MP: June will mark the end of dollar smuggling in Iraq
Member of Parliament Majid Shingal confirmed on Sunday that June will witness an end to dollar smuggling operations, noting that strict oversight will be imposed on the funds of companies, politicians, and influential people.
The video for this blogpost is below here:
Shingal said in a statement monitored by (IQ): "Our transfers are currently considered dollar smuggling, but the situation is now better. I believe that in June, regular correspondence will be adopted, which will significantly reduce smuggling, and may even lead to its near disappearance."
He noted that "some type of oversight will be imposed on the payment system in Iraq, including knowing who paid, how they paid, and where the money was spent. These processes will be automated to ensure transparency and track expenditures."
Shingal explained: "The goal of these measures is to reduce the amount of support provided to factions and those loyal to Iran. It is true that reaching zero support is not currently possible, but we are very close to achieving it, and this is the primary goal."
He added, "Another goal is the entry of 60 American companies into the Iraqi market daily, and this is a very positive sign."
He pointed out that "these measures will include political forces, influential people, and corrupt individuals, not just factions, as there are many individuals with improper financial dealings. In June, comprehensive oversight of companies, funds, and all audits will begin, and this is in Iraq's interest."
Shingali continued, "I heard that there is a freeze (block) of some politicians' funds in foreign banks, and this is said, but I do not know how true it is. In the same month, the official audit will begin, and these accounts will be revealed, to whom they belong, and where they were transferred. It is worth noting that these accounts are located in Europe and can be stopped at any moment."
He concluded by saying, "These politicians always benefit from the money they steal from people in their countries and deposit in foreign banks, but in the end, they get nothing from it. To this day, the former regime's assets have not been recovered, and there is still money deposited in anonymous bank accounts, frozen in Switzerland and other countries."
Kurdistan Region Presidency: Al-Sudani arrives in Erbil today
The regional government said in a statement received by {Euphrates News}, "The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, received today, Saturday, the Prime Minister of the Federal Council, Mohammed Shia al-Sudani, upon his arrival at Erbil International Airport."
The reception ceremony is scheduled to take place at 11:00 AM.
Iranian Foreign Minister arrives in Muscat
Mehr News Agency reported that Iranian Foreign Minister Abbas Araqchi arrived in the Omani capital, Muscat, minutes ago, heading a large political delegation to hold indirect negotiations with the United States regarding the nuclear program and the lifting of sanctions.
The Iranian Foreign Minister handed over his Omani counterpart his country's axes and positions to convey to the US side.
A statement carried by Fars News Agency read: "During his meeting with his Omani counterpart, the Iranian foreign minister conveyed the Islamic Republic of Iran's positions and initiatives to the Omani foreign minister for transmission to the United States."
"We participated with the necessary seriousness, and our goal is to reach a fair and honorable agreement," the Iranian foreign minister said.
He pointed out that "the team accompanying me is made up of friends who are experts and specialists in this specific field and have a history of negotiating on this issue."
He added, "We participated with the necessary seriousness, and our goal is to reach a fair and honorable agreement."
Beirut is banking on its relations with Baghdad and opening its doors to Iraqi investors.
The Lebanese Minister of Labor said in a press statement that "the relationship between the new Lebanese government and the Iraqi government is solid and strong, and the fraternal bond between the Lebanese and Iraqis goes back a long history. This bond was evident during the Zionist war on Lebanon and the Iraqis' embrace of the Lebanese who were forced to flee to Baghdad." He added that "Prime Minister Nawaf Salam's opinion on developing the relationship with Baghdad expresses the government's direction and the demands of the Lebanese people."
Haidar addressed "the visit of the Director General of Lebanese General Security, Major General Hassan Choucair, to Iraq this week, which aims to enhance communication at the security level and discuss the exchange of services and the import of oil from Iraq," pointing to "positive results that will be built upon in the coming period regarding Iraq's contribution to improving the operation of Lebanese power plants and supplying them with fuel."
He pointed out that "President General Joseph Aoun announced an Arab tour that he will undertake, and that one of his priorities is to visit Iraq, and thus represent Lebanon at the Arab Summit in Baghdad with the participation of an official Lebanese delegation to meet with Iraqi officials there." He indicated that "Iraq's support for Lebanon in establishing security is fundamental, as is helping to expel the Zionist enemy from Lebanese territory, and asking our Arab brothers, specifically the Iraqis, to return to investing in Beirut, so that Lebanon can regain its leading role in the region."
