90% of the money supply is outside the banking system.
A large segment of the population tends to keep their money in cash at home, with some estimates suggesting that between 80 and 90% of the money supply circulates outside the banking system. Furthermore, most employees and retirees are keen to withdraw their full salaries as soon as they are deposited into their electronic payment cards.
The video for this My FX Buddies Blog post is below here:
These behaviors stem from several factors, most notably discouraging past experiences with some banks, inadequate modern banking services, concerns about the potential failure or collapse of some financial institutions, and the absence of a law guaranteeing deposits. This has weakened confidence in the banking system, hindered efforts toward financial inclusion and digital transformation, and fueled growing fears of online fraud.
In addressing these challenges, the Iraqi Media Network, in cooperation with the Women’s Affairs Department of the Trade Bank of Iraq (TBI), organized an awareness seminar dedicated to discussing the risks of electronic fraud and promoting a culture of financial inclusion, in light of the expansion in the use of digital technologies and the increasing reliance on electronic transactions.
During the seminar, which was attended by “Al-Sabah”, participants stressed the importance of raising awareness among users of electronic payment cards, especially employees, about protection and prevention mechanisms to reduce fraud and scams, which contributes to enhancing confidence in electronic banking transactions and supporting financial stability.
In light of this issue, financial and economic expert Majed Abu Kalal explained that citizens' tendency to withdraw their funds immediately after depositing them is linked to their actual daily spending needs, particularly among low-income employees who rely on their salaries to cover immediate obligations. He also pointed to the limited availability of electronic payment devices, which compels many to hold cash. He added that the core of the problem does not lie in the payment cards themselves, but rather in the lack of trust in banks, as some customers fear for their money during financial crises.
Disadvantages of the banking system
In his interview with Al-Sabah, Abu Kalal explained that citizens are recalling past experiences in banking history, such as the freezing of deposits or the failure of some banks, which has reinforced the conviction among a wide segment of the population that keeping their money is essential.
Cash is safer.
He pointed out that the deposit guarantee system in Iraq is still weak and unconvincing to the public, stressing that the major government banks need a real and radical restructuring, not just formal procedures.
Services and financing
He stressed the need for a clear and effective legal guarantee for deposits with a realistic ceiling, along with the publication of transparent monthly reports on solvency and liquidity indicators to enhance credibility. He also called for offering attractive interest rates and genuine financing services that would give citizens a practical incentive to keep their money in banks.
Abu Kalal concluded his remarks by emphasizing the importance of the state committing to a complete shift to bank payments instead of cash transactions, explaining that building trust requires effective protection and strict oversight, not merely imposing the use of electronic payment methods.
Deposit Guarantee
In a related context, academic Kazem Eidan pointed out the importance of finding a real guarantee for deposits, while activating the role of the Central Bank of Iraq in announcing the deposit guarantee in a clear and binding manner, as well as establishing or strengthening the bank deposit guarantee company and setting a clear guarantee ceiling for each depositor.
Eidan stressed to Al-Sabah the importance of announcing rapid intervention cases when any bank is in trouble in order to reassure citizens and repair the reputation of the banking sector, noting that there are reasons that have shaken the citizen’s confidence in banks, such as bankruptcy problems, weak transparency, and the neglect of publishing quarterly financial reports that are understandable to customers. He called for awareness campaigns through official and unofficial channels, stressing the importance of classifying banks according to clear performance standards, and punishing any bank that is proven to have manipulated them publicly.
Ways to boost confidence
He also called for the widespread deployment of POS terminals in markets and retail outlets, not just shopping malls, along with finding ways to strengthen trust between banks and citizens, offering real interest on current accounts, and providing affordable loans to those who deposit a portion of their salary in an account. He pointed out that unless citizens are convinced that keeping their money in a bank is better than keeping it in cash at home, they will not change their financial practices. From his convictions and inclinations.
SOMO: A new strategy to diversify oil export destinations
The State Oil Marketing Company (SOMO) has launched a balanced strategy to diversify its crude oil export destinations, noting that it has signed contracts with reputable companies for periods of up to ten years. SOMO Director General Ali Nizar al-Shatri told the Iraqi News Agency (INA) on Tuesday that "SOMO is adopting a balanced strategy to diversify the final destinations of its crude oil exports, including the three main markets: Asia, Europe, and the Americas, with priority given to the Asian market as it is the fastest-growing market in terms of demand and generally offers the highest price returns."
