Exchange dilemma
From Kadhimi's devaluation to Al-Sudani's platform: The Iraqi dinar's journey through five turbulent years
Since the end of 2020, when Mustafa al-Kadhimi's government decided to raise the official exchange rate from 1,180 to 1,450 dinars to the dollar, Iraq has been on a volatile economic trajectory that continues to this day. This decision, taken at the height of the oil price collapse, temporarily saved the general budget but opened the door to a wave of inflation that undermined the dinar's long-standing stability.
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With the arrival of Mohammed Shia al-Sudani's government, the Central Bank took a corrective step in early 2023, reducing the rate to 1,320, in an attempt to alleviate popular pressure. However, the crisis later deepened with the introduction of an electronic platform that linked transfer transactions to direct oversight by the US Federal Reserve.
Although the platform was abolished this year, the market has not regained its balance, with the gap between the new official rate of 1,144 dinars to the dollar and the parallel market rate remaining at least 10 to 12 points, reflecting the continued structural flaws in monetary policy management.
In this context, Abdul Rahman Al-Shaikhli, a financial and economic expert, explained to Baghdad Today that "the Iraqi foreign exchange market is witnessing significant fluctuations in the dollar exchange rate against the dinar, which has direct repercussions on the economic and commercial landscape."
This description reflects a situation that has existed for years, as the Central Bank's measures are no longer able to control the gap between the formal and parallel markets, especially after control shifted from the electronic platform to the dominance of parallel market networks. Research estimates indicate that this gap is no longer solely related to technical procedures, but rather to deeper factors related to the nature of the rentier economy and its near-total reliance on imports.
Patchwork procedures and limited treatments
Despite the government and central bank's attempts to contain the crisis, the interventions remain in the view of a number of experts without lasting impact. In a previous interview, economist Nasser Al-Kanani described attempts to control the market as "patchwork measures," explaining that "most of the decisions taken by the government and central bank do not address the problem."
This view is echoed in field experience, where the parallel market maintained its dominance even after price reduction decisions. This suggests that the problem extends beyond partial decisions to a structural flaw in the management of supply and demand. Economic analyses indicate that relying solely on ad hoc solutions fosters speculation and undermines actors' confidence in the stability of the monetary system.
Electronic platform and removal of restrictions
The electronic platform, introduced in 2023, was the most prominent US oversight tool for transfers. It required banks to disclose the identity of the final beneficiary within 24 hours, down from the previous 20-day deadline. This measure prompted many banks and merchants to refrain from dealing directly with the currency window.
Although the platform was abolished this year, its impact remained, with a gap of at least 10–12 points between the new official rate (1144) and the parallel market. According to banking estimates, the abolition did not end actual reliance on informal channels, but rather restored activity to the parallel market and kept control away from official institutions.
The dollar remains captive despite attempts at diversification.
Meanwhile, the Central Bank attempted to address the crisis by opening channels for remittances in alternative currencies, such as the Emirati dirham, the Turkish lira, the Indian rupee, and the euro. Central Bank Governor Ali Al-Alaq explained that "the bank is proceeding with the gradual elimination of foreign remittances and opening direct channels with foreign banks in several currencies."
However, economist Nabil Al-Marsoumi previously noted that "Iraq will remain a prisoner of the dollar as long as its oil exports are denominated in the dollar and its reserves are predominantly in it." According to research, diversification remains of limited effect, as major trade transactions with China and other countries can ultimately only be settled in dollars.
Monetary and trade policy: an inseparable intertwining
Al-Sheikhly adds, "The continuation of this volatility undermines investor confidence and delays many business plans." This diagnosis aligns with the statement of former Central Bank official Mahmoud Dagher, who emphasized that "monetary policy cannot operate in isolation from fiscal and trade policy."
According to Dagher, Iraq imports most of its needs through irregular channels, creating a parallel demand for the dollar and weakening the impact of monetary policy. In the same context, the Prime Minister's economic advisor, Mazhar Mohammed Salih, explained that "the duality of the domestic currency is one of the most dangerous aspects, and dealing in anything other than the dinar undermines the centers of economic stability." These observations indicate that reform cannot be purely monetary, but rather requires a restructuring of both trade and financial policy.
The political and regional dimension of the crisis
The monetary crisis was not isolated from regional balances. Dagher previously explained that "the essence of the current crisis is the conflict between the United States and Iran," while Raed Al-Azzawi, head of the Al-Amsar Center for Strategic Studies, asserted that "the Federal Reserve's steps were aimed at curbing the flow of dollars to Iran via Iraq, but the result is that the Iraqi government and people are paying the price." This political dimension reinforces the hypothesis that the monetary crisis is not merely an economic imbalance, but rather a direct reflection of the conflicts affecting Iraq due to its geopolitical location.
