ISSUE NO. (4814) OF THE IRAQI GAZETTE WAS PUBLISHED ON 2/17/2025.
2025-02-18 10:28:00
– Law No. (1) of 2025 “Amending Personal Status Law No. (188) of 1959.”
– Law No. (2) of 2025 “Second Amendment to General Amnesty Law No. (27) of 2016”.
– Law No. (3) of 2025 “Cancelling the decisions of the (dissolved) Revolutionary Command Council and returning the properties to their owners.”
– Law No. (4) of 2025 “First Amendment to the Federal General Budget Law of the Republic of Iraq for the Fiscal Years (2023-2024-2025) No. (13) of 2023.”
– Regulation No. (3) of 2025 “The first amendment to the Civil Airports Wages System No. (6) of 2018 issued by Cabinet Resolution No. (67) of 2025.”
– Instructions No. (1) of 2025 “Implementing the Second Amendment Law to Amnesty Law No. (27) of 2016, effective from the date of voting on it in the Iraqi Council of Representatives on 1/21/2025.”
I will conclude my commentary today by saying I await good news. We all should not give up on our prayers. In times like this we have to be extra diligent and pray. Yes, pray harder than ever and tell God what you want and need. There has to be a breakthrough soon. Iraq cannot continue indefinitely like this.
They have set up the banking system for international transactions. Everything is actually in place to do business with the rest of the world. The only question is when (not if) will they complete the currency reform as planned.
I also encourage everyone to continue following the news in the US about its reforms and fighting corruption as these reforms will also most likely also be reflected in changing the foreign policy towards Iraq to a more sensible and common sense approach and stop playing politics.
Q & A
Question from skyline: Mtn. Goat Thank you for all you do for us Iraqi Dinar followers. I have been digging looking for the oil contract project being brokered between US Treasury and China. I’m hoping you can point me in the right direction of articles or where I can find more information on the deal.
Answer from Mnt Goat: Guten Tag Skyline.
How are you today? Okay so this topic of China contracts is between the US Treasury and China. I have covered this topic a million times already in my blog. Are you a newbie? The agreement is NOT for you or any of us investors to read or see this agreement. In other words, you have to mind your own business, as I am told to tell my readers by the US Treasury! 😊 Your business is to ask for it at the banks and, if the special rate is still available, you should be offered it, but only if you ask for it. Please see the following LINK on this subject matter.
AL-NUSAIRI: NO SANCTIONS ON IRAQI BANKS, AND FALSE REPORTS CAUSE PANIC
(We must all stop the fear mongering and stick to the FACTS. What did the CBI say about this?)
The advisor to the Iraqi Private Banks Association, Samir Al-Nusairi, confirmed that there are no sanctions on Iraqi banks, stressing that the US Treasury Department and the US Federal Reserve 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, which was followed by Al-Eqtisad News, “There are no sanctions and no sanctions have been issued. The evidence is the statement issued by the Central Bank of Iraq yesterday, which clarified the results of its discussions with the US Treasury Department and the US Federal Reserve, in the presence of global auditing and consulting companies operating in Iraq, and the meeting was held in Dubai.”
The advisor to the Private Banks Association believed that “the official statement issued by the Central Bank of Iraq must be adopted, because it confirms the transparency of the Central Bank of Iraq, as well as the transparency of international financial and auditing organizations and institutions, including the US Treasury and the US Federal Reserve.”
He noted that “this statement included praise from the US Treasury Department and the US Federal Reserve for the development of the cash dollar distribution system in Iraq, according to the mechanism established by the Central Bank of Iraq in 2024, which has proven effective in reducing manipulation and dollar smuggling, and has been classified as one of the most advanced systems in the world.”
Updating foreign transfer mechanisms and market control
Regarding the mechanisms of foreign transfers, Al-Nusairi explained that the Central Bank of Iraq “achieved a qualitative shift in foreign transfer operations, as it began working on January 1, 2025 with a new mechanism that relies on opening accounts for Iraqi banks with global correspondent banks in America and China, instead of the previous electronic platform.”
Al-Nusairi criticized the unspecialized media and unspecialized analysts who published misleading information about the alleged sanctions on Iraqi banks, saying:
“They have been annoying citizens for two days with false claims that there are sanctions on five Iraqi banks, and that the number of sanctioned banks will reach 37 banks. They even went so far as to promote false information about the sanction of Rafidain Bank, without relying on any official source.”