The minister stressed the "continuation of work on the memoranda of understanding signed by the previous government with the Iraqi Ministry of Labor, and the amendment of any amendments that can be made, in coordination with his Iraqi counterpart, Ahmed Al-Asadi, whom he will meet in Egypt next week, and with whom he will address the issue of improving opportunities for Lebanese workers in Iraq and Iraqi workers in Lebanon, and opening up new areas of work."
He pointed out that "foreign workers in Lebanon only benefit from a portion of the health benefits, but based on the principle of reciprocity, if the ministry finds that a Lebanese worker in Iraq receives comprehensive insurance, the Iraqi worker in Lebanon will be granted comprehensive insurance. This matter is currently under investigation and will be resolved soon."
He stated that "the labor market and the need for foreign workers, including Iraqis, were studied to determine the actual need, and Iraqi workers were informed of the sectors with vacancies so they could employ their expertise. The government is also working to attract Iraqi investors, provide them with full facilities, and initiate investment projects in Lebanon, especially since the period of security instability will soon end."
He pointed out that "the residency requirements for Iraqis in Lebanon are clearly visible on the Lebanese Ministry of Labor's website for anyone wishing to come to Beirut."
He continued: "Projects between Lebanon and Iraq have been delayed due to domestic, regional, and international events, but the government will resume work on them. The primary reason for not reactivating the oil pipeline linking Iraq to Tripoli in northern Lebanon is the need for it to pass through Syria, which has delayed its implementation."
He noted that "there is a trend toward amending the law, hoping to actually achieve this in order to restore projects that serve Lebanon, Iraq, and the region." He explained that "the Zionist enemy has not adhered to international laws, and we, as a government, insist on adhering to them and continue to give diplomacy a chance, but patience has limits."
Al-Sudani stresses the principle of national partnership in facing challenges and entitlements.
Prime Minister Mohammed Shia al-Sudani affirmed, today, Saturday (April 12, 2025), the principle of national partnership in facing challenges and entitlements.
A statement from the Prime Minister's Office received by Baghdad Today stated that "Prime Minister Mohammed Shia al-Sudani met today, Saturday, with the leader of the Kurdistan Democratic Party, Masoud Barzani, at the Salah al-Din resort in Erbil Governorate."
He added, "The meeting reviewed the overall situation and issues at the national level, within the framework of the government's commitment to the principle of national partnership and communication with political forces."
The statement indicated that "during the meeting, they discussed ways to enhance Iraq's capabilities in the face of internal and external challenges, cooperation between the federal government and the regional government, and everything related to national entitlements."
According to the statement, Al-Sudani expressed his "support for the dialogue between the region's political forces and urged them to expedite the formation of the government following the recent elections for the Kurdistan Regional Parliament in Iraq."
For his part, Masoud Barzani praised the federal government's "balanced policy toward developments in the region, its commitment to protecting Iraq's interests, and its commitment to communicating and consulting with national political forces on all issues."
With the participation of 1,200 local and foreign companies, the Babylon Business and Investment Forum kicks off.
The Business and Investment Forum kicked off in Babil Governorate today, Saturday, with the participation of 1,200 local, Arab, and foreign companies, showcasing 450 investment opportunities in various sectors.
An Iraqi News Agency (INA) correspondent said, "The Business and Investment Forum kicked off in Babil Governorate, with the participation of 1,200 local, Arab, and foreign companies, showcasing 450 investment opportunities in the electricity, industry, tourism and antiquities, agriculture, and transportation sectors."
He added, "The forum was held in the presence of the Chairman of the Military Industrialization Authority, the Governor of Babil, the Chairman of the Provincial Council, three governors from the Islamic Republic of Iran, in addition to representatives of American, German, and international companies, and a number of members of the Iraqi Council of Representatives."
Iraq and Venezuela discuss joint coordination to support stability in global oil markets.
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein discussed on Saturday with his Venezuelan counterpart, Ivan Gil Pinto, joint coordination to support the stability of global oil markets, in a manner that serves the interests of both producing and consuming countries.
A statement by the Ministry of Foreign Affairs, seen by Al-Eqtisad News, stated that "Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, met with the Minister of Foreign Affairs of the Bolivarian Republic of Venezuela, Ivan Gil Pinto, on the sidelines of their participation in the Antalya Diplomatic Forum (ADF2025) held in the Turkish province of Antalya."
The statement added that "the meeting discussed ways to enhance bilateral relations between Iraq and Venezuela, especially in the fields of energy, trade and investment, within the framework of the historical relations that bring the two countries together within the OPEC organization. The two sides also discussed the importance of joint coordination to support the stability of global oil markets, in a way that serves the interests of both producing and consuming countries."
