To obtain IMF Article VIII status a country must demonstrate that it maintains a freely usable and convertible currency and allows current account transactions to flow without restrictions.
This means the country cannot impose controls or delays on international payments..
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The central bank must also avoid multiple exchange rates or practices...Instead it must commit to transparent market-based exchange rate policies and permit fair access to foreign exchange.
Prime Minister Mohammed Shiaa Al-Sudani has directed the completion of all procedural requirements for the Baghdad Metro project under a revised implementation framework.
During a high-level meeting on Sunday with the Head of the Iraq Development Fund, the Mayor of Baghdad, and the Prime Minister's Advisor, the PM reviewed a new strategic approach for delivering the capital's long-awaited metro system.
According to a press release from the Prime Minister's Office, previous company bids were rejected, prompting a shift in strategy toward a global best-practice model.
It added that the revised plan entails forming partnerships between the Iraqi government and both local and international investors, with execution to be carried out by world-class firms. The approach includes integrated development across infrastructure, consultancy, transit systems, and environmental, social, and economic assessments.
Al-Sudani emphasised the importance of the metro as a critical infrastructure project and instructed stakeholders to finalise related consultancy studies in preparation for further decisions at the next meeting.
Uptick in Iraq TIR operations injects fresh momentum into trade flows
Amid threats to transport and trade caused by geopolitical conflicts, IRU’s Secretary General put the spotlight on the continued, and expanding, success of the global TIR transit system at Türkiye’s Global Transport Connectivity Forum 2025.
Polish transport operator the Milton Group recently completed a roundtrip journey from Poland to the Gulf Cooperation Council (GCC) region, via Iraq’s newly operational TIR corridors, in 10 days, compared to 24 days for traditional maritime-based multimodal routes.
TIR operations are also starting from departure points such as Mersin, Türkiye, to the GCC via the Iraqi seaport of Umm Qasr. With TIR, this journey is being completed securely in less than a week, which can take up to 26 days if the ship needs to reroute around Africa.
These are just some examples of what is now possible with TIR via Iraq.
Speaking at the Global Transport Connectivity Forum in Istanbul, IRU Secretary General Umberto de Pretto said, “We have seen a remarkable uptick in TIR transport operations through Iraq, connecting Türkiye with GCC countries, and increasingly, with Iran and beyond.
“The implementation of TIR in Iraq is more than a technical milestone, it is a strategic one. It signals Iraq’s determination to be not just a beneficiary of regional trade, but a key facilitator of it.
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At the heart of this ambition is Iraq’s Development Road Project: a transformative initiative that will link the port of Al-Faw in the south to Türkiye and Europe via the north of the country.
“Iraq’s Development Road Project is a statement of intent. A message that Iraq is ready to resume its historical role as a crossroads of civilization, commerce and connectivity. It’s a message that Iraq is now open for business,” said Umberto de Pretto.
“However, the success of this corridor depends not just on highways and other ‘hard’ infrastructure. It also depends on the ‘software’ of international road transport infrastructure, such as harmonised trade systems, smart borders, and efficient customs regimes. This is where TIR brings tremendous value,” he added.
Beyond the Development Road Project, IRU continues to support the Middle East and Central Asia in building more efficient and resilient transit corridors. IRU is actively promoting the digitalisation of TIR, supporting cross-border training and capacity building, and engaging with governments to simplify transport rules and procedures.
“Despite our progress, we must confront the reality that border bottlenecks, long waiting times, and high transit costs continue to burden trade across the region when TIR traffic is not prioritised. To address these issues, IRU strongly promotes the establishment of TIR-EPD Green Lanes at border crossings,” said Umberto de Pretto.
TIR-EPD Green Lanes use IRU’s electronic pre-declaration tool, TIR-EPD, enabling transport operators to submit cargo information electronically to customs prior to arrival. They have already been successfully implemented in Kyrgyzstan, Moldova, Romania, Saudi Arabia, Turkmenistan, the UAE, and Uzbekistan. TIR-EPD Green Lanes accelerate border crossings by up to 92%, reduce the workload for border officials, and provide greater predictability and security in transport planning.
“The TIR system is not a silver bullet; but it is a powerful enabler. When combined with bold initiatives like the Development Road Project and regional leadership from countries like Türkiye, it can unlock the true potential of global connectivity,” concluded Umberto de Pretto. “Let us work together, not just to move goods, but to move forward.” link
Question: when the rate changes-will it be on the CBI or forex first?
MarkZ: If they do it like they did in Kuwait - neither. Kuwait quietly went - but did not publicly release rates for 10 days. I do not think they can do that in today’s internet world.
My guess is it will show on the CBI site just moments before its on forex. This is just a guess.