He considered that “the official source in Iraq is the Central Bank of Iraq, in addition to the consulting and auditing companies and organizations that we deal with, and our ongoing relations with the US Treasury Department and the US Federal Reserve.”
Yesterday, the Central Bank of Iraq denied that Iraqi banks were subject to international sanctions, calling for “reliance on official channels to know the latest news,” after media reports indicated that the US Treasury intended to impose sanctions on 5 Iraqi banks, without specifying their names.
Banking sector reform and adherence to 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-Nusairi said, adding: “There are no sanctioned banks, and the US Treasury has not announced any Iraqi banks subject to sanctions
.”
He stressed: “The Central Bank of Iraq is the body 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 Reserve, or any other organization, regarding a penalty on any bank, the Central Bank of Iraq will immediately take measures to stop it, transfer this penalty, and stop its dealings.”
He added, “Protecting the Iraqi financial system is a top priority for the Central Bank and the government, and cannot be compromised.”
Number of banks subject to dollar restrictions
He recalled that the number of banks whose use of the dollar has been restricted amounts to 28 banks since 2022, 2023 and 2024, in addition to 4 banks that were sanctioned by the US Treasury Department (OFAC), bringing the total number to 32 banks, “all of which were audited by international consulting firms such as Ernst & Young, Quito and Oliver Wyman, and none of them were proven to have violated instructions or dealt with countries subject to sanctions.”
In March of last year, the Central Bank of Iraq and the US Treasury agreed to review sanctions imposed on Iraqi banks, according to a statement issued by the bank at the time.
The agreement came after Iraq asked the United States in February to reconsider imposing sanctions on 21 Iraqi banks, noting that the reasons behind imposing such sanctions were not stated.
But “Iraqi banks restricted from dealing in dollars are currently working to correct their situation and adhere to international standards, which was praised by the US Treasury and the US Federal Reserve during the last meeting,” the advisor to the Private Banks Association pointed out.
The US measures led to a decline in the value of the Iraqi dinar against the dollar, as the official exchange rate is 1,320 dinars to the dollar, while it is traded in the parallel market at about 1,500 dinars.
New mechanism for foreign transfers according to international standards
The advisor to the Association of Private Banks noted that the Central Bank of Iraq “has moved since January 1, 2025 to a new mechanism for foreign transfers, whereby operations are carried out directly between the bank that has a correspondent bank and the correspondent bank itself, while regulatory authorities, such as the US Federal Reserve and the US Treasury Department, audit the transfers after they are sent, and not before that as was previously the case.”
He explained that “the Central Bank no longer carries out executive procedures for transfers, but rather 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 “according to reports from the World Bank and the International Monetary Fund, the Iraqi economy has moved from a stage of fragility to a stage of recovery, and these are international reports based on transparent and accurate data.”
In response to a question about the availability of dollars to traders, the advisor to the Private Banks Association stated that “the dollar is available to all traders and companies in Erbil, Sulaymaniyah and all Iraqi governorates, 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 held legally accountable.”
He stressed that “the Iraqi dinar will regain its strength and the exchange rate will return to balance sooner or later, but that depends on completing the methodology of financial and banking reform, and addressing the issue of the remaining cash 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 fully backed and covered by the US dollar, with a cash reserve exceeding $117 billion, while the local liquidity issued exceeded 100 trillion dinars, which means that the Iraqi economy is solid and solid, despite the regional and global political and security challenges.”
Reform and reduce the number of banks
In conclusion, 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 firms such as Ernst & Young and Oliver Wyman, which may lead to reducing the number of banks and merging some of them so that the final number becomes more in line with the size of the Iraqi economy.”
He explained that “the number of banks may decrease to 40 banks or less, to match the actual needs of the Iraqi market.”
Logically this may sound great if you nothing about finance and economics, but first I need to point out a country wants more trade both imports and exports.
It’s called a balance of trade. Tariffs ensure the balance is maintained. Tariffs can also be a huge revenue source over time if more exports are realized. So, a country really does not want to dampen imports either as the Obama/Biden plan calls for.
If you are a financer and/or economists and really study how things work in the real world, it can be seen that be increasing the rate of Iraqi dinar will make it more valuable and thus more companies outside of Iraq will want it. Better yet if you reinstate the dinar on the global trading platforms. Thus, the amount of trade won’t even matter and the dinar will be more acceptable and it will decrease the demand for the dollar on its own. Alos don’t forget also that when the dinar is reinstated it will be repeg off the sole dollar peg and pegged to a weighted basket of currencies. So again, the Obama/Biden plan does not work and is senseless. The Obama/Biden plan will enslave the Iraqi economy forever. We will literally NEVER see the RV if this is the case. Get it?
