Saturday, July 5, 2025
Government advisor: The government has succeeded in managing fiscal policy
Government advisor: The government has succeeded in managing fiscal policy.
The Prime Minister's financial advisor, Mazhar Mohammed Salih, explained on Friday the reasons for the delay in submitting the budget schedules, while stressing that the government has succeeded in managing the country's financial and economic policy.
Saleh said, "The financial compass reading, which required the submission of the 2025 budget tables for legal approval under Article 77/Second of the Budget Law, was truly delayed for two fundamental reasons. The first was to await the amendment to the three-year general budget law regarding the value of the region's oil contracts and the costs of transporting its oil, which were not approved until last February. The other reason relates to the fluctuations that global energy markets were exposed to and the effects of global oil prices on the general budget, which also required rereading some financial constants and variables, whether revenues, expenditures, deficit financing and its sources, more than once due to international geopolitical and economic problems and the major issues that occurred in the global economy at a rapid pace, which led to the generation of volatile shocks in close periods of the current fiscal year, which necessitated hedging against external shocks."
He added that "all these factors led to the delay in submitting budget schedules to review some of its inputs and outputs," noting that "there is significant and ongoing cooperation between the legislative and executive authorities in monitoring and managing the country's financial affairs, with understanding, interaction, and optimization of great importance to ensuring the economic stability the country is experiencing."
Regarding the impact of delayed budget schedules on projects included in the investment section, Saleh pointed out that, “Based on the Federal General Budget Law No. 13 of 2023, the three-year budget, the federal financial policy was formed based on an approach called ‘fiscal space’, which gave it the high capacity to move dozens of approved and previously suspended strategic government projects forward into implementation.
This is what distinguished it with a highly active development wheel in implementing service projects that the country is witnessing without interruption, and its results have become tangible thanks to the success of the three-year budget, in addition to the major projects approved in the 2023 and 2024 budget schedules, which are currently ongoing without interruption.”
He stressed that “the state’s investment approach is proceeding in line with the sustainability of economic development and in accordance with the high positive results currently achieved in growth rates and the great economic stability that the country is witnessing, whether in terms of declining unemployment rates, increasing economic growth, and price stability, in an active and compatible trilogy achieved as a result of the success of the country’s financial and economic policy without interruption in the wheels of public spending, including the current year 2025.”
He continued, "As far as the rights and entitlements acquired in the operational aspect of the general budget are concerned, but have not been disbursed and are contingent upon the submission of the 2025 financial schedules, these are legally protected rights reserved for their beneficiaries and are not subject to statute of limitations. They are merely a matter of timing and will be disbursed upon the approval of these schedules or any adjustment that does not conflict with the law." link
MILITIAMAN: Iraqi Dinar News-US Treasury-Baghdad and Kurdistan-Oil-Salaries
MILITIAMAN: Iraqi Dinar News-US Treasury-Baghdad and Kurdistan-Oil-Salaries
Summary
The video provides an in-depth overview of the current financial, economic, and political developments in Iraq, focusing on efforts to reform the banking sector, improve customs and border controls, and advance oil export agreements, particularly in relation to the Kurdistan region.
The presenter highlights the ongoing challenges and progress Iraq faces in integrating into the global financial system amid corruption issues, banking reforms, and geopolitical dynamics. Several initiatives are underway, including the implementation of modern anti-corruption customs systems, restructuring private banks to comply with international standards, and advancing infrastructure projects such as the Grand Port of Alfa.
The Kurdistan Regional Government (KRG) and the federal government in Baghdad are reportedly close to resolving long-standing disputes over oil exports and salary payments to regional employees, with the U.S. State Department urging the resumption of Kurdish oil exports due to their broader geopolitical and economic implications. The overall tone suggests cautious optimism, emphasizing that despite crises and delays, Iraq is making significant strides toward economic renaissance through investment driven by oil revenues and reforms that aim to diversify the economy and improve financial stability.
- 🔥 Ongoing banking reforms focus on cleansing corruption and aligning with international AML and FATF standards.
- 🏦 Iraq’s private banking sector is at a crossroads, with the Central Bank pushing for strict regulatory compliance.
- 🚛 Iraq prepares to expand international trade through the TIR transit agreement, improving logistics and boosting revenues.
- 🌐 The ICE CUTA system is being implemented as a cutting-edge anti-corruption customs monitoring tool.
