Joint statement by the Sudanese Office and the Central Bank on the modernization of the banking sector
Joint statement from the Office of the Prime Minister and the Central Bank of Iraq,
The video for this blog post is below here:
Banking reforms constitute an important pillar of the economic reform adopted in the government program. In order to complete the important steps that the government has started in this framework since it began its work, and in order to achieve a package of development targets that require banking development, the government, in cooperation with the Central Bank of Iraq, has embarked on a comprehensive initiative that includes a comprehensive strategic banking reform process that constitutes a turning point in the history of economic development in Iraq, and is consistent with the extent of commitment to raising the level of banking standards, enhancing financial flexibility, and supporting the competitiveness of the financial system.
These comprehensive reforms aim to keep pace with developments in the countries of the region and the world, and contribute to opening partnerships and prospects for communication with the outside world on a broad scale in modern banking and financial transactions, as the Central Bank works to implement and develop regulatory and supervisory frameworks with international partners, which contributes to achieving sustainable growth and development of the banking sector, just as the government works to support the reforms and efforts of the Central Bank of Iraq in developing the state of the banking sector.
These reform efforts focused on the following main areas:
1- Strengthening ownership structures and governance frameworks, by enhancing transparency and accountability, through measures including the creation of diverse ownership structures, and ensuring independent oversight by boards of directors over operations and committees.
2- Raising the level and standards of service, by increasing access to basic financial services for all members of the Iraqi people, through enhancing efficiency, increasing the supply of products, and modernizing the infrastructure of the banking sector.
3- Harmonization and conformity with international standards, by imposing adherence to recognized frameworks and practices in the areas of combating money laundering and combating the financing of terrorism, as well as commitment to financial transparency in order to ensure smooth banking services and support businesses and citizens’ needs.
4- Enhancing financial flexibility, by enhancing the financial safety of Iraqi banks and setting strong requirements regarding capital and cash liquidity, to protect customer deposits and protect the economy in the face of local and international challenges.
This initiative comes within the framework of a broader strategy aimed at modernizing the banking sector, which the Central Bank of Iraq is currently developing in partnership with Oliver Wyman, a leading global management consulting firm. The ongoing reforms being implemented with government banks enhance the integration of this strategy, representing a turning point in the future of the Iraqi financial system.
The implementation details of these reforms will be presented later.
From this standpoint, the government and the Central Bank affirm the adoption of a common reform vision, which is to establish a modern, transparent and comprehensive banking system that supports the aspirations of the dynamic economy of the Iraqi state.
This is on the CBi website
Joint Statement by the Office of the Prime Minister and the Central Bank of Iraq
This initiative comes within the framework of a broader strategy aimed at modernizing the banking sector, which the Central Bank of Iraq is currently developing in partnership with Oliver Wyman, a leading global management consulting firm. The ongoing reforms implemented with government banks enhance the integration of this strategy, representing a turning point in the future of the Iraqi financial system.
From this standpoint, the government and the Central Bank confirm the adoption of a joint reform vision, which is to establish a modern, transparent and comprehensive banking system that supports the aspirations of the dynamic economy of the Iraqi state.
Sami stresses importance of partnership with America in supporting financial stability and economic reforms
Finance Minister Taif Sami stressed, today, Tuesday, February 4, 2025, the importance of partnership with the American side in supporting financial stability and economic reforms during her reception of the US Chargé d'Affaires.
The ministry's statement, received by "Baghdad Today", said, "Sami received the Chargé d'Affairs of the US Embassy in Baghdad, Daniel Rubinstein, where the two sides discussed ways to enhance financial and economic cooperation between Iraq and the United States."
According to the statement, the minister stressed during the meeting, "the importance of partnership with the American side in supporting financial stability and economic reforms, noting Iraq's commitment to enhancing an attractive investment environment and developing the financial sectors."
According to Al-Ban, the US Chargé d'Affaires stressed "his country's keenness to support Iraq in the areas of economic development and enhance cooperation in financial reforms, stressing the importance of continuing coordination between the financial institutions in the two countries to achieve common interests."
Iraq and Jordan discuss work stages in joint border economic city
During the meeting, according to a statement by the Prime Minister's Office, a copy of which was received by {Euphrates News}, "the bilateral relations between the two countries were discussed, and ways to strengthen them in various economic and commercial fields, in addition to discussing mechanisms for developing industrial and commercial cooperation between Iraq and Jordan, in light of the work of the Iraqi-Jordanian Joint Trade Committee, as well as confirming cooperation between the Jordanian and Iraqi private sectors."
