Sunday, June 29, 2025
Solar Power Initiative for Iraqi Health Centres
In a coordinated effort with the Ministry of Health, Iraq's National Investment Commission (NIC) has launched a pioneering initiative to equip health centres with solar power systems, marking a step toward expanding investment in critical public service sectors and accelerating the country's shift to renewable energy.
The initiative was announced on Wednesday, 18th June, during a high-level coordination meeting held at the Ministry of Health. The session was attended by Minister of Health Dr. Saleh Mahdi Al-Hasnawi, NIC Chairman Dr. Haider Mohammed Makkia [Makiyya], and senior officials from the Ministry of Higher Education and Scientific Research.
Dr. Makkia said the programme reflects government directives to open new investment pathways in key sectors affecting citizens' daily lives. He stressed the importance of creating innovative public-private investment models in healthcare, particularly those that enhance sustainability by incorporating clean energy and supporting Iraq's sustainable development goals.
Minister Al-Hasnawi welcomed the initiative as a "qualitative leap" in adopting clean energy in health institutions, adding that it would improve service reliability. The Ministry pledged full support for this type of transformative project.
The NIC presented a comprehensive technical briefing outlining the project's scope, which begins with the installation of solar systems in select health centres in Baghdad. The pilot phase aims to evaluate technical, financial, and operational aspects before rolling out nationwide.
The initiative targets improved healthcare service efficiency and reduced dependence on unreliable grid electricity and diesel generators, especially in areas with unstable power supply. It forms part of a broader national plan to promote investment in renewable energy, public services, and smart infrastructure.
(Source: NIC)
SMALL BANKS DOING EXCHANGES TOO?
CHECK THIS OUT... SMALL BANKS DOING EXCHANGES TOO?
Iraqi Dinar Updates — Confirms the Dinar Is Fully Backed!
“Iraq’s foreign currency reserves are sufficient to FULLY BACK the national currency in circulation.”
Huntington Bank now accepts the Iraqi dinar, Indonesia Rupiah, and Vietnam Dong. They didn’t accept Iraqi Dinar back in October 2024.
drue
Foreign Currency
huntington.com/Personal/forei
MEI: Iraq "tries to Assert State Authority during Crisis"
The Iraqi government has long navigated a path between maintaining political ties with its Iranian neighbor and Tehran's allies inside Iraq on the one hand, and preserving its security relationship with the United States on the other.
Unsurprisingly, it quickly welcomed US President Donald Trump's June 23 Israel-Iran cease-fire agreement.
TIDBIT FROM SANDY INGRAM
Sandy Ingram
For Iraq, achieving Article VIII status would require deep reforms including closing the gap between the official and parallel exchange rates, cleaning up its banking sector, digitizing transactions, enforcing anti-money laundering and counter-terrorist financing standards and ending informal restrictions on capital movement.
Once benchmarks are met and sustained Iraq can formally request the IMF executive board to approve its transition from Article XIV...
to Article VIII signaling full integration into the global financial system. This step would boost investor confidence, attract foreign capital and support long-term economic growth.
An economist warns of the continued dominance of the dollar in Iraqi-Chinese trade
An economist warns of the continued dominance of the dollar in Iraqi-Chinese trade
Data from the Chinese Customs Authority showed a significant increase in the value of Chinese exports to Iraq during the first five months of 2025, increasing by 9.5% compared to the same period in 2024. The value of these exports reached $7.4 billion, compared to $6.77 billion during the same period last year, according to a report by economic expert Manar Al-Obaidi.
Al-Abidi explained that this growth is driven by increased exports from a number of sectors, most notably:
Electrical and mechanical appliances : accounted for 24% of total exports and achieved a growth rate of 11.46%.
Electronics : represented 15% of exports and increased by 29.3%.
Clothing : accounted for 7.6% of total exports and increased by 21%.
Cars and spare parts : Its share reached 7.2% and recorded the highest growth rate of 35%.
