Nechirvan Barzani receives a written message from Trump
Today, Thursday (February 20, 2025), the President of the Kurdistan Region, Nechirvan Barzani, received a written letter from US President Donald Trump, in response to a previous letter addressed to him by Barzani.
The video for this blogpost is below here:
A statement by the presidency of the region, received by "Baghdad Today", stated that Trump thanked Barzani in his message "for his message", stressing "joint work and cooperation and strengthening common values with the Kurdistan Region."
At the end of the message, according to the statement, the US President expressed his "hope for the success of the President of the Kurdistan Region."
The Governor of the Central Bank, Ali Al-Alaq, confirmed that joint-stock companies constitute only 2% of the value of the gross domestic product in Iraq, while revealing the reason for the weak size of citizens' deposits in banks.
Al-Alaq said during the opening and introduction of the International Center for Finance and Trade in Sulaymaniyah Governorate, which was followed by (Al-Rabia), that "financial centers are economic levers and need modern financial infrastructure and technologies," noting "the importance of financial centers in stimulating the economy and attracting investments, which requires developing the financial infrastructure to keep pace with global changes."
He pointed out that "these centers focus on the most important engines of the economy," stressing that "countries that have such centers have been able to achieve great achievements, as financial centers play a major role in stimulating and organizing the economy, as proven by reality, experience, numbers and data."
He stressed that "the financial aspect in Iraq needs more vitality and innovation to harness resources towards growth and construction," noting that "there is a huge amount of money inside the country, but it is not invested in the best way, as it is isolated from economic activity or hoarded without real benefit."
He stressed that "this is a fundamental issue that requires thought, initiatives and innovations to invest this money to serve growth and employment," noting that "the best way to attract and mobilize this money is to establish joint-stock companies that attract scattered capital, no matter how small its amounts are." He pointed out that "Iraq suffers from a significant shortage" in joint-stock companies, as their contribution to the GDP is only 2% of the GDP, which is the lowest percentage in the region compared to the Middle East and North Africa countries, where the percentage reaches 55%, while in developed countries it ranges between 80% and 90%, which requires new ideas and centers capable of moving this field."
The governor stressed that "Iraq has huge investment opportunities that can be exploited through partnerships between various capabilities, especially the available financial capabilities, but they do not find a clear scope for investment, which calls for a major role for financial centers in moving and establishing joint-stock companies in profitable strategic sectors."
He also pointed to the weak volume of citizens' deposits in banks, explaining that "the reason is not only due to lack of trust, but also to the availability of other investment opportunities that achieve greater returns than bank interest, as anyone can now invest their money through digital platforms and contribute to global projects without having to rely on traditional bank returns."
The governor of the Central Bank provided an example of developments in digital investment, noting that "some The platforms allow a group of people to participate in purchasing real estate in global cities such as London, where investment is based on the highest potential returns globally.
He noted that "the world is witnessing a financial revolution supported by technology and artificial intelligence, which will lead to major transformations in the nature of economic activity," noting that "the 10 largest companies in the world currently belong to the technology and communications sector, outperforming oil and traditional industry companies, as their market value ranges between 2-3 trillion dollars," stressing that "banks in the near future will transform into fully smart electronic platforms, which will radically change the way financial and investment transactions are conducted."
He stressed the "necessity of transforming financial centers into strong economic levers, so that they play a fundamental role in attracting investments, regulating financial flows, and benefiting from modern technologies," indicating that "this center has a major task ahead of it to move in these directions." The Central Bank reveals the reason for the weakness of citizens' deposits in banks: The money is huge
News for WED FEB 19 2025
US Sanctions on Private Banks: Limited Impact on Salaries, Financial Stability Under Test
In light of the sanctions imposed by the US Treasury on some Iraqi banks, questions are increasing about the extent to which these measures will impact the Iraqi economy, especially with regard to the salaries of state employees. In this context, MP Zahra Al-Bajari confirmed, in an interview with "Baghdad Today", that these sanctions will not affect the payment of salaries, stressing that the government has ensured the stability of the disbursement process without obstacles.
Stable salaries despite sanctions
Al-Bujari told Baghdad Today, “The Ministry of Finance, according to its statements and our repeated meetings with its officials, confirmed that the salaries of employees of ministries and government institutions are fully secured, and there are no concerns about them being affected by the recent US sanctions,” explaining that “the sanctions target some private banks due to problems related to financial dealings, not the government banks responsible for paying salaries.”
She added that "the process of paying salaries is continuing without any delay or obstacles, as it is being implemented with complete smoothness, and the Ministry of Finance is committed to setting payment dates according to the established timetables," noting that "the government is serious about guaranteeing the rights of employees without any impact from these sanctions."
