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The bank said in a statement monitored by Al-Masry, "Rafidain Bank announces the commencement of distributing the salaries of civilian and military retirees for the month of April through electronic payment methods."
He pointed out that "retirees who receive text messages can go and collect their salaries from wherever they are."
The video for this My FX Buddies Blogpost is below here:
Screaming to the Head of the Street"... Amazon Auction: An Exciting First Experience for the People of Souq Al-Shuyukh
On Al-Qadisiyah Street in the Al-Salbah area in the middle of Souq Al-Shuyukh, you will hear the screams of Mohammed and his friend Osama from inside the first auction of its kind in the city. The idea, which has begun to spread in many cities, is based on purchasing random quantities of goods from outside Iraq through specialized companies via the Kurdistan region, and from there to the rest of the cities. The shipment may contain rare items such as original electrical appliances, phones, and others. Amazon auction sellers isolate some of the valuable items to sell them separately at prices that reach half of their market counterparts. As for the rest of the “bale” contents, bidding begins at up to a thousand dinars.
Muhammad Ali Murshid, one of the project's founders, told 964 Network :
We started with Amazon Auctions, people loved it, we started with a small amount and gradually grew.
We provide iPads and phones, and display them for a value of (80-150) thousand dinars, while their price in the market reaches 300 thousand dinars, and so on for the rest of the needs.
We develop our business, sometimes we have losses, but we gain people's love and build a customer base.
Our ambition today is to expand our business further, as our customers now visit us from different areas such as Nasiriyah, Al-Fadhiliyah, Karmat Bani Saeed, and other areas, in addition to Souq Al-Shuyukh.
Most of the items are watches, clothes, household and electrical goods, and many other goods such as phones, iPads, laptops, glasses, and others.
We sell approximately 200-300 pieces per day. We buy these pieces by weight and their content is guaranteed by luck and fate.
Osama Al-Hajjami - one of the project managers:
My best friend and I started with a small, simple project. Over time, the business expanded, our products became popular, the project grew, we gained people's love, and we became a presence in the market.
We buy the goods from Erbil, and the large package contains tables, chairs, shoe racks, etc.
Relatively far from social media, because customers know the auction address.
We open the box to people, and we don't know what it contains (household items, electrical appliances, cameras, toys, and clothes). The auction starts at 8 PM and ends at 11:30 PM.
Sometimes we find valuable items in the box that cannot be evaluated by the public, so we do not put them up for auction. However, after the auction ends, customers come to us looking for some of them and give us a reasonable price. We sell them, as we said, for half the market price.
Iraq prepares for the largest leap in electricity production: historic contracts with GE and Siemens and plans to compensate for gas shortages.
Minister of Electricity Ziyad Fadhil revealed on Friday that Iraq is about to sign two historic contracts with the American company General Electric and the German company Siemens to boost electricity production. The first contract will provide 24,000 megawatts, while the second will add 10,000 megawatts to the national grid.
The minister confirmed in a statement received by Al Furat News that "the issue of importing Iranian gas has not yet been resolved, explaining that the ministry has not received any official notification of the suspension of supplies, while discussions on the matter are still ongoing."
In the face of any potential gas supply shortage, Fadel noted that "the government has alternative plans, including the use of kerosene, taking advantage of electricity interconnection projects with neighboring countries, solar power plants, combined-cycle units that do not require fuel, and the establishment of a floating gas platform at the port to enhance energy sources."
The minister noted that "the ministry is currently implementing the largest campaign to resolve power grid bottlenecks in all governorates, by upgrading and creating new lines and installing transformer stations, with the goal of achieving greater stability in supply hours."
Regarding warnings of an electricity crisis next summer, Fadel confirmed that "there is an exaggerated hype," emphasizing that the government is well aware of the challenges and has clear plans to address them and ensure stable electricity supply in the coming months.
Rafidain Bank directs its branches to work on Saturdays and Sundays to disburse outstanding financial dues.
Today, Friday, March 28, 2025, Rafidain Bank directed its branches to work on Saturdays and Sundays to disburse "pending" financial dues.
A statement from the bank's media office, received by Baghdad Today, stated that "Rafidain Bank has directed its identified branches (Al-Muheet - Arab Quarter - Haifa - Al-Waziriya - Sheikh Omar - Al-Zawiya - Nasr Square - Bab Al-Muadham - Seven Palaces) to work on Saturday and Sunday."
He pointed out that the directive to work is to "disburse financial dues to owners of outlets and collect revenues from petroleum products and gas stations."
citizen education look at this lower note from Libya look at the security features IMO
The CBL has introduced the new LD5 denomination into circulation (Photo: CBL).
The Central Bank of Libya (CBL) announced yesterday the issuance of a new 5 dinar banknote bearing the signature of the new Governor Naji Issa.
The CBL said the new denomination will go into circulation along with the currently circulating issuances, starting today, Thursday, 27 March.
The LD note introduced on 20 March It will be recalled that the CBL had announced on 20 March the issuance of a new 20-dinar polymer banknote (second issue) into circulation alongside the currently circulating issue.
On 20 January, the CBL had announced the issuance of new banknotes in the 5-, 10- and 20-dinars denominations in the coming weeks and months.
The LD 10 denomination was issued on 26 January. All the new denominations bear the signature of the new CBL Governor, Naji Issa.
APICORP: The steps taken by the Iraqi Ministry of Oil are unacceptable.
