The Central Bank imposes new financial restrictions on electronic payment cards.
The Central Bank imposes new financial restrictions on electronic payment cards.
An economic expert revealed a contradiction in the Central Bank's new instructions regarding electronic payment cards, arguing that while some provisions support financial inclusion, others undermine it. Expert Ahmed Hadhil stated that the Central Bank has allowed a maximum monthly balance of 20 million dinars for prepaid cards, requiring disclosure of the income source. He added that the same instructions limit transfers between cards issued by the same company within Iraq to 500,000 dinars per transaction and set a monthly transfer limit of only 2 million dinars. He also noted that the Central Bank has imposed restrictions on card usage outside Iraq, limiting daily withdrawals to 150,000 dinars, daily shopping to 500,000 dinars, and monthly shopping to 5 million dinars. Hadhil explained that these restrictions are merely an attempt to force the public to use banking systems and open bank accounts.
He pointed out that the banking sector needs restructuring due to widespread public reluctance to deposit funds, stemming from the complex and tedious bureaucratic procedures associated with banking transactions. Furthermore, state account data for April showed that Iraq recorded total revenues of 31.163 trillion dinars, compared to actual expenditures of 37.835 trillion dinars. This reflects the continued heavy reliance on oil revenues to finance government spending, amidst a widening budget gap between revenues and expenditures. According to the report issued by the Accounting Department at the Ministry of Finance, oil revenues amounted to 26.121 trillion dinars, constituting 84 percent of total revenues, while non-oil revenues reached approximately 5.041 trillion dinars, representing 16 percent of total public revenues.
The report also indicated that actual expenditures up to April totaled 37.835 trillion dinars, distributed as follows: 36.444 trillion dinars for current expenditures and 1.391 trillion dinars for investment expenditures. The report continued, “Employee compensation accounted for the largest share of current spending, amounting to 20.484 trillion dinars, followed by social welfare expenditures of 9.233 trillion dinars, while debt service amounted to about 2.868 trillion dinars, in addition to allocating 2.625 trillion dinars for grants, subsidies and other expenses, while commodity requirements remained stable at 1.074 trillion dinars.”
The coordination framework is discussing the results of Tom Barrack's visit to Baghdad and the completion of the government cabinet.
The coordination framework is discussing the results of Tom Barrack's visit to Baghdad and the completion of the government cabinet.
The Coordination Framework, which unites the ruling Shiite political forces in Iraq, discussed the recent visit of US envoy Tom Barrack to Baghdad and the completion of Ali al-Zaidi's cabinet.
In a statement, the Framework indicated that it held its 281st regular meeting at the office of Prime Minister Humam Hamoudi, in the presence of the Prime Minister, to discuss the latest political, security, and economic developments on the national scene.
According to the statement, the attendees listened to a presentation by the Prime Minister on the latest government procedures and pending issues. They also discussed the results and outcomes of US envoy Tom Barrack's visit and the dialogues he held with the government, emphasizing the importance of protecting supreme national interests and strengthening Iraq's foreign relations in a way that serves its stability and sovereignty.
The Coordination Framework also discussed the completion of the cabinet, stressing the importance of expediting this process to enhance the efficiency of government performance, ensure the fulfillment of the ministerial program's requirements, and meet the aspirations of the citizens.
At the conclusion of the meeting, the Coordination Framework extended its “deepest condolences to the Iraqi people and the Arab and Islamic nations on the occasion of the holy month of Muharram, recalling the great values of Imam Hussein’s revolution and the eternal meanings it represents in reform, sacrifice, and the defense of truth and justice,” according to the statement.
Al-Aboudi: Iraq has completed the requirements for drawing up a development roadmap based on program budgeting.
Government spokesman Haider al-Aboudi affirmed on Wednesday that the government's unwavering vision is based on making the economy and its drivers the primary drivers of the state. He emphasized that the decision to restrict weapons is a cornerstone of national sovereignty, in accordance with the constitution, which prohibits all forms of unregulated weapons. He also indicated the intention to establish strategic floating gas terminals by specialized American companies to secure energy fuel.
Al-Aboudi stated that "the government's unwavering vision is based on making the economy and its drivers the primary drivers of the state to provide a stable environment, a productive economy, and balanced partnerships." He explained that "the foundations of this environment are becoming tangible through the ministerial program, which leads directly to internal security matters, foremost among them restricting weapons to the state and unifying the security decision-making system under the authority of the Commander-in-Chief of the Armed Forces."