- ⚖️ The KRG and Baghdad have made preliminary agreements to resume oil exports and pay regional salaries.
- 🛳️ The Grand Port of Alfa project symbolizes Iraq’s broader economic and maritime development strategy.
- 🇺🇸 The U.S. State Department pressures for resumption of Kurdish oil exports, citing impacts on U.S. companies and regional stability.
Key Insights
💰 Banking Sector Reform is Crucial for Iraq’s Financial Integration:The video stresses that Iraq’s banking sector is undergoing essential reforms to comply with anti-money laundering (AML) and counter-terrorist financing standards as set by international bodies like FATF. This compliance is imperative for Iraq to avoid financial isolation, which could have severe consequences on the economy and citizens’ livelihoods. The Central Bank’s enforcement and the private banks association’s support indicate a unified effort to modernize banking practices, although resistance from some “bad banks” could delay progress. This reform phase represents a pivotal moment for Iraq’s financial sector, determining whether it can effectively join the global financial community.
🔍 Modern Customs Monitoring Systems Combat Long-Standing Corruption: The introduction of the ICE CUTA system and related digital customs supervision tools marks a significant technological leap in Iraq’s fight against corruption at border crossings and ports. Corruption has historically drained state revenues and undermined economic growth. By implementing continuous 24/7 digital monitoring, Iraq aims to increase transparency, reduce smuggling, and ensure that customs revenues flow directly into the state treasury. This modernization aligns with broader reform goals and enhances Iraq’s credibility in international trade.
🛢️ Resolution of KRG Federal Oil Disputes is Key to Regional Stability:The ongoing negotiations between the Kurdistan Regional Government and Baghdad focus heavily on oil exports and the payment of salaries to regional employees, two interconnected issues that have stalled for years. The video notes that preliminary agreements have been reached, with the federal government expected to approve the resumption of Kurdish oil exports through the Iraqi-Turkey pipeline. The U.S. State Department’s involvement underscores the geopolitical significance of this issue, as the suspension of exports has affected American companies and strengthened Iranian influence in the region. Successful resolution will not only stabilize the region but also boost Iraq’s overall economy.
🌍 Iraq’s Economic Renaissance Hinges on Diversifying Investment:Iraq’s financial adviser emphasizes that the country’s renaissance depends on transforming oil wealth into sustainable, productive investments across vital economic sectors. This approach aims to reduce dependency on oil revenues alone by developing the private sector and other revenue streams, such as non-oil resources and improved customs collection. This strategic shift is necessary for long-term economic stability and growth, especially given the fluctuating nature of global oil markets.
🚚 Implementation of the TIR Agreement Enhances Iraq’s Role in Regional Trade: Iraq’s readiness to implement the international TIR transit agreement signals a major boost to its logistics and trade infrastructure. The ability to handle thousands of trucks daily moving goods across borders reassures international partners of Iraq’s security and operational capabilities. This transit facilitation not only increases customs and border revenues but also positions Iraq as a critical trade hub linking the Middle East to Europe and beyond.
🏗️ Infrastructure Projects Like the Grand Port of Alfa Are National Priorities: The Grand Port of Alfa project is highlighted as a national economic and maritime strategy cornerstone, requiring strict adherence to international technical standards and coordination among various government entities. This project symbolizes Iraq’s ambition to modernize its infrastructure, enhance trade capacity, and develop its maritime sector, which will diversify economic activity and create jobs.
📈 Financial Inclusion Progress Indicates Positive Trends but Challenges Remain: Iraq has made measurable progress in financial inclusion, moving from a ‘gray zone’ to a ‘monitoring’ status with respect to international financial standards. Current financial inclusion stands at approximately 46%, with goals to reach up to 90-95%. This expansion reflects efforts by the Central Bank and private banks to bring more of the population into the formal banking system, which is vital for economic development and reducing informal financial flows. However, achieving these goals will require continuous reforms, public awareness, and infrastructure improvements.
Conclusion
The video transcript presents a comprehensive snapshot of Iraq’s current financial and economic landscape, emphasizing reform, modernization, and strategic agreements essential for the country’s sustainable development and global integration. Iraq is navigating complex challenges ranging from entrenched corruption to geopolitical tensions, yet significant progress is evident across multiple fronts.
