Central Bank: 20 Iraqi banks practice direct transfer operations in 8 foreign currencies
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that there are 20 Iraqi banks practicing direct transfer operations in 8 foreign currencies.
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Al-Alaq said, according to the official agency, that "the recent quarterly meetings with the US Federal Reserve and the Treasury Department, which were held in Dubai, were very positive, as the steps taken by the Central Bank to improve the foreign transfer system and convert operations to international practices in a safe, transparent and highly organized manner were praised."
Al-Alaq pointed out that "this transformation is the first of its kind in Iraq, which witnessed transitional stages from (the window) to (the platform) and then to correspondent banks."
He continued, "Today, there are 20 Iraqi banks practicing direct transfer operations with international correspondents in eight foreign currencies, within the new system."
Al-Alaq explained that "the other banks that are still outside this framework are now working to qualify them according to specific standards, in cooperation with an international consulting company, to apply the necessary standards that qualify them to join foreign transfer operations."
He stressed that "there are no new sanctions or changes, but on the contrary, there is praise and appreciation from international bodies, especially with regard to the mechanism of selling cash dollars.
" Al-Alaq stressed the "need to focus on these successes to show a positive image of the transformations in the Iraqi banking sector, which will be positively reflected in the dealings of international financial institutions with Iraqi banks."
Al-Alaq: 20 Iraqi banks practice direct transfer operations
The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that there are 20 Iraqi banks that practice direct transfer operations in 8 foreign currencies.
Al-Alaq said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the recent quarterly meetings with the US Federal Reserve and the Treasury Department held in Dubai were very positive, as the steps taken by the Central Bank to improve the foreign transfer system and convert operations to international practices in a safe, transparent and highly organized manner were praised.
" Al-Alaq pointed out that "this transformation is the first of its kind in Iraq, which witnessed transitional stages from (the window) to (the platform) and then to correspondent banks."
He continued, "Today, there are 20 Iraqi banks practicing direct transfer operations with international correspondents in eight foreign currencies, within the new system."
Al-Alaq explained that "other banks that are still outside this framework are now working to qualify them according to specific standards, in cooperation with an international consulting company, to apply the necessary standards that qualify them to join foreign transfer operations."
He stressed that "there are no new sanctions or changes, but on the contrary, there is praise and appreciation from international bodies, especially with regard to the mechanism for selling cash dollars."
Al-Alaq stressed the "necessity of focusing on these successes to show a positive image of the transformations in the Iraqi banking sector, which will be positively reflected in the dealings of international financial institutions with Iraqi banks."
An Unknown Future and Terrifying Figures: The Iraqi Economy Between the Jaws of Quotas and Mismanagement
The Iraqi economy faces multiple challenges that threaten its stability and sustainable growth, most notably the dominance of political quotas and mismanagement, which has exacerbated the country’s financial and economic crises. In this regard, economic expert Saleh Rashid confirmed that Iraq suffers from a lack of coordination between its financial institutions, which has caused a liquidity crisis that may worsen with the continuation of international variables affecting oil prices.
The impact of political quotas on the Iraqi economy
Political quotas have led to the distribution of government positions based on party and sectarian affiliations, which has resulted in the exclusion of qualified people and the appointment of unqualified people to economic decision-making positions. This approach has weakened economic institutions and led to the adoption of ineffective policies, which has negatively affected economic development.
Rashid confirmed in his interview with Baghdad Today that "the political situation affected the economy through several dimensions, most notably the production of the principle of quotas and the exclusion of competencies, in addition to dispensing with many of these competencies, which affected the mechanisms and plans of the economy and money." Reports also indicated that quotas and failed policies were among the main reasons for the deterioration of the national economy, as they disrupted productive sectors and weakened national industry, which led to high unemployment rates and worsening poverty.
If the percentage of jobs in the security ministries is 54% of the total government jobs, this means that only 46% of the jobs are distributed among the remaining sectors. Assuming that the total number of government employees is 3 million employees, the number of employees in the security ministries is 1.62 million employees, while 1.38 million employees are distributed among the remaining sectors. This unbalanced distribution may lead to a shortage of competencies and human resources in vital sectors such as health and education.