Al-Sheikhly concluded by emphasizing that "exchange rate stability is a pivotal factor in supporting economic growth, revitalizing the commercial sector, and protecting Iraqi citizens' income from erosion." This social dimension reflects that citizens remain the party most affected by every wave of fluctuation.
Financial expert Hossam Al-Khaizan had previously pointed out that "continuous speculation and smuggling threaten the value of the dinar, and that families are paying the heaviest price because most food items are imported in dollars." In the same context, economic researcher Ahmed Abd Rabbo called for a comprehensive reform package, while expert Ziad Al-Hashemi warned of "further price increases due to the scarcity of the dollar supply."
cumulative crisis
The trajectory extending from the devaluation of the dinar in 2020, to the devaluation in 2023, to the platform's trial and subsequent abolition in 2025, demonstrates that the crisis is cumulative in nature. What has changed are the instruments: from government decisions to international oversight, then a return to local management. What has not changed is the parallel market's dominance of exchange rates.
The expected impact is that the gap between the formal and parallel sectors will persist unless structural imbalances are addressed: weak trade policy, multiple informal outlets, and the state's near-sole reliance on oil and the dollar. Ultimately, citizens remain the biggest losers from this protracted crisis, paying the price for the still-unresolved internal and external balances with their daily sustenance.
Al-Abadi discusses political and security developments with the US Chargé d'Affaires.
The head of the Victory Coalition, Dr. Haider al-Abadi, received in his office, Sunday evening, the Chargé d'Affaires of the US Embassy in Baghdad, Joshua Harris.
A statement from al-Abadi's office stated that during the meeting, the latest political and security developments in Iraq and the region, and the challenges facing the Iraqi arena in light of regional and international developments,
were discussed. Bilateral relations between Iraq and the United States, and ways to enhance joint cooperation to serve common interests and achieve stability and development, were also discussed.
Al-Abadi stressed Iraq's keenness to build balanced relations based on mutual respect and intertwined interests with the United States of America, stressing the importance of continuing dialogue and coordination to confront regional challenges.
Hyundai E&C wins $3.1bn contract for seawater treatment plant in Iraq
Hyundai Engineering & Construction (Hyundai E&C) has secured a contract worth Won4.39tn ($3.16bn) to construct a seawater treatment plant in Iraq.
This project forms part of the Common Seawater Supply Project, which aims to enhance crude oil production in Iraq's southern oil fields by injecting seawater into oil reservoirs.
The facility will have a daily processing capacity of five million barrels and will be located at Khor Al Zubair Port, situated around 500km south-east of Baghdad.
The freshwater generated from this plant will be directed to nearby oil fields, including West Qurna and Rumaila.
This initiative involves joint investment from France's TotalEnergies, QatarEnergy LNG, and Iraq's Basra Oil Company.
Hyundai E&C anticipates that the construction will be completed within 49 months.
This contract is said to represent Hyundai E&C's most significant project in Iraq, following the completion of a $6bn oil refinery in Karbala in 2023.
In an official statement, Hyundai E&C said: “This contract was primarily driven by the strong trust placed in Hyundai E&C, which has carried out major national projects in Iraq over the years, contributing to economic growth despite challenges such as wars and Covid-19.”
In 2023, Hyundai E&C and Hyundai Engineering commenced construction of one of the world's largest petrochemical facilities in Ulsan, South Korea.
The ground-breaking ceremony was held in February, with completion expected in 2026.
The Shaheen project, developed by S-OIL, a subsidiary of Saudi Arabia's Aramco, is being constructed at S-OIL's Ulsan refinery with an investment of Won9.26tn.
"Hyundai E&C wins $3.1bn contract for seawater treatment plant in Iraq" was originally created and published by World Construction Network, a GlobalData owned brand.
The House of Representatives amends the agenda for next Wednesday's session.
Deputy Speaker of Parliament Shakhwan Abdullah announced the amendment of the items on the agenda of next Wednesday's session.
The statement of the Deputy Speaker's Media Office stated that "a paragraph has been added: The second reading of the draft law on the third amendment to the law on compensation for those affected by military operations, military errors and terrorist operations No. (20) of 2009."
The fifth round of elections
Schedule of transactions
Session No. (1)
Wednesday 17/ September
Verses from the Holy Qur'an
Exhibits: Drafting the Bill of Accession of the Republic of Iraq to the International Compact Agreement held at Paris General 1928 and completed by the Protocols for the Peoples 1972/1966, Amended in 1982, 1988 (Committee on Foreign Relations). (2) Article.
Or refer to the bill on the right to access information of the Culture, Tourism and Antiquities Committee, the Legal Committee, the Integrity Committee, the Human Rights Committee. (19) Article.
Statement and Discussion of the Second Reading of the Second and Twentieth Amendments to the Malak Law No. 25 of (Finance Committee) (2) Article.