So, the CBI plan will work, if only they let go of this stupid Obama/Biden plan and go ahead with the next step in the plan. The next step is the in-country RV with the Project to Delete the Zeros. Who will want the dollar when the dinar is more valuable in Iraq?
The parallel market will not even really matter anymore either. So, what is the breaking point? When will the pressure to change the foreign policy towards Iraq really happen
. When will the US let go and let Iraq manage its own affairs?
So, as investors we muddle through these trying times. We wait to see what the new Trump administration will do to help or hinder this situation in Iraq.
😊Some good news is in the article titled “BRITISH AMBASSADOR: OUR VIEW ON IRAQ HAS BEEN FIXED FOR 30 YEARS, BUT NOW IT HAS CHANGED FOR THE BETTER”. The British Ambassador to Iraq, Stephen Charles Hitchcock, confirmed today, Monday, that “Iraq is a country of opportunities and investments, while expressing his optimism about the future of Iraq, due to the creativity, courage, dignity and endurance of the Iraqi people.”
It sems to me that the US is taking Iraq for granted meanwhile the British are stepping up and moving ahead with Iraq. Will the British be the ones to speak up and help change the US policy towards Iraq. This would surely benefit them.
😊 Some more good news is that ISSUE NO. (4814) OF THE IRAQI GAZETTE WAS PUBLISHED ON 2/17/2025. It included Law No. (4) of 2025 “First Amendment to the Federal General Budget Law of the Republic of Iraq for the Fiscal Years (2023-2024-2025) No. (13) of 2023.” Also they just told us the budget will not yet be open as there are technical issues yet to resolve with the Kurds. Like I told everyone that the RV rate will NOT EVER be in the budget and so many of these intel gurus told you it was and just went ahead telling this was an event that would trigger the RV. Well. it has happened days ago, the law is passed and in the gazette and still no RV. I assure you with 1000% certainty that this event is NOT going to trigger the RV. You would have to be a brainless idiot to think this would happen taking into consideration the current state what is happening with the dollar in Iraq. Yes, brainless idiot and I mean you TNT Ray and Tony Renfrow. Oh… this is going to be yet another weekend of waiting and watching for the RV then disappointment again on Monday. Then these brainless idiots move on to more lies about a Wednesday RV and then the next weekend again. This brainless bullshit of his and other gurus has been going on for over a decade now.
IRAQI OIL MINISTER: KURDISTAN OIL EXPORTS TO RESUME ‘WITHIN A WEEK’
Iraqi Oil Minister Hayan Abdul Ghani said on Monday, February 17, 2025, that Baghdad and Erbil are putting the final touches to begin “receiving and exporting oil” from the Kurdistan Region “within a week.”
The minister added: “We have agreed with the region’s (authorities) to receive no less than 300,000 barrels (per day) from the region’s fields, to export them through the Turkish Ceyhan port,” according to what was reported by Agence France-Presse.
The Federal Oil Minister indicated that a delegation will head from Baghdad to Erbil on Tuesday “to negotiate a mechanism for using oil,” stressing that “its export will resume within a week.”
In a speech during a conference attended by Abdul Ghani, he said, “The budget law has been amended to receive and export the Kurdistan Region’s oil through operating the (Iraqi-Turkish) pipeline, to activate this outlet after a halt of nearly a year and a half, and arrangements are now being made by all parties to implement this.”
Kurdistan Region oil exports through the Turkish port of Ceyhan have not resumed since Turkey closed the pipeline in 2023, after an arbitration court ordered Ankara to pay about $1.5 billion in compensation to Baghdad for transporting oil from the Kurdistan Region without the Iraqi government’s approval.
The value of the losses resulting from the halt in the region’s oil exports amounted to $20 billion, according to estimates published by the Kurdistan Region Oil Industry Association (APICOR) last September.
The Kurdistan Region of Iraq was exporting 450,000 barrels of oil daily through the Turkish port of Ceyhan, without the approval of the federal government in Baghdad. Exports stopped in March 2023 after an international arbitration panel ruled in Baghdad’s favor, banning any exports of the region’s oil except through the federal government’s state oil company (SOMO).
The Iraqi parliament approved an amendment to the general budget early this February to settle the dispute between the region and the government in Baghdad over receiving the region’s oil. The amendment stipulates paying “compensation” to the Kurdistan Regional Government for the cost of producing oil and transporting it to the federal government.
