Rafidain Bank deploys five ATMs in Baghdad that provide 24/7, commission-free services.
To facilitate withdrawal and deposit operations
Rafidain Bank announced on Friday, as part of its financial inclusion initiative, the deployment of automated teller machines (ATMs) at several stations in Baghdad. These machines facilitate commission-free withdrawal and deposit transactions around the clock, without the need to visit traditional branches.
The video for this My FX Buddies Blogpost is below here:
The bank's management stated in a statement:
As part of its ongoing efforts to promote financial inclusion and facilitate access to banking services for various segments of society, Rafidain Bank has announced the deployment of automated teller machines (ATMs) at a number of stations. This allows customers to conduct withdrawals and deposits easily and securely around the clock, without any commission.
The bank emphasized that this step is part of its strategy to expand the scope of digital banking services, contributing to the integration of more individuals into the banking system and enabling them to benefit from modern financial solutions without the need to visit traditional branches.
Rafidain Bank continues its commitment to developing its banking infrastructure and deploying more ATMs across various regions, including malls and commercial centers, to ensure more efficient financial services and achieve the bank's vision of promoting financial inclusion and offering innovative banking solutions that meet the needs of all citizens.
This service can now be accessed through the devices available 24 hours a day at the following stations:
• Station No. 13 - Al-Bayaa
• Station No. 14 - Al-Amiriya / Popular Work Street
• Station No. 18 - Al-Saydiyah
• Station No. 19 - Al-Hussein neighborhood
• Station No. 20 - Al-Jihad neighborhood
Rafidain Bank affirms its continued development of its digital services, enhancing access to financial solutions and supporting the transition to a more inclusive and innovative digital economy.
Rafidain Bank deploys ATMs at 5 stations in Baghdad
Rafidain Bank announced today, Friday, the deployment of ATMs at five stations in Baghdad.
In a statement received by Al-Maalouma Agency, the bank stated that “as part of its ongoing efforts to enhance financial inclusion and facilitate access to banking services to various segments of society, Rafidain Bank announced the deployment of automated teller machines (ATMs) at a number of stations, allowing customers to conduct withdrawals and deposits easily and safely around the clock, and without any commission.”
He added, “This step comes as part of a strategy to expand the scope of digital banking services, contributing to the integration of more individuals into the banking system and enabling them to benefit from modern financial solutions without the need to visit traditional branches.”
The bank affirmed its commitment to “developing its banking infrastructure and deploying more ATMs in various areas, including malls and commercial centers, to ensure the provision of more efficient financial services and achieve the bank’s vision of promoting financial inclusion and offering innovative banking solutions that meet the needs of all citizens.”
He added, "This service can now be accessed through the devices available 24 hours a day at the following stations:
• Station No. 13 - Al-Bayaa
• Station No. 14 - Al-Amiriya / Popular Work Street
• Station No. 18 - Al-Saydiyah
• Station No. 19 - Al-Hussein neighborhood
• Station No. 20 - Al-Jihad neighborhood.
The bank affirmed its continued development of its digital services, enhancing access to financial solutions and supporting the transition to a more inclusive and innovative digital economy,
Is Forex Trading Legal And Regulated In Iraq? Complete Guide
Forex trading in Iraq is legal but operates under limited regulation. Key aspects to keep in mind:
No dedicated Forex regulator. No local authority oversees brokers.
Foreign brokers operate freely. Traders use offshore platforms.
No capital controls. No restrictions on Forex transactions.
Risk of unlicensed brokers. Some platforms lack investor protection.
Tax obligations unclear. Forex gains may fall under general tax laws.
Banking support is limited. Deposits and withdrawals face restrictions.
Forex trading is gaining traction worldwide, and Iraq is no exception. But before diving in, Iraqi traders need to know if it’s legal and what risks come with it.
With Iraq’s economy expanding, more individuals and businesses are exploring Forex. But the rules aren’t always clear. Understanding what’s allowed, how taxes work, and what to watch out for can help traders stay compliant and avoid unnecessary risks. Here’s what you need to know to trade Forex in Iraq safely and legally.
Risk warning: Forex trading carries high risks, with potential losses including your entire deposit. Market fluctuations, economic instability, and geopolitical factors impact outcomes. Studies show that 70-80% of traders lose money. Consult a financial advisor before trading.