He added that “the focus within the Asian market is on promising countries, foremost among them India, China and South Korea, given their capabilities in the field of refining and the stability of demand levels there. The company also adopts a well-thought-out targeting strategy for the customer base, focusing on integrated global oil companies, both governmental and independent, that own refining systems, in addition to major refining companies, which enhances the sustainability of demand, achieves stability in distribution, and contributes to managing the risks associated with market fluctuations.”
Al-Shatri explained that “the largest percentage of Iraqi crude oil exports are directed to the Asian market, followed by the European market and then the American market. However, this did not prevent strengthening the market share in the European continent, as the company is constantly working to invest in the available opportunities to increase the market share whenever market conditions allow.”
He explained that “the contracted quantities of Basra Medium crude sold to European companies increased by 38% during 2023 compared to 2022, benefiting from the repercussions of the Russian-Ukrainian war and the sanctions imposed on Russian oil, and the resulting changes in import patterns for most European companies, and this is not at the expense of the allocation required for the Asian market.”
Al-Shatri pointed out that “requests to purchase Iraqi crude oil sent by companies wishing to contract are considered exclusively through the company’s official email and directly. The Oil Marketing Company does not deal with requests submitted manually or received via email through intermediaries, agents, international organizations, or diplomatic missions operating in Iraq, regardless of their nationality.”
He added that “the activity of each company or institution is being audited to verify its eligibility to contract for the purchase of Iraqi crude oil based on the main adopted criterion, which is that it owns a refinery in its entirety or a share in a refinery, in addition to verifying its financial solvency, and that it is not listed among the companies subject to international sanctions, and that there are no suspicions surrounding it. In this context, reliance is placed on specialized and reliable publications, as well as the services provided by accredited institutions via the Internet, which include comprehensive information about the companies and their financial solvency.”
Al-Shatri explained that “based on the results of the evaluation, companies that do not meet the criteria are excluded, and they are informed of the reasons for their ineligibility in accordance with the principle of transparency, and they are classified within the tables of unqualified companies. As for the companies that prove their eligibility, they are included within the allocation tables under the paragraph of new qualified companies, so that quantities can be allocated to them according to the quantities available for export each year.”
He stated that “the Oil Marketing Company adopts a policy of giving priority in allocating available export quantities to oil companies that own large refining capacities, whether they are companies specializing exclusively in refining activities or vertically integrated companies, where the refining sector constitutes an essential part of their activities, which also include exploration and production, as well as related logistical aspects,” indicating that “these companies are distinguished by their high ability to absorb price fluctuations and maintain stable levels of demand for Iraqi crude oil in the long term.”
He pointed out that “the Oil Marketing Company concludes annual contracts with its regular customers, according to which the quantities allocated to each company are determined based on approved standards and the total quantities available for export, with the possibility of modifying those quantities in subsequent contractual cycles, according to market conditions, the approved marketing policy and the implementation rates of those companies, and according to the methodologies of oil markets, these contracts are classified as long-term contracts.”
institutional reform
Institutional reform represents one of the most significant challenges facing the Iraqi economy, following years of political and economic transformations that have profoundly impacted the structure of the state and its institutions. In this context, it is worth examining the efforts undertaken by the caretaker government over the past four years to assess progress and objectively evaluate the reform process.
Institutional reform came in response to the extent of the dysfunction that afflicted the administrative and economic system during the transition from a totalitarian regime to a more open economy. This transition was not smooth; rather, it was accompanied by rapid legislation and conflicting decisions that sought to address significant gaps, but often lacked coherence and a clear strategic vision.
Over two decades, problems accumulated instead of being resolved; jurisdictions overlapped, policies conflicted, and the state's defined economic identity blurred between a traditional rentier economy and an aspiration towards a market economy. The result was the emergence of structural imbalances that affected the efficiency of institutions and weakened their ability to perform their developmental functions.
In this context, the caretaker government attempted to launch a reform process to address the shortcomings in the institutional system. It took important measures and developed programs aimed at restructuring some vital sectors; however, the results, despite their significance, remained limited in impact compared to the scale of the accumulated challenges, given the depth of the structural distortions and the limited resources available.