US Treasury and Sanctions Reasons
For his part, economic expert Ali Al-Jubouri explained, in a previous press statement, that “the sanctions imposed by the US Treasury Department on some private banks came after monitoring suspicious financial operations related to foreign transfers, especially with regard to the file of money laundering and currency smuggling,” noting that “these measures aim to impose strict control over financial transactions within Iraq to ensure that banks comply with international laws.”
Al-Jubouri added, "These sanctions may affect some commercial and investment sectors, but there is no direct impact on the salaries of state employees, as the government banks that manage salaries were not included in the sanctions."
Central Bank of Iraq position
In the same context, a source in the Central Bank of Iraq confirmed, in a statement to an Arab newspaper, that "the Central Bank is working in coordination with the Ministry of Finance to ensure the continued flow of salaries according to the usual timetables," noting that "the measures taken include strengthening control over financial transfers and providing facilities to the government banking sector to ensure that citizens' daily transactions are not affected."
The source pointed out that "the recent sanctions have put some private banks in front of new challenges, but they will not disrupt the Iraqi economy, especially since the Iraqi financial sector relies heavily on government institutions in internal financial operations."
Potential economic impacts
Despite the government's assurances that salaries will not be affected, some analysts believe that the sanctions may lead to other repercussions, such as an increase in the prices of some imported goods as a result of restricting the external financing operations of some private banks, which may affect local inflation.
In this regard, financial expert Ahmed Al-Saadi explained, in a press interview, that “Iraq relies heavily on private banks to finance foreign trade, and any restrictions imposed on them will indirectly affect local markets,” adding that “the government needs to take precautionary measures to ensure that citizens are not affected by these developments.”
Government measures and future preparations
MP Zahra Al-Bajjari confirmed, in her interview with Baghdad Today, that "the government is waiting for the financial tables to be sent from the Prime Minister's Office to Parliament for approval, which will allow for transfers, calculation of allowances and other entitlements for employees," stressing that "the Ministry of Finance has confirmed more than once that salaries are fully secured, and there will be no delay or impact due to sanctions."
Future vision
In light of these developments, the relationship between Iraq and the United States remains an influential factor in financial and economic decisions. Although current sanctions focus on some private banks, they reflect continued international oversight of the Iraqi financial system, which requires the government to work to enhance transparency and compliance with international banking standards to ensure the stability of the local economy.
Financial expert: Bond offering helps support Iraq's cash deficit
Financial expert and former Director General of the Central Bank of Iraq, Mahmoud Dagher, explained on Wednesday that issuing financial bonds helps support the cash deficit and is a debt on the government.
Dagher told Shafaq News Agency, "The process of issuing financial bonds does not require a financial deficit, as bonds are often issued for the purpose of providing financial tools and encouraging the financial market in the country."
He added that "the bonds offered by the Ministry of Finance help support the deficit, which may be temporary and not permanent," indicating that "the amount of bonds that the Ministry of Finance will receive is a debt owed to it and to the government."
On February 5, the Federal Ministry of Finance announced the launch of national bonds (first issue) for public subscription, with a total value of two trillion Iraqi dinars, for the period from February 10 to March 10, 2025.
The Ministry of Finance also offered, in the middle of last year, government bonds under the name “Injaz” for public subscription, in the category of 500 thousand dinars, for a period of two years with an annual interest of 6.5 percent paid every six months, and a bond in the category of one million dinars for a period of four years with an annual interest of 8.5 percent paid every six months.
Policy Mistakes Impose the “Victim and Executioner” Equation: Bank Sanctions and the Impact on Citizens
Professor of International Economics, Nawar Al-Saadi, revealed today, Wednesday (February 19, 2025), the effects of imposing new sanctions on Iraqi banks during the next phase.
Al-Saadi told Baghdad Today that “the direct impact of these sanctions will be on the ability of banks to carry out international financial transfers in dollars, which limits their ability to support import operations and foreign trade. In light of Iraq’s heavy reliance on imports to meet its consumer and industrial needs, restricting access to the dollar will increase pressure on local markets, and may lead to higher prices as a result of the scarcity of hard currency.”
He explained that "this decision will affect investor confidence in the Iraqi banking sector in general. Imposing sanctions on additional banks sends a message to international markets that the Iraqi financial system still faces risks related to compliance with global financial standards, which may prompt foreign companies to reconsider their dealings with Iraqi financial institutions, which may harm foreign direct investment."
“Another potential outcome of these sanctions is the strengthening of the black market for the dollar, as affected traders and banks will try to find unofficial alternatives to obtain hard currency. This will lead to further fluctuations in the exchange rate, and widen the gap between the official and parallel rates, complicating the efforts of the Central Bank of Iraq to achieve monetary stability,” he added.
He stressed that "the solution to this crisis cannot be merely responding to American pressure by imposing more restrictions. Rather, Iraq needs a comprehensive reform of its banking system, including improving mechanisms for compliance with international standards, diversifying transactions in other foreign currencies such as the euro and the Chinese yuan, and reducing excessive reliance on the dollar. Developing the banking sector and restoring confidence in it will be two essential elements to ensure economic stability in the future."
