Counterfeit currency enters Iraq.. Al-Aasam reveals shocking information
Former military advisor Safaa Al-Aasam revealed, today, Sunday, information indicating the entry of counterfeit fifty thousand dinar notes into the Iraqi market.
The video for this blog post is below here:
Al-Aasam explained to “Jarida Platform” that this currency, which was discovered to be counterfeit, was recently circulated in local markets, suggesting that it may have arrived from outside the borders, as “there are no internal capabilities or laboratories to counterfeit the currency.”
Al-Aasam added, “This operation aims to withdraw foreign currency, especially the dollar, from the Iraqi markets, through the circulation of counterfeit currency. If these papers reach the Central Bank, they will be destroyed immediately, which will have a significant negative impact on the Iraqi economy.”
He pointed out that “the spread of this counterfeit currency affected the dollar exchange rate and the Iraqi Stock Exchange, and raised clear concern in the Iraqi street,” considering that “this step represents a serious threat to the Iraqi economy, which requires taking urgent measures to control this phenomenon.”
Directive from the Central Bank regarding the 5,000 dinar banknotes
The Central Bank stressed, on Monday, that Iraqi banknotes are homogeneous in all their denominations and are accepted by all its branches, and that the delivery of one denomination and the rejection of another by certain banks is a violation of the law, requesting a list of the names of these banks.
text of document:
NO:
Number:
DATE:
Date 1/16/2025
Federation of Iraqi Chambers of Commerce / President's Office
m/damaged currency
Greetings.
Your letter No. 1 dated 1/5/2025 regarding banks that refuse to receive small denomination banknotes and the (5,000) dinar denomination.
We would like to inform you that the instructions of this bank stipulate that Iraqi banknotes are homogeneous in their various categories, have absolute legal tender and are accepted by the Central Bank of Iraq, its branches, banks, institutions and the public. Discrimination between their categories by imposing a certain category on the public or refusing to receive a certain category is unacceptable and is considered a violation of the law.
We hope you will provide us with the names of the violating banks that refused to receive banknotes. With appreciation.
JAn 19 th 2025
Parliamentary Finance to Nina: Parliament will first approve the amendment to the budget law, then its schedules
The Parliamentary Finance Committee confirmed that the Council of Representatives will first approve the draft amendment to the General Budget Law, followed by the approval of the budget schedules later.
Member of the committee, MP Moeen Al-Kazemi, stated to the National Iraqi News Agency / NINA / that "the draft amendment to the General Budget Law relates to resuming oil exports from the Kurdistan Region fields at a cost of $ 16 per barrel instead of $ 6, and this is within the jurisdiction of the Ministry of Oil and the Prime Minister's advisors," noting that "the Ministry of Finance is not aware of the technical details related to this."
He explained that "the Finance Committee sought to mature and clarify the feasibility of the draft amendment to the law to the representatives, in order to pass the amendment to the text of Article 12, Second C of the General Budget Law."
He added, "The texts of the three-year budget 2023-2024-2025 are completely fixed except for the text that the government submitted an amendment to, and therefore the government decided to wait for the House of Representatives to ratify Article 12, Second C, to enable it to calculate the cost required to extract and transport oil from the fields of the Kurdistan Region," indicating that "the House of Representatives will first ratify the draft amendment to the General Budget Law and then proceed to ratify the budget tables later."
The House of Representatives is scheduled to hold its regular session this afternoon, Sunday, and its agenda includes voting on the draft first amendment to the Federal General Budget Law for the fiscal years 2023-2024-2025 No. 13 of 2023.
8 tips for Iraq with Trump's arrival... including the dismissal of Al-Alaq!
Economic expert, Ziad Al-Hashemi, recommended that the Iraqi government replace the current governor of the Central Bank, Ali Al-Alaq, freeze the assets of individuals and entities involved in dollar smuggling, streamline the banking system, expand international cooperation to combat money laundering, stop contributing to the smuggling of Iranian oil and find alternative gas sources, warning of “bad possibilities” if the government is lax in conjunction with the arrival of Trump.
In a few days, the (Iraq files) will be opened to Trump. So what should the official Iraqi regime do in preparation for this new situation that is worrying many parties inside Iraq?
Replacing the current governor of the Central Bank, whose presence is linked to much of the banking and monetary dysfunction, in addition to the exploitation of the corruption system that feeds on the Iraqi dollar of the work environment that this governor sponsors, so there is no alternative to replacing him!