Legal status of Forex trading in Iraq
Forex trading is allowed in Iraq, but the rules are blurry. While traders can participate, the lack of clear regulations makes it risky.
The Central Bank of Iraq (CBI) and the Iraqi Securities Commission (ISC) oversee financial markets, but there are no solid Forex laws. This means brokers aren’t tightly regulated, and traders could run into issues with unlicensed platforms. If you’re trading in Iraq, make sure to research your broker and avoid shady platforms.
Regulatory oversight in Iraq's Forex market
Understanding how Forex trading is regulated in Iraq is key to avoiding risks. The Iraqi Securities Commission (ISC) is the main authority overseeing financial markets, but Forex regulations are still unclear.
Role of the Iraqi Securities Commission (ISC)
The ISC was set up in 2004 to monitor Iraq’s financial markets, focusing on investor protection, transparency, and fair trading. However, its oversight mostly covers stocks and securities, not Forex.
Current state of Forex market regulation
Iraq doesn’t have clear rules for Forex trading, leaving many traders exposed to unregulated brokers. Without strict oversight, some firms operate without licenses, increasing the risk of scams and fraud.
Islamic Forex trading in Iraq
Since Iraq is a Muslim-majority country, many traders prefer Sharia-compliant (swap-free) Forex accounts. These accounts eliminate interest fees on overnight positions, making them halal. Some global brokers offer them, but Iraq’s lack of Forex regulations leaves their legal status uncertain. Traders should double-check broker credentials before investing.
While the ISC regulates financial markets, Forex trading in Iraq remains unregulated. This means traders need to be extra cautious and stick to well-known, compliant brokers to avoid unnecessary risks.
Forex trading taxation in Iraq
Knowing how Forex trading is taxed in Iraq can help traders avoid surprises. Taxes vary based on whether you’re an individual or a business, and different rules apply to profits, corporate earnings, and trading frequency.
Income tax obligations
In Iraq, any money you earn within the country is taxed, no matter where you live. Income tax follows a progressive system, meaning the more you make, the higher your tax rate. Here’s how the brackets look for 2025:
Up to 250,000 IQD. No tax.
250,001 to 500,000 IQD. 3% tax.
500,001 to 1,000,000 IQD. 5% tax.
1,000,001 to 2,000,000 IQD. 10% tax.
Above 2,000,000 IQD. 15% tax.
Forex trading profits count as taxable income, so traders need to report them. Skipping tax payments can lead to fines or other penalties.
Corporate taxation
Companies doing business in Iraq, including foreign firms, generally pay a 15% corporate tax. But if you're in oil and gas, expect higher rates since the government taxes the sector more aggressively. Forex traders should also be aware of their tax duties — missteps can lead to legal trouble.
Distinction between “trading in” and “trading with” Iraq
Iraq’s tax system treats trading differently depending on where the business happens.
Trading in Iraq. If your business operates inside Iraq, your income is taxable.
Trading with Iraq. If you're outside Iraq but working with Iraqi companies, taxes may not apply.
Non-resident traders need to check if their activities fall under Iraqi tax rules. A local tax expert can help clear up any confusion. Staying on top of these rules keeps businesses compliant and avoids unexpected tax bills.
Risks and considerations for Forex traders in Iraq
Engaging in Forex trading within Iraq presents unique challenges that traders must carefully consider to mitigate potential risks.
Market risks
Iraq’s Forex market has little regulatory oversight, allowing unlicensed brokers to thrive. By late 2023, unregulated firms reportedly handled $900 million in trading volume — all without proper licenses. This lack of supervision makes fraud and shady practices a real danger.
Currency volatility
The Iraqi Dinar (IQD) is highly volatile, mainly due to political instability and economic struggles. Oil price fluctuations and security concerns only add to the risk, making IQD trading unpredictable.
Prevalence of scams
Fraudsters have set up fake stock exchange companies, scamming Iraqi investors out of millions — especially in Kurdistan. Many young traders have also lost money on unregulated Forex platforms that promise easy profits but disappear overnight.
