Dinar Confidence Rising — Thanks to Strong Central Bank Reserves

Mazhar Saleh: Iraq's foreign reserves provide exceptional stability for the national currency.

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The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Friday that the Central Bank of Iraq enjoys substantial foreign reserves that represent the primary backing for the national currency. These reserves are managed within a diversified foreign currency investment portfolio in accordance with the highest standards of global banking efficiency and professionalism.

Saleh added in an interview with Al Furat News Agency that "the ability of these reserves to meet external demand for foreign currency for the purposes of financing import trade is one of the primary indicators of their efficiency," noting that "the global standard for financing trade from central bank reserves is three months' coverage, while Iraq has an exceptional capacity of up to twelve months."

He pointed out that "this level reflects a high degree of stability in the foreign exchange market, despite the temporary pressures on the current account of the balance of payments due to the relative contraction in oil prices," noting that oil revenues continue to constitute the main pillar in the formation and accumulation of these strategic reserves. 

Saleh explained that "the Central Bank largely controls the foreign exchange market by imposing an official exchange rate of 1,320 dinars per dollar for the dinar. This has contributed to keeping the annual inflation rate below 3%, which falls within what is known as the normal range for the general price level or the natural price break-up in the country." He emphasized that this represents the highest levels of stability targeted by Iraqi monetary policy. 

Syria intends to remove two zeros and Assad's image from its currency.

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Seven sources and documents reviewed by Reuters revealed that Syria will issue new banknotes and remove two zeros from its currency in an attempt to restore confidence in the lira, which has seen its value sharply decline.

The move aims to bolster the Syrian pound, which has seen its purchasing power plummet to unprecedented levels following a 14-year conflict that ended with the ouster of President Bashar al-Assad in December.

The Syrian pound has lost more than 99 percent of its value since the outbreak of the war in 2011, with the exchange rate now standing at around 10,000 pounds to the dollar, compared to 50 pounds before the war. The sharp decline in the currency's value has made daily transactions and money transfers increasingly difficult.

 

US State Department comments on Sulaymaniyah events

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The US State Department commented on Friday evening on the events that took place in Sulaymaniyah yesterday, Thursday, and this morning.

Security forces in Sulaymaniyah arrested the leader of the People's Front Party, Lahur Sheikh Jangi, and his brothers, Polad and Aso, for whom arrest warrants were issued. The arrests were made after a raid on the party's headquarters at the Lalzar Hotel in the Sarchinar neighborhood of central Sulaymaniyah.

Regarding these developments, a US State Department spokesperson told Shafaq News Agency, "The United States opposes any violence that threatens public safety and stability," urging all parties to exercise restraint.

Media outlets close to the Patriotic Union of Kurdistan (PUK) reported Friday morning that at least three people were killed and around 10 others were injured in armed clashes that erupted between security forces and gunmen loyal to the leader of the People's Front, Lahur Sheikh Jangi, in the city of Sulaymaniyah.

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The Kurdistan Regional Government's Prime Minister's Office confirmed in a statement on Friday that the Kurdistan Regional Government's presidency was not aware of the armed clashes that broke out at the Lalazar Hotel in Sulaymaniyah until the final hours before the raids and response began.

The statement considered that the law must replace partisan decisions and violence, and that fighting and chaos must not recur, lest the stability of the Kurdistan Region be endangered.

The Kurdistan Regional Government Prime Minister's Office stated:

The attack last night on the Lalazar Hotel in Sulaymaniyah by Patriotic Union of Kurdistan (PUK) forces stemmed from a dispute between the PUK and the Kurdistan People's Front. The KRG's presidency was not aware of it until the final hours, when the raids and response began.

Despite the Prime Minister's great efforts to prevent the outbreak of fighting and clashes, the attack unfortunately took place, resulting in deaths and injuries.

We are deeply concerned about this incident. The law must replace partisan decisions and violence, and fighting and chaos must not recur, so as not to jeopardize the stability of the Kurdistan Region.

 

Office of the Prime Minister of the Kurdistan Regional Government
2025/8/22

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In Iraq's news

Bitget launches the world's first real asset perpetual index contracts (RWAs) that include major real assets

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Independent/- Bitget , a leading cryptocurrency exchange and Web3 technology company, today announced the launch of the industry's first real-asset perpetual index contract. This groundbreaking product, scheduled to launch on August 20, is a new way for users to trade traditional tokenized assets, starting with select real-asset products including TSLAUSDT (RWA), NVDAUSDT (RWA), and CRCLUSDT (RWA).

A real asset perpetual index contract is based on a mix of tokenized stock indices already traded in the market.
Each index contains one or more real asset tokens to track prices issued by multiple third-party issuers.
For example, an AAPL RWA real asset perpetual index contract might represent a mix of AAPL tokens issued by several different issuers.

Similar to how existing cryptocurrency perpetual contracts derive their index prices from multiple major cryptocurrency exchanges, Bitget's innovative real-asset perpetual index contract can dynamically add or remove index sources based on measurable factors such as market activity, trading volume, and liquidity conditions. Bitget may adjust and disclose index weights from time to time.
This approach ensures flexibility and fairness in pricing.

To maintain fair pricing and manage risk, real asset perpetual index contracts will trade on a 5x24-hour schedule, closing on weekends and stock market holidays. During the closure periods, the market price will remain frozen to prevent liquidation; however, users may add margin in anticipation of sharp market movements upon reopening. Order cancellations will be permitted during these periods, and no new orders will be accepted. Financing fees will be suspended during the market closure period, with settlements resuming on a one-hour cycle when trading is active.

In terms of the trading experience, real-asset perpetual contracts follow the same mechanisms and liquidation process as existing cryptocurrency perpetual contracts, reducing user learning effort. To mitigate risks in the early stages, Bitget will set maximum leverage at 10x, support only isolated margin positions, and enforce open interest position limits across the platform.

“ Bitget thrives on innovation driven by the emerging cryptocurrency space,” said Gracie Chen, CEO of Bitget. “With the launch of the world’s first real asset ( RWA ) perpetual index contract, we are gradually moving towards a comprehensive ecosystem that covers all aspects of finance. This product demonstrates how far our platform has progressed compared to its competitors, giving traders exposure to a range of modern and traditional asset classes, bridging the gap between traditional finance ( TradFi ) and decentralized finance ( DeFi).”

At launch, Bitget's indices will be priced based on stock tokens issued on the xStocks platform, with plans to include more trusted issuers in the near future. A wider range of real-asset perpetual contracts are also planned to be supported on the Bitget Futures platform this quarter.