In contrast, Iraq i exports to China declined by 5.77% during the same period, reaching $15.2 billion compared to $16.14 billion in 2024, and are almost entirely limited to petroleum products.
Despite the decline, the trade balance between the two countries remains in Iraq's favor, with a trade surplus of $7.7 billion during the first five months of 2025, down from $9.37 billion during the same period the previous year.
Al-Obaidi pointed out that "this surplus remains fragile, as it is almost entirely tied to Iraq's oil exports to China in terms of quantity and price. Any decline in the value or volume of these exports could lead to a shrinkage of the surplus or its transformation into a deficit, which necessitates diversifying Iraq's export base by boosting exports of raw materials and local goods."
Although annual trade between Iraq and China exceeds $54 billion, financial transactions between the two sides continue to be conducted in the US dollar, whether for oil sales or imports.
Al-Obaidi called for "the establishment of a direct financial and trade exchange platform between Iraq and China, similar to what other countries have done, such as the recent agreement between China and Turkey to adopt local currencies in trade exchanges."
He promised that "reducing dependence on the dollar represents a strategic step towards enhancing financial independence and increasing the effectiveness of bilateral trade."
It should be noted that this data represents direct Chinese exports to Iraq and does not include goods exported to other countries, particularly the UAE, and then re-exported to the Iraqi market. link
MAYHEM: Your Exchange/ Redemption will last about 10-12 minutes
🔹🔸Mayhem Mel News🔸🔹
Freedom Friday
06-27-25
🔸Mel ‘s quick pop on to say hello and bank updates from Australia , however, effecting world GCR RV🔸
▪️A redirection of funds to farmers, is the Nesara in play▪️
🔸Your Exchange/ Redemption will last about 10-12 minutes, thereafter, you will be redirected to do a Project discussion, if you have one, it will last around 40-45 minutes, these integrations occurred in a meeting last Tuesday..🔸
▪️Major National Bank was named Urbanized Platform, a market leading software ▪️
🔸This Platform connected across the Middle Eastern areas, Asia,Europe,S. Africa, a Global Integration with leading software 🔸 Check out your Countries Banks, for Applications..(App)🔸
▪️Australia has 30 currencies, one being Q80 Dinar, Mel’s opinion that the Dinar to peg with the Q80 Dinar in Australia, Also, APP has been added to Qatar, UAE, others have been added to that APP▪️
🔸As Mel has always said, each Country has different levels of Currency, KNOW what you Hold🔸Last Tuesday, the CWB completed all migration for Amazon web services, that updates completed in Australia and NZ…They are now on the CLOUD upgrade, check out the App, as always, in your Country 🔸An in Branch Transfer has a minimum of 5K, ARE WE ABOUT TO HAVE SEE A WEALTH TRANSFER? Using the APP, all fees are waved🔸
▪️An upgrade of 6K new medical clinics, now called premier healthcare in Australia, which will eliminate 50 healthcare providers▪️
🔸Mel says gm, ga, gnight, and stay SAFE and Savvy, see you on the flip side…..bye for now🔸
▪️▪️Freedom Friday w/ Mel by
td in America ▪️▪️
Sharp fluctuations in the value of the Iranian currency amid regional tensions between Tehran and Tel Aviv.
Sharp fluctuations in the value of the Iranian currency amid regional tensions between Tehran and Tel Aviv.
Iranian markets have witnessed sharp fluctuations in the Iranian toman's exchange rate over the past few days, directly influenced by the escalating geopolitical tensions between Iran and Israel. The US dollar's exchange rate against the toman reached 9 million tomans at the height of talk of a possible direct war, after it had been expected to reach 10 million.
But with signs of calm and de-escalation between the two sides, the value of the toman has risen again, amidst a state of uncertainty that has gripped the market.
Decrease in trading volume and warnings against risk
"We sold the dollar for 7.6 million dinars, but we didn't buy back because of the price fluctuations," Kawa Yahya, an exchange office owner, told a Kurdistan 24 reporter. "The price had risen to 9 million tomans this morning due to the escalation, but later dropped to 7 million, which represents a difference of nearly 2 million in a very short period."