However, it cannot be denied that these attempts laid the initial groundwork for a more comprehensive reform program than its predecessors, as they sought to move from short-term solutions to structural reforms. Nevertheless, the success of institutional reform requires political and administrative continuity, and the adoption of a long-term vision that transcends the limitations of interim governments.
The banking sector serves as a clear example of both the challenges and opportunities of reform. As the backbone of economic activity, this sector has suffered from accumulated regulatory and legislative shortcomings that have impacted its efficiency and developmental role. The recent period has witnessed improved coordination between the monetary and executive branches to restructure certain key aspects of the sector and strengthen the role of both public and private banks within a more disciplined framework.
But genuine reform cannot be achieved through piecemeal measures or by focusing on a single sector. The economic system is an interconnected network, and any dysfunction in one part affects the whole. Therefore, what is needed in the next phase is to transform these scattered initiatives into a comprehensive national program for institutional reform, based on scientific planning, leveraging specialized expertise, and building a stable and transparent legislative framework.
Only then can we talk about a real transition from crisis management to development, and from patchwork solutions to sustainable reform that restores the strength of the Iraqi economy and enhances its regional and international standing.
Rubio on the military operation against Iran: It's moving faster
Rubio on the military operation against Iran: It's moving faster
US Secretary of State Marco Rubio asserted that the military operation against Iran is progressing more rapidly.
In a press statement, Rubio said, "We are seeking to eliminate Iran's missile capabilities. Iran is not only attacking military bases but also embassies and various other sites."
He added, "The military operation against Iran is proceeding faster than its initial timeline," further stating, "There was an imminent threat from Iran, and they would have launched attacks against us as soon as they were attacked by Israel."
Rubio emphasized that "the current operation against Iran was necessary," adding, "We hope the Iranian people will overthrow this regime, and the objective of this operation is to destroy Iran's missile capabilities."
Pentagon: We are still in the early stages of the military campaign
Pentagon policy chief Elbridge Colby confirmed on Tuesday that the military campaign is still in its early stages.
Speaking before the Senate Armed Services Committee, Colby stated that the assassination of Iranian Supreme Leader Ali Khamenei was an Israeli operation. He emphasized that the U.S. objective is to degrade Iran's military capabilities against U.S. bases and forces, as well as against Washington's allies and partners in the region and beyond.
He reiterated, "We are still in the early stages of the military campaign."
Trump: We made mistakes in Iraq and we are waiting for Iran's third line.
US President Donald Trump confirmed on Tuesday that the United States made mistakes in Iraq, including dispensing with military and government employees.
Trump said in a press statement: “We are doing very well with regard to Iran, and if we hadn’t attacked them, a nuclear war would have broken out.”
Regarding Iran’s future leader, he added: “We had some people in mind from that group that died, and now we have another group who may also have died based on reports, so I think we are about to look at group number three, very soon, we won’t know anyone.”
America evacuates its non-essential staff and their families from Iraq
(and other embassies too)
The United States directed, on Tuesday (March 3, 2026), the evacuation of its non-essential employees and their families from Iraqi territory.
The US State Department said in a statement followed by "Baghdad Today" that it "has instructed the evacuation of its diplomatic staff, non-essential personnel and their families from Iraq."
It warned its staff at the US Embassy and Consulate in Iraq and the US Consulate General in Erbil "not to travel to Iraq," describing the "risk level as number 4."
It also issued "directives for non-emergency government employees and their family members to leave Qatar and Kuwait."
The US decision comes amid escalating attacks and mutual threats against the backdrop of the growing regional crisis between Iran and the United States, and related tensions with Israel.
America announces measures to calm rising oil prices
US Secretary of State Marco Rubio said the United States would take steps to mitigate rising energy prices amid a surge in oil prices caused by the conflict with Iran.
Speaking to reporters at the Capitol, Rubio said Treasury Secretary Scott Bisent and Energy Secretary Chris Wright would announce plans to calm prices on Tuesday.
Rubio added: "Starting Tuesday, you will see us rolling out those phases in an attempt to calm rising prices. We anticipated this issue would become a problem," according to Reuters.
Oil and gas prices jumped following Israeli and American attacks on Iran, and the subsequent Iranian response that led to the closure of oil and gas facilities across the region and disruption of shipping traffic in the Strait of Hormuz.
