CBI CONTACT: “if the citizens won’t bring the cash into the banks, we will do it for them” #iqd

 

Oil brings distances closer... Baghdad and Kurdistan on the verge of a formal agreement

  Oil brings distances closer... Baghdad and Kurdistan on the verge of a formal agreement

2025-07-08   13:09

The Parliamentary Oil and Gas Committee announced on Tuesday that Baghdad and Erbil have reached a preliminary agreement to end the Kurdistan Region's employee salary crisis. The committee indicated that the agreement may be announced within the next few hours, followed by an official signing and presentation to the Council of Ministers at its scheduled session on Tuesday.

Committee member Sabah Sobhi said in a statement to the official newspaper, followed by Al-Mutala'a, that: "The preliminary agreement stipulates that the regional government will deliver 300,000 barrels of oil per day to the federal government through the National Oil Marketing Company (SOMO), in exchange for the region receiving 46,000 barrels per day for local consumption and refining." 

He added, "It is hoped that the agreement will be announced within the next few hours, to be officially signed and presented to the Council of Ministers at its session scheduled for today." 

This comes 48 hours after Parliament Speaker Mahmoud al-Mashhadani visited Erbil, where he met with regional officials to discuss resolving the disputes between Baghdad and the region. Prime Minister Mohammed Shia al-Sudani and President Abdul Latif Jamal Rashid also discussed the issue of funding the salaries of Kurdistan Region employees on Monday.  link

TIDBIT FROM MNT GOAT

  Mnt Goat    

Ali Al-Alaq in the CBI is working towards the monetary reform, we have the prime minister Al-Sudani working his magic in the direction of economic reform and his “pet” project of industrial cities. 

Article:  “IRAQ PLANS TO RECEIVE 4 MILLION CONTAINERS ANNUALLY AT UMM QASR PORT .” WOW!...Umm Qasr Port in Basra is undergoing rapid development

...Iraq is going to be a “clearing house” for the middle east. This means shipment from all over the world will land in Iraq and they be distributed to other countries. This means massive tariff and customs fees for Iraq...

MILITIAMAN: We only expect to see a strong and regional and global status for the country of Iraq!!

 

Inflation In Iraq Has Declined And Its Gold Reserves Have Increased. Expert Explains

 Inflation In Iraq Has Declined And Its Gold Reserves Have Increased. Expert Explains

 
Time: 2025/07/07 21:23:08 Read: 825 times  {economic: Al-Furat News} Iraq recorded a noticeable decline in the inflation rate  in conjunction with the rise in its gold reserves during the first quarter of 2025, in financial and monetary indicators described as positive despite the challenges posed by oil price fluctuations.
 
Financial expert Salah Nouri explained in a statement to {Al-Furat News} that:
 
"The decline in the inflation rate is due to a group of factors, most notably the policy of the Central Bank of Iraq in     controlling the supply of cash for circulation, in addition to  regulating borrowing to finance the private sector at limited rates that contribute to  revitalizing the economy without causing a cash surplus".  

He added, "The decline in global commodity prices had a direct impact, given Iraq's heavy reliance on imports to meet its needs for goods and merchandise,  which was reflected in a reduction in local price levels."
 
As for the increase in gold reserves, the expert attributed it to the Central Bank's policy of diversifying investment instruments   by balancing debt securities in dollars with the purchase of gold,  which is a safe store of value. 

According to him  He stressed that "these policies aim to support and enhance the Central Bank's reserves within its monetary policy orientations." 
 
In the same context, Nouri warned of
"the negative effects of the decline in the prices of exported oil,
     which came as a result of OPEC Plus' decisions to increase production,
     which may reflect negatively on the state's general revenues and
          thus on the implementation of the operational and investment budget items".  

He pointed out that  "the Federal Ministry of Finance has two options in light of this decline: either reduce spending to maintain the deficit rate specified in the budget,  or continue spending and increase the deficit,   which will force the government to resort to internal borrowing". 

The expert said, "This challenge is directly related to fiscal policy, which requires a careful balance between spending and revenues."
 
According to an official report issued by the Central Bank of Iraq, the
Iraqi economy witnessed significant shifts in monetary indicators during the first quarter of 2025.
 
Inflation fell by 21%, while money transfers abroad fell by 0.6%, indicating a relative improvement in the monetary balance and liquidity control.
 
