economic player, not just a developing nation.
- 📈 Increased purchasing power and investor confidence are reshaping Iraq’s domestic economy and banking sector.
- 💡 The shift inspires economic optimism in Iraqi citizens and the diaspora, encouraging reinvestment and long-term planning.
- 🔄 Other post-conflict nations are observing Iraq’s approach as a potential model for economic recovery and transformation.
- 🌱 The revaluation unlocks opportunities for diversification beyond oil, promoting growth in technology, education, and healthcare sectors.
Key Insights
💹 End of Speculation: The transition from myth to reality
The revaluation of the Iraqi dinar demonstrates the power of persistent long-term economic planning overcoming decades of skepticism. What many considered a “one day away” theoretical event evolved into a live and publicized shift, illustrating how patient structural reform combined with political will can yield decisive financial outcomes. This transition also marks a critical moment for Iraq to reframe its narrative from a country mired in instability to one poised for sustainable economic viability.⚙️ Economic Reforms as the Foundation of Revaluation
The video highlights the extensive behind-the-scenes reforms necessary before a currency revaluation could be credible. These included rooting out corruption, investing oil revenues judiciously, strengthening gold reserves, and reducing debt. Quietly but decisively, Iraq stabilized its banking sector by auditing reserves and aligning with international standards, laying groundwork that made a successful revaluation possible. It affirms the idea that currency strength must be backed by real economic reform and institutional discipline rather than mere market speculation.🌐 Geopolitical Impact and Regional Repositioning
The revaluation signals Iraq’s intention to depart from the role of a peripheral developing economy and assert itself as a strategic player in global markets. A stronger dinar translates to enhanced leverage in trade negotiations, oil contracts, and bilateral agreements, reshaping regional economic dynamics. Iraq’s currency now embodies not just monetary value but also national sovereignty and geopolitical agency—a meaningful repositioning with the potential to influence regional economic plans and partnerships.👪 Domestic Socioeconomic Effects: Empowering Citizens
For everyday Iraqis, the revaluation has immediate and tangible benefits—improvements in purchasing power, increased confidence in the financial sector, and a shift toward greater banking participation. The psychological uplift from owning a valued currency fosters a culture of savings, investment, and entrepreneurship, breaking cycles of economic uncertainty. The narrative spotlights how currency value can shape societal attitudes and aspirations, motivating individuals to pursue education, innovation, and long-term economic engagement.🌏 Diaspora Engagement and Economic Revival
The global Iraqi diaspora plays a crucial role in this transformation. Historically sending remittances and investing from afar, they now face greater incentives to return or reinvest with improved currency stability. The revaluation transforms remittance flows and international investment into more potent forces for rebuilding Iraq, bridging emotional ties with practical economic benefits. This underscores how currency policy can influence not only economics but also social cohesion and national regeneration.📉 Financial Markets and Investor Perception
The shift in perception from risk to opportunity has profound implications. As analysts revise models and ratings agencies improve Iraq’s outlook, foreign direct investment is expected to increase—not from sympathy but genuine interest in Iraq’s growth potential. This demonstrates how perceptions built on credible reforms and currency stabilization can catalyze inflows of capital, which are crucial for diversifying an oil-dependent economy and stimulating innovation and infrastructure development.🚀 Currency as a National Identity and Strategic Asset
The revaluation is portrayed not just as a monetary reform but as a bold statement of identity and national pride. It reflects Iraq’s belief in its own stability and growth potential, signaling a break from past dependency and external narratives. With a stronger currency, Iraq gains strategic freedom to negotiate globally from a position of strength, resist economic coercion, and protect sovereignty. This demonstrates the intrinsic link between currency value, national morale, and geopolitical autonomy, reinforcing that economic independence is central to political and cultural self-determination.
In conclusion, the Iraqi dinar’s revaluation marks a historic economic and cultural turning point for Iraq. It is a testament to the power of determined reform, national resilience, and strategic vision. This transformative moment goes well beyond currency valuation—serving as a beacon of hope and proof that even nations emerging from prolonged instability can reclaim their financial destiny and rewrite their future prospects with sustained effort and unity.
Iraq Drops To 29th Place Among Countries With The Highest Gold Holdings In The World
Iraq Drops To 29th Place Among Countries With The Highest Gold Holdings In The World
Sunday, June 8, 2025 | Economic Number of readings: 34 Baghdad / NINA / Iraq dropped one place in the ranking of countries with the largest gold reserves in the world.
The World Gold Council stated, in a table, that "Iraq ranked 29th out of 100 countries listed in the table, after it was ranked 28th globally, and ranked fourth in the Arab world after Saudi Arabia, Lebanon and Algeria."