The professor of international economics concluded by saying, "In general, these sanctions are not just a technical decision, but rather reflect broader political and economic dimensions, and will have long-term effects if they are not dealt with intelligently through balanced monetary and economic policies that preserve the stability of the Iraqi economy and reduce the repercussions of these restrictions."
Meanwhile, banking and financial affairs specialist Nasser Al-Tamimi confirmed to Baghdad Today on Monday (February 17, 2025) that there is an American tendency to take strict measures against a number of banks, which could lead to a new rise in the dollar exchange rate and complicate financial transfer operations for the public and private sectors.
He added, "The Central Bank of Iraq and other government agencies must move quickly to prevent the imposition of any new sanctions on any of the Iraqi banks, and give guarantees to the US Treasury that the bank will be a real monitor of the work of those banks and prevent any rejected transfers according to international compliance standards. Otherwise, the internal Iraqi banking situation will be exposed to great instability."
Two informed sources reported last Sunday that the Central Bank of Iraq will prevent local banks from dealing in dollars.
Reuters quoted the two sources as saying: "The Central Bank of Iraq will prevent 5 local banks from dealing in dollars at the request of the US Treasury."
Amid these challenges, the importance of urgent government action emerges to reassure the US Treasury and ensure the banking sector’s commitment to international standards, in order to avoid an economic shock that could have a profound impact on the Iraqi financial landscape.
Restructuring Iraqi banks.. A government plan to protect the financial sector
Saleh explained to {Euphrates News} that “the reform efforts include restructuring private and government banks, noting that the American company Oliver Wyman is currently studying the conditions of private banks, while E&Y is evaluating government banks, to come up with a unified vision aimed at developing the banking sector and ensuring its effective integration into the international financial system.”
Baghdad and Washington: A Complex Equation.. Direct Relations, Disagreements, and No Need for “Mediators”
Former member of the Parliamentary Foreign Relations Committee, Bayawar Karim, confirmed today, Wednesday (February 19, 2025), that Iraq does not need a mediator to improve its relations with the United States, noting that there is direct communication between the two sides on various files, despite the existence of some differences.
Direct communication and relationship development
"The economic sanctions imposed on some parties in Iraq are not at their most severe, and they are met with increasing cooperation between Baghdad and Washington on various issues, most notably security, economy, and energy," Karim told Baghdad Today. "The American presence in Iraq is clear, and there are permanent channels of communication between the two parties, which makes the need for an external mediator unnecessary at this stage," he added.
Karim explained that "there is an American-Iraqi intention to move relations to more advanced levels in the near future, especially through implementing the contents of the strategic framework agreement that was signed between the two countries in 2008," noting that "this agreement provides a comprehensive framework for cooperation in the fields of politics, security, economy, and culture, which reflects the commitment of both parties to strengthening the bilateral partnership."
Iraq's regional role and impact on foreign relations
Karim pointed out that "Iraq has begun to regain its natural role in the region, and has become a major player in diplomatic efforts to resolve regional crises, especially those related to security and geopolitical tensions in the Middle East." He explained that "this role gives Iraq the ability to manage its foreign relations independently, without the need for mediators in its issues with major countries such as the United States."
Iraq and the post-US withdrawal phase
Since the United States announced the end of its combat mission in Iraq in 2021, relations between the two countries have focused on cooperation in the fields of military training, supporting the Iraqi economy, and enhancing partnership in the energy and technology sectors. However, some issues remain pending, such as the future of the US presence in Iraq, policies related to economic sanctions, and the impact of regional relations on coordination between the two parties.
The Future of Iraqi-American Cooperation
Karim expected that the next stage would witness "a more advanced path of cooperation between Iraq and Washington," stressing that "resolving the differences is a matter of time, especially in light of the mutual awareness of the importance of continuing bilateral coordination."
Observers believe that the nature of the relationship between Baghdad and Washington will depend in the near future on Iraq's ability to achieve balance in its foreign policy and invest in its strategic position as a link between regional and international powers.
Official denial and popular fears: The spread of the "counterfeit" Iraqi dinar causes panic among citizens and traders - Urgent
In recent days, Iraqi markets have witnessed a wide wave of warnings about the spread of large quantities of counterfeit (25) thousand Iraqi dinars, said to be coming from Iran. While citizens and traders confirm that they have noticed an influx of these suspicious banknotes, the Central Bank of Iraq has categorically denied these allegations, stressing that counterfeiting the national currency is extremely difficult due to the printing standards followed.