The Kurdistan Region Oil Industry Association (APICOR) has criticized the Iraqi Ministry of Oil's measures to resolve the issue of oil contracts in the Kurdistan Region.
“As the one-year anniversary of the Iraqi oil pipeline shutdown approaches, the Kurdistan Oil Industry Association (KOIA) would like to provide an update on the latest developments in the reported situation regarding discussions on reopening the Iraqi oil pipeline and the Association’s efforts to restore full production and exports from the Kurdistan Region of Iraq, as well as highlighting the financial implications of the shutdown for the Iraqi people and international oil companies,” the association said in a statement.
The association explained that "on March 25, 2023, oil exports via the pipeline between Iraq and Turkey were halted. To date, neither the association nor its members have seen any proposal from the Iraqi government or the Kurdistan Regional Government that would lead to the resumption of exports, noting that all eight member companies in the association remain committed to their contracts with the Kurdistan Regional Government."
The Association continues its tireless efforts to engage with all relevant stakeholders to reach an agreement to resume exports through the pipeline.
In this regard, the association's spokesman, Miles Caggins, stated: "The association remains focused on working with all stakeholders to fully restore oil production and exports through the Iraq-Turkey pipeline," noting that "every day the pipeline remains closed, losses continue to mount, and the Iraqi people, economy, and investment reputation suffer."
The association's statement noted that the Iraqi government "has not taken the necessary measures to reopen the pipeline and enable oil exports from the Kurdistan Region of Iraq, despite Türkiye's announcement in October 2023 that the pipeline was operational and ready for oil exports."
The Association notes in this regard that meetings were held in Baghdad on January 7 and 9 between representatives of the Iraqi government, the Kurdistan Regional Government, and international oil companies, including representatives of several companies that are members of the Association. Despite these meetings and subsequent press reports about positive discussions between the Iraqi government and the Kurdistan Regional Government, there has been no real progress towards reopening the Iraqi pipeline.
She explained that multiple meetings were held with officials from the Kurdistan Regional Government and the Iraqi government in Baghdad, Erbil, and Dubai, and that ongoing and public communication regarding the conditions for the association's members to restore export production is that any additional requirements must be agreed upon between the member companies of the Iraqi government, the Kurdistan Regional Government, and the Kurdistan Region Petroleum Industry Association.
There must be a guarantee of payment for past and future oil exports, and expected oil sales payments to member companies must be transferred directly to those companies. The current commercial terms and economic model of the member companies must be maintained, according to the statement.
He pointed out that a public awareness campaign was launched through Arab, Kurdish, and Western media outlets. Independently of this association, several international oil companies proposed solutions to the Iraqi government and the Kurdistan Regional Government. In addition, this association engaged the governments of its member companies—with a particular focus on the United States government—given its unique bilateral relationship with the Iraqi government and the Kurdistan Regional Government, including a $300 million direct investment by the US government in the Kurdistan Region’s energy sector.
In addition, the Association informed senior members of the Biden administration and members of the US Congress that the White House should not proceed with the planned visit of Iraqi Prime Minister Mohammed Shia al-Sudani to Washington, D.C., on April 15, 2024, unless:
The pipeline between Iraq and Turkey will be reopened, allowing the export of oil produced in the Kurdistan Region of Iraq to international markets.
- International oil companies, including members of our association, obtain payment guarantees for past and future oil exports.
The Iraqi government shall fully implement the provisions of the Iraqi federal budget for the Kurdistan Regional Government.
The association published a summary of the ongoing impact of the closure of the pipeline between Iraq and Turkey:
Financial impact:
Iraq's revenue loss is estimated at more than $11 billion, or about $1 billion per month.
The Association recognizes that, despite the oil pipeline remaining unused, Iraq is incurring more than $800,000 in daily fines due to its failure to meet contractual production quotas under the pipeline agreement.
The Kurdistan Regional Government owes over $1 billion to member companies in the association for oil produced between September 2022 and March 2023, which remains unpaid.
- Over $400 million in annual investments have been halted by members of this association.
Annual revenues of international oil companies have fallen by nearly 60% as domestic sales have replaced exports to international markets.
The economic strangulation of the Kurdistan Region of Iraq by the Iraqi government through the prevention of oil exports and the failure to implement budget transfers.
Impact on global oil and energy markets:
The suspension of oil exports through the pipeline will put pressure on an already unstable global energy market, already impacted by Russian sanctions and shipping disruptions through the Red Sea.
Iraq continues to receive sanctions waivers to import electricity from Iran, rather than funding its own energy infrastructure through additional oil exports.
Since the closure of the Iraqi pipeline, the United States has imported more than 250,000 barrels per day of oil and products from southern Iraq, while the Iraqi government prohibits the export of oil produced by American companies in the Kurdistan Region.
Impact on employment in the Kurdistan Region of Iraq:
- Member companies of the association have laid off hundreds of directly employed employees, including both foreign and local employees.
The collapse in global oil companies' investments has led to further job cuts in oilfield-related service and product industries, including accommodation, catering, maintenance, security, transportation, and construction companies.
The lack of oil revenues and budget transfers from the Iraqi government to the Kurdistan Regional Government have led to severe delays in the payment of salaries to civil servants, including teachers and health workers.
Impact on reputation:
- Questioning the sanctity of contracts risks significantly reducing the global business community's willingness to invest in Iraq.
The federal budget law and the oil export problem have exposed political divisions within Iraq.
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