: Presentation and Discussion of the Second Reading of the Third Amendment to the Protection of Victims of Military Operations and Terrorist Operations Number (20) Year 2009 Grade. (Committee on Martyrs, Sacrifices and Political Prisoners).
Fifth: First reading of the Event Protection Bill. Committee on Labor and Administration of the Civil Assembly Committee on Women and Children and Legal Committee). (110 articles).
SADSA: First reading of the Iraqi Assembly Law on Quartz and Azmat. (Human Rights Committee) (18) Article).
Seven: First Reading of the First Amendment to the National Sports Federations Law No. (24) of Youth and Sports Committee). (2) Article.
Third: First Reading of the Criminal Punishments and Criminal Remedies Bill. Legal Committee Security and Defense Committee (8) Article).
The session will start at one o'clock after dark
The rise of the dollar against the dinar raises concerns in Iraq.
The markets in Baghdad and Erbil witnessed a new rise in the exchange rate of the US dollar against the Iraqi dinar on Monday morning, sparking a wave of concern among traders and citizens amid expectations of further volatility in the coming period.
According to data from the Al-Kifah and Al-Harithiya stock exchanges, the dollar traded at 143,050 dinars per $100, compared to 142,750 dinars on Sunday. Meanwhile, the selling price at exchange shops in Baghdad reached 144,000 dinars per $100, and the buying price was 142,000 dinars.
In Erbil, the dollar registered a similar increase, with the selling price reaching 143,000 dinars per $100, while the buying price reached 142,900 dinars.
This rise comes at a time when Iraq is experiencing economic fluctuations and pressure on the local currency, amid concerns about its impact on citizens' purchasing power and the prices of basic commodities. The continued rise of the dollar raises questions about the stability of the dinar and the monetary policies of the Central Bank of Iraq, especially after recent waves of inflation.
Observers believe that any further rise in the dollar could exacerbate the country's economic crisis and increase concerns among traders and investors about the future of Iraqi markets, at a time when citizens are awaiting urgent measures from the financial authorities to halt the deterioration of the dinar's value.
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Final statement of the Doha Summit: Absolute solidarity with Qatar and support for its steps to respond (25 points)
The extraordinary joint Arab-Islamic summit concluded on Monday in Qatar, following Israel's targeting of residential compounds housing Hamas leaders in the capital, Doha, last Tuesday.
The heads of state and government of the Arab League and the Organization of Islamic Cooperation affirmed their "absolute support for the sisterly State of Qatar, its security, stability, sovereignty, and the safety of its citizens," declaring their "unified support for it in confronting this aggression," issuing 25 resolutions in this regard.
Their statement read: We, the leaders of the states and governments of the League of Arab States and the Organization of Islamic Cooperation, gathered on Monday, 22 Rabi` al-Awwal 1447 AH, corresponding to 15 September 2025 AD, in the Qatari capital, Doha, in response to the kind invitation of His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, and under His Highness’s chairmanship, to discuss the Israeli aggression against the State of Qatar, and to express our unified position in condemning it and in full solidarity with the sisterly State of Qatar.
We express our deep thanks and appreciation to His Highness Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, for the generous hospitality, and to the sisterly State of Qatar for the excellent organization.
Guided by the principles of the Charters of the League of Arab States and the Organization of Islamic Cooperation, and recalling the basic principles of the Charter of the United Nations, particularly Article (4)2, which prohibits the threat or use of force against the territorial integrity or political independence of any state.
Recalling all relevant resolutions issued by the Organization of Islamic Cooperation and the League of Arab States over the past decades, which reject attacks on member states and commit to Arab-Islamic solidarity and the security of Arab and Islamic states in the face of external threats, including resolutions related to the Palestinian issue.
While affirming our unwavering commitment to the sovereignty, independence, and security of all member states of the League of Arab States and the Organization of Islamic Cooperation, and recalling our collective duty to respond to this aggression in defense of our common security, we affirm our categorical rejection of any infringement on the security of any of our states, and we firmly condemn any attack targeting them, affirming our absolute and unwavering solidarity in confronting anything that might threaten their security and stability.
Recalling the emergency meeting of the United Nations Security Council on 11 September 2025, which unanimously condemned the Israeli attack as a breach of international peace and security, we welcome the Council's press statement condemning the attack, expressing solidarity with the State of Qatar, and supporting the vital role Qatar continues to play in mediation efforts in the region, alongside Egypt and the United States, and affirming respect for the sovereignty and territorial integrity of the State of Qatar, in accordance with the principles of the Charter of the United Nations.
We affirm that the absence of international accountability and the international community's silence regarding repeated Israeli violations have encouraged Israel to persist in its aggression and its flagrant violation of international law and international legitimacy resolutions, which perpetuates the policy of impunity, weakens the international justice system, and threatens to undermine the rules-based global order, posing a direct threat to regional and international peace and security.