It added, "Iraq's gold holdings amounted to 162.7 tons, representing 12.9% of its total other reserves."
The table indicated that "the United States of America tops the list of the largest gold holders in the world, followed by Germany, then Italy, while Iceland and Tobago came at the bottom of the list." / End
https://ninanews.com/Website/News/Details?key=1232246
TIDBIT FROM FNU LNU
Fnu Lnu
Article quote: "Iraq's financial sector has faced challenges in expanding its customer base and has experienced limited banking penetration, leaving a large portion of the population unbanked and dependent on informal financial systems."
When we hear glowing reports about the Digital Dinar, as hopeful as they may sound, one must contrast the reports with reality.
That reality is that only 20% of the population is actually banked. The Dinar is NOT digitized...YET. The system is not designed YET nor is any of it implemented...YET.
The snip above is from a much larger article which outlines all the difficulties involved. It does not include any talk about an RV as is the case with all the financial information I digest every week.
What Are The Reasons For The Decline In The Value Of The Issued Currency Printed In Iraq?
What Are The Reasons For The Decline In The Value Of The Issued Currency Printed In Iraq?
Economy | 08/06/2025 Mawazine News – Baghdad Data from the Central Bank of Iraq (CBI) shows that the value of Iraq's issued currency (printed) is currently at its lowest level in a year.
According to the latest statistical data on the currency issued in Iraq in April 2025, the value of the issued currency (printed) amounted to 98.4 trillion Iraqi dinars, down from 99.8 trillion Iraqi dinars in March 2025.
This value of money issued in Iraq is the lowest in two years, specifically since March 2024, when the issued currency reached 98.3 trillion Iraqi dinars. https://www.mawazin.net/Details.aspx?jimare=262289
TIDBIT FROM BRUCE
Bruce
[via WiserNow]
...we had a rate at the banks the other day on the dinar that was good. We had a really good rate. It's not where we're going to be on the redemption center screens or on the contract rate at the redemption center, but it was still quite handsome of a rate.. .
Dong is supposed to be very good...The dong will be traded at the bank...
But I don't think it's going to be as high of a rate as it would be at the redemption center, but...It'll be a very good rate...I've been told we will be pleased with those rates.
PM Al-Sudani: Iraq ready to export 80 local products
Shafaq News/ On Sunday, Iraqi Prime Minister Mohammed Shia Al-Sudani announced that about 80 locally manufactured products are now ready for export, highlighting Iraq’s expanding role as a regional economic hub.
Speaking to tribal leaders during Eid al-Adha celebrations, Al-Sudani emphasized a renewed focus on improving management across various sectors, stressing that ongoing economic reforms aim to reduce Iraq’s dependence on oil and accelerate efforts toward diversification.
IRAQ UPDATE
IRAQ UPDATE
Iraq approaches WTO membership after completing comprehensive technical responses
Iraqi private banking advisor to Rudaw: There are 2,000 exchange companies that must be merged or transformed into Banks.
This is interesting…. -
Sherwan Anwar Mustafa, advisor to the Iraqi Private Banks
TIDBIT FROM KAPERONI
Kaperoni
Article: "Al-Atwani: Iraq's integration into the international financial system is no longer an option, but rather a necessity to enhance confidence in the national economy."
----
Article: "Ali Al-Alaq: We are working on creating a digital currency for the Central Bank to gradually replace paper currency" Question: "Assuming this happens, will we need to turn in our currency and allow it to be converted to digital?
If so, where will it be held?"
No, the physical paper will always remain outside the country. That was part of their agreement to sell it to build their own reserves.
We talked about this several years ago. Saleh stated the physical dinar currency would go into central banks around the world.
The digital transformation in Iraq is only for them. The reduction of physical dinar could take several years in Iraq.
Keep in mind that notes that we hold such as 25,000 notes will always be their printed value. The exchange rate to US dollars should gradually increase based on Iraq's economic growth (economic renaissance) and success over time and the development of their banking system.
https://dinarevaluation.blogspot.com/2025/03/tidbit-from-kaperoni-22-march.html
Where Did It Go? .. Iraq's Internal Public Debt Is Rising.
Where Did It Go? .. Iraq's Internal Public Debt Is Rising.
Posted on2025-06-07 by sotaliraq June 7, 2025 The Central Bank of Iraq announced today, Saturday, that Iraq's domestic public debt rose at the end of March of this year, revealing the entities to which the debts were allocated.
The bank stated in an official statistic that Iraq's domestic debt rose to 85.536 trillion dinars at the end of March 2025, compared to 82.608 trillion dinars in February.