Banking reforms and anti-corruption measures are gaining traction, customs systems are modernizing, and key political actors appear ready to resolve longstanding disputes over oil exports and salaries. Infrastructure projects like the Grand Port of Alfa and the expansion of trade through the TIR agreement highlight Iraq’s strategic vision to boost economic diversification and increase revenues.
Supported by oil revenues rather than external borrowing, Iraq’s investment budget is positioned to grow, underpinning a development renaissance that could reshape the nation’s future. While uncertainties remain, the convergence of reforms and cooperation signals a cautiously optimistic path forward for Iraq’s economic and political stability.
The Association of Private Banks to Nina: Iraq has made significant progress in promoting financial inclusion...and these are the requirements for the success of international standards.
The Association of Private Banks to Nina: Iraq has made significant progress in promoting financial inclusion...and these are the requirements for the success of international standards.
The Iraqi Private Banks Association confirmed: "Iraq has achieved significant progress in financial inclusion thanks to the Central Bank's commitment to implementing international standards."
The head of the association, Wadih Al-Handhal, said in a statement to the National Iraqi News Agency ( NINA ), that "the Central Bank of Iraq is moving forward in implementing compliance standards and enhancing financial inclusion in the banking sector, and the Banks Association also supports raising awareness of financial inclusion."
He explained that "the success of the basic requirements for implementing these standards and achieving advanced levels in combating money laundering depend on training specialized and qualified staff to use information and databases, based on the principle of knowing the customer and the sources of his funds."
He added: "The Middle East and North Africa Financial Action Task Force (MENAFATF) has transformed Iraq from a gray zone to a monitoring area, and this is true evidence that Iraq has achieved significant progress in enhancing financial inclusion and combating money laundering and terrorist financing," noting that "the need for legal legislation still exists, and we must move forward in training human cadres to keep pace with the rapid digital and technological transformation in the world."
Regarding the financial inclusion rates achieved by Iraq, Al-Handhal explained that, “according to international standards, the current financial inclusion rate in Iraq has exceeded 46% compared to previous years, which is a very significant progress with which we seek to achieve a rate of 90-95% in cooperation with the Central Bank in the near future. The Arab Monetary Fund is also very satisfied with this rate and is following the growth of the banking sector. It considers Iraq to be implementing financial inclusion through a sound mechanism that has contributed to Iraq’s progress in ranking ahead of other countries.” link
TIDBIT FROM CLARE
Clare
Article: "The Central Bank of Iraq clarifies the 'National' payment card and its scope of use"
Quote: "The National Electronic Payment Card Project is an additional local option used exclusively within Iraq in Iraqi dinars, and does not cancel or restrict existing international cards such as Visa and Mastercard...
there are no plans to cancel these cards or ban transactions in dollars outside Iraq, as their holders can still use them inside and outside the country as is currently the case."
US anger at Iraq if it uses Russia's payment system
US anger at Iraq if it uses Russia's payment system
Details from Ziad Al-Hashemi
Economic researcher Ziad Al-Hashemi said on Friday that the Central Bank of Iraq’s launch of the “National Card Scheme” system is a step towards strengthening financial sovereignty and reducing reliance on international payment networks. However, the similarity of this system to the Russian “Mir” system, which is subject to sanctions, may expose Iraq to international accountability and raise American reservations.
He pointed out that the lack of full commitment to security and compliance standards, and the lack of clarification of the nature of technical links with external systems, represents a potential loophole that could be exploited for suspicious financial activities. He called for enhancing transparency and raising the level of caution to avoid any external escalation or suspicions related to the use of this system.
Al-Hashemi stated in a post on the X platform:
The Central Bank of Iraq has decided to assert its sovereignty over electronic financial transactions within the country by launching the "National Card Scheme." This is a positive step, but it is not without loopholes that raise more than one question mark.
According to the bank's statement, the new system will not be linked to the Visa and MasterCard systems, but will use the same technologies as the Europay-MasterCard-Visa systems to ensure compliance with international standards and enhance security and efficiency.
The new system is somewhat similar to the Russian MIR system, which enhances national monetary sovereignty and significantly reduces reliance on global payment networks such as Visa and Mastercard, but at the same time, it is linked to some external domestic systems.
However, the Central Bank did not clarify whether the new electronic card system will adhere to security and compliance regulations such as PCI-DSS, or whether these regulations will be imposed on card users.
