Sunday, July 13, 2025
Iraq Opens Up To Shell To Implement Major Energy Projects
Iraq Opens Up To Shell To Implement Major Energy Projects.
July 12, 2025 Baghdad - Qusay Munther Prime Minister Mohammed Shia al-Sudani affirmed that the Iraqi government is opening its doors to major international companies, most notably Shell, to implement strategic projects in the energy sector.
He emphasized that the government's vision and development plans align with the company's proposals for gas investment and modernizing the oil sector's infrastructure, serving Iraq's interests and enhancing self-sufficiency.
Investment Opportunities
A statement received by Al-Zaman yesterday said that "Al-Sudani received the Deputy CEO of Shell Oil Company, Richard Howe, and during the meeting, they discussed aspects of cooperation in the field of developing the energy sector and investment opportunities to contribute to achieving the common interest of both parties."
Al-Sudani affirmed that "the government is harnessing all capabilities and efforts to implement major projects in light of contracts concluded with international companies, especially those related to gas investment and achieving self-sufficiency in its production.
" He stressed that "Shell's proposals in the field of developing and reforming the oil sector are convergent with the government's vision and plans.
" Al-Sudani pointed out that "the government is open to cooperating with all companies that possess the technology, experience and competence, in order to implement important projects to develop the energy sector and modernize its infrastructure.
" For his part, the Deputy CEO of Shell Company affirmed that "Iraq is a mature environment for investment," reiterating "his company's keenness to develop gas investment from Basra, as well as projects to develop exploration blocks in Dhi Qar and the western region, in a way that enhances and raises the level of energy production in Iraq."
Meanwhile, the Ministry of Electricity revealed that all administrative, technical, and logistical requirements related to the import of Turkmen gas have been completed, following the Cabinet's approval to activate the import contract.
Ministry spokesman Ahmed Moussa said in a statement yesterday that "the ministry has completed all administrative, technical, and logistical requirements related to the import of Turkmen gas to compensate for the shortage in Iranian gas."
He continued, "The agreement was submitted to the Prime Minister's Office and received Cabinet approval at its last session."
He stressed that "the ministry is awaiting the completion of the procedures of the Commercial Bank of Iraq related to opening credit and transferring the necessary funds to purchase the gas, which will cover part of the current deficit, estimated at 14 to 15 million cubic meters, contributing to the operation of stations with a capacity exceeding 2,000 megawatts.
" He continued by saying that "the power generation stations are currently operating in a stable condition, after completing maintenance on the generating units and increasing their production capacity to the maximum."
He pointed out that "the long-term agreements concluded by the ministry have achieved their goals in ensuring the sustainability of the stations' operations.
However, the full release of gas remains the most important factor for continuing operations at optimal efficiency, as operating on alternative fuels reduces production efficiency." The Cabinet, in its last session, approved the activation of the gas supply contract from Turkmenistan to supply 14 to 15 million cubic meters per day, achieving an additional energy capacity of 2,000 megawatts.
A Comprehensive Approach
Meanwhile, OPEC Secretary General Haitham Al-Ghais predicted that the world's need for more energy will increase over the next decade. Al-Ghais stressed, on the sidelines of his participation in the OPEC International Symposium, which is being held at its headquarters in the Austrian capital, that "there is a great need to pump huge investments into the energy mix, with an emphasis on a comprehensive approach that includes the use of modern technology, reducing harmful emissions, and taking into account the needs of the oil market, especially those of non-energy-exporting countries."
He revealed that "the organization is issuing its forecast report for the first time during the organization's international symposium, as it provides forecasts on the interconnected and interrelated issues related to the development of the oil market, and provides important information that benefits policymakers, decision-makers, experts, and companies. LINK
REINALDO JC: IRAQ UPDATE: "The CBI Holds It Down — But Will Global Digital Trade Free the Dinar?"