Freezing the work and assets of all individuals, companies and banks that the government has evidence of their involvement in dollar smuggling operations and its political and military investment with the support of sanctioned countries and entities!
Implementing the procedures agreed upon with international bodies to merge or liquidate the sanctioned banks and purify and streamline the Iraqi banking system and rid it of suspicions of smuggling, money laundering and support for terrorism!
Expand cooperation with international organizations related to combating terrorism and money laundering and open channels for the exchange of information transparently!
Expanding border controls to reduce smuggling operations with sanctioned countries!
Completely stop contributing to the smuggling of Iranian oil, and track down those who contribute to this and implement anti-smuggling measures against them!
Move to search for alternative gas sources to sanctioned Iranian gas, and protect Iraqi energy security from the risks of new US sanctions on the Iranian energy sector!
Issuing periodic bulletins and reports on Iraq’s efforts and steps in implementing international regulations related to combating smuggling, money laundering, and protecting public funds!
These steps are necessary to confirm that Iraq is active in eliminating the internationally rejected black economy operations, and these measures will also remove the specter of possible US sanctions on Iraq!
However, if the Iraqi government is lax and does not take the American changes seriously, and does not take appropriate measures such as those mentioned above, then it must expect everything, as all bad possibilities are possible from the Trump administration, and he who warns is excused.
Prime Minister's Advisor: Electronic customs declaration prevents smuggling and limits corruption and bribery
The Prime Minister's Advisor for Financial Affairs, Mazhar Mohammed Saleh, confirmed today, Sunday, that the electronic customs declaration program prevents smuggling and limits corruption and bribery. While he explained that it facilitates accurate and rapid oversight and review, he pointed out that it reduces costs for importers.
Saleh said in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the program for developing the electronic customs declaration and its entry into force is an important and positive step towards improving customs performance in particular and enhancing the efficiency of the Iraqi economy in general."
He added that "the adoption of this electronic program for customs declaration represents an important part of the reform efforts branching out from the government program in the field of e-governance and financial and economic reform, which aims to modernize administrative and financial systems, combat corruption, and raise the efficiency of Iraq's foreign trade," noting that "this electronic system provides two important details in customs life in the development of customs policy applications in Iraq, as it is one of the important arms of financial policy in our country, which are: First, reducing human intervention in customs clearance operations, which reduces the opportunities for corruption and bribery."
He continued: “The second provides clear tracking of transactions, which facilitates effective, accurate and rapid customs control and review,” indicating that “the electronic customs declaration program will undoubtedly reduce the time required to complete customs declarations, in a way that supports the movement of trade and reduces the costs that fall on traders and importers. This change in the pattern of customs declarations encourages companies to import and export goods with ease and high speed.”
He explained, "As for customs revenues, the program will contribute to providing accuracy in collecting customs duties in a way that prevents customs evasion, as taxes are a form of important public revenues that the government program seeks to raise within non-oil revenues, in addition to reducing losses resulting from corruption or negligence in collecting related customs duties and taxes, as was previously followed, using manual methods and human intervention."
He pointed out that "the business environment in the national economy gives an advanced signal to investors and traders, and its precise operations should be positively reflected in the reports of multilateral international organizations within the framework of the progress of the business environment in our country, including the World Bank's periodic reports in this regard."
Al-Nusairi: Banks are the lever of sustainable development
Economic and banking advisor Samir Al-Nusairi confirmed, on Sunday, the completion of the Central Bank’s procedures for implementing the goals and initiatives of its third strategy 2024-2026, which is concerned with developing and restructuring the banking sector in accordance with what the consulting and auditing companies that are currently cooperating with the Central Bank and with the government in this field have reached, and that it should not be limited to support, but rather go beyond that to include the banking sector in making economic, financial, banking and investment decisions.
Al-Nusairi spoke about the challenges of the Iraqi economy and the opportunities for reform of the banking sector in the government’s program and the prospects of the Central Bank’s future vision for the role of the banking sector in sustainable development. In light of the efforts currently being made to activate and revolutionize the productive economic sectors other than oil to diversify sources of national income and achieve financial sustainability, and the role of the Central Bank in regulating foreign trade financing and completing infrastructure projects to achieve comprehensive digital transformation and expand the use of electronic payment tools in achieving financial inclusion.
He explained that the opportunities for reforming and developing the banking sector in 2025 are as follows:
1- Developing the Iraqi banking system and its compliance with international banking and accounting standards.
