Shafaq News/ Informed sources revealed on Monday that a meeting of the leaders of the Coordination Framework is expected at the home of Hadi al-Amiri, leader of the Badr Organization, to complete the agreement on the Popular Mobilization Law and discuss several files.
The sources he spoke to told Shafaq News Agency that “the meeting will discuss the files to be presented in the summit meetings that will be held in Baghdad, in addition to discussing the results of the Prime Minister’s visit to the Munich Conference and the security and economic threats existing in the region.”
The sources explained that “the upcoming meeting will discuss the controversial paragraph in the Popular Mobilization Law and find the most appropriate solution to overcome it in a manner consistent with the importance of the law.”
The sources indicated that “most of the framework forces believe that the job age of the head of the Popular Mobilization Authority should not be determined by a specific number, meaning that it is not linked to a specific job age as is the case in the general job system in the country.”
The sources indicated the possibility of some of the framework forces boycotting the parliament sessions until the law is amended.
Earlier today, Monday, the Iraqi Parliament Presidency decided to withdraw the agenda of the session and cancel its convening after the arrival of the head of the Badr Organization, Hadi al-Amiri, to the parliament building.
This is from an article regarding the president signing the budget today;
"The Iraqi president has signed the budget amendment, which will be published in the official Iraqi gazette (Al-Waqai) on Monday, February 17, 15 days after the approval of the amendment."
Quote: "The Iraqi parliament approved the budget amendment concerning the oil of the Kurdistan Region on February 2. It will be implemented 15 days after approval and publication in the official Iraqi gazette"
Al-Nusairi: No sanctions on Iraqi banks and false reports cause panic
Economy News – Baghdad
Advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed that there are no sanctions on Iraqi banks, stressing that the US Treasury Department and the US Federal Bank have not issued any decisions to impose new sanctions, and that the information circulating in this regard is inaccurate and aims to create confusion in the Iraqi market.
Al-Nusairi said in an interview with the “Rudaw” media network, followed by “Economy News”, “There are no sanctions and no sanctions have been issued, and the proof is the statement of the Central Bank of Iraq issued yesterday, which clarified the results of its talks with the US Treasury Department and the US Federal Bank, in the presence of international auditing and consulting companies operating in Iraq, on which the meeting was held in Dubai.”
The Advisor to the Association of Private Banks said that “the official statement issued by the Central Bank of Iraq must be adopted, because it emphasizes the transparency of the Central Bank of Iraq, as well as the transparency of international financial and audit organizations and institutions, including the US Treasury Department and the US Federal Bank.”
He pointed out that “this statement included praise from the US Treasury Department and the US Federal Bank for the development of the monetary dollar distribution system in Iraq, according to the mechanism developed by the Central Bank of Iraq in 2024, which proved its effectiveness in reducing the manipulation and smuggling of the dollar, and was classified as one of the globally advanced systems.”
Updating external transfer mechanisms and market control
On the mechanisms of external transfers, Al-Nusairi explained that the Central Bank of Iraq “has achieved a qualitative shift in external transfer operations, as a new mechanism has been working since January 1, 2025 based on opening accounts for Iraqi banks with international correspondent banks in America and China, instead of the previous electronic platform.”
Al-Nusairi criticized the non-competent media and non-specialist analysts who published misleading information about the alleged sanctions on Iraqi banks, saying: “The heads of citizens were shocked two days ago with incorrect claims that there are sanctions on five Iraqi banks, and that the number of punishing banks will reach 37 banks, but they went so far as to promote false information about punishing Rafidain Bank, without relying on any official source.”
“The official source in Iraq is the Central Bank of Iraq, in addition to the companies and consulting and auditing organizations that we deal with, and our ongoing relations with the US Treasury Department and the US Federal Bank,” he considered.
The Central Bank of Iraq denied yesterday that Iraqi banks were subjected to international sanctions, calling for “the adoption of official channels to know the latest news”, after media reports stating the intention of the US Treasury to impose sanctions on five Iraqi banks, without specifying their names.
Reforming the banking sector and compliance with international standards
The methodology of financial and banking reform pursued by the Iraqi government and the central bank is proceeding according to a fixed plan, Al-Nusiri said, adding: “There are no banks that are punished, and the US Treasury Department has not announced any Iraqi banks covered by sanctions.”
He stressed: “The Central Bank of Iraq is the entity responsible for protecting the financial system in Iraq, and any decision issued by any international body, whether from the US Treasury Department, the US Federal Bank or any other organization, regarding the punishment on any bank, the Central Bank of Iraq will immediately take measures to stop it, transfer this punishment and stop its dealings.”