REINALDO JC
IRAQ
IMF ‘projects an average exchange rate (dinar per US$) in each of 2025 and 2026 of 1300, the same as for 2024.’
~HOWEVER~
(imo)
What do you think will HAPPEN Once the NEW DIGITAL TRADE FINANCE SYSTEM is FULLY integrated/implemented in Iraq/Worldwide in the open market & NOT dictated/controlled by the CBI which is suppressing the IQD & just letting the private sector determine the Dinar rate by (trading) SUPPLY & DEMAND
READ ALSO: https://dinarevaluation.blogspot.com/2025/07/american-magazine-iraq-quietly-re.html
A Semi-Final Agreement With The Region To Begin Exporting Oil
July 12, 2025 Baghdad - Qusay Munther Oil Minister Hayan Abdul Ghani revealed that a near-final agreement has been reached with the Kurdistan Region to resume oil exports via the Turkish port of Ceyhan. He noted that negotiations have reached their final stages after resolving most of the contentious issues between the two parties, with the exception of the issue of domestic consumption, which remains under discussion.
Abdul Ghani said in a statement yesterday that “the budget specified quantities of crude oil that must be delivered from the Kurdistan Regional Government to the federal government for export. It stipulated the delivery of 400,000 barrels per day to the federal government, specifically to the State Oil Marketing Organization (SOMO), for export via the Iraqi-Turkish pipeline.” ]
He stressed that “during this period, intensive talks and negotiations took place to implement this initial agreement or what was stipulated in the budget law.
Based on these negotiations, the budget law was amended to expedite the implementation of the agreement and deliver the quantities according to the amendments. $16 was set for each barrel produced by the region as an advance payment, with the appointment of a consulting company within a clear scope of work to price the production of a barrel of oil in each field separately.”
He pointed out that “this agreement and amendment were presented to the regional government and received real approval from all parties,” indicating that “there are some issues that have hindered the implementation of this agreement, including the issue of the budget law and within the audit agreements between the Financial Supervision Bureaus in the federal and regional governments, where it was agreed to set the amount of refining or internal consumption at 46 thousand barrels per day, but the region is currently demanding that this amount be 65 thousand, which constitutes a violation of the budget law.”
Stressing that (almost all paragraphs were agreed upon except for this paragraph, and we hope that in the final stages the region will agree to the amount that was agreed upon within the Financial Supervision Bureau in the federal government and the region with the aim of implementing this agreement),
Abdul Ghani explained that (from our side as the federal government, the Turkish side and the Kurdish side were informed of our readiness to receive and export this amount, and I was in a meeting with the Turkish Minister of Energy, who confirmed that Ankara is ready to resume the process of exporting oil through the Iraqi-Turkish pipeline towards Ceyhan, but we are waiting for the brothers in the region to deliver this amount of oil so that it can be exported).
He continued, saying, "The federal government is now losing approximately 300,000 barrels per day, because the amount produced by the region is counted as part of Iraq's OPEC quota, even though the federal government does not benefit from this amount." On a related note, Iraq ranked 12th globally in proven natural gas reserves for 2025, according to the American magazine.
The magazine said in a report that (Russia, Iran and Qatar combined possess 51 percent of the world's proven natural gas reserves, totaling about 3.7 quadrillion cubic feet out of 7.3 quadrillion cubic feet available worldwide), and pointed out that (Iraq ranked 12th globally in proven natural gas reserves this year, amounting to 111 billion and 522 million cubic feet, which is equal to 1.61 percent of the world's reserves), adding that (Russia ranked first globally in proven natural gas reserves, amounting to 1 trillion and 688 billion and 228 million cubic feet, followed by Iran in second place with 1 trillion and 183 billion and 19 million cubic feet, and Qatar came in third with 850 billion and 98 million cubic feet).