2- Enhancing citizens’ confidence in the banking sector locally and internationally recognizing its transparency, progress, and strict commitment to international standards and obtaining the confidence of solid correspondent banks to deal with it.
3- Converting banks to their primary function, which is financing and bank lending for development.
4- Banks that do not provide loans and banking facilities that help in development as a lever for sustainable development lose their meaning as banks, which requires a specific position towards them from the Central Bank in 2025.
5- Seeking to move from a cash economy to a digital economy and withdrawing money outside the banking cycle and introducing it into the banking system.
He pointed out that all the above goals, although the period specified for their implementation according to the timetable of the government program and the strategy of the Central Bank ranges between (1-4 years), what was achieved in 2023 and 2024 constitutes about 60% as announced, which led to the evaluation and classification of banks based on their achievement of the planned goals. There are banks that are moving towards the required development and banks that still need an additional period of time to achieve the goals, and there are troubled banks that are now making exceptional efforts from the Central Bank and the administrations of these banks to rehabilitate them.
He added that what concerns us here is the real functional role of banks in providing loans and banking facilities and moving from a banking role to a developmental role. There are two important observations that must be taken into consideration regarding the issue of providing loans and banking facilities to stimulate the economy and development. The first: The nature of banks’ activities depends on the nature of the activities of the economic sectors, and as long as economic activity is focused on trade (imports), banks’ activity remains focused on external transfers and what is related to that, so unless other sectors move (industry, agriculture, tourism, etc.).
It is worth noting that without controlling imports, these sectors will not develop. Second: It is necessary to provide the legal environment and extend the authority of the law in order to control the speculation market in the US dollar on the black market and to eliminate the phenomenon of illegal trade through unofficial outlets.
Issuing electronic payment cards for school students
The Government Communication Team is working with the Central Bank and service providers to issue electronic payment cards for school students.
The team announced in a press statement that it had agreed with the Ministry of Health and the Pharmacists Syndicate to form committees to monitor pharmacies’ commitment to installing electronic financial transactions devices.
Meanwhile, the team’s deputy chairman, Adnan Al-Arabi, said, “The electronic payment process is an important part of the government’s approach to digital transformation in all fields.”
He pointed out that there are 35 service providers that the team deals with, in addition to the Central Bank, in order to generalize electronic services in all transactions.
He explained that the team is coordinating with the Central Bank and service providers to find an easy and quick mechanism for issuing payment cards to school students aged 13 to 17 years, as meetings were previously held with representatives of parents who confirmed their readiness to issue the cards, provided that this is done through simplified procedures.
To complete the legal quorum, Al-Mandlawi discusses the withdrawn MPs’ return to the parliament session
A parliamentary source reported on Sunday that the First Deputy Speaker of Parliament left the session hall to convince the MPs who withdrew in protest against the budget law to return to the session.
The source told Shafaq News Agency, "The First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, left the session hall and held consultative meetings with the MPs who withdrew in protest against the budget law and other laws."
He added that "Al-Mandlawi held a consultative session with the representatives in the council cafeteria, in an attempt to reverse their decision and return to the council hall to complete the vote on the budget law and other laws on the session's agenda."
Shafaq News Agency correspondent revealed earlier today that the session held to vote on the Intelligence Service Law and the Federal Budget witnessed the breaking of the legal quorum, as the representatives left the session hall.
He added that the MPs' exit came after voting on the paragraphs of the Intelligence Service Law, and reaching a vote on the budget law.
Parliamentary Finance Committee votes on the proposal to amend Paragraph 12 of the Budget Law
The Parliamentary Finance Committee held a new meeting today, Sunday, to discuss the final text of Article 12 of the draft amendment to the General Budget Law for the Tripartite Year 2023-2024-2025 No. 13 of 2023, which is listed for voting on the agenda of the House of Representatives session scheduled to be held today.
The head of the committee, Representative Atwan Al-Atwani, said in a briefing to journalists today, Sunday, that "the Finance Committee, after a series of continuous meetings to discuss amending Article 12, Second C of the Budget Law related to the Kurdistan Region's oil, has reached the final stages of completing many information in preparation for voting on the draft amendment in today's session," noting "the necessity for there to be a decision from the Parliamentary Committee to submit the draft law to a final vote."
He added, "There are observations and proposals raised by members of the Finance Committee that will be presented in the House of Representatives session, but they cannot all be added, considering that the project is an amendment and not budget tables," indicating that "the committee's opinion is to proceed with amending the law, but we do not want the items and amendments to be unproductive."
