Head of Money Changers Syndicate: Recent Central Bank Changes a Positive Step to Enhance Financial Stability
The head of the Exchange and Mediation Syndicate, Diaa Al-Tai, confirmed that the recent changes made by the Central Bank of Iraq represent a positive step in the path of developing the financial sector, praising the selection of Nizar Nasser to assume his new duties due to his experience and competence in the field of combating money laundering and the financing of terrorism.
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Al-Ta’i told “Al-Jarida” that Nizar Nasser’s expertise is in line with the requirements of the current stage and the challenges facing the financial sector, which contributes to enhancing compliance with international standards and consolidating financial stability in the country.
He added that the previous changes in the Directorate of Supervision of Non-Bank Financial Institutions, which included the appointment of Dr. Dirgham and his assistant Zaid Hamid, proved successful thanks to their high professionalism and extensive experience in following up on the affairs of exchange companies and handling administrative and supervisory files.
He pointed out that these measures contributed to accelerating the completion of many pending files, as well as strengthening communication and coordination channels between exchange companies and the Central Bank of Iraq.
Al-Ta'i reiterated the Money Exchange and Mediation Syndicate's support for all steps and reforms aimed at developing the financial sector and consolidating the principles of oversight and compliance, thereby enhancing the stability of the financial market and raising the level of confidence in financial institutions operating in Iraq.
Iraq begins marketing internet transit capacity and receives its first payment in hard currency.
On Thursday, Communications Minister Mustafa Sand announced an agreement with the Qatari company GBI to market cross-border (transit) internet capacities through the "Road of Civilizations" project, confirming the receipt of the first financial payment in hard currency within the project.
Sand said, in a statement seen by Shafaq News Agency, that the agreement was concluded according to the long-term right of use (IRU) system for leasing fibers from the optical fiber network, noting that this is the first time this model has been adopted in Iraq.
He explained that the land route extending from Al-Faw to Rabia connects the data traffic coming from Asia and the Arabian Gulf towards Europe via Turkey, which contributes to reducing the response time (latency) compared to traditional sea routes.
He added that the contract represents a practical step to activate Iraq’s geographical position as an international digital corridor, noting that requests were received from Gulf countries during the past week to benefit from the project.
The Minister of Communications confirmed that Iraq has received the first payment in hard currency as part of the agreement.
Al-Nassiri: The rise in the dollar exchange rate in the parallel market is temporary, and maintaining the general price level is under control.
Al-Nassiri explained to “Al-Eqtisad News” that only 5% of the dollars that the Central Bank sells daily to travelers are traded in the black market, and the remainder falls into the hands of speculators who manipulate prices.
He explained that the remaining 95% is secured by the Central Bank at the official rate for traders to import from abroad, and therefore there is no risk of an increase in the prices of imported basic commodities. The overall level of food and basic commodities is under control.
According to Al-Nassiri, "The fluctuation in the dollar exchange rate is due to speculators and economic variables because of the closure of the Strait of Hormuz and the effects of the regional war."
A leader in the Reconstruction and Development Coalition: The rumors about al-Sudani have reached the point where he was summoned by the FBI.
Mashreq Al-Fariji, a leader in the Reconstruction and Development Coalition, ridiculed on Thursday the news circulating about the summoning of the presidentCabinet Chairman Mohammed Shia' al-SudaniTo be investigated by American authorities.
He concluded, "He's talking about the FBI while he's in Mozambique, thinking it's a dish."
The former finance minister denied it.Sami's SpectrumOn Thursday, the government denied the validity of claims that $140 billion of public funds had disappeared, asserting that they were not based on any official reports or documents issued by the relevant regulatory authorities.
She added that "oil revenues are subject to strict monitoring and auditing byFederal Integrity CommissionThe Federal Board of Supreme Audit, in addition to the fact that oil export and marketing operations are subject to internationally recognized auditing and compliance systems, makes it impossible for the aforementioned funds to disappear or be lost without appearing in official records and reports.
She noted that non-oil revenues have witnessed remarkable growth in recent years as a result of the reform measures taken by the government and the Ministry of Finance, including the implementation of the systemPoints of Sale(POS), activation of the customs automation system (ASCODA), and collectionTaxesThe fees were collected electronically, which contributed to enhancing collection efficiency and reducing waste and manipulation.
Sami confirmed that "the second phase of financial reforms resulted in a more than 100% increase in non-oil revenues compared to previous years, in addition to the implementation of a systemTreasuryThe unified entity that contributed to consolidating dormant balances and funds and subjecting them to central financial oversight and management."