While we affirm our absolute support for the sisterly State of Qatar and its security, stability, sovereignty, and the safety of its citizens, we express our unified support for it in confronting this aggression, which we consider a flagrant violation of its sovereignty, a blatant breach of international law, and a serious threat to regional peace and security.
We decide:
1- Emphasizing that the brutal Israeli aggression against the sisterly State of Qatar, and the continuation of aggressive Israeli practices, including crimes of genocide, ethnic cleansing, starvation, blockade, and expansionist settlement and political activities, undermine the chances of achieving peace and peaceful coexistence in the region and threaten all that has been achieved towards establishing normal relations with Israel, including existing and future agreements.
2- Condemning in the strongest terms the cowardly and illegal attack launched by Israel on September 9, 2025, on a residential neighborhood in the Qatari capital, Doha, which included residential facilities designated by the State to host negotiating delegations as part of the State of Qatar's multilateral mediation efforts, in addition to a number of schools, nurseries, and diplomatic missions. This attack resulted in the deaths of martyrs, including a Qatari citizen, and the injury of a number of civilians. This attack constitutes a blatant aggression against an Arab and Islamic state, a member of the United Nations. It represents a dangerous escalation that exposes the extremist hostility of the Israeli government and adds to its criminal record that threatens regional and international security and peace.
3- Emphasizing absolute solidarity with the State of Qatar against this aggression, which represents an aggression against all Arab and Islamic countries, and standing with the sisterly State of Qatar in all the steps and measures it takes to respond to this treacherous Israeli aggression, to protect its security, sovereignty, stability and the safety of its citizens and residents on its lands, in accordance with what is guaranteed to it by the United Nations Charter.
4- Emphasizing that this aggression against Qatari territory—a country serving as a key mediator in efforts to secure a ceasefire, end the war on Gaza, and secure the release of hostages and prisoners—represents a dangerous escalation and an assault on diplomatic efforts to restore peace. Such aggression against a neutral venue for mediation not only violates the sovereignty of the State of Qatar, but also undermines international mediation and peacemaking processes, and Israel bears full responsibility for this aggression.
5- Commending the civilized, wise, and responsible stance taken by the State of Qatar in dealing with this treacherous attack, its steadfast commitment to the provisions of international law, and its insistence on preserving its sovereignty and security and defending its rights by all legitimate means.
6- Supporting the efforts of the countries playing a mediating role, primarily the State of Qatar, the Arab Republic of Egypt, and the United States, to halt the aggression against the Gaza Strip, and in this context, emphasizing the constructive role played by the State of Qatar, its commendable efforts in the field of mediation, and the resulting positive impacts in supporting efforts to establish security, stability, and peace. Commending the various initiatives undertaken by the State of Qatar at the regional and international levels, particularly in the fields of humanitarian aid and education support in developing and poor countries, thus strengthening its position as an active party and supporter of peace and development at the regional and international levels.
7- Emphasizing the categorical rejection of attempts to justify this aggression under any pretext, and emphasizing that it constitutes a blatant violation of international law and the United Nations Charter, and directly aims to undermine the existing efforts and mediations aimed at halting the aggression on the Gaza Strip, and to thwart serious efforts to reach a just and comprehensive political solution that ends the occupation, ensures an end to the suffering of the Palestinian people, and safeguards their legitimate and inalienable rights.
8- We completely and absolutely reject the repeated Israeli threats to target the State of Qatar again, or any Arab or Islamic country. We consider them a dangerous provocation and escalation that threatens international peace and security. We urge the international community to condemn them in the strongest terms and take deterrent measures to stop them.
9- Welcoming the issuance by the Council of the League of Arab States at the ministerial level of the resolution on the “Joint Vision for Security and Cooperation in the Region,” and emphasizing in this context the concept of collective security and the common destiny of the Arab and Islamic countries, the necessity of alignment and confronting common challenges and threats, and the importance of starting to develop the necessary executive mechanisms for this, while emphasizing that the parameters of any future regional arrangements must take into account the consecration of the principles of international law and the Charter of the United Nations, good neighborly relations, respect for the sovereignty of states, non-interference in the internal affairs of the countries of the region, equality of rights and duties without favoring one state over another, settling disputes by peaceful means and not resorting to force, with the necessity of ending the Israeli occupation of all Arab lands, establishing a Palestinian state on the June 4, 1967 lines, and freeing the Middle East of nuclear weapons and other weapons of mass destruction.
10- Emphasizing the need to stand against Israel’s plans to impose a new fait accompli in the region, which pose a direct threat to regional and international stability and security, and the need to confront them.