The meeting touched on the stages of work in the joint border economic city between Iraq and Jordan, which aims to enhance economic integration, stimulate investments and activate partnership, and the returns and benefits it will achieve for the two countries, especially with the continuation of work on the development road project, with its strategic axes and projects.
Iraq clarifies allegations of purchasing or receiving quantities of Iranian oil and re-exporting it
The Ministry of Oil issued a clarification today, Monday, regarding allegations of purchasing or receiving quantities of Iranian oil and re-exporting it.
The ministry stated in a statement received by "Al-Eqtisad News" that "all quantities of Iraqi crude oil are exported according to international mechanisms and standards that guarantee the highest levels of transparency, as the oil is sold to well-known international companies that own approved refineries and is sold FOB from Iraqi export ports."
The ministry "categorically denied any allegations related to Iraq purchasing or receiving quantities of Iranian crude oil or re-exporting it," stressing that "export operations are subject to strict controls."
She pointed out that, "As for petroleum products, the ministry officially announces the quantities allocated for sale, and receives offers from reliable local and international companies, and the quantities are loaded from Iraqi ports with complete transparency, while committing not to deal with any companies or tankers subject to international sanctions. The ministry will announce the names of all tankers that load petroleum products from Iraqi ports to enhance transparency."
She stressed that "Iraq has contracts with global tracking platforms such as Kepler Agency to ensure the integrity of the procedures for transporting quantities by sea and not tampering with them until they reach the destination, and if anything appears to be wrong, deterrent measures will be taken against the purchasing company."
Al-Mashhadani from Tehran: Iran is a very strong supporter of Iraq
The Speaker of the Iraqi Parliament, Mahmoud Al-Mashhadani, confirmed on Monday that Iraq considers Iran a strong supporter, while pointing to the continuation of strong relations between Baghdad and Tehran during the coming period .
The Iranian Mehr News Agency reported, in a report monitored by Shafaq News Agency, that "the Deputy Speaker of the Islamic Consultative Assembly, Haji Babaei, stressed during his reception of Mashhadani, that Iraq is an important country for Iran and the countries of the Axis of Resistance," adding, "We must stand in one line and walk side by side to preserve the interests of our people and beliefs ."
For his part, Al-Mashhadani expressed, during the meeting, his "satisfaction with the visit," saying, "Iran is a neighboring country, and there are common interests between the two countries ."
Al-Mashhadani added, according to the Iranian agency, that "Iraq was and still considers the Islamic Republic of Iran a very strong support in many stages, especially during the ISIS attack."
Al-Mashhadani referred to the "good relations between the two countries," stating that "Iraq has always benefited from Iran's advice and opinions, especially at a time when the countries of the region are experiencing special circumstances."
Al-Mashhadani continued, "The visit aims to discuss common goals and the special circumstances of the countries of the region, especially the people of Gaza ."
Yesterday, Sunday, the Speaker of the Iraqi Parliament, Mahmoud Al-Mashhadani, arrived in the Iranian capital, Tehran, on an official visit at the head of a large parliamentary delegation .
Iraqi Finance Launches “Khidmah” Platform to Enhance Digital Transformation
Governor of the Central Bank of Iraq receives the French Ambassador accompanied by a delegation from the French business sector
The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received the French Ambassador to Iraq, Mr. Patrick Dorrell, and a French delegation, which included a number of French banks and companies in various sectors, in the presence of officials from the Central Bank of Iraq and the Director General of TBI Bank.
His Excellency the Governor reviewed the investment opportunities in all sectors, especially after the security stability witnessed by Iraq.
He explained the priorities, plans and initiatives that the Central Bank is working on to achieve general stability in prices by controlling the inflation rate, and supporting economic growth through its financing initiatives to achieve economic diversification.
He pointed to the role of the Central Bank in expanding financial inclusion, moving to electronic payment, digitizing the economy, integrating into the global economy and its financial system, and the great success in moving foreign transfer operations to the latest international practices and standards.
His Excellency explained the laws that facilitate the movement of investors' funds into and out of Iraq, stressing the endeavor to overcome the difficulties facing investment companies wishing to work in Iraq, within the area of specialization.