Mismanagement and its repercussions on the economy
In addition to the quota system, Iraq suffers from mismanagement in financial institutions, which has led to a lack of coordination between fiscal and monetary policies. This lack of harmony has weakened the country’s financial position and led to a liquidity crisis. “There is mismanagement in both the Central Bank and the Ministry of Finance, which has caused a lack of harmony between fiscal and monetary policy, making Iraq’s financial position weak, as evidenced by the fact that it is currently suffering from a lack of liquidity,” Rashid says.
He added: "It would have been better if there was systematic coordination between expenditures and revenues to avoid this problem," stressing that "mismanagement is one of the influential factors that has direct repercussions on the economic decision-making file in Iraq."
If the total budget for 2024 is 211 trillion Iraqi dinars ($161 billion) with an expected deficit of 64 trillion dinars, the deficit-to-total budget ratio is about 30.3%. With oil prices expected to fall below $70 per barrel in 2025, this could widen the fiscal deficit if austerity measures are not taken or non-oil revenues are not boosted.
The impact of oil price fluctuations on the Iraqi economy
The Iraqi economy is heavily dependent on oil revenues, which account for about 90% of state revenues. This over-reliance makes the economy vulnerable to fluctuations in global oil prices. Recently, oil prices have seen a significant decline, falling to $70 per barrel.
Rashid explained that "the international factor, its variables, and its direct impact on oil prices led to their decline to $70, and thus this will have direct repercussions on the financial situation in Iraq through increased domestic borrowing."
According to a report published by Reuters, Iraq faces financial pressures in 2025 due to the decline in oil prices, which requires the adoption of stricter financial policies to maintain economic stability.
If the budgeted oil price is $70 per barrel and Iraq exports 3.5 million barrels per day, the projected daily revenues would be $245 million. Over the course of a full year, the revenues would be about $89.4 billion. If the oil price drops by an additional $10 to $60 per barrel, annual revenues would fall to $76.65 billion, meaning an annual loss of $12.75 billion. This drop would widen the fiscal deficit and put additional pressure on the Iraqi economy.
Recommendations and proposed reforms
To meet these challenges, Iraq must adopt a set of economic and political reforms, according to economists, including:
Promoting good governance: by combating corruption and applying transparency standards in all government sectors.
Diversifying the economy: by developing non-oil sectors such as agriculture, industry and tourism to reduce dependence on oil as the main source of revenue.
Reforming the political system: by ending the quota system and appointing qualified competencies to leadership positions to ensure effective economic decisions.
Improving financial resource management: through effective coordination between fiscal and monetary policies to ensure macroeconomic stability and avoid future financial crises.
Risks and repercussions
Iraq faces significant economic challenges that require radical reforms to address the effects of quotas, mismanagement, and oil price fluctuations. As quotas and poor planning persist, Iraq remains at serious economic risk that could have severe repercussions on markets and the country’s financial stability. As Rashid emphasized, “The Iraqi economy needs a careful reading of the future to avoid potentially severe repercussions in the future.” By implementing the necessary reforms, Iraq can achieve economic stability and ensure a prosperous future for its people.
The Central Bank announces an increase in the ratio of cash credit to total deposits for banks operating in Iraq
The Central Bank of Iraq announced today, Tuesday, an increase in the ratio of total cash credit to total deposits for banks operating in Iraq.
A statement by the Central Bank stated that "the credit to deposit ratio is one of the most important indicators used to measure liquidity in banks, as this ratio compares the volume of credit granted by banks compared to their total deposits, as this ratio recorded an increase in the fourth quarter of 2024, reaching (59.3%) after it was (51.9%) in the fourth quarter of 2023."
He added that "the increase in this ratio indicates that banks are effectively exploiting their customers' deposits to achieve profits by granting credit. Part of the increase may be due to the increase in bank credit provided to the government and the central bank."
Central Bank organizes a workshop on its renewable energy initiative
The Central Bank of Iraq organized a workshop on its initiative to purchase renewable energy systems.
The workshop was attended by the Director General of the Accounting Department at the Central Bank, the Electricity and Energy Committee in the Iraqi Council of Representatives, the Iraqi Private Banks Association, a group of banks participating in the Central Bank’s initiative to purchase renewable energy systems, and companies licensed by the Ministry of Electricity to sell renewable energy systems.