11- Affirming the condemnation of any Israeli attempts to displace the Palestinian people, under any pretext or name, from their territories occupied in 1967, and considering this a crime against humanity, a flagrant violation of international law and international humanitarian law, and a policy of ethnic cleansing that is rejected in its entirety. In this context, stressing the need to implement the Arab-Islamic reconstruction plan, both political and technical, and to begin the reconstruction of the Gaza Strip as soon as possible, while calling on international donors to provide the necessary support and urging them to participate actively in the Gaza reconstruction conference scheduled to be hosted in Cairo immediately after a ceasefire is reached.
12- Condemning the Israeli policies that have caused an unprecedented humanitarian catastrophe, whereby blockade, starvation, and the deprivation of civilians from food and medicine are used as weapons of war against the Palestinian people, in flagrant violation of international humanitarian law and the Geneva Conventions. Emphasizing that these practices constitute a full-fledged war crime, requiring urgent action by the international community to put an end to them and ensure the immediate, safe, and unrestricted entry of humanitarian aid throughout the occupied Palestinian territories.
13- Warning of the disastrous consequences of any decision by Israel, the occupying power, to annex any part of the occupied Palestinian territory, and confronting it as a blatant attack on the historical and legal rights of the Palestinian people, a violation of the United Nations Charter, the principles of international law, and relevant United Nations resolutions, and a destructive blow to all efforts to achieve a just and comprehensive peace in the region.
14- Emphasizing the need for urgent action by the international community to put an end to the repeated Israeli attacks in the region and to stop its ongoing violations of the sovereignty, security and stability of states, within the framework of respecting the rules of international law and relevant international legitimacy resolutions, while warning of the serious consequences of the continued inability of the international community to curb Israeli aggression, the latest of which was the aggression against the State of Qatar, which continues and escalates its brutal aggression against the occupied Gaza Strip, in addition to its illegal settlement practices in the West Bank, including East Jerusalem, in addition to the ongoing attacks on countries in the region, including the Lebanese Republic and the Syrian Arab Republic, which constitute flagrant violations of international law and a blatant violation of the sovereignty of states.
15- Calling on all states to take all possible legal and effective measures to prevent Israel from continuing its actions against the Palestinian people, including supporting efforts to end its impunity, holding it accountable for its violations and crimes, imposing sanctions on it, suspending the supply, transfer or transit of arms, ammunition and military materials to it, including dual-use materials, reviewing diplomatic and economic relations with it, and initiating legal action against it.
16- Calling on the member states of the Organization of Islamic Cooperation to consider the compatibility of Israel’s membership in the United Nations with its Charter, given the clear violations of the conditions of membership and the continued disregard for UN resolutions, while coordinating efforts to suspend Israel’s membership in the United Nations.
17 - Emphasizing the importance of adhering to international legitimacy and relevant United Nations resolutions as the primary reference for achieving international peace and security, and rejecting the Israeli discourse that employs and promotes Islamophobia to legitimize the continuation of Israeli violations and the adoption of policies outside international law, including the continuation of genocide and settlement projects in the West Bank, as well as its use to distort the image of Arab and Islamic countries.
18- Welcoming the adoption by the United Nations General Assembly of the “New York Declaration” on the implementation of the two-state solution and the establishment of an independent Palestinian state, as a clear expression of the international will supporting the legitimate rights of the Palestinian people, foremost among which is their right to establish their independent state on the June 4, 1967 lines with East Jerusalem as its capital, while commending the efforts made by the Kingdom of Saudi Arabia and the French Republic, which contributed to the adoption of this declaration.
19- Welcoming the convening of the Two-State Solution Conference, co-chaired by the Kingdom of Saudi Arabia and the French Republic, which will be held in New York on September 22, 2025, and calling for concerted international efforts to ensure broad recognition of the independent State of Palestine with East Jerusalem as its capital.
20- Commending the pivotal role played by representatives of the Arab and Islamic member states of the Security Council, particularly Algeria, Somalia, and Pakistan, in defending the Palestinian cause, putting an end to the Israeli aggression on the Gaza Strip, achieving a ceasefire, and securing Palestine's full membership in the United Nations. It also appreciates their effective contribution in calling for and securing the convening of the emergency session of the Security Council dedicated to confronting the Israeli aggression against the State of Qatar.
21- We affirm our support for the historic Hashemite Custodianship of the Islamic and Christian holy sites in Jerusalem, which was affirmed by the agreement signed between His Majesty King Abdullah II and His Excellency President Mahmoud Abbas, President of the State of Palestine, on March 31, 2013. We affirm that the blessed Al-Aqsa Mosque/Al-Haram Al-Sharif, with its entire area of 144,000 square meters, is a place of worship exclusively for Muslims, and that the Jerusalem Endowments and Al-Aqsa Mosque Affairs Department, affiliated with the Jordanian Ministry of Endowments, is the exclusive legitimate authority with the exclusive authority to administer the blessed Al-Aqsa Mosque, maintain it, and regulate entry to it.