For his part, His Excellency the French Ambassador stressed that French companies have an important and great opportunity to invest in Iraq and deal directly with the private sector, especially with the existence of laws that support investors and commercial projects.
The French delegation also participated in the dialogue and raised the most important questions that contribute to understanding investment opportunities, while His Excellency took the initiative to answer the delegation’s inquiries as well as the officials present at this meeting.Central Bank of Iraq
February 4, 2024
Media Office
Kurdistan Region Finance Minister announces reaching an agreement with Baghdad to pay 2025 salaries
The Minister of Finance in the Kurdistan Regional Government, Awat Sheikh Janab, announced today, Monday (February 3, 2025), that an agreement had been reached with the federal government in Baghdad regarding the disbursement of salaries for the region’s employees for the year 2025 without any problems.
Awat Sheikh Janab said in a press conference followed by "Baghdad Today", "We agreed with the federal government to pay the salaries of 2025 without problems, after several days of meetings of the Kurdistan Region delegation with the federal Ministry of Finance."
Regarding the January salary, he explained that "it will begin to be distributed tomorrow, Tuesday, or the day after tomorrow, Wednesday."
The Kurdistan Regional Government delegation arrived in Baghdad on Thursday (January 30, 2025), and over the past three days held intensive meetings with various parties in the Iraqi Ministry of Finance.
It is noteworthy that the House of Representatives voted yesterday, Sunday, on the draft law amending the first law of the Federal General Budget Law for the fiscal years 2023, 2024, 2025 No. 13 of 2023, in a step that allows the resumption of the export of oil from the Kurdistan Region.
According to the amendment, “the export of oil from the Kurdistan Region will resume through SOMO, and the cost of extracting and transporting each barrel of oil from Kurdistan has been set at $16 for 60 days.”
"A specialized international consultant will determine, within 60 days, the cost of extracting and transporting a barrel of oil from each field separately," according to MP Briar Rashid.
The President of the Kurdistan Region, Nechirvan Barzani, welcomed the vote of the Council of Representatives to amend the Federal General Budget Law, expressing hope that this would be the beginning of solving other problems, and that it would be followed soon by "good news about the final solution" to the issue of salaries and entitlements of the Kurdistan Region.
To discuss military and strategic files.. A "high-ranking" American official will visit Baghdad soon
An Iraqi government official reported on Monday that a high-ranking American official is about to visit Baghdad soon, and that preparations are underway for the visit, noting that the official will discuss the American presence in Iraq and the structuring of the relationship between the two countries.
The official told Shafaq News Agency, "Special preparations are now underway for a visit by a high-ranking American official to Baghdad in the coming period."
The official pointed out that "the file of the American presence in Iraq will be discussed in parallel with adjusting the rhythms of the region, in line with the recent changes in Syria, Lebanon and Gaza."
He said, "The American official will discuss the mechanism for restructuring the relationship between the United States of America, in addition to understandings in the areas of security and defense, along with files related to the US Federal Reserve."
It is noteworthy that Baghdad and Washington announced months ago an agreement stipulating the withdrawal of the US-led international coalition forces by September 2025.
The Washington Post quoted an Iraqi official as saying that he expected Iraq to request an extension of the stay of US forces, in light of the recent developments in the region following the fall of the Assad regime in Syria.
Since mid-October 2023, armed factions began targeting American bases in Iraq, coinciding with the Gaza War, as the factions announced that their targeting of American forces was in response to American support for Israel.
The previous escalation between the armed factions and America witnessed military responses from Washington, the latest of which was the bombing of the city of Al-Qaim, adjacent to the Syrian border. The US Central Command confirmed at the time that its forces launched air strikes in Iraq and Syria targeting sites of the Quds Force of the Iranian Revolutionary Guard Corps and its affiliated faction groups. The command said that the US military forces struck more than 85 targets with many aircraft, including long-range bombers, launched from the United States.
The American responses to the targeting of the armed factions also included assassinations of leaders of those factions in the center of the capital, Baghdad, using guided and accurate missiles.
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After signing the order to resume "maximum pressure", Trump: Ready to negotiate with the Iranian president
US President Donald Trump, after signing an executive order to resume the "maximum pressure" policy against Tehran, said he was ready to hold talks with Iranian President Masoud Pezeshkian.