Best practices for safe Forex trading in Iraq
Engaging in Forex trading within Iraq requires adherence to specific best practices to ensure legality and financial security. Here's a comprehensive guide to navigating the Forex landscape safely:
Choosing reputable brokers
Opt for regulated international brokers. Given the limited regulation of Forex trading in Iraq, it's advisable to partner with internationally recognized brokers regulated by reputable authorities such as the FCA, CySEC, or ASIC. These brokers adhere to strict standards, ensuring transparency and client protection.
Verify broker credentials. Before engaging with a broker, verify their regulatory status through official channels. This step helps in avoiding unlicensed firms that may pose significant risks.
If you do not want to go through the pain of researching each and every valid broker functioning in Iraq, you can use the table below to compare the top options. We have prepared this list after doing careful due diligence for traders based out of Iraq:
Best Forex brokers in Iraq
| Available in Iraq | Demo | Min. deposit, $ | Standard EUR/USD spread, avg pips | Investor protection | Regulation level | TU overall score | Open an account | |
|---|---|---|---|---|---|---|---|---|
| Yes | Yes | 100 | 1,0 | €20,000 £85,000 | Tier-1 | 7.71 | Open an account Your capital is at risk. | |
| Yes | Yes | 10 | 0,2 | No | Not regulated | 7.63 | Open an account Your capital is at risk. | |
| Yes | Yes | 1 | 0,3 | £85,000 €20,000 | Tier-1 | 7.11 | Open an account Your capital is at risk. | |
| Yes | No | No | 0,5 | No | Tier-3 | 7.09 | Open an account Your capital is at risk. | |
| Yes | Yes | 50 | 1,5 | No | Tier-1 | 8 |
Conduct thorough research
Stay informed about market conditions. Regularly update yourself on Iraq's economic developments, geopolitical events, and global market trends that could influence currency values. Utilize financial news sources, economic reports, and analysis tools to make informed trading decisions.
Understand currency pairs. Grasp the dynamics of currency pairs, especially those involving the Iraqi Dinar (IQD). Recognize factors affecting their volatility to strategize effectively.
Implement risk management strategies
Managing risk in Iraq’s Forex market isn’t just about stop-loss orders — it’s about navigating unstable regulations, currency swings, and broker uncertainty.
Hedge against dinar volatility. The IQD is unpredictable, so pairing it with stable assets like gold-backed currencies can reduce exposure.
Avoid local unlicensed brokers. Many brokers operate without oversight, making withdrawals risky and increasing fraud risks.
Use offshore multi-currency accounts. Holding funds in USD or EUR outside Iraq protects traders from local banking restrictions.
Watch for government FX policies. Iraq’s central bank frequently adjusts exchange policies, which can impact liquidity and spreads overnight.
Limit leverage on exotic pairs. High leverage with unstable currencies like IQD can trigger forced liquidations in volatile conditions.
Test brokers with small deposits. Some brokers impose hidden withdrawal fees or delays — always withdraw a small amount first to check reliability.
Stay compliant with local laws
Report your Forex profits properly. Make sure you follow Iraq’s tax rules and file your earnings correctly. A local tax expert can help you avoid mistakes.
Stick to licensed exchanges. Using unauthorized dealers can lead to fraud or legal trouble. The Central Bank of Iraq oversees currency exchanges, so always double-check their legitimacy.
Recent developments and future outlook
The Forex trading landscape in Iraq has experienced significant changes, influenced by both domestic initiatives and global trends. Understanding these developments is crucial for traders aiming to navigate the market effectively.
Updates in regulatory policies
In late 2023, the Central Bank of Iraq (CBI) tightened rules on foreign currency transactions to control illegal money flows and protect the Iraqi Dinar (IQD). Banks now face stricter checks on cross-border payments and tougher reporting rules. In January 2025, the CBI shut down its dollar auction system, aiming for a more transparent exchange process. While some see this as progress, others worry about what comes next.
Impact of global trends on Iraq's Forex market
The Forex world is evolving fast, with AI-driven trading and blockchain tech improving speed and security. Iraq’s traders must adapt to stricter global compliance rules while finding ways to leverage these innovations.
Prospects for Forex trading in Iraq
With oil driving the economy, any swing in crude prices or regional tensions can hit the IQD hard. But efforts to diversify the economy and create a stable trading environment could open up new opportunities.