The report continued, "The United States of America came in fourth place with the largest proven natural gas reserves, 322 billion and 234 million cubic feet, and Saudi Arabia came in fifth place with 303 billion and 284 million cubic feet of natural gas." LINK
MNT GOAT: "Global Recognition: Using the Dinar to Pay for Imports"
Mnt Goat
...what we really want to see is the use of the dinar to pay for imports and thus the demand for dinar by other countries as a currency of some value.
Right now, Iraq does send their dinars to some of the correspondent banks to pay for imports but this is still limited as many banks still want US dollars directly. But the conversion process (exchange of dinars for dollars) process is taking on steam and is rolling forward...
...I have said it many times that this reinstatement of the dinar is nothing but political...If it wasn’t, the Dr Shabibi coup would have never happened . The newer lower denominations would be in circulation and we would have already been to the bank...if we truly want the TRUTH we must connect the pieces and see it. Trump’s policy towards Iraq is one of hope but he is also going to first use Iraq as a platform for peace in the middle east. ...When the U.S. really steps up to the plate economically in Iraq you will see wonderous things happen...
Erbil is delaying the process and giving Baghdad a few days to resolve the salary crisis – Barzani's headquarters
Erbil is delaying the process and giving Baghdad a few days to resolve the salary crisis – Barzani's headquarters
"Last chance" to find a way out
Barzani's office announced on Saturday that the Kurdistan Democratic Party's (KDP) political bureau had decided to give Baghdad a final opportunity of several days to resolve the salary and financial dues crisis.
This came after Foreign Minister Fuad Hussein returned from a round of talks with federal parties in the capital, Baghdad, bearing promises of a settlement soon.
READ ALSO: https://dinarevaluation.blogspot.com/2025/07/firefly-imminent-deal-will-resolve-oil.html
In the name of God, the most gracious, the most merciful
Regarding the disagreements between the Kurdistan Region and the federal Iraqi government regarding the settlement of salaries, budget, and financial dues to the Kurdistan Region, the Politburo of the Kurdistan Democratic Party (KDP) held a meeting today to take the necessary stance.
However, Dr. Fuad Hussein also returned to Kurdistan today after holding a series of talks with Iraqi political parties. He informed the KDP Politburo that the political parties, figures, and the federal Iraqi government have pledged to resolve this issue and address the issue of sending salaries and financial dues to the Kurdistan Region within the next few days.
Based on their requests and promises, and in order to continue the dialogue in a calm atmosphere and with due consideration for the situation and the public interest, we decided to grant the federal Iraqi government in Baghdad a final opportunity to find a solution that would ensure a settlement to this problem.
This is based on our firm belief in preferring to resolve differences through mutual understanding, as long as the path to dialogue remains open. link
ARIEL : Iraqi Dinar Update 🇮🇶
ARIEL
Iraqi Dinar Update 
Status of Listed Events in July 2025:
Basel III Endgame: Phase-in commenced July 1, 2025, with full compliance by July 1, 2028; focuses on capital requirements for large banks, increasing operational risk buffers by 9% for G-SIBs.
Trump's Tariffs: Imposed July 9, 2025, at 30% on Iraqi non-oil imports (exempting crude oil, 98% of exports); reduced from initial 39% threat, but risks reserve drains if oil prices fall 5-10%. No "end" occurred user reference may misalign with imposition date.
ISO 20022: Migration for cross-border payments on track, with Swift coexistence ending November 2025; Fedwire adoption confirmed for July 14, 2025.
Fedwire: Single-day ISO 20022 implementation July 14, 2025; ends legacy formats, enabling blockchain pilots for 20% of oil settlements.
GENIUS Act (Senate): Passed Senate June 17, 2025 (68-30 vote); establishes stablecoin framework, now pending House reconciliation.
CLARITY Act (House): Advanced from committees June 2025; slated for House floor week of July 14 during "Crypto Week"; divides SEC/CFTC oversight for digital assets.
Iraq WTO 4th Meeting: Third Working Party meeting July 18, 2024; fourth delayed to Q1 2026 due to reform gaps; accession hinges on tariff bindings and anti-corruption measures.