A statement by the bank received by "Al-Eqtisad News" stated that the workshop discussed the mechanisms through which loans are granted, and the most prominent obstacles facing the implementation of the initiative. The Central Bank stressed the need to facilitate the procedures for granting initiative loans to include a larger number of beneficiaries. It is noteworthy that the Central Bank has launched several initiatives that support government trends to reduce carbon emissions, such as the Renewable Energy Initiative (2021) and its recent inclusion of local brick factories in soft loans with the aim of converting them from using black oil to liquefied gas.
Expert: Stopping the currency auction at the Central Bank of Iraq is behind the return of the dollar’s rise
Economic expert Mohammed Al-Hasani suggested on Tuesday that the Central Bank of Iraq’s suspension of holding a hard currency auction is behind the return of the dollar’s price hike in local markets.
Al-Hasani told Shafaq News Agency, "The bank did not publish the currency auction on its website during the past two days, which led to an increase in demand for the dollar in local markets."
He added that "the increase in demand with the decrease in supply led in turn to the return of the dollar's rise," adding at the same time that "this is not without speculation by currency traders."
The dollar price rose again against the dinar in local markets to reach more than 149 thousand dinars for every 100 dollars, after it had fallen during the past few days to 146 thousand dinars for every 100 dollars.
The Central Bank of Iraq stopped publishing the foreign currency auction procedure for two consecutive days on its website.
Meeting between Baghdad, Erbil, oil producers canceled: Source
this was just posted 48 minutes ago so let's see if anything changes in the next 2 hours
A meeting scheduled for Tuesday between the Iraqi oil ministry, the Kurdistan Region’s natural resources ministry, and oil producers in the Region has been canceled, an oil ministry source told Rudaw.
“No meeting on the resumption of Kurdistan Region’s oil exports and deals with [oil] companies will be held today,” the source told Rudaw on the condition of anonymity.
However, the source added that a meeting between the three parties took place on Monday, with its outcomes to be submitted to Iraqi Prime Minister Mohammed Shia’ al-Sudani.
Iraq’s oil ministry had previously invited foreign oil companies and the Kurdistan Regional Government (KRG) to meet on Tuesday with the goal of resolving disputes and restarting Kurdish oil exports.
The oil companies have said they will not resume exports unless key conditions, including new agreements and payment guarantees, are met in writing.
Rudaw English reached out to the Association of the Petroleum Industry of Kurdistan (APIKUR), which represents eight international oil firms, but has yet to receive a response.
The companies also want assurances that payments under Iraq’s budget amendment - requiring Baghdad to pay $16 per barrel to the KRG - will be reliably distributed to the producers.
Sabah Subhi, a member of the Iraqi parliament’s oil and gas committee, told state media on Tuesday that the oil ministry has “sent a specialized committee to Zakho” to inspect the pipelines from the Kurdistan Region to Turkish territory.
Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline were halted in March 2023 after a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had violated a 1973 pipeline agreement by allowing Erbil to begin independent oil exports in 2014.
In February, Sudani stated that Baghdad aimed to “open a new page” with international oil companies in the Kurdistan Region after the Iraqi parliament approved a budget law amendment that raised the compensation paid for oil companies operating in the Kurdistan Region.
So it seems the meeting has been canceled
An expected meeting to resolve the issue of forming the regional government
The leader of the Patriotic Union of Kurdistan, Ghiath Al-Surji, confirmed on Tuesday that an important meeting will be held in the coming few days to resolve the issue of forming the regional government.
Al-Surji said in a statement to Al-Maalouma Agency, “The subcommittees tasked with preparing the files related to the formation of the regional government, including the committee for preparing the government program, have completed their work and reached results agreed upon by the two parties by 90%, and only some differences remain.”
He added, "The issues that have not been resolved are simple and do not involve any complications. It is merely a matter of taking the opinion of the senior political leaderships of the two parties, the Yekiti and the Barty."
He pointed out that "the rating of the results of the subcommittees and the resolution of the remaining differences will be discussed in a very close meeting that includes the heads of the two parties and a number of senior leaders of both the Barty and the Yekiti," expecting that "the meeting will lead to the path of forming the new regional government."