“Protecting the Iraqi financial system is a major priority for the Central Bank and the government, and cannot be compromised,” he added.
Number of banks covered by dollar restrictions
He mentioned the number of banks that have been restricted by the use of the dollar by 28 since 2022, 2023 and 2024, in addition to 4 banks punished by the US Department of the Treasury (OFAC), bringing the total number of 32 banks, “all of which have been audited by international consulting companies such as Ernst & Young, Kito, Oliver and Wyman, and none of them have been proven to violate instructions or deal with countries subject to sanctions.”
In March last year, the Central Bank of Iraq and the US Treasury agreed to reconsider the sanctions imposed on Iraqi banks, according to a statement issued by the bank at the time.
The agreement came after Iraq demanded in February that the United States of America reconsider the imposition of sanctions on 21 Iraqi banks, pointing out that the reasons behind the imposition of such sanctions were not explained.
But “Iraqi banks restricted from dealing in the dollar are currently working to correct their conditions and adhere to international standards, which was praised by the US Treasury Department and the US Federal Bank during the last meeting,” the advisor to the Association of Private Banks said.
The American measures led to the decline in the value of the Iraqi dinar against the dollar, as the official exchange rate is 1320 dinars per dollar, while it is traded in the parallel market by about 1,500 dinars.
A new mechanism for external transfers according to international standards
Advisor to the Association of Private Banks, noted that the Central Bank of Iraq “has moved since January 1, 2025 to a new mechanism in foreign transfers, where the operations take place directly between the bank, which has a correspondent bank and the correspondent bank itself, while regulatory authorities, such as the US Federal Bank and the US Treasury Department, audit remittances after sending them, and not before that as it was previously applicable.”
He explained that “the central bank no longer carries out executive procedures for remittances, but its role has become focused on economic stability and monetary policy, in accordance with international standards and with high transparency, which strengthens the pillars of monetary policy.”
The Iraqi economy has moved from the stage of “fragility”
Al-Nusairi touched on the strength of the Iraqi economy, noting that “the Iraqi economy has moved according to World Bank and IMF reports from the stage of fragility to the stage of recovery, and these are international reports based on transparent and accurate data.”
In response to a question about the availability of the dollar to traders, the advisor of the Association of Private Banks said that “the dollar is available to all merchants and companies in Erbil, Sulaymaniyah and all governorates of Iraq, according to legal banking procedures, but any trader who has not registered his company or works in retail trade without complying with banking standards will be legally held accountable.”
He stressed that “the Iraqi dinar will regain its strength and the exchange rate will return to balance sooner or later, but this depends on completing the methodology of financial and banking reform, and addressing the issue of the remaining monetary use of the dollar in the market.”
Regarding the strength of the local currency and the amount of liquidity, he explained that “the Iraqi dinar is supported and completely covered in the US dollar, with a cash reserve exceeding 117 billion dollars, while the local liquidity exported exceeded 100 trillion dinars, which means that the Iraqi economy is solid and sober, despite regional and global political and security challenges.”
Reform and reduction of the number of banks
At the end of his speech, Al-Nusairi pointed out that “Iraq currently has 72 private banks and 7 government banks, but there are plans to reform the banking sector in cooperation with international consulting companies such as Ernst & Young and Oliver Wyman, which may lead to reducing the number of banks and integrating some of them to make the final number more in line with the size of the Iraqi economy.”
He explained that “the number of banks may decrease to 40 banks or less, so that it corresponds to the actual needs of the Iraqi market.”
In a recent investigation by T News9, claims were made regarding the revaluation (RV) of the Iraqi dinar.
The discussion centers around the potential increase in its value against the US dollar, which is believed to signal a significant payoff for investors holding the currency.
The investigation scrutinizes these claims, exploring the implications of such a revaluation on both the currency market and individual investors.
By analyzing the various facets of these claims, including historical context, economic indicators, and expert opinions, the report provides a comprehensive view of the current situation of the Iraqi dinar and the prospects for its future value.
As the investigation unfolds, it becomes clear that the topic of currency revaluation is complex and multifaceted, involving not only economic principles but also geopolitical factors and market psychology.
The findings aim to inform potential investors about the risks and opportunities associated with investing in the Iraqi dinar amidst ongoing speculation about its future valuation.
📈 Potential for Revaluation: The investigation centers on the possibility of the Iraqi dinar being revalued, potentially enhancing its worth against the US dollar.