Oil prices rose for a third straight day on Tuesday as concerns mounted over Middle East supply disruptions due to the escalating US-Israeli conflict with Iran and threats to target shipping through the Strait of Hormuz.
By 05:40 GMT, Brent crude futures had risen 3.3% to $80.39 a barrel. In the previous session, crude had climbed to $82.37, its highest level since January 2025, but pared those gains at settlement, rising 6.7%.
U.S. West Texas Intermediate crude rose 2.8% to $73.23 a barrel. A day earlier, U.S. crude initially climbed to its highest level since June 2025 before settling down 6.3%.
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Sources: Iraqi ships will be allowed to pass through the Strait of Hormuz provided they fly the Iraqi flag and obtain prior authorization.
Sources revealed that directives were issued by the Iranian authorities stipulating that the passage of ships through the Strait of Hormuz be restricted to Iraqi ships only, provided that they raise the Iraqi flag and obtain prior permission before passing through, in a move described as unprecedented in one of the most sensitive waterways in the world.
The Strait of Hormuz lies between Iran and Oman and is a major artery for the flow of global oil, with about one-fifth of global crude oil consumption passing through it, according to estimates by the US Energy Information Administration. This makes any change in transit rules closely monitored by markets and shipping companies.
The sources indicated that the directives stipulate that the Iraqi flag must be clearly displayed on ships wishing to cross, in addition to obtaining prior approval before entering the passage.
There has been no official comment from Baghdad regarding the details.
Trump: The US Navy will escort oil tankers through the Strait of Hormuz if necessary.
US President Donald Trump affirmed his country's commitment to protecting international navigation, indicating that the US Navy would escort oil tankers through the Strait of Hormuz to ensure their safety if necessary. This comes amid regional tensions and concerns about energy security in the region.
Trump announced on Sunday that the United States had sunk nine Iranian naval vessels, noting the destruction of naval command headquarters.
The US president stated in a post on Truth Social: "I have just been informed that we have destroyed and sunk 9 Iranian Navy vessels, some of them relatively large and important. We will go after the rest, and the others will soon be sunk."
He added that another attack had largely destroyed Iranian naval command headquarters.
Trump: We will continue fighting in Iran and intend to target its new leadership.
US President Donald Trump confirmed on Tuesday (March 3, 2026) that other leaders in Iran were targeted, indicating that the United States had destroyed the Iranian navy and its monitoring and radar systems.
Trump told reporters at the White House that "the United States has destroyed the Iranian navy and its monitoring and radar systems," adding that "everything has been destroyed in Iran, and the Iranian regime no longer has air defense or monitoring systems, and it must prepare for significant damage."
He added, "Israel did not force me to attack Iran, and the opposite is true. Rather, I am the one who pushed Israel to engage in the battle," noting that "Iran would have initiated an attack against us if we had not attacked it, and it is targeting neutral and neighboring countries."
He continued, "Today we witnessed the targeting of other leaders in Iran, and there are people who are demanding immunity, and at some point they will lay down their weapons," explaining that "the midnight hammer strike was important, and we have an army that is absolutely unparalleled, and from a military perspective, we have overcome Iran and we are still striking missiles and their launch systems."
He added, "We want people who will lead Iran and return the country to the people," noting that "today's strike on the new leadership headquarters in Iran was powerful."
In another context, Trump stated: "We made mistakes in Iraq, including getting rid of the army and government employees," explaining regarding the future leadership in Iran that "the son of the former Shah might be an option, but someone from within would be more suitable to lead the country, although most of the people I saw as alternatives to the regime were killed in the strikes."
He pointed out that "the strikes in Iran are currently widespread and it no longer has any air defense," adding that "there is no evacuation plan for embassies because it happened very quickly."
He noted that "Iran has been a sponsor of terrorism in the world for years and something had to be done," stressing that "oil prices will return to lower levels by the end of this war."
The framework for the Sudanese presidency today is to decide on the presidencies and discuss the repercussions of the war.
An informed source stated that the coordination framework will meet today, Tuesday (March 3, 2026), to discuss the repercussions of a war between America, Israel and Iran on Iraq and the region.