She explained that "the revenue fileKurdistan RegionThis differs from other federal revenues, as the region's revenues were not deposited into the federal treasury in a manner that would allow them to be included in the aforementioned accounts and revenues.
Sami called on the relevant authorities inMinistry of FinanceThe Financial Control Bureau is to "prepare professional responses based on official data to any allegations or statements that contradict the established facts in the records and oversight reports," stressing that "maintaining citizens' trust in financial and oversight institutions requires accuracy, responsibility, and reliance on facts and official documents."
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Soon, Baghdad will host international figures: oil, electricity, and strategic partnerships.
Informed sources revealed on Thursday that important visits by international figures to Baghdad are expected, to conduct economic understandings that will bring mutual benefit to the parties concerned, just hours after reports spoke of the possibility of Iraq withdrawing from OPEC, and the repercussions of this decision on the global energy market.
A government source told Shafaq News Agency that “figures and representatives from some European Union countries will soon visit Iraq to reach understandings that achieve common interests, which will include presenting offers and economic partnerships in developing the energy sector in Iraq, including the oil and electricity sectors, in order to reach self-sufficiency and resolve the problem of supply hours.”
The source added that "among the proposed offers is the processing of associated gas and making the most of it in order to achieve self-sufficiency within a short-term plan not exceeding two years."
He pointed out that “supporting electricity production, along with proposals to implement projects to increase storage capacity and to acquire a joint maritime fleet with important countries, including the United States, is being arranged, with the aim of expanding the volume of Iraq’s crude oil exports.”
Oil Ministry spokesman Salim al-Rikabi had hinted, in a comment seen by Shafaq News, at the possibility of withdrawing from OPEC if the production level allocated to Iraq is not increased in line with its production capabilities and future needs.
In this context, economic analyst Joel Rimmer, who specializes in the global stock market, revealed on Thursday the repercussions of Iraq's exit from the Organization of the Petroleum Exporting Countries (OPEC) on the future of the global oil market, stressing that recent reports from Baghdad carried a message that said, "Either allow production to increase more freely or we will leave the organization."
Reimer said in an analysis published on the MarketWatch website and translated by Shafaq News Agency that “Iraq’s threat to withdraw from OPEC appeared deliberate and intentional, and any progress in this direction will have major repercussions on the global oil market, as an increase in Iraqi production outside the quota system could put strong pressure on prices that are already witnessing a significant decline.”
According to the analyst, Qatar's exit from OPEC in 2019 and the UAE's withdrawal on May 1, 2026, did not pose a major threat to the organization, given that Doha was primarily focused on gas production, while the UAE's production was only about 3.4 million barrels per day.
As for Iraq, the situation is different, as it is one of the founding members of the organization when it was established in 1960, and the second largest producer in it after Saudi Arabia, with a production of about 4.5 million barrels per day, according to him.
Reimer stressed that Iraq’s importance goes beyond its membership in OPEC, because the size of its production makes it a pivotal player in the global supply and demand equation, noting that the Iraqi position carries an indirect message to Saudi Arabia and the influential countries within the organization regarding Baghdad’s dissatisfaction with the current production ceilings imposed on it.
The US Energy Information Administration estimates that Iraq, if it ignores production quota restrictions, could raise its production to seven million barrels per day by 2029, an increase of more than 75% compared to current levels.
Reports also indicate that major American companies such as ExxonMobil, Chevron and Halliburton may be among the biggest beneficiaries of any anticipated investment expansion in the Iraqi oil industry.
Reimer concluded that OPEC losing a founding and major member like Iraq shortly after the UAE's withdrawal could lead markets to question the organization's ability to control or support oil prices when they decline.
The economic damage inflicted on the Gulf states by the war with Iran has created significant financial needs for reconstruction and investment, which may prompt some producers to demand an increase in their production quotas, raising the likelihood of a future oil supply surplus and increasing pressure on globalprices.
Al-Zaydi's message to the Iraqi people on the anniversary of the martyrdom of Imam Hussein
Prime Minister Ali al-Zaidi delivered a speech to the Iraqi people on Thursday, June 25, 2026, on the anniversary of the martyrdom of Imam Hussein, peace be upon him.
Al-Zaydi said in his speech, according to his media office and received by “Baghdad Today”,: “We extend our condolences to our Iraqi people, our Islamic nation, and all the free people in the world, on the anniversary of the martyrdom, victory, and heroism whose principles were embodied and whose pride was led by Imam Hussein (peace be upon him) in Karbala, as an imam, a symbol, and a reformer.”