He said, ahead of his meeting with Israeli Prime Minister Benjamin Netanyahu at the White House on Tuesday, February 4, that he had been “hesitant to sign the executive order to re-enact maximum pressure on Iran, and that this decision was extremely difficult to make.”
Since returning to the White House, Trump has avoided making any clear and decisive statements about his policy towards the Iranian regime.
After signing an order to resume the "maximum pressure" policy towards Tehran, Donald Trump described the measure as "very tough" and said: "I hope that there will be no need to use this option, and we have to see whether we can reach an agreement with Iran or not."
The US President added that he would contact Iran, expressing his readiness to meet his Iranian counterpart and hold talks with him.
He also explained that he had issued instructions stating that if he was assassinated by the Iranian regime, "this enemy would be completely wiped out," in reference to previous attempts by Tehran to assassinate him.
Reuters reported hours ago, quoting an American official, that US President Donald Trump is likely to sign a memorandum today to reactivate the "maximum pressure" policy towards Iran.
The Trump administration official, who spoke on condition of anonymity, said the president's Iran policy aims to deny Washington's Middle East adversary all paths to a nuclear weapon and to counter the "malign influence of the Iranian regime."
Within minutes of the announcement of the resumption of the “maximum pressure” policy against Iran, the US dollar rose by about a thousand tomans, crossing the 85,000 tomans barrier.
Trump's executive order requires the US Treasury Secretary to impose tough sanctions, enhance oversight to ensure maximum economic pressure on Iran, and crack down on sanctions violators.
The official added that the US Secretary of State will work to modify or cancel existing exemptions from sanctions, and will cooperate with the Treasury Department in a campaign aimed at "zeroing Iranian oil exports."
He also explained that US representatives at the United Nations will cooperate with its main allies to activate the trigger mechanism and impose international restrictions on Tehran.
Britain, Germany and France had previously warned that they would activate the trigger mechanism before October 2025, if Iran continued its nuclear activities.
Activating the trigger mechanism means re-imposing all sanctions previously imposed by the UN Security Council on Iran that were suspended under the nuclear agreement known as the Joint Comprehensive Plan of Action and UN Security Council Resolution 2231.
Trump's expected decision comes as Israeli Prime Minister Benjamin Netanyahu visits Washington, where Trump is scheduled to meet him at the White House in a few hours, making him the first foreign leader to meet with the US president since the start of his second term.
Since Trump's return to the White House, speculation has increased about the possibility of direct negotiations between Iran and the United States.
Iranian officials have also expressed their readiness for dialogue with Washington in recent days, but they have confirmed that they have not received any official responses or proposals from the White House yet.
Republican Senator Ted Cruz, referring to the upcoming meeting between Trump and Netanyahu, said: “I hope that maximum pressure will be imposed on Tehran, that its oil revenues will be cut off, and that whatever is necessary will be done to stop Khamenei.”
For his part, White House National Security Advisor Michael Waltz stated, referring to the Iranian regime’s support for its proxies in the region: “Iran has always been the head of the snake, and it still is. We have to develop a clear strategy, and we are moving in that direction in strategic coordination with Israel.”
Republican Senator Bill Hagerty commented on reports about Trump’s decision to re-impose “maximum pressure” on Tehran, saying: “Joe Biden has allowed Iran to fund Hamas and Hezbollah, and has allowed it to come dangerously close to possessing a nuclear weapon. So it should come as no surprise that Trump is re-imposing maximum pressure.”
Hagerty called on European countries to activate the sanctions stipulated in Security Council Resolution 2231, in response to Iran's violations of its nuclear obligations.
During his campaign, Trump repeatedly criticized Biden’s policy, arguing that his failure to strictly enforce sanctions on Iranian oil exports had weakened Washington and emboldened Tehran. He said the policy had allowed Iran to sell oil, generate huge financial revenues, continue its nuclear activities, and finance and arm its militias in the region.
Iran’s crude oil exports in 2024 are set to reach their highest levels in years. The U.S. Energy Information Administration estimates that Tehran will earn $53 billion from oil exports in 2023, up from $54 billion the year before. OPEC data shows that Iran’s oil production in 2024 is the highest since 2018.