The source confirmed to Network 964 that the meeting, which will be held at the home of Prime Minister Mohammed Shia al-Sudani, will discuss resolving the issues of the presidency and the prime ministership, especially after exceeding the constitutional deadlines and the country entering a phase of political deadlock.
Outcomes of the Coordination Framework Meeting
Outcomes of the Coordination Framework Meeting
The Coordination Framework held its periodic meeting at the Government Palace in Baghdad on Tuesday afternoon (March 3, 2026), to follow up on the latest developments at the national, regional and international levels.
According to a statement from its media office, received by "Baghdad Today," the framework discussed "constitutional entitlements, as it emphasized the agreement of all its parties on the importance of expediting their completion, especially the formation of the government in a way that preserves the national interest and achieves national consensus, which is the basic pillar for building the nation and maintaining its unity."
The Coordination Framework appreciated the “great popular condemnation of the crime of targeting the martyred Imam Khamenei, and called for showing grief over the departure of the martyred religious authority and solidarity with the noble Iranian people, in a manner befitting this painful loss, within the framework of the law and freedom of expression of will.”
The framework also affirmed its support for the government and the security forces in all their branches and formations, as they perform their constitutional, national and legal duties in preserving sovereignty, enforcing the law, protecting public and private property, providing protection for diplomatic missions and embassies, and achieving the highest levels of stability in our dear country.
The Coordination Framework called for "an immediate end to the aggression against the Islamic Republic, sparing the peoples of the region further losses and more causes of the continuation of the conflict, and for international bodies and UN institutions to assume their responsibilities to support the stability and security of the countries of the region."
Stormy Baghdad Meeting Ends Maliki Bid??
The Shiite framework decides to withdraw al-Maliki's candidacy – Arab media
A stormy meeting in Baghdad ends with a preliminary agreement within the Shiite framework to exclude Maliki from the race.
A leader in the Arab Television Coordination Framework reported on Tuesday (March 3, 2026) that the members of the framework reached a preliminary agreement in their meeting today to withdraw the nomination of Nouri al-Maliki for the presidency of the next Iraqi government and to choose an alternative to be determined later.
A senior official source told Network 964 that a stormy meeting of the Shiite framework ended this afternoon at the palace of Prime Minister Mohammed Shia al-Sudani, and the prime ministerial candidate Nouri al-Maliki decided to boycott it, citing that he was fasting and a little exhausted, but he stressed his refusal to issue any statement withdrawing his candidacy after the objections that accompanied the putting forward of his name and the international and regional circumstances. According to the report, al-Maliki repeated his suggestion that the members of the framework issue a statement announcing the withdrawal of al-Maliki’s candidacy, and he said that he would not object to that “because the decision is the decision of the largest bloc and he will not oppose it.”
The meeting comes hours after the head of the Supreme Judicial Council published an article that sparked significant reactions, in which he spoke about the Federal Court amending its interpretation of the largest bloc and granting the right to form the government to the first winner in the elections, which could mean a return of the opportunity for the current Prime Minister, Mohammed Shia al-Sudani, whose coalition won the largest number of seats.
Strikes target Iraqi factions in Diyala, Al-Anbar, Al-Muthanna
Airstrikes targeted headquarters belonging to armed factions in Diyala, Al-Anbar, and Al-Muthanna provinces, security sources told Shafaq News on Wednesday.
The souced noted that shelling in Al-Muthanna struck the desert area near Al-Samawah, while the attack in Al-Anbar targeted a PMF headquarters in Al-Qaim district. The nature of the strike remains unclear, with preliminary indications suggesting it may have involved a drone or rocket fire.
The number of casualties and the extent of the damage remain unknown.
In Diyala, a drone attack hit a PMF site, wounding one member who was transferred to hospital for treatment, the source added
Air defenses intercept drone near US Consulate in Erbil
Air defenses intercepted a drone flying over the outskirts of Erbil late Tuesday as it was heading toward the US Consulate.
A source told Shafaq News that the drone was brought down in the Bistura area within Erbil province while en route to the consulate.
Shortly before the interception, residents reported hearing two large explosions at the Harir military base, also in Erbil province. A local source said the base had come under attack, though no further details were immediately available regarding the nature of the explosions or possible casualties.
Fire breaks out at PMF site in southern Nineveh
A fire erupted late Tuesday at a Popular Mobilization Forces (PMF) site in southern Nineveh province, with initial indications suggesting it may have resulted from an airstrike, a security source told Shafaq News.