He added, "From the special nature of this great occasion, we draw inspiration from the meanings of Ashura, and we continue to perform our responsibilities for the sake of Iraq's advancement and sovereignty, and for the sake of the legacy of the martyrs and sacrificers who fought and defeated terrorism in various circumstances."
Al-Zaydi continued, “O genuine Iraqis, we have learned from the uprising of Imam Hussein (peace be upon him) that we should not compromise with a corrupt person, and that we should strive with all patience and determination to protect Iraq and reform its system (as much as we can) so that we can preserve for future generations their wealth and civilization, and protect their right and entitlement to a decent life.”
He affirmed that “the school of the Master of Martyrs, his family and companions (peace be upon them) has proven, in all times, that principles are not shaken by the multitude of corrupt people and their cunning, and that faith in the eternal Muhammadan message, which men carry, will not have its banner broken, and that Iraq will remain dear and honorable with its people, as long as the voice of Hussein is present in the conscience, inspiring the values of dignity, justice and humanity. Peace be upon Hussein, and upon Ali bin Hussein, and upon the children of Hussein, and upon the companions of Hussein, and the mercy of God and His blessings.”
Head of Money Changers Syndicate: Recent Central Bank Changes a Positive Step to Enhance Financial Stability
The head of the Exchange and Mediation Syndicate, Diaa Al-Tai, confirmed that the recent changes made by the Central Bank of Iraq represent a positive step in the path of developing the financial sector, praising the selection of Nizar Nasser to assume his new duties due to his experience and competence in the field of combating money laundering and the financing of terrorism.
Al-Ta’i told “Al-Jarida” that Nizar Nasser’s expertise is in line with the requirements of the current stage and the challenges facing the financial sector, which contributes to enhancing compliance with international standards and consolidating financial stability in the country.
He added that the previous changes in the Directorate of Supervision of Non-Bank Financial Institutions, which included the appointment of Dr. Dirgham and his assistant Zaid Hamid, proved successful thanks to their high professionalism and extensive experience in following up on the affairs of exchange companies and handling administrative and supervisory files.
He pointed out that these measures contributed to accelerating the completion of many pending files, as well as strengthening communication and coordination channels between exchange companies and the Central Bank of Iraq.
Al-Ta'i reiterated the Money Exchange and Mediation Syndicate's support for all steps and reforms aimed at developing the financial sector and consolidating the principles of oversight and compliance, thereby enhancing the stability of the financial market and raising the level of confidence in financial institutions operating in Iraq.
A year without a budget... and the government is banking on comprehensive financial reforms in 2027.
In a new indication of the complexities of the financial and administrative landscape, attention is turning to the 2027 budget after the chances of approving the 2026 budget declined, as a result of the delay in completing the formation of the government and the continued vacancy in a number of key ministries.
On Thursday, Hussein Al-Darraji, a member of the Parliamentary Finance Committee, ruled out the possibility of the government finalizing the current year's budget within the required constitutional and administrative timeframes. He emphasized that the remaining time in the year is insufficient to prepare a comprehensive draft and present it to the Council of Representatives for approval.
Al-Darraji explained that the government is effectively moving toward preparing the 2027 budget, anticipating that the draft will be sent to Parliament this coming October or November, in preparation for debate and approval prior to the start of the new fiscal year.
He noted that the upcoming budget would undergo fundamental changes regarding the philosophy of its preparation and the mechanisms for organizing its financial schedules. Additionally, spending priorities will be re-evaluated and the actual needs of government institutions assessed to align with current economic and financial conditions. This approach comes as the state continues to rely on the "1/12" provisional spending mechanism—authorized by current financial management laws—to cover employee salaries and essential operating expenses. This reliance follows the failure to pass the 2026 budget, a process that has since become complicated by accounting and technical challenges.
According to the Finance Committee, there is a preliminary consensus between Parliament and the government of Prime Minister Ali Al-Zaidi to focus efforts on drafting a new budget with a distinct economic vision. This new budget aims to rectify past imbalances and reduce the fiscal deficit, while ensuring readiness before the start of the upcoming fiscal year.
This delay is attributed to a range of political and administrative factors—most notably the recent election period and ongoing disputes regarding the completion of the current cabinet—which have hindered the ability of executive institutions to prepare a comprehensive draft budget during the first half of the year.
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The Wall Street Journal: Iran's Revolutionary Guard attacked a cargo ship in the Strait of Hormuz
Meanwhile, the United Kingdom Maritime Trade Operations (UKMTO) said it had received a report that a ship had been hit by an unknown projectile while sailing in the Strait of Hormuz, while the International Maritime Organization (IMO) announced the temporary suspension of the plan to evacuate stranded sailors.