He added that "the government is holding the reins of Iraq's sovereignty in accordance with the constitution, which prohibits all forms of unregulated weapons and empowers the executive authority to manage this issue from a legal perspective, as it is responsible for the highest authority in the country."
Regarding the meeting between the Prime Minister and the US Presidential Special Envoy, Al-Aboudi affirmed that "the government views the meeting from the perspective of the Iraqi-American partnership, which is based on a wealth of general frameworks and detailed pillars."
Concerning the details of investment support and the entry of foreign companies, the government spokesperson explained that "the meetings included discussions on facilitating the entry of American companies, particularly in energy and electricity projects," noting that "indicators were set for the implementation of floating liquefied natural gas (LNG) terminals in Khor Al-Zubair by specialized American companies."
He pointed out that "this terminal is of paramount strategic importance, as it will provide a suitable environment for receiving imported LNG and converting it to the form required by national power generation plants, especially to secure consumption during peak demand periods familiar to Iraqis."
Regarding the Prime Minister's upcoming official visit to the White House at the invitation of the President, Al-Aboudi confirmed that "the visit's agenda includes partnership files and the prospects for strategic cooperation between Baghdad and Washington," clarifying that "the economic and security files represent the two most prominent pillars of this tour."
Al-Aboudi stated that "the decision to restrict weapons to the state is a national Iraqi decision, but the international perspective sees Iraq as proceeding with measures to strengthen the foundations of its sovereignty."
He continued, "Iraq, after a long and arduous journey in which it waged an existential war against terrorism since 2014, requiring all Iraqis to rise up with the help of international friends, is now nearing the end of the international coalition's presence by next September." He emphasized that "with the end of this foreign presence, the requirements for a comprehensive development phase, which the Iraqi people aspire to, will begin."
Al-Aboudi pointed out that "the region is witnessing an overlap of interests and oil and trade resources, and a trend towards resolving crises and building common understandings," explaining that "the countries of the region affect each other due to the overlap of interests and oil and trade resources."
Al-Aboudi concluded by pointing out that “Iraq’s success in completing its requirements through the relevant federal ministries such as oil and finance is to develop a development roadmap that relies on (program budgeting) to ensure the sustainability of financial funding for vital projects.”
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Ali Al-Alaq was relieved of his position as Governor of the Central Bank and Nizar Nasser was appointed in his place.
An informed source reported today, Thursday (June 18, 2026), that the Governor of the Central Bank of Iraq, Ali Al-Alaq, has been relieved of his post, and Nizar Nasser has been assigned to manage the Central Bank in his place.
The source told Baghdad Today that "Nizar Nasser has been assigned to manage the Central Bank," noting that "this came after the dismissal of the Governor of the Central Bank of Iraq, Ali Al-Alaq, from his position."
He added that "the decision to dismiss and appoint the new governor has come into effect," indicating that "Nizar Nasser will assume the duties of the governor of the Central Bank during the next phase."
He added that "no official clarifications have yet been issued regarding the reasons for the dismissal or the nature of the changes related to the management of the Central Bank, while an official statement is expected to be issued clarifying the details of the decision and the mechanism for transferring duties."
Channel 8 reveals the contents of the agreement between Erbil and Baghdad on ASICOD
Channel 8 has revealed the draft agreement between the Kurdistan Region and Iraq on ASICODA, which was supervised by the Director General of the Iraqi Customs Board and the Advisor to the Interior Minister of the Kurdistan Region.
Deployment of an ASIC team in the Kurdistan Region
According to the draft, federal laws must be observed at the gates of the Kurdistan Region and an ASIC team must be deployed in the Kurdistan Region.
Integration of customs identification
"No goods imported into the Kurdistan Region will be excluded from this system and the customs identification must be unified between the Kurdistan Region and Iraq to have the same amount of customs collection," the draft said.
Tax collection shall be in accordance with federal law
Another point of the draft relates to the collection of customs revenue and taxes at border crossings, in accordance with the federal tax and customs law, the federal budget law and applicable laws.
settlement of informal gateways
The committees will be composed of the Border Gates Board, the Interior Ministry, the National Intelligence Agency and the Iraqi National Security Agency and their counterparts in the Kurdistan Region.