The lack of clear and full compliance with these standards may create future loopholes that could be exploited for innovative fraudulent operations, as has happened in the past.
The Central Bank of Iraq is also called upon to enhance the transparency of this system and raise the level of prudence to ensure there is no intention to bypass the global financial system. These measures are essential to enhancing the reliability, safety, and security of the new domestic system.
In the absence of these measures, the new local system will be subject to international scrutiny and accountability, especially if suspicious local transactions or direct or indirect ties to sanctioned payment systems such as Russia's Mir and Iran's Shtab emerge. link
Bruce’s Big Call Dinar Intel Thursday Night 7-3-25
Bruce’s Big Call Dinar Intel Thursday Night 7-3-25
Transcribed by WiserNow
Welcome everybody to big call tonight. It is Thursday, July 3rd and you’re listening to the big call. Thanks for tuning in, for being here. Thank you satellite team for getting the signal out, all over the globe, and thank you big call universe for being here with us
For time to pay attention to your hint. Hint. Thank you, Bob, that’s great. All right, let’s take a look at where we are on our intel segment. I told you Tuesday night that we had from different sources, two different timelines for when we would get started on exchanging, and it appears that the two timelines will eventually convert into one, the timeline. So let’s bring it out and let you guys think about this.
We have heard from our redemption center leaders that there was a meeting. I think it was probably a video conference call. I haven’t had that confirmed yet, but it was from 4pm to 7pm eastern daylight tonight, and I think this is sort of the final call, the final get together because redemption center leaders were actually called to come in to specific locations, like where you might have three or four centers leaders for them to one place for this quote, unquote meeting.
I don’t know this, but I have a feeling it was a video conference call, and they were being updated on very latest in the timing for this. So that happened this evening, and prior to that, we have heard from some sources that are over several redemption centers, as many as half a dozen to eight redemption centers each, that everything is poised to start with notifications over the weekend or by Monday at the latest.
I thought, Okay, that’s a little different timeline. That’s moving it back slightly, but not too much. And then we’ve also heard that this weekend could be significant for us. We could get a notification starting as early as Saturday.
Now tomorrow is going to feel like the weekend. It’s Friday, the Fourth of July. And why is it significant other than an Independence Day celebration, 249th year – because President Trump, fortunately, the big, beautiful bill went through and was passed 218 to 214 votes in the house, the final version of the bill. So the four vote margin won by the Republican vote. Thank God, and that has everything in it that we need for us to get started. So it went through.
It’s gonna be on the President’s desk for a signature in Washington tomorrow at 5pm Eastern Daylight Time The President was speaking in Iowa at the Iowa State Fair, and I only heard about 15 minutes of his speech. It was very good, and it was it was interesting.
I liked some of the things that I was hearing that were different. There was something that we didn’t really hear him say before that was pretty cool. So if you have a chance to catch it on a replay tonight. It might be worth watching,
But what’s happening is the president. I don’t know his itinerary as to when he’s flying back to DC, but know that he plans to sign that bill at 5pm tomorrow. And what’s interesting about tomorrow at noon central, daylight time, CDC, at noon central, both NESARA and GESARA\ are activated tomorrow on the Fourth of July.
So will the President speak to either of those two terms of what we know is in for us in NESARA I don’t know that yet. I’m hoping he does, but I don’t know that that’s a guarantee. What we’re looking for in NESARA is a discussion about our asset backed currency, the new USN and the physical money – USTN – US Treasury note.
Love to have a mention of that – it may not happen tomorrow, but it’s activated as of tomorrow, as well as a discussion about no more federal income taxes, wouldn’t that be nice? And the discussion about the consumption tax, instead, I don’t know how quickly that’s going to come out.
I really don’t know how quickly we know that the crypto coins are there another backing of as an asset to back up our USN currency, and in a way, our gold, silver and other assets, gas, oil, etc, is used to back up the crypto currency itself, the crypto coins.
And I don’t think all of that is quite absolutely clear yet on how that relationship is going to work. We know it’s a part of it – It’s part of a digital currency backing our digital USN, so we have yet to see what, how that’s going to come out.
All right, the other timeline that I mentioned on Tuesday is more of a Monday, Tuesday, Wednesday start – and it had notifications for us – let me say it this way, notifications to me on Monday, and you remember Monday to seven, the eighth is Tuesday, eighth of July. Who likes the number eight? That’s right, China.