Money changers confirmed that toman banknotes are becoming less available in the market, and that daily trading volume has fallen to approximately 60% compared to previous levels.
Conditional optimism and expectations of more volatility
For his part, Shawan Muhammad, an exchange office owner, said, "After the calm, the toman began to regain some of its value, but its fate remains uncertain. There is talk of an impending agreement between the United States and Iran, and if it actually materializes, the toman will regain its strength. So far, Tehran has not conceded its interests, so we expect the market to remain volatile."
Observers believe that any new security or political unrest among the countries of the region would immediately impact the toman's exchange rate and trading volume in the Iranian market.
Despite the lack of stability, approximately 10 billion tomans are still traded daily, a source of concern for traders who face significant financial risks amid the lack of clear guarantees regarding the future of the Iranian currency. link
TIDBIT FROM FRANK26: $4.81 is where they want to cap it
Frank26
Question: "Will there be a time limit to exchange?
Will the CBI allow us to see $4.81?"
I believe there will be a time frame but it'll be way down the road and yeah, $4.81 is where they want to cap it.
You'll see it because it's going to be happening at that time. You'll see it as it floats...
Stay tuned... an expanded meeting will be held tomorrow in Baghdad to discuss the re-export of the region's oil.
Stay tuned... an expanded meeting will be held tomorrow in Baghdad to discuss the re-export of the region's oil.
Iraqi parliament member Sherwan Dubardani confirmed on Saturday that a delegation from the Kurdistan Region, headed by the Minister of Natural Resources, had arrived in Baghdad. He explained that the capital would host an expanded meeting tomorrow between the Kurdistan delegation and the federal government to discuss the re-export of the region's oil.
"The Kurdish delegation is currently holding a meeting, and an expanded meeting between Erbil and Baghdad is expected to be held tonight or tomorrow, Sunday, to discuss the region's oil file," Dubardani said in a statement monitored by Al-Masry.
Kurdish media outlets quoted political sources regarding the upcoming meeting, stating that it will include Deputy Prime Minister Fuad Hussein, the Iraqi Oil Minister, a representative from the Iraqi State Oil Marketing Organization (SOMO), the Kurdistan Regional Government's Minister of Natural Resources, and a delegation from the region heading to Baghdad.
She pointed out that "a joint statement on the outcomes of the meeting is expected to be issued after its conclusion." link
EXCERPTS FROM MARKZ
EXCERPTS FROM MARKZ
MZ: I did finally get in touch with one of my redemption center/wealth management folks ….He was told they are not working this weekend but be in early on Monday…. They were told to enjoy the weekend because they would be working some very long hours over the next 2 weeks.
MZ: I hope that means us.
Member: PNC Bank just issued a late night notice to their staff regarding the Dinar and Dong
Member: Mr. Cottrell was informed we are quite close. He stated this yesterday.
Member: I’m looking forward to seeing how this plays out….It’s been one hell of a journey.
Member: Hope everyone has a wonderful weekend. And hope this is our last weekend broke.
US Firm Wins $118m Iraq Defense Contract
Colorado-based Vectrus Systems LLC [V2X] has been awarded a $118,020,690 cost-plus-fixed-fee undefinitized contract action, for base support services in support of the Iraq F-16 program.
This contract provides for base operating support, base life support, and security services. Work will be performed at Martyr BG Ali Flaih Air Base (formerly Balad Air Base), Iraq, and is expected to be completed by 30th November, 2026.
According to a statement from the US Department of Defense:
"This contract was a sole source acquisition as requested in a Letter of Request and agreed to in a Letter of Offer and Acceptance. FMS funds in the amount of $57,830,138 are being obligated at the time of award. The Air Force Life Cycle Management Center, Wright-Patterson Air Force Base, Ohio, is the contracting activity (FA8630-25-C-B017)."