She added that this debt also increased by 2.91% compared to the end of 2024, which amounted to 83 trillion and 50 billion dinars, and increased by 17.53% compared to the end of 2023, which amounted to 70 trillion and 585 billion dinars.
The bank explained in its statistics that these debts, amounting to 85.536 billion dinars, come in the form of bonds amounting to 12,567,939 trillion dinars, in the form of government bank loans amounting to 5,800,000 trillion dinars, and in the form of loans to financial institutions amounting to 13,352,406 trillion dinars.
He added that the debt also comes from treasury transfers for the Ministry of Finance amounting to 2,030,000 trillion dinars, treasury transfers amounting to 51,030,130 trillion dinars, and debts on the Ministry of Finance amounting to 755 billion and 519 million dinars. LINK
JON DOWLING UPDATE
JON DOWLING
This coming week is huge! A new Fed chair, coupled with a China trade agreement will drop the interest rates,
as well as expand QE money printing, which on the surface sounds bad, but what it ultimately achieves is sending the old Federal Reserve system off the proverbial cliff side!
Which is why Ft. Knox will be audited, followed by the Fed and then the Gold standard reintroduced. All falling into place this summer, which is just about here by the way.
Let’s not overlook silvers resurgence as well. Back to bratty all time highs and climbing. Nothing will stop precious metals and soon cryptos from accelerating as all these aforementioned items link into high gear. Better be prepared folks!
Iraq Moves Towards Its "Forgotten Treasure"
Iraq Moves Towards Its "Forgotten Treasure"
Posted on2025-06-07 by sotaliraq On Friday, the Parliamentary Foreign Relations Committee called on the Iraqi Ministry of Foreign Affairs to demand that ambassadors and chargés d'affaires at embassies and consulates abroad take serious action to inventory Iraqi property and officially return it to state ownership.
$90 billion in the shadows... Iraq searches for a map of its forgotten treasure.
Committee member Mukhtar al-Moussawi said, "Iraq has numerous assets and real estate properties in various countries around the world, and all their original and documentary evidence is available.
However, it requires intensive efforts to inventory them and take the necessary measures to recover them from those entrusted with them or those in whose names they were registered during the former regime."
Al-Moussawi called on the Iraqi Ministry of Foreign Affairs to "demand that Iraqi consuls and ambassadors take the necessary action and make genuine efforts to recover these numerous Iraqi assets, valued at millions of dollars, including a large mosque in Australia, large tea plantations in Sri Lanka, and farms in Yemen."
Regarding the lifting of the seizure of some properties belonging to the former regime within the Green Zone, Al-Moussawi confirmed that "some properties will be sold to their occupants at a price estimated at four million Iraqi dinars per square meter, a price that is not commensurate with the importance and location of these properties."
Shafaq News Agency revealed in an investigation, citing senior diplomatic sources, that Iraq has at least 50 real estate and investment projects spread across Europe, Asia, and Africa, including luxurious palaces, farms, banks, commercial offices, and strategic factories.
These assets were part of Iraq's expansionist economic policy during the 1970s and 1980s, when it used oil revenues to purchase strategic assets around the world to bolster its economic and diplomatic standing.
However, after the fall of the regime in 2003, this issue entered a cycle of neglect and loss. The Parliamentary Integrity Committee revealed that essential property documents had been stolen or destroyed, that some properties had been transferred to individuals or front companies affiliated with the former regime or networks linked to it, while others remained without any significant follow-up.
Initial estimates put the value of these assets at between $80 and $90 billion. Economists believe that recovering even a small portion of them or investing them properly could generate sustainable revenues for a country whose budgets depend almost exclusively on crude oil exports.
However, according to legal experts, some of these assets may have been subject to statutes of limitations in host countries, or were subject to legal actions that legalized ownership by third parties after Iraq's absence from the scene for two decades.
In addition, there is a fear that internal political interference could hinder recovery efforts, especially if current properties are tied to powerful interests or old contracts that are difficult to cancel without engaging in complex legal disputes. LINK
TIDBIT FROM MILITIAMAN
Militia Man
Iraq is under sanctions and is not actively traded globally at any significant means.
But when they are, when they do have a real effective exchange rate, there's going to be an impact to all [their] trading partners...When Iraq hits the Forex they're going to be monitoring all those [trading] countries to play by the rules with a level playing field...They're going to have to play fair with real fundamentals...
They're not going to want anybody taking advantage of when Iraq has a real effective exchange rate. They want a stable exchange rate.
FRANK26: "EXCHANGE CENTERS & IRAQI BANKS MERGE FOR THE M.R. !!!"
