Wednesday, March 19, 2025
The Iraqi Economy: Challenges And Opportunities In Light Of Global Financial Transformations, 19 MARCH
The Iraqi Economy: Challenges And Opportunities In Light Of Global Financial Transformations
Time: 2025/03/17 Read: 2,790 times {Economic: Al Furat News} Mazhar Mohammed Saleh, the economic advisor to the Prime Minister, confirmed today, Monday, that the government is working seriously to reduce reliance on the US dollar in domestic trade and promote the use of the Iraqi dinar in financial transactions.
Speaking to Al Furat News Agency, Saleh highlighted "the importance of continued cooperation with the international financial community to alleviate external burdens and restrictions on foreign currency transfers."
He pointed out that "this approach reflects Iraq's strategy to combat foreign currency smuggling, by strengthening cooperation with international financial institutions to monitor illicit money flows. This contributes to the stability of the national economy and supports Iraq's ability to overcome global financial challenges." LINK
BROTHERS TECHNOLOGY: IRAQ & RUSSIA ARE COMBATING THE CORRUPTION , 19 MARCH
BROTHERS TECHNOLOGY
Integrity Commission: Iraq and the Russian Federation begin implementing a memorandum of understanding on combating corruption and recovering smuggled assets.
The Minister Of Finance Affirms The Government's Commitment To Adopting International Best Practices In Public Debt Management, 19 MARCH
The Minister Of Finance Affirms The Government's Commitment To Adopting International Best Practices In Public Debt Management.
Monday, March 17, 2025 | Economic Number of reads: 213 Baghdad / NINA / Minister of Finance Taif Sami affirmed, on Monday, the government's keenness to adopt international best practices in public debt management, noting Iraq's aspiration to benefit from international expertise in this field.
The Ministry of Finance said in a statement that "Minister of Finance Taif Sami participated in the fourteenth session of the International Debt Management Conference, organized by the United Nations Conference on Trade and Development (UNCTAD), and held in Geneva during the period from March 17 to 19, 2025."
During the conference, Sami affirmed the Ministry of Finance's commitment to implementing the recommendations issued by the conference within the framework of enhancing the financial and economic performance of the Republic of Iraq, in pursuit of sustainable development and economic well-being for citizens," noting that the conference represents a strategic platform for discussing ways to improve debt management and implement sound financial policies,
which contributes to supporting the financial and economic stability of the country.
She expressed her appreciation for "the efforts made by UNCTAD in organizing this important event, which is an opportunity to exchange experiences and review the latest developments in the field of debt management."
On the sidelines of the conference, the Minister of Finance met with Rebecca Krinspan, Secretary-General of the United Nations Conference on Trade and Development, and discussed prospects for cooperation between Iraq and the organization in the areas of debt management and promoting sustainable financial policies.
Sami stressed the importance of the technical support provided by the organization to developing countries, noting that Iraq aspires to benefit from international expertise in this field.
The Minister also met with Paolo Gentiloni, the former Managing Director of Economic Affairs at the organization, and discussed with him the current economic challenges and the importance of developing flexible financial policies that contribute to achieving economic stability.
Sami stressed the Iraqi government's keenness to adopt international best practices in public debt management, praising the benefits of European experiences in this field.
The statement explained that the Minister of Finance's participation comes within the framework of the Iraqi government's efforts to strengthen public debt management mechanisms and develop financial strategies in line with international best practices, in addition to exchanging experiences and opinions with participants from various countries to enhance international economic and financial cooperation. /End https://ninanews.com/Website/News/Details?key=1192408
MILITIAMAN: MM&C-Iraq Dinar News-Reassurances Oil flow-Salaries to be Paid-Digital Currency-IMF-AMF-Cash Liquid, 19 MARCH
MILITIAMAN: MM&C-Iraq Dinar News-Reassurances Oil flow-Salaries to be Paid-Digital Currency-IMF-AMF-Cash Liquid
Highlights
Summary
In this video, the host, affiliated with the Militia Man and Crew, discusses recent developments regarding monetary policy in Iraq and the ongoing transition towards a cashless economy. The Central Bank of Iraq is making strides to eliminate paper transactions, emphasizing the adoption of a digital currency.