It is noteworthy that the political bureaus of the two parties, the Yekiti and the Barty, formed several technical committees to organize the government program and establish a mechanism for distributing executive positions for the next regional government.
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Al-Kadhimi's return... a new project or a truce with the Americans?
The return of former Prime Minister Mustafa Al-Kadhimi to Baghdad was a “political surprise,” especially since his opponents within the Coordination Framework expressed great enthusiasm for his return to the forefront, which observers attributed to the relationship that Al-Kadhimi has with the American Republican Party, which is exerting pressure on the Iraqi government and its parties, while others revealed the existence of a political project for Al-Kadhimi in preparation for participating in the upcoming elections.
Al-Kadhimi returned to the capital, Baghdad, after an absence of more than two and a half years, in a major political surprise, which raised many questions about the motives for his return, especially with the approach of the parliamentary elections scheduled for the end of this year.
Political analyst Falah Al-Mashaal says, “The atmosphere of relief with which members of the Coordination Framework and others welcomed Al-Kadhimi’s return confirms that the man came with support from Arab and non-Arab countries that are active and influential in the Iraqi political arena, and there is information about a political project that Al-Kadhimi is adopting and will enter the upcoming elections with.”
Al-Mashaal added, “His return confirms the soundness of his position first, and the change in the hostile positions of some Shiite parties, especially the armed factions, which spared no effort in insulting him and accusing him of various accusations.”
A private plane landed at Baghdad International Airport at the end of last week, carrying Al-Kadhimi, to reach his home in the Green Zone in central Baghdad. His return coincided with intense activity on the political scene, as his agenda began to be crowded with meetings with prominent political figures.
In an interview with a TV station close to the Popular Mobilization Forces, Kadhimi said he wanted to “serve our people,” a clear reference to an anticipated political activity that may be linked to the upcoming parliamentary elections. This statement, along with his meetings with political officials, opens the door to speculation about a new political project that Kadhimi may seek to lead in the coming period.
For his part, political researcher Mujasha’ Al-Tamimi finds that “Al-Kadhimi’s return cannot be interpreted as natural without internal and external reasons behind it. It is noticeable that most of the leaders of the Coordination Framework are very enthusiastic about his return to Baghdad, because it is related to the recent regional changes that occurred in the region after the fall of Bashar al-Assad’s regime.”
According to “accurate information,” Al-Tamimi confirms that “Al-Kazemi was in contact with most of the major Shiite political forces, and perhaps one of the most important reasons for the enthusiasm for his return is that Al-Kazemi has strong contact and relations with the American Republican Party, and with the Arab system, especially the Gulf states and Egypt, which is what the framework forces want, in addition to the Iranian relationship and desire for that.”
He points out that “when Al-Kadhimi was heading the government, he obtained a Western-Arab-Iranian consensus, as during the first term of US President Trump, he always obtained exceptions to transfer the Iranian diwan due to Iraq, which is what the regime in Iran wants at this time, so the Iranians wanted him to remain for a second term to serve the Iranian interest, had it not been for the opposition of the Iraqi armed factions and the latter’s closeness to Mr. Muqtada al-Sadr.”
Regarding whether there is any communication between Al-Kadhimi and Al-Sadr, the researcher close to the Sadrist movement indicates that “direct communication between Al-Kadhimi and Al-Sadr is not confirmed, but communication with leaders close to Al-Sadr is ongoing and has not been interrupted, and the information I have is that Al-Kadhimi will participate in the upcoming elections, but with conditions, which are the same conditions that Al-Sadr wants.”
Al-Tamimi concludes, “Al-Kazemi’s return came for reasons imposed by international reality on the Shiite forces that are going through difficult circumstances, especially with the direct threats from the US administration and the Israeli government.”
Many politicians welcomed Al-Kadhimi's return, and the recent comments of the head of the State of Law Coalition, Nouri al-Maliki, carried more than one indication regarding Al-Kadhimi's return to Baghdad, especially with regard to the possibility of his nomination for a second term as prime minister.
A researcher close to Al-Kadhimi, Amir Al-Dumaimi, confirmed that former Prime Minister Mustafa Al-Kadhimi is returning to Baghdad with a political project in preparation for the upcoming elections, noting that “Al-Kadhimi’s absence from the scene during the past period was a warrior’s rest to stay away from any conflicts or attempts to fish in troubled waters.”