He continued, "The Finance Committee added to the amendment paragraphs a text obligating the parties, whether the Federal Ministry of Finance or the Ministry of Oil and Petroleum Resources in the region, to adhere to the outputs of the consulting company," noting that the consulting company must have a working period that may end in 2025 without achieving results."
A delegation from the region's finance department heads to Baghdad to discuss salaries and budget amendments
The Ministry of Finance and Economy in the Kurdistan Regional Government announced today, Sunday (January 19, 2025), that a delegation headed by Minister Awat Sheikh Janab headed to the capital, Baghdad, to discuss the pending issues between Erbil and Baghdad, especially amendments to the budget law.
The ministry said in a statement received by "Baghdad Today" that: "The delegation will discuss addressing the obstacles facing the salaries of employees and workers in the region, in addition to ensuring the achievement of joint financial understandings with Baghdad."
The Parliamentary Finance Committee had announced earlier today the vote on the proposal to amend Article 12 related to the export of Kurdistan Region oil and the costs of production and transportation of the Federal General Budget Law.
Al-Sudani's visit.. a turning point in Iraqi-British relations
Since the moment Prime Minister Mohammed Shia al-Sudani's plane landed at Stansted Airport east of the capital, London, 111 years have passed since Iraqi-British relations, which began with the defeat of the Ottoman army in the Basra garrison in 1914, and continued until 1918 with the expulsion of the last Ottoman soldier from Kirkuk, thus announcing the end of five centuries of control and tyranny. This relationship, which began with the British occupation, has developed over the decades to take a different form in the modern era.
The visit, which may be the most prominent in the history of Iraqi-British relations, began with a meeting with King Charles III at Windsor Palace and ended with a meeting with the Iraqi community. During 96 hours, the visit included: holding intensive economic meetings with more than 46 companies in various fields, signing 25 agreements and memoranda of understanding in various fields, in addition to (33) political, diplomatic and media activities, according to the Prime Minister's Media Office. Al-Sudani was accompanied by a large ministerial and economic delegation that included about 70 Iraqi businessmen and investors, who participated in bilateral meetings that focused on various economic sectors. The visit, which coincided with an exceptional reality that the Middle East is going through, witnessed important meetings with government officials and leaders of financial, industrial and technical institutions, in addition to major companies specialized in armament and security, for which the United Kingdom is known worldwide. In the field of energy, Al-Sudani met with representatives of major British companies, including Shell Oil Company, Stellar Energy, and Technip Energy. He also met with UGT Renewable Energy and General Electric (GE). During the visit, a memorandum of understanding was also signed with British Petroleum (BP) to develop oil extraction and exploit associated gas from several fields of the North Oil Company, such as the "Jambur", "Kirkuk", "Bai Hassan", and "Khabbaz" fields.
These steps represent a major step towards achieving self-sufficiency in the field of gas and expanding the production and export capacity of oil and its derivatives.
In addition to the above, the visit included the signing of a broad partnership and cooperation agreement with the United Kingdom. This agreement constitutes the core of the visit's objectives and strengthens relations between Iraq and the major powers that have the right to "veto" within the UN Security Council.
It is not unlikely that the visit caused a clear setback for some parties in the region or even inside Iraq, especially those who were promoting the scenario that Iraq would be the "next target" after Lebanon, but the Iraqi government showed early awareness of the danger of entering into the region's conflicts, and was keen to avoid slipping into its raging fires. This position, coupled with clear humanitarian and political support for Lebanon and Palestine, contributed to consolidating Iraq's stability, away from the destructive scenarios witnessed by other countries in the region.
After more than a year of escalation and risks, Iraq's position has become clearer at the strategic level. This visit, which combined diplomatic and economic activity, strengthened Iraq's unity and stability.
In short: The visit confirms that Iraq, by adopting a balanced foreign policy, is able to achieve its national interests and enhance its position in the international arena.
China in Iraq: Oil with the approval of the elites in exchange for political and social stability
The Dutch Clingendael Institute, which specializes in international affairs, revealed the pillars of China's soft power in Iraq, its limitations in terms of ties with the Kurdistan Region, and the goals of this Chinese influence, which is centered on securing energy sources of oil and gas, an equation that contributes to the stability of political and social authority and its elites in Iraq, and is expected to remain at this level, as there is no security or military presence for Beijing in this country, despite the competition it shows towards the American presence.