Ripple/SEC Ends: Ripple dropped cross-appeal June 27, 2025; SEC closed meeting July 10 could finalize; $125M penalty dispute ongoing, no confirmed July closure.
Peace in Middle East: Gaza armistice January 2025; Hezbollah-Israel truce November 2024; ongoing tensions with Israeli forces in Lebanon hills; no comprehensive July breakthrough.
US Dollar Tanks / Currencies Rise: Dollar down 10% H1 2025 (worst since 1991) from debt ($35T+), tariffs, and rate cut expectations; EUR/USD at 1.17, GBP/USD at 1.37 by Q3.
Hypothetical Impact if All Events Align:
Combined pressures tariff exemptions preserving oil revenues, ISO 20022 enabling digital settlements, crypto bills boosting USD alternatives, dollar weakness lifting emerging currencies, and WTO progress could force CBI to advance a managed float to Q3 2025 for reserve bolstering; blockchain tests cover 20% transactions, positioning for subtle tweak.
Al-Sudani: There is no Iranian management of Iraqi affairs
Al-Sudani: There is no Iranian management of Iraqi affairs.
Prime Minister Mohammed Shia al-Sudani confirmed on Saturday that there is no Iranian control over Iraqi affairs, while pointing to the possibility of an agreement between Iran and the United States.
Al-Sudani said in a television interview, "There is no Iranian control over Iraqi affairs, not even a part of them."
Regarding the possibility of a deal between Iran and the United States, Al-Sudani said, "Our impression from meetings with the Iranians is that they are eager to make an agreement."
He pointed to his government's "success in reducing corruption link
FIREFLY: Sudani announced he now has the largest block in all of the political parties
Frank26
[Iraq boots-on-the-ground report]
FIREFLY:Sudani announced he now has the largest block in all of the political parties.
FRANK: Wow. Want to lose it? Want to lose that power? Don't give us a new exchange rate. You want 60% tariffs? Don't give us a new exchange rate.
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FIREFLY:Television says Trump is imposing 30% traffics on us here in Iraq.
FRANK: All you have to do is just raise the value of your currency you knuckleheads...
Did you notice the tariffs he did put on you when he hit everybody else with tariffs was minuscule?
But he's sending out a bunch of letters now and you're on that list.
Why? Because you haven't raised the value of your currency...As soon as you're ready to come out and float and be part of the international world with some reality...and [Trump] will remove the 30%.
--
FIREFLY: They keep talking about what a great job we have done to narrow the gap between the parallel market and the official rate.
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FIREFLY:The Untied States Federal Reserve still holds our oil reserves, our money, and this affects our economy and our exchange rate. FRANK: Yes, America is still holding on to your oil because we are protecting it...Executive Order 13303 has something to do with it.
It's a good thing. It's not a bad thing...Evil pigs tell you it's going to affect your exchange rate of the dinar. Well, of course it is...but in a positive way. It's going to improve it.
Al-Sudani receives the US Chargé d'Affaires to discuss bilateral relations and the regional situation
Al-Sudani receives the US Chargé d'Affaires to discuss bilateral relations and the regional situation
Prime Minister Mohammed Shia Al-Sudani received, today, Sunday (July 13, 2025), the US Chargé d'Affaires to Iraq to discuss bilateral relations and the regional situation.
Al-Sudani's media office stated in a statement received by Baghdad Today that "the latter received the Chargé d'Affaires of the United States Embassy in Iraq, Stephen Fagin, where they discussed bilateral relations between the two countries and reviewed the most prominent files of joint cooperation in various fields."
The statement added that "the meeting discussed the overall situation in the region and the need for the international community to take immediate steps to prevent the region from sliding into a cycle of war." link
Weekend Coffee with MarkZ. 07/12/2025
Weekend Coffee with MarkZ. 07/12/2025
Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
MZ: On Saturdays we have the CBD Gurus first and then on to the news at the 45-minute mark.