(Source: US Dept of Defense)
Weekend Coffee with MarkZ. 06/28/2025
Weekend Coffee with MarkZ. 06/28/2025
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Happy Saturday to everyone
Member: Good morning Patriot visionaries and Dinar faithful!!! I have a feeling this is our last Saturday waiting for our blessing
MZ: We spend the first 45 minutes with the CBD gurus and then on to the news of the day.
MZ: I did finally get in touch with one of my redemption center/wealth management folks ….He was told they are not working this weekend but be in early on Monday…. They were told to enjoy the weekend because they would be working some very long hours over the next 2 weeks.
MZ: I hope that means us.
MZ: From Iraq there have been some breakthroughs…..especially on the Baghdad/Erbil issues.
MZ: “ Economist: Iraq loses one billion dinars a month due to smuggling of the region’s oil” the Erbil/Baghdad agreement would stop this.
MZ: “ Imminent agreement between Erbil and Baghdad to re-export the region’s oil and settle the salaries of the employees” looks like they are finally taking care of the “elephant in the room” and stalling us. They are expecting a agreement in the coming days.
MZ: “After the technical delegation . A political delegation from Baghdad awaits arrival in Erbil to end the outstanding files” We are expecting a busy few days in this upcoming week. To me today is a pretty exciting news day.
MZ: The last obstacles appear to be getting out of the way.
MZ; “Departments to stop taking cash in two days. Fifteen million Iraqis are without an electronic card” the government of Iraq is going cashless. From now on folks will not be able to use cash to pay for government services. In the past there was too much cash disappearing from greedy government officials. This has made a massive difference in their revenue.
MZ: This is part of the white paper reforms they wanted to get under control before they raised the value of their currency
MZ: “Iraq’s printed currency at lowest level in a year” they are down to under 100T. .
Member: Many rumors that IQD gets a new rate Monday?
Member: Monday would be sweet.
Member: The 1st is also a great day for the rate!! That is Tuesday and the first day of the third quarter.
Member: PNC Bank just issued a late night notice to their staff regarding the Dinar and Dong
Member: Mr. Cottrell was informed we are quite close. He stated this yesterday.
Member: I’m looking forward to seeing how this plays out….It’s been one hell of a journey.
Member: Hope everyone has a wonderful weekend. And hope this is our last weekend broke.
IMF: Iraq should Simplify Access to Foreign Exchange
By John Lee.
The Central Bank of Iraq (CBI) has issued a press release claiming extensive praise from an International Monetary Fund (IMF) mission, led by Jean-Guillaume Poulain, following meetings from 4th to 13th of May, 2025.
Flour factory
The CBI statement, widely reported in local and international press, cites the post-meeting report from the IMF, which Iraq Business News publicised here. The report takes a more nuanced view of achievements to date.
It does, however, commend the CBI for the successful transition to the new trade finance system, saying:
" Trade finance is now fully processed by commercial banks through their correspondent banking relationships.
"This has also supported the recent decline in the spread between the official and parallel market exchange rates.
"Nonetheless, further efforts are needed to further reduce the spread, including by imposing Iraqi dinar usage for car and real estate transactions, improving customs controls to curb smuggling, and simplifying FX access."
Press release from CBI. [Arabic]
(Sources: CBI, IMF)
WALKINGSTICK: AKI UPDATE: I have to go back because we're waiting for the new rate
Walkingstick
[Iraqi Bank friend Aki update]
AKI: Three meetings. The last meeting lasted two hours. My boss tells me, 'I need you back at the bank [In Dearborn Michigan] this Monday because we are waiting on the new exchange rate. '
I have to go back because we're waiting for the new rate.
WALKINGSTICK: That's the only thing they're waiting for. They already got all the banking software in place, ATM machines, the bank structures, all the bank regulations are set..
New Iraqi TIR Route "a Game-Changer" for Europe-GCC Logistics
The opening of new Iraqi TIR corridors has enabled a dramatic reduction in transit times between Europe and the Gulf Cooperation Council (GCC), with journey durations cut from 24 days to just 10, according to a press release from the International Road Transport Union (IRU).