It symbolizes new beginnings and financial prosperity. So one source is telling me that that the time, I believe that I would be putting out the toll free number, certainly on the big call, if not sooner, on our website, depending on what happens over the weekend.
Because we could get something even Saturday that says, Here we go. We’re getting started. We’ve got a toll free number. We’re getting out. I know today they were going through the list of emails that are going to be going out from Wells Fargo, and they were consolidating and verifying those email addresses and getting those ready to go out.
I know that’s the work on today, and I also know that another source said that this would be a brand. Now I don’t know if that’s from NESARA or GESARA whether it might have something to do with the Release to us of the toll free number. So these two timelines, one, that’s Monday, Tuesday, Wednesday, which would be Wednesday start of exchanges.
Monday notification to me, and then Tuesday notification to you in exchanges on Wednesday, the 9th – is that the one that timeline converge into the earlier timeline of Saturday, Sunday, Monday. Guys, I don’t know. I’m just gonna have to say, we’ll, just have to wait to see which of these things comes through.
Eventually the timeline will prevail – Timeline will be the right one that lives out. So I want everybody to pay attention tomorrow, especially at pocket box Eastern President Trump signed that big, bad, beautiful bill on it. It’s not a bad, I think, the beginning or middle of next week and everything that we’re looking for, the restitution and reconciliation allowance, those payments, the increase in Social Security, obviously, the RV itself, the RV GTR itself, all of that included in that bill that passed today, 218, 14.
So we’re on our way. We’re definitely on our way. That’s going to slow it down. Now, as far as anything else is concerned, let’s just say, you know, we’ve heard the expression in days of darkness for a long time, and I told you guys months ago, apply to us. It’s still the case.
It applies only to the d********e, and you can only imagine how that’s going to work if they’re going to be in darkness for 10 days, and guess what? That starts tomorrow. So don’t worry about it. Back. You and me, we’re good to go as ever. Be vigilant tomorrow. I do not expect anything.
Keep your eyes open and like I was hearing today on the news, and I watch Newsmax and one American news, those two are just toggling. See Something, Say Something. If something doesn’t seem right and you’re seeing it, don’t be afraid to call 911, and report again.
They want us to report anything that seems screwy, that seems wrong, it seems out of it doesn’t seem to make sense. See Something, Say Something. And I heard that several times today. And I want us to be aware. I want us to be vigilant too, but mainly, I want us to enjoy this Fourth of July tomorrow, and if you’re somebody who’s setting off fireworks, be careful.
Don’t Roman candles and stuff and ladies and be careful, you guys. We always hear stories of people with fingers blown off or different injuries that come from fireworks. Let the fireworks be set out by the pros. Let the pros do it. Enjoy the displays. If you haven’t already, people are going to be setting them off all weekend. They’re already going off, Yes, last night and tonight in certain places. Beware of that.
Stay in your cocoon of quiet, taking over easy and big your time and your lively feeling out if that’s what you do you know? And just just enjoy the time, whether it’s Friday or Saturday, and I will be ever vigilant watching the thing that might come to me, so that I’ll be in touch with Bob.
And no matter if Bob’s in Alaska or not, I’ll get in touch with him. He’ll be in range. If I have to use the Tin Man telephone to get to him, I will, but I don’t think that’ll be necessary. Think I’ll contact him and we’ll put out the number as soon as we can.
Okay, send the information to you, but pay attention to your emails. Pay attention to an email from l from anyone the registered on big call universe, calm their numbers sent to them after I get it, and we’ll send out a mass email to everybody that’s on our site.
We’ll send that out. Everybody will have the 800 number, and it’s there just to make sure that you get it, and it’s the same one that you get in your email from Wells Fargo. Remember this 800 number is to call to set your appointment for the redemption Center has rates that the banks will not have.
It has the contract rate on denar, and it has the rates going to be on Dong. We’re not going to know if I’ll even know it by the weekend, but we’ll see what it is.
Now, July is 10 years by the big call, who is just she came upon him with her so after Bob did, I think it’s 14 years. And we’re just thrilled we’ve been added to the Starwood satellite system, and is getting the call out over the world, plus 20 million out of the United States every Tuesday and Thursday night.
And I’m excited about our future, where we’re going to go with this. We need to get our exchanges done. We need to get in and out of the med bed. We need to enjoy a little bit of our new life about planning a move, if that’s part of your plan, and everything else that that we have to do.