Member: GM Mark, Mods and family! This would be a great weekend for our blessing. Praying it in.
Member: Is this our last weekend?
MZ: Most of my bond contacts think this is our last weekend. I pray it is. Overwhelming bond folks think they get their money over the weekend.
MZ: I assume with the Fednow system down they will have access on Monday. We are hoping and praying this is true.
Member: Why is Fednow down?
MZ: Because of a whole new update. Bank wires are down, many government sites are down. Many banks doing system upgrades. Even the IRS is getting a system upgrade. Between the 11th and 14th of July many financial things are getting upgrades.
MZ: We are hopeful that things are about to have a new value. This is one of the steps that needed to be completed so they can flip the switch.
READ ALSO: https://dinarevaluation.blogspot.com/2025/07/thursday-coffee-with-markz-07102025.html
MZ: My redemption center/wealth management folks are not working this weekend…nor are they on call. So for me I am not looking for an RV this weekend…but these folks have been working hard the last few weeks. I even have a Chase contact who said they have lifted restrictions on amounts of foreign currency in preparation …I loved hearing that one.
Member: Redemption folks may be extra busy soon and enjoying last weekend off.
Member: Hearing the Fed Chair is resigning….are we seeing the end of the Fed??
MZ: We keep hearing rumors …not getting anything vetted and clear yet. We do know he wont be back after his term ends and its almost over. But my take is we might be watching the end of the Fed. We are also watching the old system kicking and screaming on its way out of the door.
Member: Chase bank has been updated earlier this year
READ ALSO: https://dinarevaluation.blogspot.com/2025/07/coffee-with-markz-joined-by-andy.html
Member: Another rumor is Trump is going to put Tatiffs on Iraq if they don't RV this weekend !
MZ: I do not believe that is true….
MZ: Lots of HCL stuff happening though.
Member: Per Frank26 the HCL and oil agreements have been reached and we now are waiting on the salaries to be agreed too since it’s tied to oil. IMF is fed up and is telling Iraq enough
MZ: In Iraq: “ Among them are forgery, currency smuggling, and real estate usurpation. (CONSIOUS)opens 15 files with the Public Prosecution” They are going after old crimes from Sadaam Hussein and the Bush camp that was stealing from Iraq for years. They are cleaning up old files.
MZ: These are things that needed settled before they revalue. I love they are cleaning things up.
Member: should go by end of this month. That's my opinion.
Member: Everyone have a wonderful weekend. See you all Monday morning.
THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY
Leveraging Iran's Defeat to Strengthen US-Iraq Security Relations
Leveraging Iran's Defeat to Strengthen U.S.-Iraq Security Relations
Tehran's Iraqi proxies mostly sat out the twelve-day war, but this pragmatic restraint will not forestall growing U.S.-Iran competition over Iraq's airspace, economic partnerships, and other sectors.
Click here to read the full report.
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Trump's Looming Tariffs could Target 4 MENA Countries
From Iraq to Algeria, Trump's looming tariffs could target 4 MENA countries
The United States has a trade deficit with Iraq, Algeria, Libya and Tunisia, according to the US government, prompting the president to send them letters warning of new tariffs.
Click here to read the full article (subscription required).
https://www.iraq-businessnews.com/2025/07/12/trumps-looming-tariffs-could-target-4-mena-countries/
MNT GOAT: Iraq’s Path to Monetary Sovereignty: RV Status Update – Part 3
I have said it many times that this reinstatement of the dinar is nothing but political. Can you see it now in the comments made by Tammy Bruce? If it wasn’t the Dr Shabibi coup would have never happened. The newer lower denominations would be in circulation and we would have already been to the bank.
We can try to ignore the political side but if we truly want the TRUTH we must connect the pieces and see it. Trump’s policy towards Iraq is one of hope but he is also going to first use Iraq as a platform for peace in the middle east. We have to sit and watch it all play out.