Central Bank: There is no truth to the spread of counterfeit currency
A responsible source in the Central Bank of Iraq, who refused to reveal his name, confirmed in a statement to "Baghdad Today" that "the talk about the widespread circulation of counterfeit Iraqi money of the denomination of (25) thousand dinars coming from Iran is absolutely incorrect," adding that "the international standards that Iraq adopts in printing currency make it extremely difficult to counterfeit it, especially large denominations."
The source stressed that "the Central Bank's oversight teams, in cooperation with the security agencies responsible for combating economic crimes, are constantly working to confront attempts to counterfeit currency, and have been able to thwart many attempts before they spread in the markets," noting that "any counterfeit currency that is circulated is easily exposed to citizens due to the difficulty of imitating the security details present in the national currency."
Traders and citizens' opinion: Concerns remain despite denial
In contrast, a merchant working in the Shorja market in Baghdad said, “There is increasing talk among merchants about the influx of counterfeit (25) thousand dinar notes, as some merchants have noticed slight differences in the texture and colors of the banknote,” noting that “merchants are currently dealing with extreme caution when receiving this denomination.”
For his part, the owner of an exchange office in the Karrada area explained that “fears of the spread of counterfeit currency are not new, but in recent days complaints have increased from some citizens who discovered that they had obtained counterfeit papers when dealing with them in some shops,” stressing that “these cases are still limited, but there is a need for stricter oversight by the Central Bank and the security services.”
Experts warn of economic repercussions
Economic expert Mudhar Al-Sabti said in a press interview that “the spread of counterfeit currency, even if it is on a small scale, could affect citizens’ confidence in the local currency and lead to an increase in demand for the dollar as a safe haven,” adding that “the matter requires greater transparency from the Central Bank, so that periodic data is published that shows the extent of counterfeiting attempts and the extent of the success of official bodies in combating them.”
Government and banking procedures
In this context, a high-level security source confirmed to Baghdad Today that “the agencies responsible for combating economic crimes have tightened their control over the markets, especially exchange offices, to ensure that no counterfeit currency is circulated,” noting that “several people involved in attempts to pass counterfeit banknotes have been arrested during the past period.”
Between official denial and popular fears
While the Central Bank of Iraq insists that there is no widespread circulation of counterfeit dinars, concerns persist in the markets with some traders speaking of limited cases of counterfeiting. As the controversy escalates, there remains a need to strengthen financial oversight and deal transparently with citizens to ensure that the Iraqi public’s confidence in its national currency is not affected.
Upcoming US sanctions threaten 15 Iraqi banks due to currency smuggling!
In a surprising development, press reports confirmed that the US Treasury Department is preparing to impose new sanctions on more than 15 banks in Iraq, including private and government banks, in a move aimed at combating currency smuggling, which has recently become a controversial issue.
These sanctions come at a sensitive time for the Iraqi economy, which is already facing significant challenges in the currency and finance sectors. According to sources, the US government is targeting these banks for their involvement in foreign currency smuggling, which threatens the stability of the Iraqi economy and further depreciates the value of the dinar.
Reasons behind sanctions
US officials believe that many Iraqi banks have indirectly contributed to currency smuggling by transferring money out of Iraq illegally, which has led to a shortage in the country’s foreign currency reserves. On the other hand, these operations contribute to facilitating the financing of illicit activities, which include financing armed groups or smuggling money to other countries.
Despite warnings from Iraqi authorities about the negative effects of these sanctions, the United States appears to be moving forward with this step in response to the escalation of these activities.
Impact of sanctions on Iraqi banks
If the sanctions are confirmed, the Iraqi banks involved could face significant difficulty in dealing with the international financial system. This means that banks could have their accounts frozen or be prevented from conducting international transactions, which would negatively affect the ability of Iraqi companies and individuals to deal with international banks.
These sanctions are likely to be an additional blow to the Iraqi economy, which suffers from a lack of investment and weak trade exchanges. But they may also be an opportunity for the Iraqi financial system to correct and move towards improving financial supervision.
The role of the Iraqi government in dealing with sanctions
The Iraqi government is expected to exert significant pressure to curb currency smuggling, by strengthening oversight of the banking system and taking strict legal action against banks involved. These measures may include restructuring the financial and banking system and imposing new laws that ensure compliance with international standards.
Conclusion
US sanctions on Iraqi banks raise many questions about the future of the Iraqi economy and relations with major powers. While the United States seeks to combat currency smuggling, the challenges facing Iraq may require radical internal solutions to ensure the stability of the financial system and open new horizons for economic growth away from these international pressures.
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The Central Bank reassures citizens via "Baghdad Today": No instructions to prevent the delivery of "dollars"
A responsible source in the Central Bank of Iraq denied, today, Thursday (February 20, 2025), the issuance of instructions to prevent citizens from receiving any amount in hard currency from banks.
The source confirmed, in a statement to "Baghdad Today", that "the talk about issuing instructions from the Central Bank to prevent the delivery of any amount in hard currency is incorrect," noting that "there is no shortage of hard currency, especially the dollar, and that citizens receive their money normally."