The Dutch institute stated in a report translated by Shafaq News Agency that the main goal of China's involvement in Iraq is to ensure the safe flow of oil and diversify Beijing's imports, but without making it dependent on Baghdad, noting that there is a possibility of increasing the current 10% of Chinese oil imports that originate from Iraq.
The report explained that an estimated half to two-thirds of Iraq's oil production actually comes from fields and wells in which Chinese companies participate as investment, production, or operational services providers.
The report continued: China dominates this economic sector, although it is possible to replace Beijing as a buyer of Iraqi oil due to the short-term and global nature of oil trade.
The report pointed out that the political elites in Iraq will increasingly need Chinese investments to maintain current levels of production, which generate revenues on which political settlement and social stability in Iraq depend.
The report considered that "contrary to what some believe, there does not appear to be a broader geopolitical plan behind the Chinese presence in Iraqi oil, and the shift in Iraqi oil exports to China does not come at the expense of the United States."
The report pointed out that China maintains fairly strong diplomatic relations with Iraq in parallel with its important economic relations, but from a security perspective, the relations are considered marginal.
However, the report said that China is working to establish security and diplomatic platforms - especially through the Global Security Initiative (GSI) and the China-Arab States Cooperation Forum (CASCF) - through which China can develop its diplomatic and security capabilities in the medium term.
At the same time, China is seeking to expand its soft power among Iraqi elites and populations through Belt and Road Initiative projects, financing, and other economic deals, in addition to its anti-US rhetoric and public communication diplomacy, the report added.
The report found that the main ruling elites in Iraq, in the "Coordination Framework", generally view China as a welcome partner while these elites benefit from the economic prosperity achieved thanks to good oil prices, relative security stability and stable political control.
The report explained that there are three factors that may explain China's attractiveness to the political elites in Iraq: China follows a foreign policy that is less interventionist, more respectful and more predictable than the policies followed by the United States for countries, adding that the Chinese presence in Iraq leads to diversifying the group of foreign partners of Baghdad, in addition to the fact that China's economic deals create mutual profits on Iraqi terms.
The report continued: China's intentions to engage with Iraq are in good agreement with Baghdad's efforts to achieve balance in its dealings with the United States, Iran, and others.
The report pointed out that contemporary relations between Iraq and China began in 2008, before the withdrawal of US forces from Iraq in 2011, noting in this context the visit of a number of Iraqi prime ministers to China, such as Nouri al-Maliki in 2011 and Haider al-Abadi in 2015, which contributed to establishing a fruitful relationship focused on oil and gradually expanded to other economic fields. Since 2013, China has become the largest source of foreign direct investment in Iraq, while since 2021, Iraq has become the third largest oil supplier to China, after Saudi Arabia and Russia.
To underscore these ambitions, the report said the two countries signed a “strategic partnership” in 2015, signaling a Chinese desire for stability and long-term relations based on two pillars of mutual gain and bilateral trust.
The report indicated that recent years have witnessed a significant increase in commercial activity, as, for example, the percentage of Iraqi oil exported to China increased from 19.7% in 2017 to 29.1% in 2020 (while it was 2.3% in 2008).
The report said that China's strategy towards the Middle East is primarily concerned with securing the oil supplies it needs to develop itself, while the secondary goal is to enhance Beijing's geopolitical influence in the region, preferably by weakening the influence of the United States.
The report added that the volume of trade between China and the Middle East nearly doubled from 2017 to 2022, from $262.5 billion to $507.2 billion, noting that the Middle East region as a whole was China's fastest growing trading partner during 2022.
Regarding Iraq, the report said that the main goal of China's involvement in Iraq is to ensure a reliable flow of oil in order to diversify Beijing's oil imports, but without making China dependent on Baghdad. In contrast, the report said that Iraq is resorting to diversifying its options, such as by hiring a South Korean company to develop the Faw port, participating in China's "Belt and Road Initiative" and its own plans to establish the "Development Road" project, noting that this reflects that none of the political factions in Iraq have any intention of becoming dependent on China as an alternative to the United States.
Chinese dealings with the Kurdistan Region
The report stated that the scope of China's official engagement with the Kurdistan Region is based on the principle of non-interference in internal affairs, and on the fact that China is not inclined to encourage the creation of autonomous or separatist regions given China's own history with regions such as Tibet, Hong Kong and Xinjiang, or with regard to the island of Taiwan.