22- Emphasizing the need to work to establish the people of Jerusalem on their land, and supporting the Al-Quds Committee, headed by King Mohammed VI of the Kingdom of Morocco, and its executive arm, the Agency for the Holy Places of Jerusalem.
23- Emphasizing that a just, comprehensive, and lasting peace in the Middle East will not be achieved by bypassing the Palestinian issue or by attempts to ignore the rights of the Palestinian people, or through violence and targeting mediators, but rather through commitment to the Arab Peace Initiative and relevant international legitimacy resolutions. In this context, we call on the international community, especially the Security Council, to assume their legal and moral responsibilities in ending the Israeli occupation and setting a binding timetable for that.
24- Instructing the OIC Member States, parties to the Rome Statute of the International Criminal Court, in accordance with their obligations under international law, and where applicable, to take all possible measures within their national legal frameworks to support the implementation of the arrest warrants issued by the ICC on 21 November 2024 against perpetrators of crimes against the Palestinian people. It also calls on the OIC Member States to exert diplomatic, political, and legal efforts to ensure that Israel, as the occupying power, complies with its binding obligations under the provisional measures issued by the International Court of Justice on 26 January 2024 in the case of “Application of the Convention on the Prevention and Punishment of the Crime of Genocide in the Gaza Strip.”
25- We express our deep gratitude to the State of Qatar, its Emir, government and people, headed by His Highness Sheikh Tamim bin Hamad Al Thani, for their tireless efforts in hosting and organizing the meetings of this summit with wisdom and strategic vision, and for the capabilities and facilities provided by the State of Qatar to ensure the success of this summit. We highly value the effective role of the State of Qatar in promoting the spirit of consultation and consensus among Member States, and its tangible contributions to supporting the process of joint action, reflecting its constant keenness to consolidate the bonds of solidarity and unity.
Al-Sudani and Bin Salman affirm support for regional stability and strengthening bilateral partnership.
Iraqi Prime Minister Mohammed Shia al-Sudani and Saudi Crown Prince Mohammed bin Salman Al Saud affirmed on Monday their support for the stability of the region and strengthening the bilateral partnership between the two countries.
This came on the sidelines of the emergency Arab-Islamic summit in the Qatari capital, Doha.
According to a statement from Al-Sudani's office received by Shafaq News Agency, during the meeting, "the two countries affirmed their determination to continue coordination and consultation with other brotherly and friendly countries, especially in light of the rapid regional developments, and to work to implement the outcomes of the Arab Summit in Baghdad and the emergency Arab-Islamic Summit in Doha, and to support the stability of the countries of the region and preserve their territorial integrity and sovereignty."
The statement added that the meeting also addressed "ways to strengthen bilateral relations between the two countries, confront common regional challenges, and advance the bilateral partnership towards broader and more sustainable horizons in all fields, in addition to reviewing joint cooperation files and its growth for the benefit of the two brotherly peoples."
The emergency Arab-Islamic summit began in Doha on Monday to discuss the Israeli attack on the Qatari capital. The summit opened with a recitation of verses from the Holy Quran and was attended by more than fifty Arab and Islamic leaders, including Iraqi Prime Minister Mohammed Shia al-Sudani.
The summit comes just days after an attack targeting Hamas leaders in Doha, in an attempt to derail diplomatic mediation efforts in the region.
New information on oil and domestic revenue; The two biggest obstacles to the salary issue
The Kurdistan Regional Government (KRG) is scheduled to meet to resolve the dispute between Erbil and Baghdad. The Iraqi Council of Ministers is expected to make a decisive decision on the matter.
Main story : According to Ava, the State Council meeting will start tomorrow at 9 am, while two representatives of the Kurdistan Region will participate in the meeting to defend the views of the Kurdistan Region.
Further information: The article is a legal interpretation of the legal articles that refer to the non-oil revenues of the Kurdistan Region, Erbil and Baghdad do not agree on the share of the Iraqi government.
The State Council only expresses its legal opinion and does not make decisions. Its job is not to make decisions. They have been asked questions and give legal answers, but their answers have been taken into account. Rebwar Hadi, the head of the Legal Committee of the Iraqi Parliament,
said that even if the council presents its opinion, it will not be binding on the Kurdistan Region.
Meanwhile, the Iraqi Council of Ministers will meet tomorrow at 1 pm, if the State Council presents its opinion and responds to the letter before the meeting, the Iraqi Council of Ministers will discuss the opinion of the State Council. Acting Minister of Natural Resources Kamal Mohammed said Monday that the problems and obstacles facing the export of oil from the Kurdistan Region will be resolved soon
Iraq: We are moving to add new oil sources, and our exports exceed 40 countries.
Iraq's State Oil Marketing Organization (SOMO) is currently moving in several directions to diversify its sources of marketing and storing Iraqi oil, particularly near the Asian market, which is the main outlet for Iraqi crude .
