MZ: My redemption center/wealth management folks are not working this weekend…nor are they on call. So for me I am not looking for an RV this weekend…but these folks have been working hard the last few weeks. I even have a Chase contact who said they have lifted restrictions on amounts of foreign currency in preparation …I loved hearing that one.
MZ: In Iraq: “ Among them are forgery, currency smuggling,
and real estate usurpation. (CONSIOUS)opens 15 files with the Public Prosecution” They are going after old crimes from Sadaam Hussein and the Bush camp that was stealing from Iraq for years. They are cleaning up old files.
MZ: These are things that needed settled before they revalue. I love they are cleaning things up.
IMF EXECUTIVE BOARD CONCLUDES 2025 ARTICLE IV CONSULTATION WITH IRAQ
Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Iraq and considered and endorsed the staff appraisal without a meeting on a lapse-of-time basis.
Iraq has managed to uphold domestic stability despite regional turmoil and global uncertainty. At the same time, the non-oil economy slowed down in 2024 following a very strong growth in 2023. Inflation has remained subdued amid weaker demand. Financing constraints and lower oil revenues are expected to constrain fiscal spending, taking an additional toll on economic activity.
Against a baseline of low oil prices, fiscal deficits and external accounts are projected to deteriorate further over the medium term unless significant reforms are undertaken to increase non-oil revenues, control the public wage bill, and boost non-oil growth potential through an ambitious structural reform agenda.
(This is why the budget tables for 2025 have not yet been released. The GOI does not want to complete the projects allocated for 2025 due to a drop in oil revenues.)
WHERE ARE THE 2025 BUDGET SCHEDULES? PROJECTS ARE SUSPENDED, PLANS ARE POSTPONED, AND PARLIAMENT HOLDS THE GOVERNMENT ACCOUNTABLE.
Despite more than half a year having passed since the start of the fiscal year, the 2025 budget schedules remain absent from the House of Representatives, a scene that rekindles concerns about a financial paralysis that threatens service and development projects in the governorates.
This delay comes despite the country’s adoption of the “Tripartite Budget” law, which was supposed to spare Iraq the annual wait for approval of financial allocations and ensure stability in the flow of funds and project planning.
In this context, the Deputy Chairman of the Parliamentary Committee for Regions and Governorates, Jawad Al-Yasari, ruled out on Tuesday (July 8, 2025) the approval of the 2025 budget schedules during the remaining term of Parliament, holding the government responsible for the delay.
“The Iraqi government is responsible for the delay in approving the 2025 budget schedules, as it has not yet sent them to Parliament for review,” Al-Yasari told Baghdad Today. “We don’t know anything about them yet, and we don’t believe the government is serious about sending them, which is why we rule out approving them within the remaining term of Parliament.”
He added, “This delay has clear consequences, most notably the disruption of the launch of a large number of projects in the governorates, as well as the obstruction of the completion of existing projects that require financial allocations.” He noted that “the government is currently content with paying salaries and outstanding financial obligations, in the absence of schedules and a parliamentary vote on them.”
According to observers, the government’s continued delay in submitting budget schedules reflects confusion in financial planning and a lack of a clear vision regarding spending priorities. This threatens to widen the gap between the central government and the governorates and weaken the state’s ability to fulfill its service and development commitments. It also portends escalating popular discontent in some areas, particularly those that rely on investment allocations for infrastructure development and job creation, at a time when economic and living pressures on citizens are increasing.
Basel III Endgame: Phase-in commenced July 1, 2025, with full compliance by July 1, 2028; focuses on capital requirements for large banks, increasing operational risk buffers by 9% for G-SIBs.
Trump’s Tariffs: Imposed July 9, 2025, at 30% on Iraqi non-oil imports (exempting crude oil, 98% of exports); reduced from initial 39% threat, but risks reserve drains if oil prices fall 5-10%. No “end” occurred user reference may misalign with imposition date.
ISO 20022: Migration for cross-border payments on track, with Swift coexistence ending November 2025; Fedwire adoption confirmed for July 14, 2025.
Fedwire: Single-day ISO 20022 implementation July 14, 2025; ends legacy formats, enabling blockchain pilots for 20% of oil settlements.
GENIUS Act (Senate): Passed Senate June 17, 2025 (68-30 vote); establishes stablecoin framework, now pending House reconciliation.
CLARITY Act (House): Advanced from committees June 2025; slated for House floor week of July 14 during “Crypto Week”; divides SEC/CFTC oversight for digital assets.
Iraq WTO 4th Meeting: Third Working Party meeting July 18, 2024; fourth delayed to Q1 2026 due to reform gaps; accession hinges on tariff bindings and anti-c********n measures.
Ripple/SEC Ends: Ripple dropped cross-appeal June 27, 2025;
SEC closed meeting July 10 could finalize; $125M penalty dispute ongoing, no confirmed July closure.
Peace in Middle East: Gaza armistice January 2025; Hezbollah-Israel truce November 2024; ongoing tensions with Israeli forces in Lebanon hills; no comprehensive July breakthrough.
US Dollar Tanks / Currencies Rise: Dollar down 10% H1 2025 (worst since 1991) from debt ($35T+), tariffs, and rate cut expectations; EUR/USD at 1.17, GBP/USD at 1.37 by Q3.
Hypothetical Impact if All Events Align:
Combined pressures tariff exemptions preserving oil revenues, ISO 20022 enabling digital settlements, crypto bills boosting USD alternatives, dollar weakness lifting emerging currencies, and WTO progress could force CBI to advance a managed float to Q3 2025 for reserve bolstering; blockchain tests cover 20% transactions, positioning for subtle tweak.