The report pointed out that China had delayed opening its consulate in Erbil, and has not yet opened a Kurdish consulate in China, while avoiding making official contacts at the highest political levels, adding that the Chinese Communist Party maintains relations with the Kurdistan Democratic Party and the Patriotic Union of Kurdistan, similar to the relations that the Chinese Communist Party maintains with many other political parties around the world.
Instead, the report said, China’s engagement in the Kurdistan Region has focused on social and cultural issues such as disseminating Chinese literature, studies and culture, providing scholarships and establishing Huawei academies, providing low-cost reconstruction services through state-linked Chinese companies, and retaining a stake in some oil and gas fields in the Kurdistan Region, although Beijing’s largest investments are in southern Iraq.
The report saw that China focuses on soft power activities, adding that from the point of view of the ruling elites in the Kurdistan Region, China is of interest as a globally influential and effective state, and it can advance the elites’ goals of maintaining its power and potentially obtaining greater autonomy, although it is unlikely that China will provide much assistance in such efforts.
From an economic perspective, the report said that Beijing is important for Iraqis in the short term, noting that the most important aspect is the old oil infrastructure that requires extensive maintenance in the near future to maintain the same level of production, noting the importance of this because oil revenues represent 85% of the Iraqi government budget, which is considered the main source of political and social stability in the country.
The Dutch report concluded by pointing out that Iraq's stability is currently threatened primarily by three phenomena: first, the fragility of institutions; second, the spread of armed groups; and third, the possibility of the re-emergence of ISIS or other forms of terrorism and violent extremism.
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Jan 20 2025
The President of the Republic heads the participants.. Davos Forum Investment Dialogue and Confidence Building
The World Economic Forum in the Swiss resort of Davos, today, Monday, brings together major global leaders in the fields of economy, technology, politics and society, under the slogan “Cooperation for the Smart Age ”, and continues until January 24, to discuss current economic, technological and environmental issues and ways to find solutions for them.
3,000 prominent figures from more than 130 countries are participating, including many heads of state and government, including the President of the Republic of Iraq, Abdul Latif Jamal Rashid.
There will be strong representation from around the world, across sectors and geographies, to drive dialogue, build trust and catalyze sustainable solutions to common challenges.
The forum will witness the participation of more than 1,600 business leaders, including more than 900 senior CEOs and chairmen of the boards of directors of member companies and partners of the forum, in addition to more than 120 global innovators, technology pioneers and start-ups.
The Davos Forum focuses on five main areas: reimagining growth, industries in the smart age, investing in people, protecting the planet, and rebuilding trust.
President of the Republic: Our participation in Davos confirms Iraq's growing role in the global arena
President of the Republic: Our participation in Davos confirms Iraq's growing role in the global arena
President of the Republic Abdul Latif Jamal Rashid stressed that Iraq's participation in the Davos talks confirms its growing role in the global arena.
Rashid said in a tweet on the (X) platform, followed by the Iraqi News Agency (INA), "I am proud to see Iraq and the Kurdistan Region well represented in Davos, which is an important annual gathering of global leaders and thinkers. Our participation in these talks confirms Iraq's growing role in the global arena and our commitment to confronting common challenges through dialogue, innovation and cooperation."
President of the Republic: Our participation in Davos confirms Iraq's growing role in the global arena
President of the Republic Abdul Latif Jamal Rashid stressed that Iraq's participation in the Davos talks confirms its growing role in the global arena.
Rashid said in a tweet on the (X) platform, followed by the Iraqi News Agency (INA), "I am proud to see Iraq and the Kurdistan Region well represented in Davos, which is an important annual gathering of global leaders and thinkers. Our participation in these talks confirms Iraq's growing role in the global arena and our commitment to confronting common challenges through dialogue, innovation and cooperation."
Iraq's electronic payment outlets end their strike after agreement with the Central Bank
The Association of Financial Outlets for Electronic Payment in Iraq announced today, Monday, the end of the strike after meetings with officials in the Central Bank of Iraq, confirming that there is no official decision to close the outlets. It also indicated that the agreement with the Central Bank extends for two weeks to review the demands, warning of the return of the strike if those demands are not met.
The official of the association in Kirkuk, Mohammed Abdul Wahab, said in a statement to Shafaq News Agency, "A delegation from the association held meetings with the highest officials in the Central Bank in Baghdad to discuss the statements of the bank governor regarding the closure of electronic outlets, indicating that the officials clarified that there is no official decision or new procedures in this regard."