The source said the blaze broke out at a headquarters belonging to the Imam Ali Brigades in the Qayyarah subdistrict, south of Mosul. Civil defense teams rushed to the scene and began firefighting operations.
Forensic units and explosives experts also arrived at the site to examine the circumstances of the incident, the source added, noting that investigations are ongoing to determine the exact cause of the fire.
No information has yet been released regarding material damage or possible casualties.
The source said authorities will issue a detailed statement once the investigation is completed.
Airstrikes hit PMF site in Iraq’s Babil
US drones carried out multiple strikes Tuesday on positions held by Kataib Hezbollah in Jurf Al-Sakhar (Jurf Al-Nasr), south of Baghdad, a security source told Shafaq News.
The strikes, launched around 9 pm, hit military warehouses belonging to the Iran-aligned faction, the source said. Material damage was reported, but no casualties were confirmed.
Earlier today, security officials reported two airstrikes on a Popular Mobilization Forces (PMF) site in the same area without attributing responsibility. A drone also crashed near Shaal village in Kirkuk’s Dibis district, with no injuries recorded. On March 2, The PMF reported four fighters killed and 11 wounded in attack an attack in Akashat area, western Iraq, while other attacks occurred in Kirkuk and Nineveh.
The escalation comes as aerial exchanges intensify between Iran on one side and Israel and the United States on the other. Several Iran-aligned Iraqi armed factions informed government officials and political leaders within the ruling Shiite Coordination Framework that they will continue operations targeting US and Israeli interests inside and outside Iraq. They claimed it had carried out 67 operations over the past 48 hours in two Iraqi provinces and four other countries, targeting the US “occupation bases” and interests in the region.
Oil production suspended at Iraq’s largest oil field
Oil production has been fully suspended at the Rumaila oil field, Iraq’s largest and the world’s second-largest oil field, local sources told Shafaq News on Tuesday.
The decision followed disruptions to export operations linked to ongoing military activity in the region, which led to increased storage within the field and tanks reaching capacity.
Units of the Iraqi Army backed by armored vehicles deployed across the district of Al-Zubair, west of Basra, to secure oil fields and other vital facilities as tensions escalate between the United States, Israel, and Iran.
US-based Gulf Keystone Petroleum on Monday halted operations at the Shaikan oil field in Iraq’s Kurdistan Region as a precautionary measure. Dubai-listed Dana Gas and Oslo-listed DNO took a similar move.
IAEA reports damage at Iran’s Natanz nuclear facility
The International Atomic Energy Agency (IAEA) announced on Tuesday that buildings at Iran’s underground Fuel Enrichment Plant in Natanz sustained damage, with no expected radiological impact.
Preliminary inspections detected no radioactive leakage, and the agency indicated on X that the damage was confined to structures without significantly disrupting nuclear operations.
Kamal al-Haidari declares jihad against US and Israel
Shiite cleric Ayatollah Kamal al-Haidari on Tuesday called for “jihad” against the United States and Israel, according to a statement issued by his office.
In a written statement, al-Haidari said the attacks targeted “the civilizational core and religious authority” of Iran, adding that confronting US and Israeli aggression is a religious and moral responsibility. He urged Muslims to prepare for “legitimate defense of land, dignity and sovereignty,” and called for resisting “Zionist and American arrogance in all its forms.”
In Shiite jurisprudence, jihad in this context is generally understood as a defensive religious mobilization in response to perceived external aggression, rather than an offensive war. Under Twelver Shiite doctrine, the authority to issue such binding religious rulings traditionally rests with a Marja’ al-Taqlid —a supreme religious authority recognized by followers as a source of emulation in matters of faith and law.
A similar call was made in 2014 by Iraq’s top Shiite cleric, Grand Ayatollah Ali al-Sistani, whose fatwa urging Iraqis to fight ISIS led to the mobilization of volunteers later organized under the Popular Mobilization Forces (PMF).
Most of the Iran-aligned “Islamic Resistance” armed factions in Iraq regard Ayatollah Ali Khamenei as their marja’ (religious authority) and political leader under the principle of wilayat al-faqih, which links religious leadership with governance and loyalty to Iran’s supreme leadership.