Traders need to stay ahead. Keeping up with new regulations, tech advancements, and market trends will be key to succeeding in Iraq’s ever-changing Forex landscape.
Iraq’s Forex crackdown and tax changes could impact traders
Forex trading in Iraq isn’t fully regulated, but that doesn’t mean traders are off the radar. The Central Bank of Iraq (CBI) isn’t licensing online Forex brokers, yet it keeps a close watch on money movement. Since 2023, the government has been cracking down on unregulated trading, making it harder for traders to move large sums without raising red flags.
If you’re withdrawing big profits from overseas accounts, your bank might ask where the money’s coming from — and if they suspect something’s off, they could freeze your funds or report it to authorities.
Taxes are another gray area. Iraq doesn’t have set rules for taxing Forex profits, but that doesn’t mean traders can ignore it. Large withdrawals can trigger extra bank scrutiny, especially if they exceed reporting limits.
Some traders try to bypass this with crypto or alternative remittance methods, but authorities are catching on fast. If Iraq introduces a tax policy on Forex earnings in 2025, traders might have to report profits just like businesses do.
Conclusion
Forex trading in Iraq remains attractive but comes with specific regulatory and tax obligations. Understanding clearly is Forex legal in Iraq and knowing is Forex regulated in Iraq are crucial first steps for traders. Although Forex trading is legal, comprehensive regulations are still developing.
The Iraqi Securities Commission (ISC) and Central Bank of Iraq (CBI) oversee financial activities, but gaps remain. Traders must carefully choose reputable, internationally regulated brokers to avoid scams and compliance issues. Additionally, understanding local taxation rules helps avoid unexpected legal complications.
By keeping updated on regulatory developments and global Forex trends, traders can successfully navigate Iraq’s Forex market. Staying informed and cautious ensures traders benefit safely from the dynamic opportunities Forex trading offers.
FAQs
Including the Popular Mobilization Law... the agenda for next Monday's parliament session
Second: Voting on a resolution recommending to the Ministry of Education to reinstate the trial system.
Third: Report of the Interim Parliamentary Committee to Follow Up on the Preservation of State Property.
Fourth: First reading of the draft law of the Popular Mobilization Authority. Security and Defense Committee (18 articles).
Parliament
Fifth: First reading of the draft law to cancel the law ratifying the agreement exempting holders of diplomatic and service passports from entry visas between the Government of the Republic of Iraq and the Government of the Republic of Cyprus No. 26 of 2023. Foreign Relations Committee, (2) Articles.
Sixth: First reading of the proposed second amendment to the Mukhtars Law No. 13 of 2011. Committee of Regions and Governorates Not Organized into a Region, Security and Defense Committee, Finance Committee, Legal Committee), (8) Articles.
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A source told Baghdad Today the reason for the stalled oil negotiations between Baghdad and Erbil.
An informed source reported on Thursday (March 20, 2025) that the meeting between the delegations of the federal government and the Kurdistan Region increased tensions between the two parties, instead of reaching solutions.
The source added to Baghdad Today that "the reason for this is the federal delegation's insistence on handing over management of the central oil fields, which are managed by the regional government."
He pointed out that "the federal authorities insist on handing it over to them, so that the British company BP can invest in it."
He concluded by saying, "During the meeting, it was decided to send specialized technical teams to monitor the progress of work in the fields, audit production volumes, and monitor the quantities being exported by truck."
In turn, the regional government spokesman, Peshwa Hawrami, said, "We have declared since the beginning of the dispute with the federal government that we have nothing to hide regarding financial matters, oil, and other issues."
Kurdistan Regional Government Prime Minister Masrour Barzani had previously stated that the contract between the British company and the Iraqi government concerned "disputed areas."
It's worth noting that the Kurdistan Region of Iraq lost approximately $20 billion in oil revenues as a result of the Iraqi government's victory in a case at the International Court of Justice, which barred Turkey from exporting resources from the Kurdistan Region without first obtaining the approval of the Baghdad government. The ban on exporting resources from the region remains in place to this day.
A new Kurdish-American agreement regarding the region's oil exports.
Kurdistan Regional Government Prime Minister Masrour Barzani and US National Security Advisor Michael Waltz agreed on Friday to resume oil exports from the Kurdistan Region of Iraq as soon as possible.