But I really think this is a great opportunity for all of us as we move forward together. Let’s pray the call out, we’ll turn off the recording afterwards. Thank you so much that we’ve had this opportunity for. Get out, that they call universe routinely Tuesday and Thursday.
Well, thanks everybody for listening. Have a great safe on your emails. I’d say, starting Saturday, keep an eye, and we’ll see how this progress into the beginning of next week. All right, everybody, have a great night. Have a good night’s sleep, and we’ll be talking to you Tuesday, and hopefully, if we have numbers by then, great we’ll put the numbers out. All right, you guys take care and have a great, safe weekend
Bruce’s Big Call Dinar Intel Thursday Night 7-3-25
REPLAY LINK Intel begins 1:14:00
The End of Dollar Dependence or the Beginning of Censorship? The National Payments Project Raises the Question of "Financial Sovereignty"
The End of Dollar Dependence or the Beginning of Censorship? The National Payments Project Raises the Question of "Financial Sovereignty"
In a pivotal step toward internal monetary independence, the Central Bank of Iraq (CBI) issued an official circular to all banks and electronic payment service providers announcing the commencement of the implementation of the National Card Scheme project.
This is a local payment system managed through the national switchboard, completely separate from international platforms such as MasterCard and Visa. The decision comes at a particularly sensitive time, following the Popular Mobilization Forces (PMF) salary crisis and sanctions imposed on several banks, amid indications that Iraq is shifting to a relatively closed monetary environment in the face of external pressures.
A national system excludes international companies.
According to a circular obtained by Baghdad Today , the Central Bank has ordered the launch of a local system for settling bank card payments within Iraq, without going through any international entity. The circular clarified the need to adopt national codes such as (BIN) and (AID) to identify payment cards and link them to the national switchboard, which implicitly means eliminating any reliance on global payment networks such as Visa and MasterCard in local transactions. The circular emphasized that this project is "exclusively local" and that it will be completed by the end of this year, in preparation for its official adoption starting early next year.
Motives behind the decision: From sanctions to mobilization.
Banking expert and former Central Bank official Mahmoud Dagher told Baghdad Today that "the decision is partly linked to international sanctions and some pressure on Iraqi banks,
so an alternative internal system is being considered."
He added, "Iraq faces no legal or technical obstacles to establishing this type of system, and many countries have preceded us in this," but he explained that "local systems remain limited and cannot be used outside the country's borders."
It's worth noting that the decision came after the Popular Mobilization Forces' salaries were frozen at some banks linked to international payment systems, opening a new door for the Central Bank to restructure its payments infrastructure away from international political influence.
Monetary shift or financial isolation?
The new approach coincides with escalating tensions between Baghdad and Washington, and with the mounting pressure on major Iraqi banks accused of financing entities sanctioned by the US. In this context, the Central Bank appears to have decided to proceed with a project that protects the domestic market from any "potential political freeze." However, this option, despite its importance in terms of sovereignty, raises questions:
Is it possible to actually dispense with global payment systems?
Is Iraq structurally prepared to operate a closed system capable of meeting domestic demand?
Most importantly, does this project pave the way for a gradual financial decoupling from the dollar?
The National Card Scheme project is not merely a technical decision regarding banking infrastructure; it is a step with political, economic, and security dimensions. If completed by the end of the year as planned, Iraq will have taken its first steps toward "internal monetary independence." However, this remains conditional on the state's ability to ensure efficiency, prevent collapse, and build confidence in a system that has yet to be tested in a fragile economic reality. link
TIDBIT FROM MARKZ
MarkZ
[via PDK]
My redemption center/wealth management folks are...not on call for this weekend...maybe it’s a great time to pull it off…release it when no one is on call and no one is looking. With no one watching for it….then BAM…it happens.
That’s what I am hopeful for.
Exclusively in Dinars: A Statement from the Central Bank of Iraq Regarding the "National Card" for Electronic Payment
Exclusively in Dinars: A Statement from the Central Bank of Iraq Regarding the "National Card" for Electronic Payment
#Electronic payment #Central Bank of Iraq #Dollar in Iraq #dollar #Iraqi dinar
Do not cancel Visa and MasterCard
On Friday, July 4, 2025, the Central Bank of Iraq issued a clarification regarding the National Electronic Payment Card Project, noting that the project does not cancel or restrict existing international cards.