According to the statement, Fuad Hussein expressed "Iraq's aspiration to expand cooperation with Venezuela, especially in the field of oil companies and promising economic sectors," stressing "the importance of strengthening the partnership between the private sectors in both countries."
The statement continued, "Ivan Gil Pinto, for his part, affirmed his country's commitment to strengthening bilateral dialogue, extending an official invitation to Fuad Hussein to visit Venezuela," and expressing his "welcome to visit the capital, Caracas, as soon as possible to continue discussions on prospects for joint cooperation."
The statement continued, "The meeting addressed regional and international issues of common interest, including efforts to achieve stability in the Middle East and Latin America, with both sides stressing the importance of adopting political solutions to crises and respecting the sovereignty of states."
“In Friendly Atmosphere”: US-Iran nuclear talks to resume next Saturday
Oman's Foreign Minister, Badr Al-Busaidi, confirmed on Saturday that the nuclear negotiations between the US and Iranian delegations in Muscat were cordial, with both sides agreeing to resume discussions next week.
The talks, attended by Iranian Foreign Minister Abbas Araghchi and US Presidential Envoy Steve Witkoff, and mediated by Oman, “took place in a friendly atmosphere conducive to bridging viewpoints and ultimately achieving regional and global peace, security and stability," Al-Busaidi wrote on X.
The FM also expressed his country's commitment to “put further efforts to assist in arriving at this goal.”
Speaking with Iranian state television, Araghchi said that the next round of negotiations with the US will take place Saturday, April 19, describing them as “constructive.” He confirmed that four rounds of indirect messages were exchanged between the two countries.
“Neither we nor the other side are interested in fruitless negotiations — so-called ‘talks for the sake of talks,’ wasting time, or drawn-out, exhausting negotiations,” he said. “Both sides, including the Americans, have said that their goal is also to reach an agreement in the shortest possible time. However, that will certainly not be an easy task.”
In a post on his Telegram channel, he wrote, "After the end of more than 2-1/2 hours of indirect talks, the heads of the Iranian and American delegations spoke for a few minutes in the presence of the Omani foreign minister as they left the talks.”
The US has yet to comment on the discussions.
Saturday's exchanges were indirect, as Iran preferred, rather than the face-to-face discussions that Trump had called for. "This is a beginning. So it is normal at this stage for the two sides to present to each other their fundamental positions through the Omani intermediary," Iranian Foreign Ministry spokesman Esmail Baghaei said.
Any signs of progress could help ease tensions in a region that has been in turmoil since 2023, with wars in Gaza and Lebanon, missile exchanges between Iran and Israel, Houthi attacks on Red Sea shipping, and the collapse of the government in Syria.
The White House describes the talks with Iran as "positive and constructive."
The White House announced that the talks held between the United States and Iran in the Sultanate of Oman were "very positive and constructive," while the Iranian Foreign Ministry announced the end of the first round of indirect talks and an agreement to hold a second round next week.
The White House confirmed, in a statement on Saturday, that the US President's Special Envoy to the Middle East, Steve Witkoff, held talks with Iranian Foreign Minister Abbas Araghchi, hosted by Omani Foreign Minister Badr bin Hamad Al Busaidi. The White House
explained that the talks were very positive and constructive, and that Witkoff conveyed to Araghchi US President Donald Trump "instructions" to "resolve issues between the two countries through dialogue and diplomacy." He noted that the issues between the two countries are complex, and that Witkoff emphasized that direct communication is a step that will bear fruit for both parties.
The two sides will meet again on April 19, he said.
Earlier, the Iranian Foreign Ministry announced the end of the first round of indirect talks with Washington, which were held in Oman, and an agreement was reached on a second round next week.
Last Monday, Trump announced the holding of these talks during a joint press conference with Israeli Prime Minister Benjamin Netanyahu, following their meeting at the White House. On
the eve of the negotiations, the White House warned of "expensive US options" if a new agreement on Iran's nuclear program failed, stressing that President Trump prefers to resolve this issue through direct talks with Tehran.
he United States, along with Israel and other countries, accuses Iran of seeking to develop nuclear weapons, while Tehran insists that its nuclear program is for peaceful purposes, including electricity generation.
Trump's announcement of these negotiations came as a surprise to Tel Aviv, which has long urged the US administration to support military action against Iranian nuclear facilities, according to Hebrew media.
Al-Sudani leaves Erbil and returns to the capital, Baghdad.
Prime Minister Mohammed Shia al-Sudani concludes his visit to Erbil in the Kurdistan Region of Iraq and heads to the capital, Baghdad.
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National Investment Commission: We are committed to providing an attractive investment environment and projects.