Restructuring of Rafidain and Rashid Banks and insurance companies on the table of the Ministry of Finance meeting
The Minister of Finance chairs a meeting to follow up on the procedures for restructuring Rafidain and Rashid Banks and insurance companies
Today, Wednesday, Minister of Finance Taif Sami chaired an expanded meeting with the Chairman of the Insurance Bureau, directors of government banks and insurance companies, and the international auditing and oversight company "Ernst & Young" to follow up on the measures taken to implement the restructuring of insurance companies and government banks, most notably Rafidain and Rashid Banks.
During the meeting, the Minister indicated that the restructuring represents a fundamental step to enhance financial stability and improve the efficiency of government banks in accordance with international standards. She pointed out the importance of developing banking systems, enhancing internal control, and implementing specialized training programs for banking cadres to ensure the provision of advanced financial services.
Sami also indicated that the strategic plan will include introducing modern banking technologies, such as electronic payment, enhancing transparency, improving capital management and completing the comprehensive banking system, in addition to cooperating with international financial institutions and benefiting from global expertise, in addition to setting specific time frames for implementing modernization operations, which will raise the efficiency of government banks and support the national economy.
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Media and Government Communication
5-February-2025
Finance announces the launch of national bonds (first issue) for public subscription
The Ministry of Finance, represented by the Public Debt Department, announced the launch of national bonds (first issue) for public subscription, with a total value of (2) trillion Iraqi dinars, for the period from February 10 to March 10, 2025, as part of its plan to enhance local investment and provide savings tools for citizens and investors.
The ministry's statement stated that the bonds are distributed into two categories: ️The first bond is worth 500,000 dinars with an annual interest of 6%, and is due after two years, with interest paid every six months.
️The second bond is worth 1,000,000 dinars with an annual interest of 7.5%, and is due after four years, with interest paid every six months. It explained
: The bonds are characterized by their tradability on the Iraq Stock Exchange, which provides a distinct investment opportunity for citizens and companies looking for stable financial instruments.
She explained that the bond offering comes based on Article 77 first of the Federal General Budget Law No. (13) for the years 2023, 2024, and 2025, with the aim of supporting the national economy and enhancing confidence in the Iraqi financial system.
Sami meets with Ernst & Young to restructure banks: Strategy includes electronic payment
Bank Restructuring Meeting (Facebook)
Finance Minister Taif Sami said on Wednesday, February 5, 2025, that the strategic plan to restructure banks includes introducing “modern technologies” such as electronic payment.
Meeting to follow up on the restructuring procedures of Rafidain and Rashid Banks and insurance companies
According to a statement seen by "Ultra Iraq", Finance Minister Taif Sami held "an expanded meeting with the head of the Insurance Bureau, directors of government banks and insurance companies, and the international auditing and oversight company (Ernst & Young) to follow up on the measures taken to implement the restructuring of insurance companies and government banks, most notably Rafidain and Rashid Banks."
Sami pointed out that "the restructuring represents a fundamental step to enhance financial stability and improve the efficiency of government banks in accordance with international standards," stressing "the importance of developing banking systems, enhancing internal control, and implementing specialized training programs for banking cadres to ensure the provision of advanced financial services."
The Minister explained that "the strategic plan will include introducing modern banking technologies, such as electronic payment, enhancing transparency, improving capital management and completing the comprehensive banking system, in addition to cooperating with international financial institutions and benefiting from global expertise, in addition to setting specific time frames for implementing modernization operations, which will raise the efficiency of government banks and support the national economy."
Al-Sudani calls on the State Administration Coalition to meet next Saturday
This meeting comes in light of the ongoing challenges facing the country, as it will "discuss the general situation and examine a number of priority files at the national level," according to a statement from the Prime Minister's Office.
The meeting is expected to address pressing issues including the economic situation, security, and public services, as well as ways to enhance political stability and achieve sustainable development.
Rashid to NATO Secretary General: We welcome businessmen and investors to benefit
n Wednesday, February 5, 2025, President of the Republic Abdul Latif Rashid affirmed his welcome to “the arrival of businessmen and investors to benefit from the opportunities available in Iraq,” during his reception at the Baghdad Palace of NATO Secretary General Mark Rutte and his accompanying delegation.
Rashid said in a statement seen by "Ultra Iraq", "Iraq today enjoys security and economic stability," indicating that "the political parties adopt the principle of dialogue among themselves, and relations with neighboring countries and the world are good, and we welcome the arrival of businessmen and investors to benefit from the opportunities available in the country."
The meeting witnessed "a review of the overall security situation in the region, in addition to discussing a number of issues related to logistical support for the NATO mission operating in Iraq," and "discussing the common files between Iraq and NATO."