So today we have a good idea of what the U.S. policy is towards Iraq. When the U.S. really steps up to the plate economically in Iraq you will see wonderous things happen. But first things first as the U.S. does not want it investment squandered by war and instability. This means dealing with Iran and these terrorists organizations first.
Trump wants ACTION not WORDS
Take a peak at the article titled “TRUMP’S TAX HITS IRAQ’S ECONOMY HARD… 3 URGENTLY NEEDED COURSES OF ACTION”. If you haven’t heard already earlier this week, US President Donald Trump announced the imposition of tariffs on six countries, 30% on Algeria, 25% on Brunei, 30% on Iraq, 30% on Libya, 25% on Moldova, and 25% on the Philippines. We must dive deep as to why Trump is doing this move. He wants to negotiate with these countries and so this is a platform to get their attention to do so. Why have they not already contacted the U.S. on this tariff issue, as they knew darn well it was coming?
In the articles titled: “INTERNATIONAL WARNING TO IRAQ.. AN EXPERT DISCUSSES THE IMF REPORT: YOU ARE TO BLAME, TOO.” and “IMF EXECUTIVE BOARD CONCLUDES 2025 ARTICLE IV CONSULTATION WITH IRAQ”. We read the pros and cons in the IMF executive summary for Iraq 2025 consultation. Interesting to note it seems the IMF has mixed emotions about the Iraqi economy.
- Iraq has managed to uphold domestic stability despite regional turmoil and global uncertainty. At the same time, the non-oil economy slowed down in 2024 following a very strong growth in 2023. (All VERY positive comments about STABILITY)
- The important part is that Inflation has remained subdued amid weaker demand. Financing constraints and lower oil revenues are expected to constrain fiscal spending, taking an additional toll on economic activity. (This is why the budget tables for 2025 have not yet been released. The GOI does not want to complete the projects allocated for 2025 due to a drop in oil revenues.)
- Against a baseline of low oil prices, fiscal deficits and external accounts are projected to deteriorate further over the medium term unless significant reforms are undertaken to increase non-oil revenues, control the public wage bill, and boost non-oil growth potential through an ambitious structural reform agenda. (We have read all about these other sources of revenues. Iraq just needs some time to implement them fully. Many of these revenue sources will out weight the revenues from the oil.)
The expert’s criticism of the IMF itself stems from the fact that the IMF itself is unaware of the Iraqi political and social context, which makes implementing the “ready-made recipes” it offers extremely difficult. Its proposals clash with the spread of the deep state’s influence and its obstruction of tax reform aimed at increasing non-oil revenues, for example. (So please don’t tell me we are not supposed to study the political side or that politics has nothing to do with getting the reinstatement done! 😊 All you other intel gurus can safely stay away from politics and give out your stupid nonsense every day- any day RV dates to your listeners, but I stick to reality and common sense, sorry! )
We must continue our prayers. How much do we want the RV? We must consider the Iraqi people to in our prayers as the RV means much more to them than to us. They need their normalcy back to prior to 1991. We must stay focused on the prize. It is coming.
MNT GOAT: Iraq’s Path to Monetary Sovereignty: RV Status Update – Part 2
I need all my readers to understand what is going on in Iraq and what is behind it. I want you to be educated on the affairs on Iraq and how they impact what we are looking for (the RV and Restatement). I need you to understand in spite of all this foolish intel guru talk out on the internet.
We are much smarter than these idiots to believe all of their nonsense. No, the RV rate in not in these budget tables as a reason to hold them up that they don’t want us to see until they are ready to RV. Get it? Stop all this foolish talk. I can hardly believe anyone would fall for this nonsense. Again, any revaluation of the Iraqi dinar will be announced and we don’t need to go fishing through some budget tables to find it, if it could even be there.
The House of Representatives will hold its first session of the second legislative term for 2025 on Saturday. Let’s hope they finally take up the Oil and Gas Law again. We know they will take up the issue of the Budget Tables.