The group, which is part of the British Royal Navy and is responsible for monitoring the security of commercial shipping in sensitive maritime areas, said that the cargo ship was hit on its side and its bridge was damaged, southeast of the Sultanate of Oman, according to Bloomberg.
She added that no injuries were recorded among the crew members, and no environmental impacts resulted from the incident, urging ships to "pass with caution".
Following the incident, the International Maritime Organization (IMO) announced the temporary suspension of its plan to evacuate sailors stranded in the Strait of Hormuz. In a statement, the IMO said the decision came after the evacuation plan had already successfully evacuated a number of ships.
The Secretary General of the organization, Arsenio Dominguez, explained that he decided to temporarily suspend the mission "to re-verify that the necessary security guarantees remain available for the ships included in the evacuation plan, as well as for all ships in the area."
He stated that he was informed of an attack on Thursday on a ship in the Gulf of Oman that had crossed the Strait of Hormuz, noting that the targeted ship was not transiting within the framework of the International Maritime Organization's evacuation plan.
He stressed that the safety of sailors remains the "top priority," noting that the suspension of the plan is intended to ensure a coordinated approach and maintain navigational safety until the security situation becomes clearer.
According to Bloomberg, the incident could weaken the fragile confidence of ship owners in the return of safety to the world's most important oil shipping lane, after ships had rushed to resume transit.
The incident occurred hours after there were signs that at least three commercial vessels, including two giant oil tankers, were turning back while attempting to cross the Strait of Hormuz on an outward route, via a US-protected passage along the Omani coast.
The reason for the ships changing course was not immediately clear, but two maritime intelligence firms released broadcast messages they said were from the Iranian navy, containing instructions for ships not to cross the strait.
In contrast, other ships continued to sail through the Omani route, according to tracking data compiled by Bloomberg, while Iranian media reported that Tehran was reasserting its control over transit traffic.
Shipping traffic through the Strait of Hormuz had seen a rapid recovery after a temporary peace agreement between the United States and Iran came into effect last week.
However, some disruptions continued, with Iran announcing over the weekend that the waterway was closed, while an Iranian body responsible for managing traffic in the Strait of Hormuz confirmed last week that no ship is allowed to cross the strait without its approval.
Ship tracking data also shows that a fourth vessel changed course and turned back after sailing towards the Strait of Hormuz from the Gulf of Oman.
Qaani: Israel must withdraw from southern Lebanon or flee in defeat.
The commander of the Quds Force of Iran’s Revolutionary Guard, Esmail Qaani, on Thursday called on Israel to withdraw from all Lebanese territory, warning that it would be forced to “flee in defeat” if it did not withdraw voluntarily.
Iranian state media quoted Qaani as saying, "If Israel does not voluntarily withdraw from southern Lebanon today, it will be forced to flee in defeat tomorrow."
Qaani's remarks come at a time when senior Israeli and Lebanese officials have denied any Israeli withdrawal from southern Lebanon, following statements by a US official who spoke of Israel withdrawing part of its forces from the occupied area as a goodwill gesture towards the Lebanese government.
In this context, talks are continuing between Lebanon and Israel, under American sponsorship and support, which include a proposal to hand over parts of Lebanese territory occupied by Israel during the war with Hezbollah to the Lebanese army, in a move that paves the way for Beirut to regain control of those areas.
The proposal to establish a "pilot zone" is one of the most prominent items on the agenda of the latest round of negotiations taking place in Washington, despite its momentum declining as Tehran seeks to include the Lebanese issue in its negotiations with the United States.
Washington and Tehran announced last week that they had reached a temporary agreement to end hostilities on various fronts, including the Lebanese arena, with both sides affirming their commitment to guaranteeing Lebanon’s sovereignty and territorial integrity, which Iran considers a prerequisite for the withdrawalof Israeli forces from southern Lebanon.
Partial Israeli withdrawal from southern Lebanon
Media outlets quoted the US official as saying that the Israeli retreat comes as part of steps aimed at supporting ongoing political and security efforts and enhancing the chances of de-escalation on the southern Lebanese border.
He added that Washington views this step as a positive signal towards the Lebanese state, at a time when international efforts continue to support stability and implement security understandings related to the border region.
The Israeli army withdrew its standby teams in the north on Monday following the ceasefire with Lebanon, according to Hebrew Channel 12 .
An Israeli drone strike in southern Lebanon has killed at least two people despite fighting between Israel and Hezbollah quieting down in recent days after demands by both the United States and Iran for a ceasefire.
This comes as officials from Israel and Lebanon meet in the US for another round of talks aimed at ending fighting between the neighbouring countries.
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