For his part, the head of the Center for Political Thought, Ihsan Al-Shammari, describes Al-Kadhimi’s return as a “political surprise, which comes within the framework of the desire of the pro-Iranian parties to find a calm with the new American administration, and it is a surprise because Al-Kadhimi has previously been subjected to accusations and media campaigns by these parties, to the point of threatening to kill him if he returns to Iraq or pursue him in the courts.”
Al-Shammari believes that “this return, in terms of timing, may be linked to two paths. The first is the inability of Al-Sudani’s government to convince the Trump administration that the latter does not belong to the Coordination Framework, especially since the American administration views the government and its prime minister, which was formed by the Shiite group, as a resistance government, which may put Iraq completely in confrontation with the Trump administration.”
While he confirms that there is “the possibility of the government being subject to sanctions as a result of the presence of figures within it who were previously included or their parties on the US terrorism lists,” he points out that “Al-Kazemi’s presence is part of an attempt to export him again so that he can play a calming role between Trump on the one hand, and the Shiite group in Iraq or even Iran on the other hand,” noting that “Al-Kazemi previously came to the prime minister’s office after the overthrow of the pro-Tehran government of Adel Abdul Mahdi, and therefore his selection at that time was part of the calming,” he said.
As for the second path, the professor of public policy at the University of Baghdad says that “Al-Kadhimi may adopt a political project, which is his constitutional right, if he forms the party, although he has not officially announced his entry into the elections, or he may move towards supporting what is known in Iraq as shadow parties.”
Al-Shammari believes that “Al-Kadhimi will not create a state of division within the Shiite framework. If he wants to enter the political scene, he will continue to be viewed as a political threat, especially if his potential political project attracts some civil or liberal forces. In addition, Al-Kadhimi needs to restore his relationship with the Iraqi elites and the October revolutionaries before starting any political project.”
During his term, Al-Kadhimi faced major challenges, including an assassination attempt in 2020 via an attack by three booby-trapped drones on his home, in addition to accusations of complicity in the assassination of Iranian Quds Force commander Qassem Soleimani and Popular Mobilization Forces leader Abu Mahdi al-Muhandis.
Despite these challenges, Al-Kadhimi did not stop continuing his political activities, as there were indications that he still enjoyed the support of some civil and liberal forces in Iraq.
Al-Zarfi: American advice arrived after "major problems" over SOMO... and the Iraqi file is on Trump's agenda
The Secretary-General of the Loyalty Party, Adnan Al-Zarfi, said that the next stage will not be limited to the Coordination Framework, hinting at "major American problems" with the SOMO Company, while stating that the Ministries of Interior and Defense do not go out every day and remind the Iraqis to "protect honor."
Al-Zarfi said in a television interview followed by "Al-Jabal", that " early elections would have addressed many of the current problems," especially since " the government program pledged to hold them."
Al-Zarfi claimed that "the next stage will not be limited to the framework," indicating that " we are engaging in dialogues to create a political alliance for emerging forces to confront the next stage."
He pointed out that "the framework will not remain the protector of the Shiites, and if it thinks so, it is delusional."
Al-Zarfi spoke about "major problems facing SOMO in exporting and smuggling oil," indicating that " the American advice to Iraq is to lift interference from SOMO, the Central Bank, and combating terrorism."
Al-Zarfi said, "The dollar will stop if some parties violate the conditions," indicating that " after April, Trump's policy towards Iraq will become clear."
Al-Zarfi pointed out that " Trump lifted his hand from Iraq and issued an order to carry out strikes anywhere without referring to him."
He stressed that "Iran's exploitation of Iraq's financial system and factions linked to the Revolutionary Guards is on Trump's agenda."
He said, "The Kurdistan Workers' Party has offices in Baghdad, although Iraq has interests with Turkey," indicating that " the PKK, Komala, Hamas, the Houthis, and the Fatemiyoun are all in Iraq."
Therefore, according to Al-Zarfi, “ the accumulation of political problems will lead to the need for eradication,” noting that “ no urgent decisions have been taken in Iraq, and no one dares to do so.”