The Kurdistan Regional Government's Council of Ministers stated in a statement received by the Iraq Observer that "Barzani discussed a number of important issues in a phone call Friday evening with US National Security Advisor Michael Waltz."
He added, "During the phone call, the Prime Minister and the US National Security Advisor discussed ways to strengthen relations between the Kurdistan Region and Iraq with the United States."
The two sides agreed on the "need to expedite the formation of the new ministerial cabinet for the regional government," reiterating their commitment to "resuming oil exports from the Kurdistan Region of Iraq as soon as possible."
In another context of the phone call, the two sides exchanged views on the rapid developments taking place in the Middle East, stressing the importance of preserving the security and stability of the region, according to the statement.
Erbil and Washington agree on the need to resume Kurdistan oil exports as soon as possible.
Kurdistan Regional Government Prime Minister Masrour Barzani discussed a number of important issues in a phone call on Friday evening (March 21, 2025) with US National Security Advisor Michael Waltz.
A statement from the Kurdistan Regional Government, received by Baghdad Today, stated that "during the phone call, the Prime Minister and the US National Security Advisor discussed ways to strengthen relations between the Kurdistan Region and Iraq with the United States."
The two sides also agreed, according to the statement, "on the need to expedite the formation of the new ministerial cabinet for the regional government, and they also reaffirmed the resumption of the Kurdistan Region's oil exports as soon as possible."
In another context of the phone call, the two sides exchanged views on the rapid developments taking place in the Middle East, stressing the importance of preserving the security and stability of the region, according to the statement.
As his term nears its end, has Al-Sudani succeeded in improving citizens' living standards?
On Friday (March 21, 2025), economic affairs expert Nasser Al-Tamimi criticized the performance of Mohammed Shia Al-Sudani's government in achieving domestic welfare for Iraqi citizens during the past period, noting that the economic situation has not witnessed a substantial improvement compared to previous periods.
Al-Tamimi told Baghdad Today, "Al-Sudani's government has not achieved any real change in the level of economic well-being for citizens. We have not witnessed any direct financial support, whether through salary increases or the issuance of government-subsidized loans to needy groups. Nor has any real support been provided to private sector owners, who constitute a fundamental pillar of the national economy."
He added, "The financial aspect is the primary factor in raising the level of well-being of any society, which requires improving salaries and providing advanced health and education services. These issues have not witnessed any qualitative leaps in the recent period."
Al-Tamimi explained that "achieving some service achievements, such as constructing bridges and developing roads, does not necessarily mean a rise in prosperity. Fundamental problems, such as stifling traffic congestion, still exist, reflecting the ongoing obstruction of executive action that has been ongoing for many years."
The economic affairs expert pointed out that "true well-being for a citizen means having a sufficient monthly income and securing suitable housing, free from the rental crisis. These factors are still unavailable to most citizens."
He continued, "The housing crisis is worsening with the increasing population density, and current salaries are insufficient to meet the needs of individuals, which is driving many employees to seek additional work after their official working hours at government institutions end."
As Mohammed Shia al-Sudani approaches his third year as Prime Minister of Iraq, the question remains: Have government policies improved citizens' economic well-being?
When the government was formed, promises focused on increasing income, stimulating the private sector, resolving the housing crisis, and improving basic services. However, three years later, salaries remain stagnant, government loans are limited, economic hardship persists, and the cost of living continues to rise without any fundamental reforms to boost citizens' purchasing power.
Despite infrastructure projects and improvements in some service areas, housing crises, overcrowding, and unemployment remain major challenges, making evaluating government performance more complex.
Sources: Qaani Warned Iraqi Factions Against "Provoking the Americans"
Houthis Close Headquarters in Central Baghdad Following Advice from the Coordination Framework
Reliable sources revealed to Asharq Al-Awsat the contents of an Iranian message to leaders of Shiite factions in Iraq, which included strict instructions to "not provoke the Americans and Israelis," warning of attacks on Baghdad similar to those targeting the Houthi group in Yemen.
For weeks, Iraqi groups loyal to Tehran have shown a marked decline in their hostile activities under international pressure and US attacks on the Houthis.
The sources said that Esmail Qaani, commander of the Quds Force of the Iranian Revolutionary Guard Corps, delivered a message from the Iranian leadership during a recent visit to Iraq.