During the first Iraq Business Summit 2025 (IBS), held in Baghdad with the participation of the Ministers of Communications and Industry and Minerals, government officials, local and international investors, and private sector businessmen, Haider Mohammed Makiya, Chairman of the National Investment Commission, said that “the summit aims to enhance the business environment in Iraq and attract foreign investment, especially in the energy, communications, infrastructure, and other sectors.”
During the summit's dialogue session, Makiya affirmed, according to a statement, "the National Investment Commission's commitment to providing an attractive investment environment and projects for Iraq and the region."
The Chairman of the National Investment Commission gave a detailed explanation when presenting the largest national strategic project that serves Iraq’s geographical location, represented by the establishment of “international data centers” and the passage of international data and the provision of electrical energy and the passage of Internet capacities (Digital Economic Services for Private Sector). It is an investment project that will be granted an investment license later, as it is within the scope of the work of the National Investment Commission under Regulation No. (2) of 2009 (under Article / Fourth - Second - B) amended and approved by the Council of Ministers, which was published in the Iraqi Gazette.
Makiya explained that "the Prime Minister has approved the project, and the National Authority will proceed to complete the previous international approvals in order to strengthen economic relations with sister and friendly countries."
In the same context, he noted that "Iraq looks forward to strong economic and trade relations with international governments and companies, particularly those interested in the project from the Gulf states and other countries in the region. This reflects the National Investment Commission's commitment to enhancing the business environment in Iraq and attracting foreign investment by providing the necessary facilities and guarantees in line with global trends toward major investment projects."
The summit's opening session focused on the importance of digital transformation in supporting the Iraqi economy, while showcasing successful models of public-private partnerships. It also addressed financing and international cooperation, which reviewed the mechanisms for financing major projects and the role of international financial institutions in supporting economic development in Iraq.
Mazhare Minister's economic advisor, Mazhar Mohammed Salih, confirmed on Sunday that salaries, wages, pensions, and social welfare
Saleh explained to Al Furat News Agency that "the remaining spending, whether operational or investment, is focused on supporting service projects with high efficiency and without waste, describing this as a positive development that reflects what is known as "financial consolidation," which is represented by combating financial extravagance, preserving public funds, and improving financial transactions."
He pointed out that "these policies have had a positive impact on the growth of the gross domestic product, which has witnessed an unprecedented qualitative leap in the history of the national economy."
Iraq is banned from its dollar...from the hands of the Federal Reserve to the pockets of Jordanian banks.
Good for others" is an example you can see in the banking sector in Iraq.
We all know the proverb "good for others", but inIraqIt's possible to see this proverb in action, not just hear about it. It has been applied to Iraq for many years, across various fields and sectors. Perhaps the most prominent example of this proverb can be found in the Iraqi banking sector, specifically the dollar and bank transfers.Black comedy... Iraq doesn't own its dollars and Jordanian banks are the "biggest acquirers"
A very dark black comedy, that Iraq's dollars are entirely owned by non-Iraqi banks, and the biggest controller owns a lot of Iraq while Iraq owns nothing of it. The clearest example of this is the story of the Arab and foreign banks that used to control the currency auction, and today control the remittance file through the policy of "enhancing balances."
The National Bank of Iraq is not Iraqi... The profits and shares are for Jordanians, and for Iraq in name only
.Al-AhlyIraqi, in reality, carries nothing of Iraq except its name. The National Bank of Iraq is not really Iraqi in terms of its shares and the parties to which its annual profits go, especially since it is the largest controller of the currency auction.
Since its establishment... the National Bank was Iraqi until 2005 and Jordanian for 20 years
. The National Bank of Iraq was established in 1995, and remained Iraqi for only 10 years. In 2005, Capital Bank acquiredJordanianOr what is known as the Jordanian Capital Bank, owns 62% of the shares of the National Bank of Iraq, and for 20 years now remains the largest owner of the bank and the profiter of its operations in Iraq.
The National Bank of Iraq... 80% of its shares and profits are owned by Jordanians and Palestinians.
The second owner is Cairo Amman Bank, which owns 10% of the bank's shares and profits, while a Bahraini company owns 5% of the bank's shares, and the actual beneficiary is a Palestinian company. This means that Jordanian and Palestinian entities and parties own 80% of the National Bank of Iraq, which is now popularly known as the "Jordanian" Bank, not the Iraqi Bank.
The National Bank of Iraq (NBJ) achieved profits of 450 billion dinars in 2024.
According to information, reports, and data, the profits of the National Bank of Iraq and Jordan in 2024 amounted to 450 billion dinars from the currency auction, or nearly half a trillion dinars, while the bank's capital amounts to 400 billion dinars. This means that a single year's profit is more than the bank's entire capital.