The source, who requested anonymity, added that "the process of citizens depositing their money, whether in dollars or local currency, continues on a daily basis in government banks and others, and there are no fears of a shortage in the dollar reserves in Iraqi banks during the next stage."
This denial by the Central Bank comes amidst rumours about restrictions on the delivery of dollars to citizens, in light of the economic challenges facing the country.
The market has been witnessing fluctuations in the exchange rate of the dollar against the dinar for some time, which has raised concerns among citizens and traders about the possibility of imposing restrictions on dollar transactions.
Türkiye: We have not received information from Iraq to resume Kurdistan Region oil flows
The Turkish Energy Minister said that his country has not yet received information from Iraq regarding the resumption of oil flows from the Kurdistan Region of Iraq.
Oil Minister Hayan Abdul Ghani said last Monday that oil exports from the Kurdistan Region of Iraq will resume within the next week.
Turkey halted oil flows in March 2023 after the International Chamber of Commerce ordered Ankara to pay Baghdad $1.5 billion in compensation for unauthorized oil exports to the Kurdistan Regional Government via pipelines between 2014 and 2018.
Abdul Ghani told reporters, "Tomorrow, a delegation from the Ministry of Oil will visit the Kurdistan Region to negotiate the mechanism for receiving and exporting oil from the region. The export process will resume within a week."
Expected visit of the Central Bank Governor to Sulaymaniyah
Today, Wednesday (February 19, 2025), the representative of the Patriotic Union of Kurdistan, Gharib Ahmed, commented on the visit of the Governor of the Central Bank, Ali Al-Alaq, to the city of Sulaymaniyah.
He said in an interview with Baghdad Today, "This visit is an important and excellent step that came based on the desire of the people of Sulaymaniyah and the Kurdistan Region," explaining that "opening branches of Rafidain and Rashid banks is an important step to ensure the disbursement of employees' salaries according to what was stipulated in the Federal Court's decision, and also an important step for other financial transactions that the people of the region want."
Ahmed pointed out that "there is a request to open other branches of Rafidain and Rashid banks in the governorates of the Kurdistan Region, and in independent administrations such as the Raparin Faqi Ranya Administration and the Karmian Administration."
This comes in the context of the Federal Court’s decision to localize the salaries of Kurdistan Region employees at outlets spread across the region or banks open and licensed by the Central Bank of Iraq.
Ahmed added that "this step will contribute to enhancing financial stability in the region and meeting the needs of citizens in the field of financial services. He also stressed the importance of enhancing cooperation between the Central Bank of Iraq and the Kurdistan Regional Government to achieve these goals."
The Governor of the Central Bank, Ali Al-Alaq, is scheduled to visit the city of Sulaymaniyah to open branches of Rafidain and Rashid in the city, in a move aimed at enhancing financial services in the region and meeting the needs of citizens.
Parliamentary silence on delay in sending budget: “The government suffers from a lack of liquidity”
The Parliamentary Finance Committee acknowledged, on Wednesday, that there is a great deal of parliamentary secrecy regarding the reasons for the delay in sending the 2025 budget tables.
Member of the Finance Committee, Sherwan Mirza, said in a statement followed by (Al-Mada) that "the Iraqi government does not suffer from a financial deficit, but rather from a shortage of cash liquidity," noting that "the main reason for this is that a large part of the cash mass is in the hands of citizens."
The committee member acknowledged that "there was a great deal of parliamentary and media secrecy regarding the reasons for the delay in sending the 2025 budget tables."
The Central Bank of Iraq is in a difficult test.. Saving banks from restrictions or facing isolation?
Economic and financial expert Safwan Qusay believes that re-evaluating the relationship between Iraqi banks and the US sanctions regime on banned companies and countries reveals additional risks facing Iraqi banks, noting that “the level of due diligence has risen from moderate to high, which means subjecting Iraqi bank customers to more scrutiny.”
Qusay added in a statement to “Jarida Platform” that “the dealings of Iraqi banks with entities or individuals who may be classified within the circle of risks in dealing with sanctioned countries may lead to restricting their movement in dealing in the Iraqi dinar with those entities,” explaining that “the White House administration directed the US Federal Reserve and the US Treasury to re-evaluate those relations, and impose restrictions on five new Iraqi banks, which will affect confidence in the Iraqi banking system.”
He stressed that “despite these restrictions, there are still ten Iraqi banks operating freely in dealing with Citibank and JP Morgan, and controlling international financial transfers to Iraq,” noting that “there are no risks associated with stopping dealing in dollars.”
He concluded by saying: “We hope that the relationship between the Central Bank of Iraq and the US Federal Reserve will succeed in sparing Iraqi banks further restrictions, and that these banks will rise to work within the international financial risk environment, which will spare them further restrictions on dealing in dollars or other currencies.”