Qaani warned the faction leaders that "US military attacks against Houthi facilities could quickly backfire on Baghdad."
Qaani called on Iraqi factions to "refrain from engaging in any military activity during this sensitive period," and stressed the need to "take further measures to stop or reduce armed manifestations."
The sources quoted a Shiite faction commander as saying that "Qaani conveyed strict instructions from the Iranian leadership urging Iraqi parties to avoid all forms of provocation against the Americans or Israelis." He said that "a single spark could open a front in Iraq." He added, "The leaders of the Iraqi factions were comforted by the message due to the intense pressure they have been facing for months."
The sources reported that "Tehran's assessment is that the Americans will not hesitate to carry out attacks against targets inside Iraq if the factions show a field response in support of the Houthis."
Reports indicated that Qaani visited the capital, Baghdad, last week and met with politicians in the "Coordination Framework" and leaders of armed factions.
Qaani's visits to Baghdad are often shrouded in secrecy, but his meetings focused on representatives of pro-Tehran groups and prominent leaders in the ruling coalition.
Reports claimed that Qaani renewed "Tehran's commitment to support its allies in Baghdad if they come under pressure from the US."
Iranian Supreme Leader Ali Khamenei affirmed on Friday (March 21, 2025) that resistance will inevitably lead to the defeat of the enemy, while stating that America cannot achieve gains by threatening the Iranian people.
In a speech on the occasion of the new solar year, which was followed by "Baghdad Today", Khamenei said, "There should be no doubt that the fate and outcome of this steadfastness are represented in the defeat of the enemies and the malicious, corrupt and immoral Zionist entity."
He added, "The threats expressed by the American authorities against the Iranian people," stressing that "the Americans must know that they cannot achieve any gains by threatening the Iranian people, and they must also know that if they undertake any malicious act against the Iranian nation, they will receive a severe slap in the face."
He pointed out that "in the struggle between truth and falsehood, victory is for truth, but the front of truth will also pay the price," stressing that "there is no doubt that this resistance will ultimately lead to the defeat of the enemy and the Zionist entity."
He emphasized that "the Iranian people consider Nowruz a spiritual holiday," adding that "prayer has an impact on personal life and great deeds."
Hamas demands a halt to aggression and a return to negotiations in exchange for the release of prisoners.
Hamas, on Friday (March 21, 2025), held Israeli Prime Minister Benjamin Netanyahu and his government fully responsible for prolonging the suffering of their prisoners and their families, stressing that the only way to release the prisoners is to stop the aggression, return to negotiations, and implement the agreement away from political maneuvering.
Hamas said in press statements monitored by Baghdad Today: "The statements of the head of the Shin Bet confirmed that Netanyahu sought to engineer formal negotiations used to stall and buy time, without reaching tangible results. These statements reveal Netanyahu's deliberate manipulation of the negotiations file, and his efforts to thwart any agreement, then obstruct it after reaching it, for his own political purposes."
The movement added, "These confessions from within the occupation leadership confirm that Netanyahu was and remains the real obstacle to any exchange deal. Netanyahu's attempts to exclude influential security figures from the negotiations reflect his internal crisis and the deepening trust deficit between him and his security establishment, and reveal his lack of seriousness in reaching a real agreement."
The movement called on US officials to stop holding Hamas responsible for disrupting the agreements and to stop accusing Netanyahu of direct responsibility for the continued suffering of the prisoners and their families.
On Friday morning, the Israeli government unanimously approved Israeli Prime Minister Benjamin Netanyahu's proposal to dismiss Shin Bet chief Ronen Bar, Netanyahu's office announced.
The head of the Israeli General Security Service (Shin Bet), Ronen Bar, confirmed in a statement published by the Israeli newspaper Yedioth Ahronoth that his dismissal was not due to the events of October 7, 2023 , and that the investigations into them revealed that the government's policies over the past year played a fundamental role in the failure. He considered Netanyahu's demands for personal loyalty to be contrary to the law and the public interest of the state.
He said the public has a right to know what led to the collapse of Israel's security concept, adding that the investigation revealed a deliberate, long-term disregard by the political echelon for Shin Bet warnings.
Video: Iraq's $17bn Trade Corridor to Bypass the Suez Canal
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