Sunday, August 3, 2025
Iraq Reduces Foreign Debt Liabilities
Iraq Reduces Foreign Debt Liabilities
Iraq's state-owned Rafidain Bank has announced that it has "completed" 87 percent of its foreign debt obligations through high-level legal and financial negotiations, significantly reducing the country's external liabilities.
As part of Iraq's adherence to the Paris Club Agreement and with direct Cabinet approval, the bank concluded major settlements with Dutch and French creditor companies. The most notable was under Cabinet Resolution No. 403 of 2025, which settled three Dutch lawsuits with a waiver exceeding 90 percent of the claimed amounts in favour of the bank.
Additionally, the bank achieved key legal victories in Turkey and Lebanon, recovering over $2.8 million in assets. According to a statement from Rafidain, this highlights the competence of Iraq's legal apparatus in defending state interests abroad.
Rafidain Bank confirmed it is pursuing final settlements to close the remaining debt portfolio, aiming to bolster Iraq's sovereign credit rating and reinforce global confidence in its fiscal governance.
FIREFLY & FRANK26 REPORT: Highlights: Iraq Monetary Reform Update
Highlights: Iraq Monetary Reform Update (Frank26 FIREFLY Report)
💰 Over 20 years ago, the Iraqi dinar rate was $3.22, based mainly on oil prices.
🌟 Now, Iraq has diversified income sources including $16 trillion in rare minerals, tourism, and agriculture, making the economy very promising.
📈 Given neighboring Middle Eastern countries’ rates, an exchange rate around $3.80 to just over $4.00 seems realistic.
🏦 Iraqi banks are currently training employees on combating counterfeiting and smuggling to secure monetary reform.
❌ Training does not involve the “3-zero notes” (lower denomination dinar notes), indicating those notes will likely be removed or replaced.
⏳ The lower denomination notes and new exchange rate will likely be introduced simultaneously as part of the reform process.
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Frank26
Right now they're training the banks of Iraq, their employees, on how to deal with counterfeiting and smuggling...for the security and stability of their monetary reform.
But they're to using the 3-zero notes to train them with?
...This pattern is one that you have to respect...There's no crime against that currency because that currency won't exist. So what are you using, the lower notes?
No, they don't want to show the lower notes just yet. They're going to do the lower notes and exchange rate at pretty much the same time..
[Iraq boots-on-the-ground report]
FIREFLY:The rate over 20 years ago was $3.22 and that was just off the price of oil. Now we have non-oil revenues and $16 trillion alone in rare minerals... tourism... agriculture... This is very promising.
FRANK: $3.22 was over 20 years ago...When you look at the exchange rate of the other Middle Eastern countries around you, it's not too far-fetched that you could be somewhere around $3.80 to just a pinch over $4.00.
📰 HIGHLIGHTS – Govt Denies “62 Trillion Dinar Destruction” Rumors 🇮🇶💸🐀
📰 HIGHLIGHTS – Govt Denies “62 Trillion Dinar Destruction” Rumors 🇮🇶💸🐀
🔍 Official Denial: Financial Adviser to PM Mudhhir Saleh calls rumors of 62 trillion IQD destroyed "economically absurd" and "institutionally unthinkable."
📊 Facts Clarified:
Iraq’s total money supply is under 100 trillion IQD.
88% of cash is held outside banks, mostly by individuals.
Claims of rats/mice destroying half the currency are baseless.
🏦 Secure Systems:
Currency printing, storage & replacement follow strict protocols.
A loss of this scale would be immediately detected.
🚫 Disinformation Alert:
Rumors are seen as attempts to undermine public trust.
Citizens urged to avoid spreading false news, especially during sensitive financial reforms.
📌 Bottom Line: No IQD catastrophe—just viral fake news. Iraq's currency is safe and accounted for.
📎 Source: [Iraqi News Agency (INA)]
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Govt Denies Destruction of 62 Trillion Iraqi Dinar
The Financial Adviser to the Iraqi Prime Minister, Dr. Mudhhir Mohammed Saleh, has firmly denied social media rumours claiming the destruction of half of Iraq's currency supply - approximately 62 trillion dinars [$47 billion] - as "economically absurd and completely unfounded".
In remarks to the state-run Iraqi News Agency (INA), Saleh clarified that Iraq's total issued monetary mass does not exceed 100 trillion dinars, including both circulating and reserve cash. The notion that more than half of this amount could be destroyed by environmental or biological factors - as claimed in rumours citing "rats and mice" - is "impossible and institutionally unthinkable".
He explained that about 88 percent of Iraq's money supply is held outside the banking system, largely by individuals due to longstanding cultural habits, not stored in a single location that could suffer such widespread damage.
Saleh stressed that Iraq's currency management is governed by strict procedures covering printing, storage, inspection, and replacement. "Such a massive loss could not occur without detection," he said, denouncing the rumours as a deliberate attempt to stir public anxiety.
He urged citizens to avoid spreading fabricated news that undermines public trust, especially during a period requiring national cohesion and confidence in the country's financial institutions.
(Source: INA)
FRANK26: "Iraq’s Game-Changing Monetary Reform: Banks Closing, Old Notes Vanishing & Economy Poised to Explode!"
FRANK26: "Iraq’s Game-Changing Monetary Reform: Banks Closing, Old Notes Vanishing & Economy Poised to Explode!"
Highlights: Iraqi Monetary Reform & Banking Insider Updates
🙏 Strong emphasis on faith and trust as a foundation amid financial uncertainty.
💬 Insider banking sources reveal imminent monetary reform steps, including detailed preparations within Iraq’s banking system.
🏦 Planned temporary shutdown of banks and businesses is a key step toward implementing a new exchange rate and modernizing the financial system.
📉 Lower denomination dinar notes (“three zero notes”) are being phased out, signaling currency redenomination or revaluation.
🌍 Iraq’s economy is diversifying beyond oil, with growing revenues from rare minerals, agriculture, and tourism—strengthening its financial outlook.
📉 Officials deny rumors about massive currency losses (e.g., trillions lost to rodents), highlighting challenges with misinformation during reform.
💹 Iraq’s currency reform reflects global efforts to manage exchange rates and currency stability, influenced by broader geopolitical and economic policies.
🔒 Banking staff are undergoing fraud and anti-money laundering training as part of reform protocols.
💻 The reform includes a shift toward digital and electronic currency systems for enhanced transparency and control.
Key Takeaway:
The monetary reform in Iraq is a carefully orchestrated process involving strategic infrastructure changes, currency cleanup, and economic diversification, set within a global context of financial realignment. Reliable insider information and spiritual grounding play vital roles in navigating the transition amid widespread rumors and uncertainty.
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