Rafidain Bank enhances the efficiency of its services by expanding the application of the electronic Q System
Rafidain Bank announced the expansion of the application of the electronic Q System to manage and organize customer waiting, to include more than 27 branches in Baghdad and the governorates, with a gradual plan to generalize it to other branches later.
The bank stated in a statement: "This trend reflects the bank's commitment to adopting the latest banking technologies to ensure the provision of more efficient and faster services, as the system provides an advanced mechanism to organize the movement of customers within the branches, reduce waiting periods, and determine the order of customers according to service priority, with an accurate time estimate for completing transactions.
He added: "This development comes within the bank's vision to enhance digital transformation and raise the level of customer satisfaction, by providing innovative solutions that contribute to improving the efficiency of banking operations and providing a smoother and more accurate experience.
The instructions of the Trade Bank of Iraq to limit currency manipulation
link
Agency publishesSumerianNews, Thursday, Bank InstructionsIraqiTo trade to reduce manipulation and currency smuggling.
Below is the text of the instructions:
Administrative Instructions No. (587)
Due diligence procedures for companies (gold, cars, phones, clothes, fabrics, shoes and bags)
Based on the requirements of the work, it was decided to take due diligence measures for the companies specified below:-
First: Due diligence procedures for gold companies in addition to our administrative instructions No. (574) in
2025/1/22
Transfers shall not be made to companies in which the managing director or one of the shareholders is one of the owners or managing director of the beneficiary company in the other country.
Transfers are not made to companies within the free trade zones (FZE).
After calculating the monthly transaction volume and as in Instructions (563) on 1/7/2025, no more than half of the monthly transaction volume shall be transferred “through the foreign currency sale and exchange window or the external transfer platform” (transaction volume
Division (2) provided that it is not less than (500,000,000) Iraqi dirhams (five hundred million Iraqi dinars).
The customer transaction volume is updated annually, not quarterly or semi-annually.
Creations for all amounts are 25% via POS device and 75% cash creativity.
Obtaining a copy of the register of goldsmiths and gold traders that is delivered by the Ministry of Planning and the Central Agency for Standardization and Quality Control to the company and matching the data of this register with the invoice forms and sales and purchase receipts from the gold company.
Amendment (a) and (b) of Paragraph No. (12) of our Administrative Instructions No. (574) of 1/22/2025 so that the time period for submitting the pledge will be (15) days.
Second: Due diligence procedures for car companies
The transfer shall not be made to companies whose managing director or one of the shareholders is one of the owners or managing director of the beneficiary company in the other country.
. Certificate of origin.
. Submitting annual tax accounting.
An undertaking is submitted to provide the bank with the shipping documents and the entry of the goods within (3 months) from the date of executing the transfer (a longer grace period is extended or specified if the request from the manufacturing country requires that period)
Submit a preliminary or final commercial invoice and a detailed packing list of the cars. The invoice must have an expiration date not exceeding six months from the date of creating the request.
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Optimism about opening branches of Rafidain and Rashid Banks in the region: Stimulates the economy and attracts investors - Urgent
Economic expert Kalala Siddiq commented on Thursday (February 20, 2025) on the importance of opening branches of Rafidain and Rashid banks in Sulaymaniyah and the Kurdistan Region in general, and their economic benefits.
In an interview with Baghdad Today, Sadiq said, "This step will contribute to revitalizing the local economy, and opening branches of these government banks is an important step to revitalize the local economy in Sulaymaniyah. These branches will also provide various financial services to residents and companies, which will contribute to stimulating investments and developing businesses."
She added, "The opening of banks will contribute to facilitating financial transactions, and citizens and companies will be able to conduct their financial transactions more easily and conveniently, without the need to travel to other areas. This includes withdrawing salaries, making money transfers, paying bills, and obtaining loans."
She pointed out that it "will contribute to increasing competition, and will lead to the entry of new banks into the market to increase competition between financial institutions, which may improve the quality of services provided and reduce costs."
It will also provide job opportunities, and the opening of these branches will contribute to providing new job opportunities in Sulaymaniyah, which will help reduce unemployment and improve the standard of living.
She added, "Opening banks contributes to attracting investments, and the presence of branches of government banks can contribute to enhancing confidence in the local economy, which may attract more investments to the region."
Earlier on Wednesday, the representative of the Patriotic Union of Kurdistan, Gharib Ahmed, commented on the visit of the Governor of the Central Bank, Ali Al-Alaq, to the city of Sulaymaniyah.
He said in an interview with Baghdad Today, "This visit is an important and excellent step that came based on the desire of the people of Sulaymaniyah and the Kurdistan Region," explaining in his answer to a question about opening branches of Rafidain and Rashid banks, he replied that "if it happens, it is considered an important step to ensure the disbursement of employees' salaries according to what was stipulated in the Federal Court's decision, and also an important step for other financial transactions that the people of the region want."