The report, which covered the months of January, February and March, also showed a significant increase in the value of Iraq's gold reserves, rising from 17.8 trillion dinars to 21.2 trillion dinars,  reflecting the Central Bank's reliance on a policy of  diversifying assets and  enhancing safe havens   to protect cash reserves in light of global market fluctuations.
  
https://alforatnews.iq/news/تراجع-نسبة-التضخم-في-العراق-وارتفاع-احتياطه-من-الذهب-خبير-يوضح 

"Iraq is Protecting The Dinar”

 "Iraq is Protecting The Dinar”

Mawazine News - Baghdad: An informed source revealed, on Monday, details about the local card project recently announced by the Central Bank of Iraq.

The source stated, "The local card means a system of payment cards in Iraqi dinars, which the Central Bank of Iraq is responsible for and monitors, and which have simple commissions, given that all its transactions take place within the country and in dinars and do not pass through international networks such as Visa and MasterCard."

He added, "We can liken this to the issue of making local calls at their usual rates, but when we go outside the country, we bear the roaming fees...

Therefore, any bank or payment company in Iraq, according to the new mechanism, can issue a local card to customers, and the customer can also take another card linked to Visa and MasterCard to use outside the country."

He continued, "Therefore, the issue of establishing a local card and what is said about it (that there is a final isolation from Visa and MasterCard) is incorrect. The evidence is that any Western or Arab citizen now has a number of cards in his wallet and is free to use any card according to his needs and ability to bear the fees and other things."

He noted that "many countries have local cards, such as Saudi Arabia (Mada), which also has cards issued by Visa and MasterCard, and America as well (AMERICA EXPRESS, knowing that it owns Visa and MasterCard companies, and even the Emirates (Jeon), Egypt (Meeza), the Netherlands (PIN), India (RUPAY), Russia (MIR), and Singapore (NETS)."

He explained that "these cards work like any other card (withdrawals, purchases, ATMs, points of sale)." Regarding the features and benefits of the local card, the source pointed out that "one of the advantages is that it operates in dinars only, and that any transaction in dollars or other foreign currencies will continue to pass through the usual international channels."

He added, "Iraq is cooperating with international companies to build the technical infrastructure. The Central Bank already has an advanced national switch built through global partnerships, and the national scheme will operate on top of this same infrastructure with strict adherence to EMVCO, ISO, and PCI standards.

This means that cooperation with international companies is ongoing, and the adoption of a local national brand for payroll or collection operations does not cancel it." Government and reduce reliance on cash," considering that "the project has developmental goals and is part of the reforms to reduce reliance on cash, support the electronic localization of salaries, and increase transparency, not to close commercial doors."

He stressed that "Iraq does not choose isolation, but rather chooses to diversify payment channels, protect local dinar transaction data from external pressures, and establish an infrastructure that can be integrated (rather than separated from the world)." He continued, saying: "Since 2020, the United States has sought to control dollar flows and reduce cases of non-compliance. Adopting a national scheme in dinars only enables regulatory authorities to set compliance rules specific to local transactions in accordance with international best practices without subjecting them to dollar transaction restrictions, which enhances internal transparency and spares the banking system the burden of controls that do not apply to dinar movement." He pointed out that "many countries, such as Saudi Arabia (Mada), India (RuPay), Singapore (NETS), and others, have implemented successful national schemes that are integrated with international networks. These countries are allies of Washington, which confirms that a national scheme does not mean international isolation." He added, "The point is to implement compliance and transparency, not to deny the idea entirely. This is achieved through the parallel reform roadmap represented by the banking sector reform project, which the bank is

TIDBIT FROM MILITIAMAN: We only expect to see a strong and regional and global status for the country of Iraq

Militia Man 

 Article:  "Special representative of the Secretary General of the United Nations in Iraq...

stressing the country has become open to foreign investments...The stability achieved in Iraq did not come by chance but is the fruit of collective will and precious sacrifices. 

 Iraq distanced itself from the surrounding political problems...We only expect to see a strong and regional and global status for the country of Iraq."  

 It's so true.  Everything that's been happening...the last two and a half to three years has been utterly stellar.  It's been phenomenal...It's a testament that Iraq is safe, secure and has sustainability.