Polish logistics company Milton Group recently completed a round-trip from Poland to the UAE using Iraq's overland TIR transit system.
Carrying yacht engines and spare parts, the truck travelled through Poland, Bulgaria, Türkiye, Iraq, Jordan, and Saudi Arabia before reaching the UAE. The return leg to Poland was also completed overland, maintaining the 10-day timeframe for each direction.
The route passed into Iraq through the Ibrahim Al-Khalil border and exited via Traibeel [Terbil], highlighting Iraq's emergence as a strategic land bridge for trade between Europe and the GCC.
The corridor was made fully operational three months ago, with support from IRU members General Company for Land Transportation (GCLT) and Transforat. It forms part of Iraq's wider ambition to become a regional logistics and trade hub.
Milton Group COO Waleed Kassem called the development "a game changer," noting substantial time savings and enhanced logistics resilience by avoiding congested seaports.
IRU Secretary General Umberto de Pretto praised Iraq's efforts, saying this new connectivity offers "faster and more secure journey times" and greater resilience amid regional uncertainties.
See our Comprehensive Guide to Logistics in Iraq here.
Full statement from the International Road Transport Union (IRU):
From Europe to the GCC: New resilient Iraqi TIR routes slash journey times
With Iraq now fully operational in the TIR system, new faster and more flexible transport routes are opening between Europe and the Gulf Cooperation Council (GCC) region. One example: from Poland to the United Arab Emirates in 10 days, more than halving the traditional 24-day journey.
Polish transport operator the Milton Group has successfully completed a roundtrip journey linking Poland to the GCC entirely by road, via Iraq's newly operational TIR corridors, with a journey time of 10 days compared to 24 days for traditional maritime-based multimodal routes.
The truck, with two drivers, transported yacht engines and spare parts from a Polish factory through the EU to Bulgaria, then through Türkiye, Iraq, Jordan and Saudi Arabia before arriving at the customer's facility in the UAE.
With the support of IRU members GCLT and Transforat and other partners, TIR corridors in Iraq became fully operational three months ago, reinforcing the country's aim to become a strategic regional logistics and trade hub.
Milton, already experienced in multimodal routes between Europe and the Middle East, has been among the first companies to test the new road links. In this case, the trucks entered Iraq from Türkiye via the Ibrahim Al-Khalil border crossing and exited to Jordan via Traibeel.
The results were striking: the full road journey took just 10 days, compared to the 24 days typically required for a multimodal route.
To further enhance the economic viability of the trip, Milton organised a return load from the UAE back to Poland, completing the roundtrip within the same timeframe.
Milton Group Chief Operating Officer Waleed Kassem said, "This new inland TIR transit corridor through Iraq is a game changer for trade between Europe and the Middle East.
"By bypassing congested seaports and offering a fully overland route, we've already reduced our door-to-door transit time from 24 days to just 10, a tremendous improvement.
"We see a huge opportunity in the development of this corridor and are proud to have taken part. At Milton, we look forward to scaling this route into a core pillar of efficient, secure, and time-sensitive logistics to the GCC region."
IRU Secretary General Umberto de Pretto said, "It is truly inspiring to witness the successful launch of this new TIR route through Iraq, seeing the fruits of years of preparations and planning by the Iraqi authorities come to life.
"This marks only the beginning of what promises to be a landmark development for resilient regional connectivity across the Middle East via Iraq, not only providing faster and more secure journey times, but offering significantly more route flexibility and resilience to transport and logistics operators to better manage regional uncertainty."
TIR is the only globally recognised trade facilitation tool, backed by the UN TIR convention and managed by IRU, ensuring the seamless, secure and cost-effective transit of goods across international borders.
(Source: IRU)
FIREFLY: The development road project will bring so much more trade to Iraq
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:World Bank is talking on TV right now Channel One saying this development road project will bring so much more trade to Iraq.
They are backing Iraq with $300 million.
Why would they invest in something like 1310?