Ahmed pointed out that "there is a request to open other branches of Rafidain and Rashid banks in the governorates of the Kurdistan Region, and in independent administrations such as the Raparin Faqi Ranya Administration and the Karmian Administration."
This comes in the context of the Federal Court’s decision to localize the salaries of Kurdistan Region employees at outlets spread across the region or banks open and licensed by the Central Bank of Iraq.
Ahmed added that "this step will contribute to enhancing financial stability in the region and meeting the needs of citizens in the field of financial services. He also stressed the importance of enhancing cooperation between the Central Bank of Iraq and the Kurdistan Regional Government to achieve these goals."
The Governor of the Central Bank, Ali Al-Alaq, is scheduled to visit the city of Sulaymaniyah to open branches of Rafidain and Rashid in the city, in a move aimed at enhancing financial services in the region and meeting the needs of citizens.
Tehran warns Baghdad and Erbil of imminent air strikes.. What's the story?
President of the Republic to Iranian delegation: Iraq's foreign policy is based on balance and rejection of escalation
The media office of the President of the Republic stated in a statement received by {Euphrates News}, that "the latter received at the Peace Palace in Baghdad, a delegation from the Iranian Governance and Policy Research Center headed by Ruhollah Deghani Firouzabad."
The President stressed in the meeting that "the stability of the region will only be achieved through dialogue and understanding, and that escalation and foreign interventions will not lead to achieving the desired security."
The President pointed out that "Iraq's foreign policy is based on balance and mutual respect, and rejects any policies based on polarization or escalation," adding that "Iraq's position in support of the Palestinian people in obtaining their full legitimate rights and establishing their independent state on their national soil does not change."
He also stressed the "importance of Syria's stability" for Iraq.
The meeting discussed the importance of enhancing scientific and technical cooperation between Iraq and Iran, which would contribute to supporting sustainable development and benefiting from mutual experiences. The President stressed the importance of bilateral relations between the two countries and expanding the horizons of cooperation to serve the common interests of the Iraqi and Iranian peoples.
For his part, Deghani Firouzabad stressed the depth of relations between the two countries, expressing their aspiration to "expand the horizons of partnership in various scientific and technological fields", and enhance cooperation in research and innovation to serve common interests.
The first of its kind in the region and Iraq as a whole.. Inauguration of an international financial and commercial center in Sulaymaniyah
On Thursday, an international financial and commercial center was inaugurated in the city of Sulaymaniyah. It is the first of its kind in the Kurdistan Region and the rest of Iraq in terms of specialization. Employees considered this a step to localize their salaries and end the crisis that has been ongoing for years .
Sulaymaniyah Governor, Haval Abu Bakr, said in a press conference attended by Shafak News Agency, during the opening ceremony of the center, "This center will provide a suitable environment for banks, financial markets and investment companies to work according to the legal frameworks approved in Iraq and the region ."
He added, "All banks, stock markets, financial and commercial institutions can establish branches within this center, according to the controls issued by the specialized authorities in the federal government and the region," indicating that "this step constitutes a qualitative transformation in the financial and commercial sector of Sulaymaniyah, which enhances its position as an economic hub at the level of Iraq ."
In another context, a group of protesting teachers, who had previously demanded that their salaries be transferred directly from Baghdad, welcomed the decision to open two branches of the Central Bank in the region, and considered this step a prelude to implementing the Federal Court’s decision issued on February 21, 2024, which stipulates the “localization” of the salaries of the region’s employees through the federal government .
However, this issue is still controversial among political circles, as some believe that transferring salaries to Baghdad aims to undermine the regional government and influence its authority, while others consider it a necessary solution to end the crisis of delayed salaries that has been ongoing for more than ten years .
In this context, the governor of Sulaymaniyah explained that "the mechanism for distributing salaries has not yet been decided," noting that "discussions are still ongoing about whether salaries will be distributed through the regional government as in previous years, or whether they will be transferred directly from Baghdad ."
While the opening of the financial and commercial center in Sulaymaniyah is an important step to boost economic activity, resolving the issue of salaries will remain an influential factor in financial and living stability in the region .
For more than a decade, Kurdistan cities have been suffering from a crisis of delayed salaries due to financial disputes between Baghdad and Erbil, which has prompted some groups, such as teachers and employees, to demand that their salaries be paid directly from the federal government .
On February 21, 2024, the Iraqi Federal Court issued a decision to localize the salaries of the region’s employees, but it has not been implemented yet due to administrative and political complications. The opening of the financial and commercial center in Sulaymaniyah constitutes a turning point in the economic scene, amidst the ongoing controversy over the future of financial management in the region .