Rashid stressed the "necessity of expanding the horizons of bilateral cooperation in the areas of providing advice and contributing to building and developing the military capabilities of the Iraqi security forces," indicating that "Iraq has overcome difficult situations represented by the war on terrorism, and that the Iraqi security forces have been able to eliminate ISIS gangs and their remnants, and now possess the readiness and ability to confront various security challenges."
According to a statement by the Presidency of the Republic, "Mark Rutte praised the internal stability and the return of normal life in Iraq," and stressed "the NATO mission's keenness to consolidate bilateral cooperation relations in the field of training, consulting, and information exchange in a way that enhances the capabilities of the Iraqi armed forces in all their branches," pointing to "Iraq's important pivotal role in achieving stability in the region."
NATO invites Iraq to participate in Brussels gathering, praises government efforts
Al-Sudani's media office stated in a statement received by {Al-Furat News}, that "the latter received NATO Secretary-General Mark Rutte and his accompanying delegation. During the meeting, they discussed cooperation relations between Iraq and the alliance in files related to capacity building and support for the Iraqi armed forces in the areas of advice and training."
The Prime Minister stressed the importance of continuing communication to build cooperative relations with NATO, within its advisory mission in Iraq, in light of the state of recovery, political stability and economic growth witnessed by the country, and in a way that helps Iraq exercise its leading role in the region, stressing the preservation of the “balanced Iraqi position despite the restrictions, as Iraq preserved its supreme interests, in addition to supporting efforts for stability in the region.”
He said, "Iraq looks with interest at the role of the NATO advisory mission in Iraq, and cooperation in the field of training, planning and exchange of expertise."
Al-Sudani touched on the ambitious military industries program supported by the government, stressing "Iraq's desire to cooperate with NATO in the field of military industries, especially defense equipment, which contributes to enhancing security and deterring any potential aggression."
For his part, the NATO Secretary General expressed his appreciation for the Iraqi steps, and extended an official invitation to the Prime Minister to attend the North Atlantic gathering that will be held soon in Brussels and to deliver Iraq's speech there. He praised the government's efforts in the security developments and the state of stability and growth in the country, stressing NATO's keenness to strengthen the relationship with Iraq and enhance fruitful cooperation, especially in the field of military industries.
The meeting also discussed developments in the region, the status of the truce in Gaza and Lebanon, and developments in the situation in Syria.
Source: A mass sit-in is planned in all cities of the Kurdistan Region next Saturday
An informed source confirmed, today, Tuesday, (February 4, 2025), that there is a trend for a mass sit-in in all cities of the Kurdistan Region next Saturday.
The source told Baghdad Today: "There is a trend and coordination between activists from Sulaymaniyah, Erbil and Dohuk to hold a sit-in in all cities of the region, including educational cadres in those cities."
He added that "the security services in Erbil and Dohuk have begun to move and monitor social media sites and cafes frequented by a number of activists, to prevent any demonstrations, while there is insistence on the participation of the governorates of Erbil and Dohuk in the sit-in, which will be in front of the United Nations offices, to demand salaries and settlement, and the reinstatement of the law on promotions and allowances."
It is noteworthy that the House of Representatives voted the day before yesterday, Sunday, on the draft law amending the first law of the Federal General Budget Law for the fiscal years 2023, 2024, 2025 No. 13 of 2023, in a step that allows the resumption of the export of oil from the Kurdistan Region through the Federal SOMO Company.
The Minister of Finance in the Kurdistan Regional Government, Awat Sheikh Janab, announced from the capital, Baghdad, yesterday an agreement regarding the salaries of the region’s employees. Awat Sheikh Janab said in a press conference: “We agreed with the federal government to pay the salaries for the year 2025 without problems.”
Regarding the January salary, the Minister of Finance in the Kurdistan Regional Government explained that “it will begin to be distributed on Tuesday or Wednesday.”
Mechanism for the resumption of Kurdistan Region oil exports via Ceyhan Port
Oil expert Govind Shirwani revealed, today, Wednesday (February 5, 2025), the full details of the mechanism for the return of the Kurdistan Region’s oil exports to global markets, after a halt that lasted for months due to disputes between the federal government and the regional government.