The bank reassures citizens about its cash liquidity, essential for local transactions, predominantly backed by oil revenue. There are substantial discussions around the resumption of oil exports, particularly through the Turkish Port of Ceyhan, which have faced delays due to regional financial disputes.
The video also touches on the Iraqi government’s approach to stabilizing its economy through enhanced foreign exchange processes and banking transparency while targeting larger financial transactions. The host reflects on the interconnectedness of these developments and the potential implications for the Iraqi dinar, hinting at an impending currency reassessment.
- 🌐 Transition to Digital Currency: The Central Bank of Iraq plans to fully transition to digital currency, significantly reducing paper transactions.
- 💰 Cash Liquidity Assurance: The bank reassures the public of its ample cash liquidity, sufficient to cover all local transactions.
- 🛢️ Oil Export Resumption: Ongoing negotiations and readiness to resume oil exports through Turkey could resolve financial disputes and stabilize revenues.
- 🔒 Monetary Strategy Implementation: New strategies are being implemented to attract foreign currency transactions into the regulated banking system.
- ⚖️ Regional Financial Disputes: Delays in oil exports are primarily due to outstanding debts owed to oil companies, affecting Kurdistan and Baghdad.
- 📊 Future Exchange Rate Discussions: There are anticipations of a revised exchange rate that aligns with the new digital financial system.
- 🏦 Parallel Market Concerns: Enhanced banking regulations aim to eliminate cash transactions that currently feed into a parallel, unregulated market.
Key Insights
📉 Digitalization of the Economy: The Central Bank’s roadmap towards eliminating paper transactions is indicative of a broader trend towards digital economies worldwide. This transition could present opportunities for increased efficiency in transactions and financial management while also aligning Iraq with international standards in monetary governance.
💼 Importance of Cash Liquidity: The Central Bank’s reassurances about cash liquidity highlight the bank’s commitment to stabilizing the currency and supporting economic activities. Given that the Iraqi economy relies heavily on oil revenues, this liquidity is essential in maintaining trust in the dinar, especially during periods of transition to a new financial framework.
🤝 Crucial Oil Export Negotiations: Discussions regarding oil exports through Turkey are pivotal for Iraq’s financial recovery. The negotiations reflect the intricate relationship between regional governance and central authority, which must be resolved to bolster the country’s oil-dependent economy. Oil exports are a significant revenue source, and their resumption could enhance budgetary stability.
📈 Shift in Banking Strategies: The implementation of a new monetary strategy focusing on attracting foreign exchange into regulated banking systems indicates a maturation of Iraq’s financial landscape. This could reduce speculative transactions and foster a more stable economic environment, thus reinforcing the dinar’s strength.
👥 Challenges with Regional Governance: The financial disputes between the Kurdistan Regional Government and the federal authorities underline the complexity of Iraq’s internal governance. As salaries hinge on these negotiations, resolving the tension is of utmost importance for financial stability and social order—demonstrating the necessity for cohesive governance in resource-rich regions.
⏰ Anticipation of Exchange Rate Reevaluation: The potential for a new exchange rate, discussed in relation to the digital transformation and oil valuation, suggests that significant adjustments in Iraq’s financial policy may be imminent. This reevaluation appears necessary to align with international economic practices while enhancing national liquidity.
💵 Impact on the Parallel Market: The Iraqi government’s strategic emphasis on enhancing banking transparency and reducing the dependency on cash transactions indicates a potential crackdown on the parallel market. This shift could diminish the influence of unregulated practices on the national economy, thus strengthening legal financial transactions.
Conclusion
The video encapsulates essential aspects of Iraq’s evolving financial environment, characterized by a transition towards digital currency, enhanced foreign exchange capabilities, and ongoing negotiations aimed at stabilizing oil exports. With inherent challenges stemming from regional governance disputes, the Central Bank and the Iraqi government must navigate these complexities to foster a sustainable economic future.
The host’s insights reflect a cautious optimism regarding the potential for stability and growth within Iraq’s unique financial landscape, underscoring the importance of collaboration among stakeholders moving forward. The developments discussed may set the stage for a significant transformation in how the Iraqi economy operates, emphasizing the need for flexibility and adaptation in face of changing monetary policies.
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