Al-Sudani: There is a discourse directed against the situation in Iraq and the community must clarify the picture
During a meeting with Christians from Michigan
Prime Minister Mohammed Shia al-Sudani said today, Thursday, during his meeting with a number of Iraqi Christians residing in the US state of Michigan, that there is a discourse directed against the situation in Iraq, stressing that the Iraqi community has a responsibility to clarify images of peaceful coexistence in Iraq.
Prime Minister Mohammed Shia Al-Sudani received today, Thursday, a group of members of the Iraqi community in the US state of Michigan, from the Iraqi Christian spectrum.
His Excellency welcomed the attendees, referring to the Christian sons of Iraq and their high patriotism and adherence to their country. He stressed that the government looks at all components with justice and without discrimination, and is working to address the negative effects resulting from terrorism that targeted all Iraqis, with the aim of dismantling societal peace and creating division among members of society.
His Excellency also pointed out that the ISIS terrorism page united all Iraqis who lined up to stand against it and thwarted the terrorist plans. He reiterated that the government's mission is focused on providing reasons for the return of Iraqis from abroad, especially the Christian component. Efforts are also continuing to enhance consensus among all components in the areas that need to be reconstructed and that were destroyed by terrorism, indicating that the government has taken several measures and decisions that serve and address the situation of Christians in their areas.
The following are the highlights of the Prime Minister’s speech:
The war on terrorism has disrupted development and delayed reconstruction efforts, and this has been a challenge faced by the government.
Our government assumed its responsibility under exceptional circumstances, and we focused on erasing the effects of the delay in providing services throughout Iraq.
We decided to establish a fund to rebuild Sinjar and the Nineveh Plain, and efforts are continuing to stabilize the population and provide services to them.
We put forward several projects in the Nineveh Plain Reconstruction Fund to serve those areas, and “Telkeef” and “Al-Hamdaniya” were outside the scope of the Fund’s work, so we presented a package of service projects to serve them.
We have submitted a draft law on international crimes, laws to protect diversity, and a strategy to criminalize and combat hate speech and racism, which gives reassurance to all Iraqi components.
We want to preserve the cultural and religious diversity that is a source of social wealth for Iraq.
We call on Iraqi Christian businessmen to participate in the development movement throughout Iraq.
Baghdad and all of Iraq are witnessing unprecedented development and commercial activity, and we invite businessmen to invest in the fields of hotels, restaurants and shopping centers.
There is a discourse directed against the situation in Iraq, to distort the image of the state and the government, in an attempt to hinder state building and destabilize.
The Iraqi community has the important responsibility of clarifying the images of peaceful coexistence in Iraq between all components, and the historical depth of this coexistence.
why is this in Iraq's news? perhaps as citizen education?
King Salman approves Saudi Riyal currency symbol
According to the Saudi Press Agency (SPA), the Governor of the Saudi Central Bank (SAMA), Ayman bin Mohammed Al-Sayyari, expressed his thanks and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and to the Crown Prince Mohammed bin Salman, Prime Minister, on the occasion of the launch of the Saudi riyal currency symbol.
Al-Siyari explained that the decision contributes to strengthening the Kingdom’s financial identity at the local, regional and international levels, noting that the application of the currency symbol will begin gradually, as it will be included in financial and commercial transactions and various applications in coordination with the relevant authorities.
Al-Siyari pointed out that this initiative aims to encourage pride in national identity and cultural affiliation, as well as highlight the status of the Saudi riyal and enhance confidence in it, as well as highlight the Kingdom’s prominent role among major global economies and G20 countries.
According to the agency, the national currency symbol, which was designed according to the highest technical standards, reflects the Kingdom’s culture and rich heritage. The symbol bears the name of the national currency “SAR” with a design inspired by Arabic calligraphy, and enhances the representation of the Saudi riyal in the local, regional and international context, making it suitable for use in all financial and commercial transactions.
Iranian President: We want to negotiate with America and regional countries and will not fear Israel
Iranian President Masoud Pezeshkian said on Thursday evening (February 20, 2025) that his country had announced from the beginning that it wanted to negotiate with the administration of US President Donald Trump, noting at the same time that "the countries of the region fear Israel, but we have not and will not fear it."
"Trump says something, and some inside Iran are adapting themselves to what Trump wants. What does Trump want to do? We are the ones who decide how we should make our future," Pezeshkian said in press statements during his visit to areas west of Tehran.
He added, "Many people fear Israel because America supports it. We have not and will not fear America and the Zionist entity, and we said from the beginning that we want to negotiate, but not at any price."
"We cannot accept sanctions and then they talk about negotiations again, and they cannot put their hands on our necks and we give them all the privileges they want and then call it negotiations," the Iranian president explained.
He continued, "Anyone with humanity and conscience cannot accept what the Zionist entity did to the people of Gaza. If you are a man, fight like a man. What do women and children have to do with that?"
This escalation in Tehran's position comes amid continuing regional tensions and economic challenges facing Iran due to Western sanctions.
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