In context: The suspension of Iraqi payment cards internationally comes into effect
The bank said in a statement received by Al-Jabal, "The National Electronic Payment Card Project is an additional local option used exclusively within Iraq and in Iraqi dinars. It does not cancel or restrict existing international cards such as Visa and Mastercard . There are also no plans to cancel these cards or prohibit transactions in dollars outside Iraq, as their holders can still use them inside and outside the country as is currently the case."
He added, "The project aims to reduce payment costs, enhance financial inclusion, diversify options for the public, and provide national cards to all institutions and segments within Iraq, while international cards remain the primary means of spending in dollars or other currencies outside Iraq and for purchases via global websites." link
WOLVERINE UPDATE
WOLVERINE
From a Source
Blessed Tuesday ✨
July will be the month of harvest. You will see answers, blessings, open doors, and moments that will make you smile with gratitude.
My promise is that everything you sow with faith, you will reap multiplied.
Amen
IRAQ HEADLINES NEWS
IRAQ HEADLINES NEWS
Illicit oil smuggling from the Kurdistan Region to Iran via tankers continues, with revenues not remitted to the KRG, while the ruling KDP and PUK reportedly earn $250 million monthly from the trade, according to Ali Hama Saleh, leader of the opposition Stance (Halwest) Movement.Meanwhile, civil servants remain unpaid for over two months as Baghdad withholds funds in response to the KRG’s refusal to hand over oil exports to the federal government, deepening a decade-long financial crisis.
: Hama Saleh's Facebook wall
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BREAKING: Prominent Shiite cleric Muqtada al-Sadr has reaffirmed his decision to boycott Iraq’s upcoming November parliamentary elections. His statement comes amid reports that Prime Minister Mohammed Shia al-Sudani is considering talks with the electoral commission to explore a legal mechanism for extending the candidate registration deadline — seen by some as an effort to pave the way for Al-Sadr's potential return to the political process.
: AP/ file
GOLDILOCKS: The BEGINNING of RV: All currencies are as good as GOLD (Dinar, Dong, USD)
GOLDILOCKS: BREAKING NEWS: The BEGINNING of RV: All currencies are as good as GOLD (Dinar, Dong, USD)
Summary
The video from Goldilocks Global Banking News, presented by Freedom Fighter, provides an in-depth analysis of the recent implementation of Basel 3 regulations, which officially entered their “endgame” phase on July 1st.
Basel 3, a global regulatory framework for banks, primarily enhances capital and gold reserve requirements, affecting the stability and dynamics of international currencies, particularly the US dollar and foreign currencies.
The new rules allow banks to count 100% of gold’s value toward their capital requirements, a significant increase from the previous 50%, solidifying gold’s role in backing currencies during the ongoing revaluation (RV) process.
The speaker emphasizes that these changes will impact the dominance of the US dollar in global trade. While Basel 3 strengthens the US financial system by making it safer and more stable, it also introduces higher costs and stricter regulations that could reduce the competitiveness of US banks.
This may encourage capital to flow into other jurisdictions and foreign currencies, gradually diminishing the dollar’s global supremacy.
The video highlights the broader geopolitical and economic consequences of this shift, including ongoing US tariff negotiations promoting local currency trade and the gradual diversification of currency usage worldwide.
Importantly, the speaker notes that this is a long-term, multi-year process expected to unfold over three to five years (potentially until 2030), during which foreign currencies are expected to move toward their real values. Basel 3 regulations may temporarily depress the value of emerging market currencies, but gold-backed currency systems are expected to restore their value eventually. The video encourages viewers to adopt an exit strategy for currency exchange timing and stresses the significance of understanding these regulatory changes to prepare for the ongoing transformation in the global financial system.
Highlights
- 🏦 Basel 3’s official “endgame” phase began July 1st, marking a crucial step in global banking reforms.
- 🥇 Banks can now use 100% of gold’s value toward capital requirements, doubling the previous allowance.
- 💵 Basel 3 strengthens the US financial system but may weaken the US dollar’s global dominance in the long run.
- 🌍 The regulations encourage diversification of currency usage and increased use of foreign currencies in international trade.
- ⚖️ US tariff negotiations are pushing countries to trade in their local currencies, further reducing dollar dependency.
