Al-Sudani To A Member Of Congress: It Is Necessary To Build A Comprehensive Vision For Iraq That Keeps Pace With Economic Transformation And Development.

 Al-Sudani To A Member Of Congress: It Is Necessary To Build A Comprehensive Vision For Iraq That Keeps Pace With Economic Transformation And Development.

Time: 2025/05/31 Read: 1,215 times  {Local: Al Furat News} Prime Minister Mohammed Shia al-Sudani received today, Saturday, Senator Jacky Rosen, a member of the Armed Forces Committee and the Foreign Relations Committee in the US Congress, and her accompanying delegation, in the presence of the Chargé d'Affaires of the US Embassy in Iraq.

A statement from his office, a copy of which was received by {Euphrates News}, stated that: “The meeting discussed the overall Iraqi-American relations and ways to strengthen them in a way that serves common interests, Iraq’s progress in economic recovery, and confirms regional stability.”

Al-Sudani pointed to "the importance of deepening relations with the United States in various fields, continuing bilateral dialogue based on mutual respect, and affirming Iraq's sovereignty and shared values, within the framework of the agreements and strategic partnership between the two friendly countries."

He also highlighted the "need to build a comprehensive vision for Iraq in light of the scale of the economic and developmental transformation taking place in Iraq."

For her part, Senator Rosen affirmed her country's "commitment to building sustainable relations with Iraq," praising "the progress being witnessed in Baghdad and other Iraqi cities, and the Iraqi government's ability to avoid regional conflicts, which underscores Iraq's pivotal role and its growing importance in the region."  LINK

TIDBIT FROM FRANK: IMO the Iraqi dinar is the linchpin

 Frank26  

IMO the Iraqi dinar is the linchpin.  The Iraqi dinar will go first, then the Vietnamese dong and the others will follow suit. 

A lot of people say, well that's double dipping. So what...It's not going to affect anything.  If  you're smart enough to double dip then go right ahead and do it.  I plan to. 

 Article:   "United Nations Secretary General Special Representative Muhammad Al Hasson confirmed  Iraq is on its way to becoming a banking powerhouse domestically and internationally." 

 Not at 1310!  ...1310 is going to be replaced with 1 to 1 because that's where they're almost at...  

Article Quote:  " ...Hassan pointed out the United States supports Iraq's approach which will in the coming days become a banking force that interacts internationally..."

WALKINGSTICK :This [Forex] memo confirms the IIQD is fully armed for public rate visibility at $4.81

 

A Clear Monopoly And Binding Commissions." Observers Warn Of Arab Banks' Dominance Of Currency Sales.

 A Clear Monopoly And Binding Commissions." Observers Warn Of Arab Banks' Dominance Of Currency Sales.

 
Economy     2025-05-31 | 04:38  1,940 views  Alsumaria News – Economic  Economist Mahmoud Dagher confirmed on Saturday that  Arab banks' takeover of the currency exchange window portends an economic catastrophe. ,”

Dagher told Sumaria News  “Arab banks have come to dominate the currency sales window and foreign money transfer operations in Iraq, noting that “this came as a result of the series of US sanctions known as deprivation,
 
which Iraq strictly adhered to due to the great influence of the United States in the global financial system.” 

He explained that   “the new reality has opened the way for banks with foreign capital, some with Arab contributions, to work intensively in the field of money transfers,
 
especially after a number of Iraqi banks withdrew from this activity as a result of the sanctions,
which led to a vacuum in the arena that these banks exploited to their advantage. ”  

Dagher explained that  "only two or three banks currently control money transfer operations,
which amounted to approximately $80 billion in 2024, which represents a severe concentration in the remittance market." 

He noted that  "this concentration has led to the emergence of a clear monopoly, as these banks now
 control trade and  import financing operations in Iraq and  impose commissions as they see fit,  which has negatively impacted diversity and competition within the banking sector."  

He explained that "the state is aware of the seriousness of this situation and is moving toward reforming the banking sector," warning that "any reform must be calm and thoughtful to avoid the creation of powerful financial blocs that monopolize transfer operations."  He stated, "The reform process cannot succeed if it is undertaken hastily or without taking into account market balance.
 
The goal must be to redistribute banking efforts more broadly and prevent a limited number of banks from monopolizing the market." https://www.alsumaria.tv/news/economy/528178/احتكار-واضح-وعمولات-ملزمة-مراقبون-يحذرون-من-هيمنة-مصارف-عربية-على-بيع    

FIREFLY:Alaq on television now again, this is the 4th time he's on TV today and he's saying the CBI is constantly reviewing the deletion of the zeros project and there are no restrictions

  Frank26   

[Iraq boots-on-the-ground report]   

FIREFLY:Alaq on television now again, this is the 4th time he's on TV today and he's saying the CBI is constantly reviewing the deletion of the zeros project and there are no restrictions, there are no balances with America. 

 We are ready to go. 

 FRANK: Oh, buddy! ...Can you say Article VIII! 

NADER FROM MID EAST: France deport Iraq is transformation

 

Starting Tomorrow, Payment Cards From These Banks Will Be Suspended Abroad

 Starting Tomorrow, Payment Cards From These Banks Will Be Suspended Abroad.

 
Economy     2025-05-31 | 07:22  16,893 views  Alsumaria News – Economic  Economic expert Munar al-Obaidi confirmed on Saturday that a large number of electronic payment cards issued by Iraqi banks will no longer work outside Iraq as of June 1. 

This is  due to changes in the mechanisms used to enhance the  balances of these cards with global companies such as Visa and Mastercard.  told Al-Obaidi Sumaria News,
 
"Cards belonging to government banks will continue to operate normally, and  cards belonging to private banks that have accounts with US correspondent banks outside the country will remain active."  

He added, "The problem lies with cards issued by banks that do not have accounts with US banks, as
they are currently unable to top up their card balances, which leads to the cessation of their operations abroad." 

 Al-Obaidi pointed out that "the Central Bank of Iraq is currently working on activating a temporary mechanism in cooperation with the Trade Bank of Iraq (TBI) to strengthen the balances of these banks until they open accounts in American banks," stressing that  "the final solution will come when these banks complete their procedures with their correspondent banks in the United States." 

  According to Al-Obaidi, What's going on?  
 
"Since the end of 2022, payment cards have become one of the tools used to expel foreign currency from Iraq, especially given the price gap between the parallel market and the official dollar exchange rate, which has put significant pressure on foreign exchange reserves." 

According to the expert, estimates indicate that "foreign spending via cards has reached approximately $10-12 billion annually, a significant figure that has directly impacted the currency market."  

Central Bank Decision
 
Under pressure from this, the Central Bank of Iraq decided to amend its operating procedures.
 
Iraqi banks are now required to replenish their card balances in dollars exclusively through US correspondent banks, to ensure transparency and monitor the flow of funds.
 
However, because many private banks do not currently have such accounts, their cards will not be valid outside Iraq until further notice.  

Al-Abidi confirmed that  Is there a solution soon?

"banks are working to open accounts with US correspondent banks, but until that happens, the problem will remain."
 
He called on citizens to "verify the type of card and the issuing bank, especially for those who rely on it for travel or online shopping abroad."  
  
https://www.alsumaria.tv/news/economy/528202/بدءاً-من-الغد-بطاقات-الدفع-لهذه-المصارف-تتوقف-خارج-البلاد