Abdul Wahab added, "The committee representing the association presented its demands during the meeting, and it was agreed to give the Central Bank a two-week period to issue a final decision regarding the regulation of the work of electronic outlets. If there is no response, we will return to a general and comprehensive strike."
Abdul Wahab confirmed that the electronic outlets, which number 240 in Kirkuk alone, operate under official holidays issued since 2010, and provide financial liquidity and pay salaries of employees, retirees and social care on a monthly basis.
He pointed out that the outlets are an essential part of the financial transformation in Iraq, as they have contributed to reducing pressure on government banks and accelerating financial operations.
The Central Bank of Iraq had previously denied issuing any directive or statement regarding the closure of exchange outlets, stressing in a statement that the goal is to expand the spread of financial outlets through ATMs and licensed electronic payment companies.
Azm Alliance: Iraqi economy is "bleeding" due to halting the region's oil exports
The head of the Azm Alliance, Muthanna al-Samarrai, confirmed today, Monday (January 20, 2025), that the Iraqi economy is "bleeding" due to the halting of the region's oil exports.
“While we stress the importance of the oil file, as it is the main source of state treasury resources, we express our surprise at the misleading statements and irresponsible actions that seek to obstruct technical procedures and practical solutions to address pending economic files,” he said in a statement received by Baghdad Today, indicating that “the general budget witnessed a loss of large sums as a result of the cessation of oil exports produced in the Kurdistan Region, for technical reasons related to determining production and transportation costs and the dues of international oil companies operating in the region.”
He added that "this halt was the result of accurate or inaccurate price estimates of the costs of oil extracted from the region's fields, as production costs vary according to the nature of the land and the depth of the oil wells. For example, the cost of production in Basra fields reaches about $6 per barrel, while the cost in some of the region's fields exceeds $20 per barrel."
Al-Samarrai explained that “the price stipulated in the amendment to the law ($16) represents a preliminary estimate and not a final one, and is subject to auditing by the advisory body referred to in the amendment proposal, in addition to the auditing of the Federal Financial Supervision Bureau. This amendment is necessary to support the implementation of the approved budget items, especially the items related to oil imports, in light of the increase in public expenditures and the worsening financial deficit.”
He pointed out that "the halt in the export of the region's oil and part of Kirkuk's oil during the past months led to huge losses for the Iraqi economy, exceeding $18 billion in value. From this standpoint, the government is responsible for implementing the provisions of the government program, most notably the oil file, by finding effective technical solutions. This is a responsibility that the Federal Ministry of Oil stressed the importance of and supported moving forward with amending the budget law to achieve it."
The head of the Azm Alliance pointed out that "the oil export mechanism, stipulated in the budget law, was carried out through the Iraqi Oil Marketing Company (SOMO), in accordance with the constitution and the decisions of the esteemed Federal Court."
He concluded by saying: “Based on the above, we hope that the heads of the alliances, members of the State Administration Alliance, and members of the House of Representatives will proceed with the legislation to amend the budget law.”
The largest oil reserve was discovered in central Iraq
The Middle Oil Company, in cooperation with the Chinese company (EBS), announced the achievement of a major oil discovery in the East Baghdad South Field.The company's general manager, Mohammed Yassin Hassan, stated in a statement received by {Euphrates News} a copy of it that the main exploratory well testing operations in the East Baghdad field had achieved great success, as a highly productive oil flow of medium and light oil was obtained.
It is expected to add more than two billion barrels to Iraq's oil reserves, making it the largest oil discovery in central Iraq.
The Director General pointed out that the initial tests of the well showed a daily production rate of up to 5,000 barrels of crude oil.
Yassin praised the fruitful cooperation between Iraqi engineers at the Middle Oil Company and their counterparts at the Chinese EBS Company, which resulted in precise planning and strict implementation of well testing procedures in areas within the oil field.
This discovery is of strategic importance as it adds to Iraq’s oil reserves, which rank fifth in the world in proven reserves. This achievement also enhances the production capabilities of Iraq, one of the founding and influential members of the Organization of the Petroleum Exporting Countries (OPEC), which supports its pivotal role in the global energy market.
Kuwait: Discovery of "large commercial quantities" of oil and gas
Kuwait Oil Company announced, on Monday, the discovery of large commercial quantities of hydrocarbon resources in the "Julaia" offshore field located in Kuwaiti territorial waters.
The company said in a statement on Monday that these discoveries come within the framework of the company's ongoing exploration efforts to enhance the position of the State of Kuwait as a major producer of oil and gas in the region and to achieve the exploration strategy in the Kuwaiti marine area.