Topics to be discussed further
The final agreement on the implementation of the ASIC system, the unification of customs identification and collection of revenue at the gates remains several details and comments related to logistics, payment of dollars at the price of the central bank to traders in the Kurdistan Region.
Teams from both governments working on the notes
According to Channel 8, in preparing the draft agreement, teams of both governments are working on the comments that have not yet reached a final agreement.
The Director General of Customs and Taxes of Iraq and their counterparts in the Kurdistan Region, the Advisor to the Interior Minister, the Directorate of Companies Registration of both sides and the team of the Ministries of Agriculture of the Federal and Kurdistan Region are participating in the talks.
Approval of final agreement
The final agreement will be approved by the Iraqi Council of Economy Ministers and a high-level delegation from the Kurdistan Region will go to Baghdad to sign it and finally submitted to the Iraqi prime minister.
Second-by-second knowledge of revenues
Implementing the system means that Baghdad will know how many loads arrived per second and how much revenue was collected through central servers, so it will have all the data to include in the budget share.
Problems with the implementation of the Aseoda system
Why the implementation of the ASICOD system in Iraq has created problems, because the problem is not with the ASICOD system itself, but with the way it is combined with the old laws.
First, the tariff definition: With the implementation of the system, the government has introduced new definitions, such as Decision 957. The system is very detailed and does not allow any amount of money to be “exceeded”.
Then the unification of prices, previously maybe one price at the customs "Ibrahim Khalil" and another price at "Shalamche", but Asicoda makes it all one, which has disrupted the market in some areas and
The impact of the implementation of the ASICOD system on the Kurdistan Region.
Baghdad wants all border crossings, including Ibrahim Khalil, Bashmakh and Parwizkhan, to have the same system. If this is implemented, there will no longer be differences in prices and customs duties, and previously traders often chose the port with “convenience” or “lower definition”, but Asicoda will eliminate this competition.
Economist: The 2026 budget train has left the station... the government is patching up the deficit by borrowing.
Economic expert Basil Al-Obaidi confirmed today, Thursday, that insisting on preparing and approving the general budget at this time is “a form of absurdity” and has no benefit whatsoever, at a time when the country’s financial affairs are being managed by “patchwork” and borrowing from banks.
Al-Ubaidi told Al-Maalomah that "the train has already left the station. Iraq is now staggering at the end of the sixth month, and the bureaucratic processes involved in approving the budget will inevitably hinder and delay it until next September." He added that "a budget approved for only three months of a fiscal year that is nearing its end is worthless."
He added, "The preparation of the budget depends primarily on estimating revenues and expenditures, which is difficult to achieve at the present time, given the significant decline in the country's revenues as a result of the repercussions of the regional crisis and the disruption of export traffic through the Strait of Hormuz."
Al-Obeidi pointed out that "Iraq needs a period of no less than two months to restore some degree of financial stability, pending an improvement in oil revenues and the return of exports to their normal levels, in the event that the Strait of Hormuz is reopened and all the technical and logistical requirements related to pumping Iraqi crude oil to the ports and export outlets are completed."
The economist warned that "the anticipated budget will turn into an arena for political bidding, where it will be bombarded with explosive demands that a short-term budget cannot accommodate, starting with a flood of appointments, bonuses and patchwork, and ending with a conflict over projects."
Al-Ubaidi called on the Cabinet to "preemptively address the crisis and prepare a draft law for an exceptional operational budget for emergencies, to manage the remainder of the year, while postponing the comprehensive budget to 2027," stressing that the upcoming budget must be "real and completely different from its predecessors, which existed only on paper."
The Undersecretary of the Ministry of Finance discusses with the World Bank the priorities of digital transformation and automation of financial operations.
On Thursday, the Undersecretary of the Ministry of Finance, Ali Karim, discussed with a World Bank delegation the priorities of digital transformation and automation of financial work, and mechanisms for developing financial systems in Iraq.
The Ministry of Finance stated in a statement received by “Dijlah News” that “the Undersecretary of the Ministry held an extensive meeting with the World Bank delegation headed by the Regional Director for Digital Transformation and Artificial Intelligence, Michel Rogge, in the presence of a number of Directors General and senior staff in the Ministry.”
The statement added that “the meeting discussed paths of technical cooperation in the areas of digital transformation and automation of financial work, particularly the automation of the tax and customs systems, strengthening cybersecurity, and the organized expansion of the Government Financial Management Information System (IFMIS) project, which contributes to raising performance efficiency and improving the quality of data and services.”