KTFA
FRANK26: "EXCHANGE CENTERS & IRAQI BANKS MERGE FOR THE M.R. !!!".......F26
Iraqi private banking advisor to Rudaw: There are 2,000 exchange companies that should be merged or converted into banks.
6/4/2025
Sherwan Anwar Mustafa, advisor to the Iraqi Private Banks Association, revealed details about the US companies Visa and MasterCard issuing millions of bank cards without adequate controls to combat money laundering and terrorist financing. He pointed out the need to merge or transform the country's 2,000 exchange companies into banks, given their large number worldwide.
Visa and Mastercard vulnerabilities
“The truth is that recently, about three weeks ago, the Wall Street Journal published an investigative report stating that Visa and Mastercard, two of the largest American financial settlement companies, allowed electronic payment companies and banks to issue millions of Visa and Mastercard cards, but without adequate controls, systems, or procedures to combat money laundering and terrorist financing,” Mustafa told Rudaw on Tuesday (June 3, 2025).
The dollar as a weapon in trade wars
Mustafa explained, "Iraq is part of a system, and the world today is witnessing trade wars. America, and especially the new American regime, considers the dollar a means of achieving gains in negotiations between countries, between America and the countries of the world. At the same time, they consider it part of American national security, because they want to track the sources of money flowing specifically in dollars and where it goes."
He pointed out that "there are those who exploit loopholes in regulations, systems, and other issues. Many people have multiple cards with different companies and banks. One person owns multiple cards, which they top up with dollars, and then they withdraw them within minutes in other countries. For them, there are certain controls that must be strict."
The role of the Financial Action Task Force
He emphasized that "the controls overseeing this issue are the international Financial Action Task Force (FATF), which monitors the issue and issues Special Instruction No. 27 on the matter. The FATF issues recommendations to all countries and financial institutions. The group says: Establish robust systems and monitor who transfers funds."
He revealed a serious loophole in the Iraqi banking system, saying, "We have not yet identified this MCC (Merchant Category Code), the merchant category code. What is this merchant's business? Does he import food, wood, or iron, or does he transfer money to various countries? The truth is that we are part of a system within which we must control our affairs. We are trying, and the Central Bank—may God help it—is trying, but these measures require cooperation with other government institutions."
He added, "The Companies Registration Department must determine this merchant's business, who his international clients are, and where he imports from. He must not import from any unknown entity, location, or country. We are negligent in this regard, and we must get our affairs in order."
He referred to a recent international conference, saying, "A few days ago, we attended an international conference in Baghdad sponsored by Mr. Al-Sudani. The Association of Banks, along with the Union of Arab Banks, was present. Ms. Samia Abu Sharif, the head of the Middle East and North Africa region at MENA, was also present. There are many recommendations that we must adhere to."
He stressed that "the Central Bank is in a race against those who seek to exploit these vulnerabilities and enrich themselves at the expense of or to achieve certain political and other objectives."
Strict new instructions
He revealed strict new measures, saying, "The latest Central Bank instructions state that I am not allowed to deposit funds into another person's card. This is prohibited. Previously, it was permissible for an individual to issue more than one card from the same company, but this is now strictly prohibited. You know that this is an ongoing struggle between phishers and those trying to control them."
He explained: "Now, you can only deposit funds into your card yourself. This is an important issue, and at the same time, the bank must... The bank is responsible, of course. Some of these accounts are prepaid accounts, meaning they are not linked to a bank account and are subject to audit by the bank's advanced systems. This is where the problem lies, as the majority of them are prepaid cards."
Blacklist and Freeze System
Regarding the mechanism for dealing with violations, he explained: "If I have an account with serious banking legal violations, it will be frozen. The account will remain frozen, and that person will be placed on the Central Bank's blacklist, meaning all blocked accounts will be frozen. Blocked means that all money transfer and electronic payment companies and banks must verify before depositing any amount into that account, so that the system automatically audits it."
He added, "This freeze is for external purposes only. However, inside Iraq, it can be used and fully processed, and can be transferred within Iraq. However, for the purpose of withdrawing dollars from outside Iraq, this is 100% prohibited. Because the card is either issued by Visa or MasterCard, and when they place a hold on this card, this person cannot go abroad to transfer, withdraw, or deal with the money in dollars. However, he can fully deal with it within Iraq."
Legal prosecutions
He explained the nature of the legal proceedings, saying: "Regarding legal proceedings... this is not a violation or a crime in the strict sense. The Central Bank calls this the judicial prosecution system or the reporting system by the Payments Division, which is a division within the bank that is responsible for reporting violations. If the violations amount to a crime, the Central Bank refers them to a fact-finding committee, which may take legal action depending on the nature of the violation."