In a special interview with Baghdad Today, Sherwani explained that "the process will be carried out by pumping crude oil from the fields of the Kurdistan Region through pipelines to the Turkish port of Ceyhan, where the Iraqi National Oil Company (SOMO) will market and sell the oil."
He pointed out that SOMO has private warehouses in Ceyhan Port, which facilitates the export process.
The oil expert added that the responsibility for managing Kurdistan's oil goes beyond the Iraqi borders via the port of Ceyhan, and is the responsibility of the SOMO company, according to the terms of the Iraqi-Turkish oil pipeline agreement and in application of the amended Article 12.
Sherwani stressed that the Kurdistan Region's responsibility ends once the oil is pumped and reaches the border point with Turkey, as there will be meters that determine the quantities exported at the border point and when stored in the port of Ceyhan.
He pointed out that all concerned parties, including the Iraqi side, the Kurdistan Region and the operating oil companies, have completed the necessary arrangements, and all that remains is to discuss some partial details with the Turkish side to resume exports.
Sherwani pointed out that the return of Kurdistan's oil exports will contribute to strengthening the Iraqi economy in general, and will provide additional financial resources for the region, which depends heavily on oil revenues.
This development comes within the framework of ongoing efforts to resolve the differences between Baghdad and Erbil, which have led to the halt of the region's oil exports for months, which has negatively affected the Iraqi and regional economy.
The Kurdistan Region’s oil exports stopped in late 2023 after disagreements between the federal government and the regional government over the mechanism for marketing oil and distributing revenues. This stoppage led to significant economic losses for both parties, prompting a series of negotiations to reach a solution that would satisfy all parties.
Observers expect that the return of Kurdistan oil exports will lead to improving relations between Baghdad and Erbil, and enhancing cooperation in the oil sector, which will have a positive impact on the Iraqi economy in general.
The final details of the resumption of exports remain subject to negotiations with the Turkish side, which are expected to result in an agreement soon that will end the Kurdistan oil export crisis and put things back on the right track.
The Prime Minister and the Parliament stress the importance of integrating the work of the executive and legislative authorities
Prime Minister Mohammed Shia Al-Sudani and Parliament Speaker Mahmoud Al-Mashhadani stressed the importance of integrating the work of the executive and legislative authorities.
The Prime Minister's media office stated in a statement that "Prime Minister Mohammed Shia al-Sudani received today, Wednesday, Speaker of the House of Representatives Mahmoud al-Mashhadani, where the general conditions in the country, and political, economic and service files and issues were reviewed."
He added, "The meeting witnessed a joint emphasis on the importance of integrating the work of the executive and legislative authorities, in order to proceed with achieving the goals of the government program, completing economic reforms, and achieving sustainable development, which will positively reflect on meeting the aspirations of citizens."
According to the statement, the Prime Minister praised "the House of Representatives' approval of the amendment to the budget law, which enables the government to implement its work program according to the priorities and necessities required by the service and living conditions of our people, in all governorates."
Central Bank: The government supports the transition to the digital economy
The Central Bank of Iraq confirmed that the government is working to establish regulatory frameworks that support the transition to the digital economy, especially in the field of electronic payment.
According to the representative of the Central Bank of Iraq at the Baghdad International Fair, Adhraa Taha Juma, to “Al-Sabah”, “there is importance to the transformation that Iraq is witnessing towards the digital economy.”
Jumaa pointed out that “one of the most important challenges facing the current stage is gaining citizens’ confidence in electronic payment products, which will contribute to stimulating the money hoarded in homes and transferring it to the banking sector, as this transformation is part of a larger strategy aimed at stimulating the national economy by investing money in a way that serves major projects in the country.”
In the context of supporting digital transformation, Dr. Safwan Qusay, an expert in the financial sector, spoke about the importance of enhancing financial inclusion as a basic priority in the context of expanding the culture of electronic payment in Iraq.
Qusay explained to Al-Sabah that "this approach, supported by the Iraqi government and the World Bank, seeks to use advanced mechanisms and technologies aimed at providing financial services to the poor segment of society, which is in line with the Iraqi government's goals of targeting social classes living below the poverty line and providing projects that help them improve their financial situation." Qusay pointed out that "digital transformation requires diversification in financial services and the development of banking products," noting that "this change can only come about through enhancing the banking culture among citizens."
He added that "providing a credit card to every citizen will contribute to operating the idle liquidity estimated at about (70) trillion dinars.
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