A few days ago, SOMO signed an agreement to study storing 10 million barrels of crude oil in the Sultanate of Oman. It is also studying, in cooperation with the American company ExxonMobil, the establishment of a facility to store Iraqi oil in Singapore .
Amid all these efforts, SOMO faces accusations of smuggling and mixing Iraqi oil, in an attempt to restrict the company's efforts and expose it to US sanctions in particular .
In this context, the company's chairman, Ali Nizar Al-Shatri, discusses the latest developments and efforts to diversify export markets for Iraqi crude oil, in addition to increasing investments in liquefied petroleum gas (LPG) infrastructure .
Al-Shatri revealed SOMO's move to add more new crude oil in the coming period, in addition to its policy of engaging with the European market in particular .
He pointed out that "Asian markets have the highest growth in energy demand, so Iraq is keen to meet this demand and strengthen its presence there. At the same time, however, we are keen to maintain a balanced export to other markets in a way that serves Iraq's strategic interests."
He added, "Iraq has always engaged with the European market with interest, but our policy is based on sustainable exports linked to our production capabilities, far from momentary decisions. We seek a long-term presence in Europe, not merely exploiting a temporary circumstance."
He added, "We are constantly monitoring developments in global markets, and there are already studies underway to open new outlets in Africa and Latin America. However, any move will be carefully considered and serve Iraq's long-term interests. Iraq exports to a wide range of countries, exceeding 40, which reflects the diversity of the markets we deal with and underscores the flexibility of our exports."
He pointed out that "Iraq is open to all initiatives that contribute to diversifying export routes, but any such step is linked to technical, security, and political conditions. Therefore, the matter is still under study and discussion, and we are always looking for practical alternatives that ensure continued exports and serve the national economy. Negotiations and options are available, but they must be dealt with within a framework that guarantees common interests and maintains transparency."
He added, "We don't sell based on price discounts. Rather, we focus on multiple marketing alternatives that generate stable and fair profits without losses. Our marketing is based on sustaining customer relationships and ensuring Iraq's interests first."
The Securities Commission appoints a new director for the Iraq Stock Exchange.
The Securities and Exchange Commission (SEC) announced on Monday the appointment of a new CEO for the Iraq Stock Exchange (ISX).
The SEC said in a statement: "The SEC, under the direct supervision of its Chairman Faisal Al-Haimus, signed a contract appointing Ali Jamal as CEO of the Iraq Stock Exchange during an official ceremony held at the SEC's headquarters today."
A press conference was held on the sidelines of the signing ceremony, in which the SEC Chairman affirmed that "this step comes within the framework of the market development strategy and enhancing its role as a key driver for attracting investments and developing the national economy." He pointed out that "the next phase will witness qualitative reforms in the market's institutional and technical structure, in line with international standards and enhancing investor confidence."
For his part, Ali Jamal expressed his pride in this confidence, stressing his "determination to work as a team with the market and SEC cadres to achieve a qualitative leap in the level of performance and improve market services, which will contribute to expanding the investor base and developing trading tools."
Thwarting the smuggling of 177 bank cards loaded with cash at Basra Airport
The border forces at Basra International Airport thwarted an attempt to smuggle bank cards loaded with sums of money, after arresting an accused person in possession of (177) cards of different types at the main gate of the airport, as part of the ongoing security efforts to combat currency smuggling and enhance control over border crossings.
Border forces arrested an accused person in possession of (177) bank cards loaded with sums of money prepared for smuggling at Basra Airport.
In continuation of the efforts of the Border Forces Command to thwart attempts to smuggle currency, the detachments of the Basra International Airport Customs Police Station, in cooperation with the Airport Security Directorate, were able to arrest an accused at the main gate of Basra International Airport, in possession of (177) different types of bank cards (MasterCard), prepared for smuggling. A formal seizure report was prepared and the seized items were referred to the competent authorities.
The United States is allocating $61 million to assist the Peshmerga forces
The US Department of War has set a budget of more than $960 billion for next year, including aid to the Peshmerga, Hezbollah and security forces.
The US House of Representatives has approved the 2026 budget for the Iraqi Peshmerga forces, while reducing the number of Iraqi security forces and Hezbollah.
According to the report, in next year's budget, the US Department of War will allocate more than $ 61 million to assist and arm the Peshmerga forces, while in the 2025 budget was less than $ 60 million.
The budget for the Peshmerga forces is as follows: more than $11 million for weapons, $5.321 million for ammunition, $27.507 million for military vehicles and another $17.106 million for clothing and other equipment.
In response, the United States has allocated $114 million to assist the Iraqi Ministry of Defense and security forces, the Pentagon said in a statement.
Al-Sudani proposes a unified Arab-Islamic stance and the formation of a broad coalition.
Al-Sudani proposes a unified Arab-Islamic stance and the formation of a broad coalition.