If you notice one thing among all these other issues and ongoing sagas in the government of Iraq (GOI) we still see the CBI trucking again and making movement towards it final destination of the reinstatement of the dinar to a global status (FOREX). It is like these other issues, although are very important, feel like just distractions but we know they can also affect the monetary process and should be resolved for stability.
As the U.S. exerts yet more pressure on Iraq for a wakeup call to what I believe is to bring the two sides together. The sides are Kurdistan and the Baghdad government. Reality is setting in. Either this country decides to unite and use their constitutional powers to settle disputes or things are on the brink of getting much worse.
But there is hope for Iraq. Remember, when I told you that soon oil prices will drop as other sources of energy are coming that will outmode the use of the dependency on oil. Is Iraq ready for this change? Are they still clinging to their “rentier” economy? What does this have to do with the reinstatement?
Statements made by the US State Department spokesperson Tammy Bruce on Tuesday urged Baghdad and Erbil to resolve their disputes through constructive dialogue. She emphasized that settling the Kurdistan Region’s salary issue would demonstrate Iraq’s commitment to a stable investment climate, while also paving the way for broader cooperation—such as reopening the Iraq-Turkey pipeline and expanding energy projects with US companies.
I am telling you that these issues matter and by resolving them Iraq can show they have put on their “big boy” pants and are ready to work in the global community. This is what the U.S. is looking for. It’s called STABILITY”.
https://mntgoatnewsusa.com/latest-mnt-goat-newsletter/Al-Nusairi: The Central Bank Is Leading The Banking Sector Toward Comprehensive Reform, Economic Stimulation, And Sustainable Development
Al-Nusairi: The Central Bank Is Leading The Banking Sector Toward Comprehensive Reform, Economic Stimulation, And Sustainable Development.
Banks Economy News – Baghdad Economic and banking advisor Samir Al-Nusairi affirmed that the Central Bank continues to lead the Iraqi banking sector in accordance with its third strategy and its comprehensive banking reform project for the next two years, based on a continuous daily work system in cooperation with international consulting and auditing companies currently operating with the aim of achieving banking reform and moving banks to a stage of contributing to stimulating the economy, revitalizing the economic cycle, achieving economic growth, and transforming banks into a lever for sustainable development.
Al-Nusairi explained in an interview with Al-Eqtisad News that in order to motivate banks and develop banking operations so they can fulfill their duties stipulated in the Banking Law and the applicable instructions and executive regulations issued by the Central Bank, and serve the national economy and customers, it is necessary to carefully implement the reform measures outlined for them, as well as to re-review, evaluate, and classify banks.
Al-Nusairi pointed out that there are international standard criteria for classifying central banks that are agreed upon in most countries, such as controlling inflation, economic growth, monetary stability, independence, and the extent to which economic goals are achieved.
Since central banks are subject to classification and since they are the ones that monitor and supervise banks, the classification of Iraqi banks must be based on international standard criteria approved in most countries, the basis of which is compliance with international banking standards,
enhancing financial inclusion, encouraging competition, preventing monopoly in the banking market, providing opportunities for shareholders and investors to obtain profitable and sustainable returns, accelerating digital transformation, and a rapid transition to a solid national economy.
He explained that the reform, evaluation, and classification of the banking sector should be based on criteria of capital, assets, liquidity, profitability, and risk management.
Additional programs should be adopted that are consistent with the Iraqi reality, such as approving the banks' operating results and final accounts for the last five years, focusing on analyzing assets, revenues, expenses, capital adequacy, indicators of capital investment, cash credit granted and its sectoral distribution, the return on capital ratio, return on assets, liquidity ratio, and the extent of banks' compliance with applicable banking instructions, particularly activating the national strategy for bank lending to finance small and medium-sized enterprises and applying environmental, social, and corporate governance standards. 631 views https://economy-news.net/content.php?id=57222
MNT GOAT: Iraq’s Path to Monetary Sovereignty: RV Status Update – Part 1
STATUS OF THE RV , PART. 1
Any move on the part of the Central Bank of Iraq to restrict the citizens in the use of the dollar and more use of the dinar is yet another move towards monetary sovereignty for Iraq. Remember how Iraq got the US dollar in circulation in the first place, it was because of the sanctions.