He also stressed that "terminating the United Nations mission in Iraq is a narrow view," considering that " the United Nations mission is a free, supportive embassy, and I support its continued presence in Iraq."
Al-Zarfi continued, "The speech of the Popular Mobilization Forces leaders is trying to reduce the state to the Popular Mobilization Forces institution," considering that "whoever describes the Popular Mobilization Forces as protecting the regime is narrow-minded."
Al-Zarfi went on to say, " The Interior and Defense ministries do not go out daily to remind Iraqis to protect their honor," indicating that " the Interior and Defense ministries are wronged compared to the Popular Mobilization Forces."
He pointed out that "5.3 trillion dinars are spent on the Popular Mobilization Forces despite it being an unknown entity," indicating that " the Popular Mobilization Forces are considered an institution that threatens regional security," and therefore " the salaries of the Popular Mobilization Forces will be under American supervision," and that " the electronic payment companies that pay the salaries of the Popular Mobilization Forces will be subject to accountability."
He explained that " 30% of the faction groups are organized within the Popular Mobilization Forces and 70% carry out unknown activities," adding that " Iraq has the right to form an institution like the Popular Mobilization Forces, but its movements should not threaten regional security," and therefore " the new sanctions against the factions will be implemented and will not be like the previous ones," and " the properties of the factions will be confiscated and given to the families of the American victims."
Al-Zarfi considered that "the Americans' presence in Iraq prevents the re-emergence of terrorism."
Al-Zarfi considered that " Iraq does not have a clear will to integrate with Arab development," and that " the Arab region has not separated or shirked its support for Iraq."
He believed that "Iraq will be a country without major gains in the new Middle East," citing that " the dissolution of the PKK is one of the developments in the new Middle East by ending the armed groups."
He explained that "the new Middle East is based on the region's reliance on two poles."
He said, " Embassies inside Iraq write reports that are not encouraging for their countries," as " many countries do not deal with Iraq in the same way and consider its citizens a threat to their security."
Oil and Energy Parliamentary: We hope to resume Kurdistan oil exports in the coming days
The Parliamentary Oil and Energy Committee expressed its hope today, Tuesday, to resume the export of Iraqi oil through the Turkish Ceyhan pipeline in the coming days.
Committee member Sabah Sobhi said in a press statement followed by Al-Mirbad that the Ministry of Oil sent its specialized committee to Zakho to verify all the pipelines extending from the Khor Mor field inside the Kurdistan Region to Turkish territory.
He added that all procedures for resuming oil exports through the Ceyhan pipeline have been completed, but Iraq is awaiting an answer from Turkey regarding the suitability of those pipelines to resume oil exports through them in the coming few days, after about two years of interruption.
He stressed that the vision is not yet clear regarding the debts that Iraq is demanding from Turkey regarding the decision of the International Chamber of Commerce in Paris.
The committee member expressed his hope for negotiations between the two countries to resolve the problems of debts and companies’ dues, especially after amending the budget law to resolve all pending issues between the region and the federation, noting that this also requires the legislation of the (Oil and Gas Law) to eliminate the problems radically, whether for the region or for the oil-producing provinces such as Basra, Kirkuk and Maysan.
Earlier today, Tuesday, the Ministry of Oil set a date for a meeting in Baghdad with the Ministry of Natural Resources in the Kurdistan Region, to discuss issues related to the concluded contracts, and to reach understandings that serve the development of oil fields, while an invitation was extended to foreign companies contracting with the Kurdistan Regional Government to develop the region’s fields.
The ministry said in a statement that the talks will address issues related to the concluded contracts, to reach understandings that contribute to developing the oil fields according to the best international practices, and in a manner that serves the national interest.
MP: Washington directly supervises the financial system in Iraq
Representative Mukhtar al-Moussawi confirmed today, Monday, that the United States directly supervises the financial system in Iraq, and is aware of the entire movement of money.
Al-Moussawi explained to Al-Maalouma that "the United States directly supervises the financial system in Iraq, and is fully aware of the movement of funds and exiting the country, which gives it broad economic influence that affects the financial decisions of the Iraqi government.