Iraqi Prime Minister Mohammed Shia al-Sudani stressed that the Israeli attack on the State of Qatar sends a negative message and deliberately kills the chances of peaceful solutions in the region.
In his speech at the emergency Arab-Islamic summit held in Doha, al-Sudani said that "the continuation of Israel's policies without deterrence will lead to further instability and will not achieve security for any party."
He added that "the security and stability of any Arab or Islamic country is an integral part of our collective security."
The Iraqi Prime Minister proposed issuing a unified Arab and Islamic position condemning the attack on the sisterly State of Qatar, and treating any attack on any Arab or Islamic country as a threat to all countries of the Arab and Islamic blocs.
He also called for developing a comprehensive roadmap for a complete ceasefire in Gaza, and for forming a joint Arab-Islamic committee to convey the positions of the participating countries to the Security Council and relevant international bodies.
SOMO plans to add new oil and gas raw materials and boost gas investments.
SOMO Chairman Ali Nizar Al-Shatri revealed efforts to diversify export markets for Iraqi crude oil, alongside increased investments in liquefied petroleum gas (LPG) infrastructure. He confirmed SOMO's plans to add more new crude oils in the coming period.
Al-Shatri said, according to the Energy Platform, "Asian markets are the fastest-growing markets in energy demand, so Iraq is keen to meet this demand and strengthen its presence there. At the same time, however, we are keen to maintain a balanced export to other markets in a way that serves Iraq's strategic interests."
He added, "Iraq has always engaged with the European market with interest, but our policy is based on sustainable exports linked to our production capabilities, far from momentary decisions. We seek a long-term presence in Europe, not merely exploiting a temporary circumstance."
He added, "We are constantly monitoring developments in global markets, and there are already studies underway to open new outlets in Africa and Latin America. However, any move will be carefully considered and serve Iraq's long-term interests. Iraq exports to a wide range of countries, exceeding 40, which reflects the diversity of the markets we deal with and underscores the flexibility of our exports."
He pointed out that "Iraq is open to all initiatives that contribute to diversifying export routes, but any such step is linked to technical, security, and political conditions. Therefore, the matter is still under study and discussion, and we are always looking for practical alternatives that ensure continued exports and serve the national economy. Negotiations and options are available, but they must be dealt with within a framework that guarantees common interests and maintains transparency."
He explained, "There are efforts to add new raw materials to reflect the geographic diversity of Iraqi production. This enhances marketing flexibility and provides consumers with more options. Iraq has promising potential in this area, and there are plans to increase investments in gas infrastructure, enabling a gradual increase in export rates and contributing to maximizing national revenues."
Saudi Arabia Attracts Iraq's Fastest-Growing Digital Commerce Startup, Digital Zone
Saudi Arabia's National FinTech Strategy is accelerating the Kingdom's rise as the Middle East's fintech hub. With the fintech market projected to grow from USD 64 billion in 2024 to more than USD 87 billion by 2029, and more than 200 fintech companies already active, Riyadh is becoming the natural destination for regional innovators.
Among the latest is Digital Zone, Iraq's fastest-growing digital commerce platform. Founded in 2020, the company now serves over five million active users and has processed more than 41 million orders. Its mini-apps — Ticket Zone for events and Rahal for travel — have also become household names in Iraq.
Iraq's entrepreneurial ecosystem is still in its early stages, with limited access to venture capital and a small but growing community of startups. Against that backdrop, Digital Zone has emerged as a standout success story — one of the first Iraqi platforms to reach national scale and now among the first to explore regional growth in Saudi Arabia.
Saif Al-Mufti, Founder and CEO of Digital Zone, said: "Saudi Arabia's fintech trajectory is unmatched in the region. For Digital Zone, connecting with this ecosystem is a natural step. We've built a platform that empowers millions of users and thousands of merchants in Iraq, and we see the Kingdom as a vital partner in scaling that vision across borders."
Digital Zone entered Saudi Arabia as a strategic sponsor of Bridge Baghdad, a program organized by Value Makers Studio (VMS) and KAPITA Business Hub, with support from Orange Corners Baghdad. Held at the Center of Digital Entrepreneurship (CODE HQ) in Riyadh from September 13–15, the program brought 30+ Iraqi startups to engage with Saudi investors, regulators, and ecosystem leaders.
About Digital Zone
Digital Zone, founded in 2020 in Baghdad, is Iraq's leading platform for digital goods and services. The company offers mobile top-ups, internet subscriptions, gaming credits, and gift cards, along with mini-apps such as Ticket Zone for event bookings and Rahal for travel services. In 2022, Digital Zone joined Qi Group, a move that accelerated its growth. Today, it serves more than five million active users and is building toward its vision of becoming a regional hub for digital goods and everyday services.
For more information, visit www.dz.iq