Iraqi Dinar Q&A: RV Prospects Two Weeks on from Airstrikes on Iran
By Guest Blogger. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.
Q: Following your recent article on the Dinar Revaluation (RV) and Israeli Airstrikes on Iran, the situation in the region has progressed.
What is your current assessment as it relates to the dinar (IQD)?
A: It has now been two weeks since the initial Israeli airstrikes on Iran, and the situation has continued to evolve. While a US-brokered ceasefire was announced on 23rd June, following a 12-day conflict that saw exchanges of missile and drone attacks, the broader implications for Iraq and the Iraqi Dinar's potential revaluation remain complex and largely negative.
Here's a follow-up based on the latest developments:
Flour factory
Lingering Instability and Uncertainty
Despite the ceasefire, the underlying tensions between Israel and Iran persist, and this continued regional instability is a significant factor for Iraq. While Iraq itself largely avoided direct involvement in the recent fighting, its geographic proximity means it remains highly susceptible to any fallout.
- Political and Security Concerns: The conflict highlighted the potential for regional power struggles to spill into Iraq, impacting its already fragile domestic stability. There have been reports of continued efforts to manage the influence of Iran-aligned Iraqi groups, and the risk of renewed hostilities involving these groups remains.
- Economic Vulnerability: Iraq's economy, heavily reliant on oil exports, is particularly vulnerable. While there was a short-term rise in oil prices during the conflict, which generated some additional revenue, this was largely offset by increased import costs due to disruptions in maritime insurance markets, global price fluctuations, higher shipping expenses, and a decline in air transport and religious tourism. An Iraqi government adviser described the conflict's impact as a "double-edged shock," leaving the Iraqi economy in a state of "neutral uncertainty."
Dinar Under Pressure
The Iraqi Dinar has continued to face headwinds, largely due to the pervasive uncertainty and ongoing economic challenges.
- Dollarisation and Parallel Market: The increased regional tension has reinforced the demand for the US dollar as a safe haven. While the official Central Bank of Iraq (CBI) rate remains stable at 1,320 IQD to $1, the parallel market has seen fluctuations. Recent reports indicate that USD/IQD exchange rates have edged lower in Baghdad and Erbil, with selling prices for $100 ranging from 141,750 IQD to 142,250 IQD, still significantly above the official rate. This persistent gap is a clear indicator of market pressure and a lack of confidence in the Dinar.
- Smuggling Concerns: The issue of dollar smuggling to Iran, aimed at circumventing US sanctions, continues to plague Iraq's financial system. This illicit flow of currency further limits the CBI's ability to effectively manage the Dinar's value and build confidence for a revaluation.
- Budgetary Challenges: Iraq is facing significant fiscal strains, with the 2025 federal budget unlikely to be submitted to Parliament anytime soon. This delay is attributed to "severe financial deficits, unstable revenue streams, the absence of a coherent economic vision, and the looming legislative elections." A parliamentary finance committee member noted a budget deficit of nearly 80 trillion IQD (approximately $61 billion), which puts immense pressure on government spending and the overall economic outlook. Delays in the budget can directly impact public salaries and infrastructure projects, further dampening economic sentiment.
Flour factory
Outlook for Revaluation
Given these ongoing developments, the prospect of an Iraqi Dinar revaluation in the near future appears highly improbable. The confluence of factors including:
- Continued regional instability and potential for escalation.
- Persistent demand for the US dollar and challenges in the parallel market.
- Ongoing issues with dollar smuggling and US sanctions.
- Significant internal budgetary deficits and political uncertainty within Iraq.
all contribute to an environment that is not conducive to a revaluation. While Iraq's vast oil reserves are a long-term asset, the immediate economic and geopolitical landscape presents too many hurdles. The Iraqi government's focus is currently on managing the existing economic challenges and navigating the complex regional dynamics, rather than pursuing a revaluation.
For more information on the Iraqi dinar, check out IBN's Dinar Page here: https://www.iraq-businessnews.com/the-dinar-page/?swcfpc=1
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🌟 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