He revealed the details of the mechanism of action, saying: "They buy a license from Visa or MasterCard and pay millions of dollars to obtain it. There are three activities, one of which is issuance, meaning that it is a MasterCard issuer. When someone comes to open a prepaid account or a bank account and wants a Visa card, the bank is authorized, according to the contract with Visa Card, to issue a Visa card for them, provided that the bank adheres to the auditing, controls, and banking procedures to combat money laundering."
Regarding the current state of banks, he said, "I believe that most cards and banks have suspended their operations, with the exception of banks and companies that have accounts with US banks only, including Al-Ahli, Al-Mansour, Baghdad, the Smart Card, and even the TBI card."
He explained, "Cihan Bank is not subject to any prosecutions, nor is Arti Bank. All banks that do not have restrictions on dollar transactions outside Iraq can use their cards outside Iraq. Why? Because they have a co-founder bank that implements the systems, operates a joint clearing house, and has a branch in Jordan, Dubai, or Kuwait."
Withdrawal limits for travelers and merchants
Regarding travelers, he explained: "Regular travelers traveling outside Iraq for medical treatment, tourism, and other purposes are granted $3,000 from outlets approved by the Central Bank. As for importing merchants, as I mentioned, the Merchant Category Code (MCC) governs this matter. It is a global code that must be applied by our banks and companies to make it easier for them to identify each merchant's business."
He added, "This is done in coordination with the Companies Registration Department, which issues this code. It is used by all state institutions for imports. The Central Bank is currently linking its systems with the customs and tax systems, which is an important step toward bringing matters under control."
Global economic threats
He warned of the coming risks, saying, "We are now in a threatening global situation, that is, we are threatened by a new financial situation, and the United States may take customs measures that will affect global trade. The dollar is currently the main currency for financial settlements, especially for oil transactions. Our country is considered to be in an economically fragile region, and we depend primarily on oil exports and budget spending, i.e. by more than 90 percent."
Customs as a revenue stream
He pointed to the potential for increased revenues, saying, "When I mention customs, it's because it could be a good entry point and could generate around $10 billion annually, but it's much less than that due to the lack of control over financial transfers. If we don't accept the sacrifices, we'll get tired."
He emphasized that "the Central Bank, as the state's representative, is responsible for monetary policy in cooperation with the Ministry of Finance. We must accept the sacrifices and agree to regulate our banking procedures."
Shocking figures about the banking sector
Mustafa revealed shocking figures about the size of the banking sector, saying, "Global banks are monitoring our banks and saying their capital is low and their numbers are large. This is not just about banks, but also about financial services and exchange companies. The number is very large, exceeding the estimates of all international institutions."
He explained the details: "Regarding banks, there are 51 Iraqi private banks and seven government banks. There is a program to restructure government banks, led by Rafidain Bank, and the rest of the banks. In total, there are 71 banks under the umbrella of the Central Bank."
He added, "Financial companies include 17 electronic payment companies and thousands of exchange and transfer service companies. There are approximately 2,000 exchange companies, which is a huge number. These companies will either merge or transform into banks, and the Central Bank will issue instructions in this regard."
Financial inclusion strategy and criticisms
Mustafa concluded by referring to the financial inclusion strategy, saying, "I can point to the NFIS 25 Financial Inclusion Strategy that the Central Bank Governor presented at the meeting a week ago. Financial inclusion... There is a very important point. Where does the NFIS (National Financial Inclusion Strategy) work? The World Bank and the International Monetary Fund support financial inclusion in Iraq."
He added, "When you support financial inclusion—that is, increasing accounts and remittances—you shouldn't be surprised by a significant financial transfer. But that doesn't mean you should impose a ban on Iraqi financial institutions, as that would be a grave injustice. Iraqi financial institutions are trying, and so is the Central Bank."
Since the beginning of this month, the Central Bank of Iraq has imposed strict restrictions on the use of bank cards outside Iraq. This move aims to combat financial irregularities and manipulation in the banking system. It has pledged to find temporary solutions before the end of the month.
The restrictions included two main types of questionable bank cards. The first is counterfeit cards or those issued in fictitious names. Bank cards are used abroad in the names of people who have never left Iraq, indicating organized fraudulent operations in the banking system.
The second type of bank cards experiencing problems is those that do not have a US banking brokerage. This type of card is not working, and according to information from Rudaw, it is scheduled to be resolved by the end of this month through the Trade Bank of Iraq (TBI).