She explained that the tests of the Cretaceous geological reservoir of the "Zubair" in the "Jaliyah" exploratory well showed promising production results, as the field covers an area of 74 square kilometers and its reserves are estimated at about 800 million barrels of medium-density oil free of hydrogen sulphide gas and with a low percentage of carbon dioxide gas.
In addition to 600 billion standard cubic feet of associated gas, equivalent to 950 million barrels of oil equivalent.
She pointed out that this discovery represents an important addition to the hydrocarbon resources in the State of Kuwait and enhances the potential for the existence of additional reservoirs in the Upper Cretaceous period in the marine area and neighboring areas, which confirms the success of the Kuwait Oil Company's plan for marine exploration.
The company indicated in its statement that the "Jali'a" field is the second offshore field discovered in the current exploration plan after the discovery of the "Al-Nukhda" offshore field in July 2024.
Kuwait Oil Company affirmed its commitment to sustainable exploration in the marine area, as preparations are currently underway to begin the second phase of the exploration, drilling and production plan from the Kuwaiti marine area, adding that work is underway to implement a three-dimensional exploratory survey project covering the entire marine area, which exceeds 6,000 square kilometers.
She stated that this provides high-resolution data that helps in decision-making to move forward in exploration of reservoirs, reaching the production stage in the Kuwaiti marine area.
The company confirmed that the discovery constitutes an important strategic step and another building block to support the company's strategic goals and increase production capacity to achieve the goals of the 2040 strategy.
The company's general manager, Mohammed Yassin Hassan, stated in a statement received by {Euphrates News} a copy of it that the main exploratory well testing operations in the East Baghdad field had achieved great success, as a highly productive oil flow of medium and light oil was obtained.
It is expected to add more than two billion barrels to Iraq's oil reserves, making it the largest oil discovery in central Iraq.
The Director General pointed out that the initial tests of the well showed a daily production rate of up to 5,000 barrels of crude oil.
Yassin praised the fruitful cooperation between Iraqi engineers at the Middle Oil Company and their counterparts at the Chinese EBS Company, which resulted in precise planning and strict implementation of well testing procedures in areas within the oil field.
This discovery is of strategic importance as it adds to Iraq’s oil reserves, which rank fifth in the world in proven reserves. This achievement also enhances the production capabilities of Iraq, one of the founding and influential members of the Organization of the Petroleum Exporting Countries (OPEC), which supports its pivotal role in the global energy market.
Kuwait: Discovery of "large commercial quantities" of oil and gas
Kuwait Oil Company announced, on Monday, the discovery of large commercial quantities of hydrocarbon resources in the "Julaia" offshore field located in Kuwaiti territorial waters.
The company said in a statement on Monday that these discoveries come within the framework of the company's ongoing exploration efforts to enhance the position of the State of Kuwait as a major producer of oil and gas in the region and to achieve the exploration strategy in the Kuwaiti marine area.
She explained that the tests of the Cretaceous geological reservoir of the "Zubair" in the "Jaliyah" exploratory well showed promising production results, as the field covers an area of 74 square kilometers and its reserves are estimated at about 800 million barrels of medium-density oil free of hydrogen sulphide gas and with a low percentage of carbon dioxide gas.
In addition to 600 billion standard cubic feet of associated gas, equivalent to 950 million barrels of oil equivalent.
She pointed out that this discovery represents an important addition to the hydrocarbon resources in the State of Kuwait and enhances the potential for the existence of additional reservoirs in the Upper Cretaceous period in the marine area and neighboring areas, which confirms the success of the Kuwait Oil Company's plan for marine exploration.
The company indicated in its statement that the "Jali'a" field is the second offshore field discovered in the current exploration plan after the discovery of the "Al-Nukhda" offshore field in July 2024.
Kuwait Oil Company affirmed its commitment to sustainable exploration in the marine area, as preparations are currently underway to begin the second phase of the exploration, drilling and production plan from the Kuwaiti marine area, adding that work is underway to implement a three-dimensional exploratory survey project covering the entire marine area, which exceeds 6,000 square kilometers.
She stated that this provides high-resolution data that helps in decision-making to move forward in exploration of reservoirs, reaching the production stage in the Kuwaiti marine area.
The company confirmed that the discovery constitutes an important strategic step and another building block to support the company's strategic goals and increase production capacity to achieve the goals of the 2040 strategy.
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