The CBI has jumped through hoops to implement the much-needed banking reforms and even made the switch over to digital electronic payments in record time, something they have been trying to do since Dr Shabibi’s days more than a decade ago.
They needed to ditch the dollar and that too we have been waiting so impatiently to see. It’s done!
We are now also going to shortly see the Oil and Gas Law in parliament. This too is just about all done. Next the budget tables for 2025 will be passed on to parliament. We will see all of this happen suddenly and seemingly all in a short time period.
Government Advisor: 3 Factors That Have Stripped The Parallel Exchange Market Of Its Price Influence And Diversified Our Financial Reserves
2025/07/07 Reads: 840 Times {Economic: Al Furat News} The Prime Minister's Economic Advisor, Mazhar Mohammed Salih,confirmed that the stability of the price structure and the decline in annual inflation rates in Iraq are the result of the success of threeintegrated economic policies that operated in a coordinated manner within the framework of the state's general economic policy. Saleh said in a statement to {Al Furat News} that:
"Fiscal policy has contributed significantly to supporting prices through the general budget, whose expenditures constitute more than 13% of the gross domestic product," noting that
"this support has been reflected in the expansion of social safety nets through
food baskets, fuel price subsidies, and support for farmers, in addition to the provision of wide-ranginggovernment services."
He added, "Monetary policy, in turn, has achieved tangible success in maintaining the external value of the dinarby controlling domestic liquidity levelsthrough the introduction of electronic payment systems and increasing demand for foreign currency at local banks through their correspondents abroad.
This has contributed to reducing financial transfer times and implementing compliance rules related to money movement risks."
Saleh pointed out that "the third of these policies was price defense through the establishment of a hybrid market network, which provided a wide supply of
goods at stable prices and directly impacted the local market by creating price competition that reduced opportunities for speculation.
As a result of these three factors, the effects of the parallel exchange market (the black market) were neutralized, especially with regard to generating inflationary expectations, whose effects have gradually faded."
He stated that "there are commodity stocks available to the state and the private sector, some of which have a shelf life of three to five years, especially with regard to spare parts and durable goods, which enhances market stability in the medium term."
Regarding the increase in gold reserves, Saleh explained that
"this is a successfulmonetary policy tool for diversifying Iraq's foreign reserves portfolio," noting that "gold represents a safe haven against fluctuations in global exchange rates and interest rates." ‘
He added that "this diversification, which includes variousforeign currencies and monetary gold,
is based on precise international standards to protect the country's assets from value fluctuations between currencies."
Regarding the impact of OPEC+ decisions, Saleh emphasized that "Iraq is part of the international consensus within the organization regarding oil production levels, and
that the national oil policy enjoys great flexibility that enables it to maintain export levels within Iraq's quota, thus mitigating the impact of the decline in oil prices on public revenues."
He noted in this context that "Triennial Budget Law No. 13 of 2023 includes flexible financial tools to address any emergency gaps through the possibility of resorting to bridge borrowing from the local financial market,
supported by monetary policy that provides sustainableliquidity through open market instruments, in accordance with the provisions of Central Bank of Iraq Law No. 56 of 2004."
The advisor concluded his remarks by emphasizing that "the economic stabilityIraq is witnessing today is the result of the integration of fiscal, monetary, and pricing policies into a unified framework
MZ: In Iraq: “The coming hours may witness the signing” This is about the Erbil/Baghdad oil agreements . There is a lot of back and forth right now. But articles are saying they have worked through the issues and signing is imminent.
MZ: We saw this same kind of back and forth in Kuwait.
Member: Never thought we all still be waiting and waiting and waiting all this time for the RV to go but then again, they don't care
MZ: Our regular article from Saleh: “ Advisor to the Prime Minister: Monetary Policy has succeeded in stabilizing prices and curbing inflation” He says “We are in great shape.”
Member: I bet Saleh had black hair when I bought my dinar
MZ: “Banning 18 Islamic banks from dealing in dollars-liquidation is looming”These are the same banks associated with financing terrorist groups. So is it Islamic banks being singled out – or support of terrorism being singled out? I think its part of a world wide cleanup effort.
MZ: I think this one is important. “A security source revealed Tuesday the determination of the International coalition withdrawal from Ain-A-Assad base from Anbar province” Trump has said all along that we will leave when we are paid. Now they are leaving????
MZ: I believe things are much further advanced than the press is reporting
MZ: This one makes me feel good about where we are at: “ TIR system: Iraq is a highway from Turkey to the Gulf” this is part of the development road project connecting the east to the west.
Al-Sudani: Iraq will stop importing gasoline this year and will instead focus on exports.
7/7/2025
Prime Minister Mohammed Shia al-Sudani announced on Monday that Iraq will stop importing gasoline this year, stressing that the country is on the verge of self-sufficiency in petroleum products, with a future plan for exports.
During his teleconference launch of the Diwaniyah refinery expansion project
, Al-Sudani said, "Iraq has transformed from a country importing petroleum products to one that meets its domestic needs, with the exception of limited quantities of gasoline, which will be eliminated before the end of this year."
He pointed out that "the Diwaniyah refinery will contribute to processing liquefied natural gas with a capacity of 180 tons per day and improving gasoline production to a capacity of up to 10,000 barrels per day," adding that "the new project will be implemented with a total capacity of 90,000 barrels per day, at a cost of $800 million."
Al-Sudani explained that "the completion of refinery projects in the governorates of Maysan, Diwaniyah, and Najaf will pave the way for the export of petroleum products, rather than their import, which represents a strategic shift in the energy sector."
Article: "UAE-based venture capital fund EQIQ has announced a $3-million anchor investment in a new digital banking startupled by Iraqi-American finance veteran Hussain Qaragholi"
Quote: "Qaragholi, founder of Phoenix Finance Partners, has held senior roles at Merrill Lynch, Citigroup, and Deutsche Bank. He played a major role in Iraq's $22-billion debt restructuring and sovereign bond offerings, and currently serves on RAND Corporation's Global and Emerging Risks Board."
Sometimes you only get potatoes but other times you get meat with them. This is as meaty as it gets.
However, stay grounded, Operative Words are NEW, START-UP, & FOUNDATION. When they say things like; scalable, customer-focused, digital services, this is a direct relationship with the new digital Dinar...This only applies to foreign imports and debts and not the domestic economy which will continue to use physical paper currency and payment cards like Qi, Mastercard, and Visa.