The Undersecretary of the Ministry of Finance affirmed that “digital transformation represents an integrated reform path to support public finance management, simplify procedures, and enhance transparency and governance,” stressing the importance of “implementing projects according to clear priorities and applicable phased plans that are consistent with the requirements of financial reform and the reality of Iraqi institutions.”
For its part, the World Bank delegation affirmed its readiness to continue providing technical and advisory support to the Ministry of Finance in the areas of digital transformation, artificial intelligence and the development of financial systems, in order to contribute to achieving the goals of institutional and financial reform.
Iranian media: Tehran suspends negotiations with Washington until the Lebanon war ends
The Iranian news agency Fars reported on Thursday evening that the Iranian negotiating team decided to suspend any further rounds or supplementary talks with the United States until it is fully certain that the attacks on Lebanon have stopped, and that Washington is practically committed to the terms of the agreement related to the Lebanese situation.
The agency quoted informed sources as saying that the decision came against the backdrop of continued Israeli attacks, at a time when Tehran affirms that implementing the commitments contained in the memorandum of understanding, especially those related to ending the war in Lebanon, is a prerequisite for moving to the next stage of negotiations.
She added that the Iranian side requires verification of the actual implementation of the American pledges before resuming any further dialogue, noting that the continuation of the attacks undermines the chances of moving forward in the negotiating track.
Iran and the United States signed a memorandum of understanding to end the war at dawn today, which included clauses relating to halting the escalation in Lebanon and ensuring respect for its sovereignty and territorial integrity. However, Tehran accuses Israel of continuing its military operations in southern Lebanon and holds Washington responsible for ensuring the implementation of the commitments contained in the agreement.
For its part, the Iranian news agency Tasnim warned that the continuation of Israeli attacks on Lebanon may push Tehran to resort to multiple options, including suspending or canceling the upcoming rounds of negotiations with the United States, considering that the implementation of the terms of the memorandum of understanding signed between the two sides is contingent on stopping military operations in Lebanon.
The agency said that the Islamabad Memorandum of Understanding, signed by the presidents of Iran and the United States to end the war on various fronts, explicitly states in its first clause the need to stop the war in Lebanon and guarantee the country’s sovereignty and territorial integrity.
She added that Israeli forces have continued, since last night, to launch attacks on southern Lebanon, which she considered evidence that the United States has not yet implemented its commitments contained in the first clause of the memorandum.
The agency noted that Iranian officials and members of the negotiating team have confirmed in recent weeks that Tehran will deal with the memorandum’s texts and possible interpretations in a manner consistent with the interests of Iran and the axis of resistance, stressing that there is no going back on this position.
Tasnim believes that failure to implement the explicit provisions of the memorandum may send the wrong signals to adversaries regarding the mechanism for interpreting the remaining provisions, which may affect subsequent steps in the relationship between Iran and the United States.
She added that all Iranian options remain on the table, explaining that Tehran may resort to suspending or canceling the upcoming negotiations, re-imposing restrictions on navigation in the Strait of Hormuz and halting its reopening, or resorting to the military option and a missile response to Israeli attacks, noting that combining more than one option remains a possibility.
The agency stressed that Tehran does not differentiate between the United States and Israel, and believes that Washington bears the responsibility of restraining Tel Aviv if it wants to implement the memorandum of understanding, adding that American claims regarding the independence of the Israeli decision will not affect Iranian calculations.
She considered that launching new negotiations on other files at the present time would be an inappropriate step, suggesting that this was the reason for the Iranian negotiating team’s hesitation to hold the meeting that was scheduled for Friday in Geneva, given that the decision to travel to Switzerland has not yet been finalized.
US President Donald Trump confirmed on Thursday evening that the United States expects a complete ceasefire on all fronts, including Lebanon, Hezbollah, and Israel.
Southern Lebanon is witnessing ongoing clashes at a time when Iran and the United States have signed a memorandum of understanding obligating the parties to end military operations on all fronts.
The text reads: "Iran, the United States, and their allies announce an immediate and permanent end to military operations on all fronts, including Lebanon."
She affirmed: “Both parties commit to not waging wars or military operations, to refraining from threatening or using force, and to guaranteeing the sovereignty and integrity of Lebanon, provided that the final agreement confirms this permanent end to the war.”
The Pillars of Trump's Envoy Visit to Baghdad and Erbil
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