💰 Investor Payoff: A successful revaluation could lead to significant financial gains for investors currently holding the dinar.
🔍 Scrutiny of Claims: T News9 rigorously examines the claims of revaluation, highlighting the need for cautious optimism.
📊 Economic Implications: The potential RV raises questions about its impact on Iraq’s economy and international trade relations.
🌍 Geopolitical Factors: The investigation considers how regional politics may influence the currency’s value and investor confidence.
📉 Risks Involved: Investors are cautioned about the inherent risks in betting on currency revaluations, given the unpredictable nature of markets.
🔮 Expert Opinions: The report includes insights from economists and financial analysts, providing a well-rounded perspective on the dinar’s future.
Key Insights
💡 ;Historical Context Matters: The Iraqi dinar has undergone various fluctuations in value due to historical events, including wars and sanctions. Understanding this context is crucial for investors considering its revaluation. The dinar’s past performance can provide insights into its potential future trajectory, though it is not a foolproof predictor.
📉 Market Sentiment Influences Value: Currency value is often driven by market sentiment, which can be volatile and subject to rapid changes. Investors should be aware that speculation surrounding the dinar’s revaluation may lead to price swings that do not necessarily reflect its intrinsic economic value. This highlights the importance of conducting thorough research before making investment decisions.
🌐 Geopolitical Stability is Key: The stability of Iraq’s political landscape plays a critical role in the dinar’s potential revaluation. Any political unrest or conflict can drastically affect investor confidence and the currency’s value. Thus, potential investors should keep abreast of both domestic and international developments that may impact Iraq’s geopolitical situation.
💼 Diversification as a Strategy: Given the unpredictable nature of currency investments, diversification can be a prudent strategy. Relying solely on the Iraqi dinar for investment could expose investors to heightened risks. A well-rounded portfolio that includes a variety of assets can mitigate losses and provide a buffer against market volatility.
🔍 Expert Analysis is Essential: Seeking insights from financial experts can provide valuable context when evaluating investment opportunities. Analysts can help decipher complex economic indicators and trends that may affect the dinar’s valuation. Investors should consider engaging with credible financial advisors who have a deep understanding of currency markets.
💥 Beware of Scams: The allure of potential high returns from the dinar has led to numerous scams targeting unsuspecting investors. It is crucial for individuals to remain vigilant and conduct due diligence before investing in any currency, particularly one with a controversial history like the Iraqi dinar. Awareness of common scams can help protect investors from financial loss.
🔗 Future Economic Policies Matter: The Iraqi government’s economic policies will significantly influence the dinar’s prospects. Policies aimed at stabilizing the economy, improving infrastructure, and attracting foreign investment could positively impact the currency’s value. Monitoring such developments can offer clues about the dinar’s trajectory and inform investment strategies.
In conclusion, the investigation by T News9 into the potential revaluation of the Iraqi dinar presents a multifaceted scenario that requires careful consideration from investors. While the prospect of a payoff is enticing.
The Central Bank Of Iraq Announces Positive Results From Its Quarterly Meetings With The American Side
02/16/2025 Mawazine News – Economy The Central Bank of Iraq announced, on Sunday, that its quarterly meetings with the American side and international auditing companies had yielded positive results, denying that some Iraqi banks were subject to international sanctions.
The bank said in a statement received by "Mawazine News" that the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve, which were held in the United Arab Emirates with the participation of international auditing and consulting companies (EY, K2 Integrity, and Oliver Wyman), were crowned with praise for the steps taken by the Central Bank of Iraq and the Iraqi government to reform the banking sector.
He indicated that the most important of these reforms are:
1- The development of the cash distribution system for the US dollar in Iraq, which they considered the most controlled and controlled system in the world, which limits manipulation and smuggling of the US dollar.
2- The qualitative shift in foreign transfer operations and the steps taken by the Central Bank of Iraq to address the risks arising from these operations, which have now risen to the levels of transfer operations carried out by international banks.
3- The consulting firms (EY and Oliver Wyman) reviewed the plans to reform and upgrade the public and private banking sectors in line with international standards and to facilitate the involvement of Iraqi banks in the international financial relations network.
The bank said: "Since the operations carried out by banks operating in Iraq depend largely on the confidence of international correspondent banks in the Iraqi banking sector, we emphasize the need to ensure the adoption of the official channels of this bank to know the latest news and not to transmit incorrect news such as the exposure of some Iraqi banks to international sanctions and others." https://www.mawazin.net/Details.aspx?jimare=259614