Now they have ditched the dollar, the parallel market is done and they are going back to sole use of the Iraqi dinar as their main currency within the country. This is exactly how it was before the 2003 invasions and the hyperinflation conversion to the three zero notes and the use of the currency auctions (sole use of the US dollar to pay for imports). Yes, these days are almost over.
So, what we really want to see is the use of the dinar to pay for imports and thus the demand for dinar by other countries as a currency of some value.
Right now, Iraq does send their dinars to some of the correspondent banks to pay for imports but this is still limited as many banks still want US dollars directly. But the conversion process (exchange of dinars for dollars) process is taking on steam and is rolling forward over time.
No, this does not yet mean an RV or reinstatement has happened and so stop listening to these silly intel gurus who don’t know what they are talking about.
😊😊So, in yet another very good article titled “EXPERTS: THE NATIONAL PAYMENT CARD ENHANCES MONETARY SOVEREIGNTY.” We learn more about the project called the Local Scheme. This project has many benefits. I will let you go read the entire article for yourself to get all the details.
I included it in the Articles Section. However, I do want to emphasis that I believe this is yet another Central Bank’s initiative to contribute to absorbing liquidity and eliminating financial hoarding of dinars and dollars, as well as strengthening the principle of monetary sovereignty. Aren’t these the two main monetary issues facing the CBI today?
So, yet another solution is being implemented in the hope it will solve these issues. How many solutions have we see over the years to combat these banking issues? Will this one finally work to the desired level? We won’t have the answer to this question until they let this project take root. I am sure they will tell us in the upcoming news. Let’s wait and see.
Where’s the BEEF, I mean budget tables….lol…
I want to bring you attention to one of the most controversial issues facing Iraq today. In the article titled “WHERE ARE THE 2025 BUDGET SCHEDULES? PROJECTS ARE SUSPENDED, PLANS ARE POSTPONED, AND PARLIAMENT HOLDS THE GOVERNMENT ACCOUNTABLE” we read about this issue again.
Despite more than half a year having passed since the start of the fiscal year, the 2025 budget schedules remain absent from the House of Representatives, a scene that rekindles concerns about a financial paralysis that threatens service and development projects in the governorates. This delay comes despite the country’s adoption of the “Tripartite Budget” law, which was supposed to spare Iraq the annual wait for approval of financial allocations and ensure stability in the flow of funds and project planning.
Remember that in past articles the Finance Committee has fully explained why the budget tables are being held up. They told us the main reason is the drop in oil prices. The second reason (connected to the first) is that Iraq does not want to run the government on a deficit. Obviously is revenues drop how will they pay for the budget?
So the effort has been to slim down the budget to meet the oil revenues. The third reason given to us in the past is they have to pay for the 2025 and if oil is not flowing from the Kurdistan region, revenues are affected that pay their salaries. If they don’t get their salaries, they cut off the oil. So what comes first the chicken or the egg. You see these issues are all interconnected.
Some say why not just pay the salaries to the Kurds from the CBI reserves? This is not a practice the CBI wants to encounter unless an emergency crisis such as what happened in 2020 during the Covid pandemic. There are certain lessons learned too from that era. One is over spending in times like this. Oh.. why are the salaries late to the Kurds in the first place? This has a lot to do with constitutional issues in the sale of oil, again which could be easily solved with the passing of the Oil and Gas Law.
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🌟 FIREFLY UPDATE: Iraq’s Currency Shake-Up Could Reshape the Economy 💰 #frank26 #dinarrevaluation
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