Regarding the security official, Al-Moussawi said that "Iraq has recovered in terms of security and has become able to protect its lands from terrorist attacks, thanks to the development of the capabilities of the armed forces and the Popular Mobilization Forces," ruling out "the possibility that Washington will use the ISIS terrorist organization card again, given the expected failure of such attempts in the face of the high security readiness enjoyed by the Iraqi military apparatuses.
" Al-Moussawi criticized "some parties that promote the possibility of the return of the threat of the terrorist organization, and an attempt to repeat the 2014 scenario," stressing that "the security forces and the Popular Mobilization Forces are ready to thwart any terrorist activity that may target the country."
According to observers, the United States is playing its suspicious role in Iraq, whether through economic intervention or waving the security card, which calls for a firm national position to end its guardianship and restore full autonomy
Government Advisor: Electronic Payment Enhances Dinar Stability, Shrinks Parallel Market
Saleh explained in a statement to {Euphrates News} agency, that "the modern monetary policies that were recently implemented have proven their effectiveness in achieving financial and economic stability, as annual inflation rates have decreased to levels not exceeding 3%, which reflects the strength and stability of the Iraqi dinar against foreign currencies.
The financial advisor pointed out that the new monetary policy tools adopted by the Iraqi government, in cooperation with the Central Bank, have directly contributed to directing cash liquidity towards official channels, which has enhanced public confidence in the dinar and led to a reduction in informal transactions in the dollar.
Saleh stressed the importance of continuing efforts to enhance the use of electronic means in financial transactions, given its pivotal role in supporting the national economy and combating illegal practices associated with the parallel currency market.
He stressed that these achievements come within the framework of a comprehensive strategy aimed at achieving sustainable financial stability and enhancing the confidence of citizens and investors in the future of the Iraqi economy, calling on all segments of society to engage more in the use of electronic payment tools in the interest of the national economy.
Exclusive | Erbil, Baghdad and international oil companies in a new meeting on Thursday.. "The previous one was fruitless"
An informed source told Al-Jabal platform that there will be a new meeting that will bring together officials from Baghdad, Erbil, and international oil companies next Thursday, after a meeting that was scheduled for today and another that was held earlier were postponed without producing any results.
A source from one of the international oil companies told Al-Jabal on condition of anonymity on Tuesday that “the Iraqi government announced that the meeting will be held on March 4,” noting that “the parties held a first meeting on the 2nd of this month, and now it is likely that another meeting will be held on Thursday.”
According to the source, "the Iraqi government is the one that controls the meeting schedules," stressing that "we are ready to send representatives when the meetings take place."
The three parties met last Sunday to discuss the necessary steps required to resume the export of Kurdistan Region's oil, but the meeting did not yield any results. The source explained in this regard that "there was no final position, but all parties agreed to hold additional meetings."
It is noteworthy that the export of oil from the Kurdistan Region via the Turkish Ceyhan pipeline stopped in March 2023 after Ankara lost a case against Baghdad before the International Court of Arbitration in Paris, as Baghdad accused Ankara of violating the 1973 agreement by allowing the Kurdistan Regional Government to start selling oil without referring to SOMO.
After a nearly two-year hiatus, Baghdad and Erbil finally announced in late February that they had reached an agreement to resume the region's oil exports to international markets via the Turkish port of Ceyhan.
"The pipeline has been operational since October 4, 2023, about a year and a half ago," Turkish Energy and Natural Resources Minister Alparslan Bayraktar told state media on Sunday, adding that exports would resume in light of meetings between Baghdad, Erbil and oil companies.
“APIKUR member companies do not have written agreements and will not resume exports until there is a clear path to payments,” Miles B. Caggins, a spokesman for the Kurdistan Petroleum Industry Association (APIKUR), told Al-Jabal on Saturday.
APIKUR is an association of eight oil companies that together contribute about 60 percent of total Kurdistan oil production.
The dispute over oil exports from the region comes as the Iraqi government is making a "new attempt to declare all Kurdish oil production-sharing contracts illegal," according to a Reuters report published last Thursday, citing a court document and a government official.
In the same context, a source from the state-owned Iraqi Oil Marketing Company (SOMO) confirmed to Al-Jabal earlier that the Iraqi side had completed all necessary procedures to resume exports.
The halt in oil exports from the Kurdistan Region has dealt a major blow to Iraq and the region’s economy, causing a loss of more than $27 billion in revenue so far.
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