- ⏳ The currency revaluation process is gradual, expected to span 3 to 5 years, potentially until 2030.
- 🔑 Gold-backed currency systems will ultimately support foreign currencies’ real value despite short-term pressures from Basel 3.
Key Insights
🏛️ Basel 3 as a Catalyst for Banking Stability and Reform: Basel 3 enhances the capital requirements for banks, making the financial system safer and less prone to risky behavior. By mandating banks to hold more capital and allowing full valuation of gold holdings, it strengthens institutional resilience. This reduces systemic risk but also increases operational costs and regulatory burdens on banks, particularly in the US, potentially reducing their competitive edge globally.
💰 Gold’s Renewed Role in Backing Currencies: The increase from 50% to 100% in the value of gold banks can use for capital purposes is a major shift. It reinforces gold’s position as a critical asset in currency backing, especially in the context of the RVGCR (revaluation global currency reset). This change enhances the stability and value of currencies backed by gold, providing protection against crashes and devaluation, which is particularly important for emerging market currencies transitioning away from dollar dependency.
🌐 Gradual Decline of the US Dollar’s Global Dominance: While Basel 3 supports the US dollar’s status as a safe haven in the short term, the increased capital requirements and regulatory costs incentivize banks to diversify and reduce reliance on the dollar. This is compounded by international tariff negotiations that encourage local currency trade. Together, these forces are gradually shifting global trade and finance away from dollar hegemony toward a more multipolar currency system.
🔄 Currency Realignment over a Multi-Year Horizon: The speaker highlights that the changes initiated by Basel 3 will not cause an overnight shift but rather a slow, steady realignment of currency values over three to five years. During this time, foreign currencies are expected to appreciate as they move toward their true market values, supported by continuous trade and demand. This extended timeline underscores the importance of strategic planning and patience in navigating the currency revaluation process.
📉 Short-term Pressure on Emerging Market Currencies: Basel 3 is anticipated to put downward pressure on emerging market currencies initially, as these countries adjust to the new regulatory environment. The video references IMF Article 4 consultations that have helped countries strengthen their financial systems in preparation for these changes. While Basel 3 can depress these currencies short-term, the eventual adoption of gold-backed currency systems is expected to restore and enhance their value.
💼 Impact on Cross-Border Transactions and Currency Exchange Costs: By increasing capital requirements, Basel 3 may raise the cost of cross-border banking and currency exchanges. This could discourage risky financial activities and reduce market liquidity, making some international transactions more expensive and less frequent. This shift will likely encourage banks and corporations to seek alternative, more cost-effective trade arrangements, including increased reliance on local currencies.
🔑 Importance of Having an Exit Strategy: The video stresses the necessity for individuals and investors to have a clear exit strategy regarding when and how they exchange currencies during this transitional period. With currencies expected to rise gradually over the coming years, strategic timing will be crucial to maximizing gains and minimizing losses amid the evolving global financial landscape.
Conclusion
The video provides a comprehensive overview of Basel 3’s impact on the global banking system, currency values, and the evolving role of gold. It frames these changes as part of a broader, gradual shift away from US dollar dominance toward a more diversified and gold-backed global currency system. Understanding these dynamics and preparing strategically will be key for investors, banks, and individuals navigating the coming years of financial transformation.
IRAQ HEADLINES NEWS
IRAQ HEADLINES NEWS
The US Treasury Department has imposed sanctions on a network of companies led by Iraqi businessman Salim Saeed, accusing them of smuggling Iranian oil under the cover of legitimate Iraqi trade in a scheme worth billions of dollars since 2020. The sanctions also target vessels allegedly involved in covert shipments, as Washington intensifies efforts to dismantle Iran’s so-called “shadow fleet.”
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The first group of PKK members, numbering between 20 and 30, will disarm between July 10 and 12 in Sulaimani province in the Kurdistan Region,” Zagros Hiwa, spokesperson for the Kurdistan Communities Union (KCK) — the PKK’s umbrella group — told the Associated Press (AP).
: AP
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The IAEA has confirmed that its inspectors, who remained in Tehran during the recent military conflict, safely left Iran on Friday and returned to Vienna, as Director General Rafael Grossi emphasized the urgent need to resume monitoring and verification activities in Iran. The announcement follows a Wall Street Journal report that the inspectors were evacuated through Armenia over safety concerns, in coordination with Iranian authorities.
: Reuters