The currency auction is a "gift" to the Jordanian bank. Half of the dollar sales were for the benefit of the National Bank.
Accordingly, this means that the National Bank of Iraq and Jordan's share of currency sales ranges between 30 and 40 billion dollars out of approximately 80 billion dollars it sold.Central Bank of Iraq, which means that the bankJordan AhliIt alone accounts for about half of annual dollar sales.
Its capabilities don't distinguish it... The Jordanian National Bank "ageing" under its US guarantee.
The Iraqi-Jordanian National Bank possesses nothing that would allow it to enjoy this great privilege and exclusivity with Iraqi dollars. Rather, all it possesses are "relations with the US banking sector." The Jordanian bank and other similar banks do not operate according to the principle of providing distinguished banking services to Iraqis, nor do they stand out by different international standards. Rather, they operate according to the principle of "guarantee by foreign banks," as experts describe it.
Countries do not give foreigners more than 14% of shares.. and Iraq "hands it over completely"
One of the great paradoxes is that countries in the region do not give a foreign investor more than 14% of shares in their banks, while Iraq gives shares in its banks up to 100%, contrary to the companies law that set the percentage of 49% as a maximum, i.e. preventing foreigners from obtaining half of the shares and keeping Iraqi shares above the percentage of half so that the company or bank does not lose its Iraqi ownership, but the Central Bank seems to have relied onBanking LawWhich allowed the CouncilCentral Bank ManagementGiving a percentage without setting a specific ceiling.
Iraq doesn't see its dollars... Hard currency is in the accounts of the Jordanian Bank instead of the Central Bank
. In general, Jordanian banks not only enjoy the largest holdings of the currency auction, but they also receive Iraqi dollars without the Central Bank even touching them. After the dollar sales platform was shut down, Iraqi dollars began to be deposited directly into the accounts of Jordanian banks located in American banks.
The Central Bank is out of the process after the platform was shut down... Dollars from the Federal Reserve to Jordan.
Previously, the Central Bank of Iraq received dollars from the US Federal Reserve, sold them itself, and transferred them to banks or other destinations to fulfill merchant orders that were received through the banks. However, after the currency window and electronic platform were shut down, the Central Bank of Iraq was completely removed from the equation. A few banks, which have US correspondent banks, now receive dollars directly from the US Federal Reserve, without the dollars reaching the Central Bank.
7 banks buy dollars from the Central Bank before they arrive in Baghdad... and receive them directly from the Federal Reserve.
The number of foreign and Arab banks that control dollar transfers in Iraq does not exceed 7 banks. These banks buy dollars from the Central Bank by giving it dinars, and take dollars directly from the US Federal Reserve. They bolster their balances and accounts in correspondent US banks, and do not submit any invoices of any kind to the Central Bank of Iraq, as it has become irrelevant to that. Its responsibility is limited to selling dollars to these seven banks only, without asking them anything. It is assumed that the question about the destination, transfer mechanisms and reasons will be between these seven banks and the US correspondent banks, and the Central Bank of Iraq has nothing to do with anything from now on.
A dangerous formula... The seven banks receive $300 million daily and give dinars to the Central Bank.
This formula illustrates the seriousness of losing sovereignty over the Iraqi hard currency, especially with the large sums taken by between 5 to 7 banks, most of whose shares are controlled by non-Iraqi Arab banks, as between $250 to $300 million daily from Iraqi oil revenues enters into the accounts of these banks, which are open in correspondent banks, to give the Central Bank in return Iraqi dinars that the Central Bank provides toMinistry of FinanceTo fulfill its financial obligations
A very dark black comedy, that Iraq's dollars are entirely owned by non-Iraqi banks, and the biggest controller owns a lot of Iraq while Iraq owns nothing of it. The clearest example of this is the story of the Arab and foreign banks that used to control the currency auction, and today control the remittance file through the policy of "enhancing balances."
The National Bank of Iraq is not Iraqi... The profits and shares are for Jordanians, and for Iraq in name only
.Al-AhlyIraqi, in reality, carries nothing of Iraq except its name. The National Bank of Iraq is not really Iraqi in terms of its shares and the parties to which its annual profits go, especially since it is the largest controller of the currency auction.
Since its establishment... the National Bank was Iraqi until 2005 and Jordanian for 20 years
. The National Bank of Iraq was established in 1995, and remained Iraqi for only 10 years. In 2005, Capital Bank acquiredJordanianOr what is known as the Jordanian Capital Bank, owns 62% of the shares of the National Bank of Iraq, and for 20 years now remains the largest owner of the bank and the profiter of its operations in Iraq.
The National Bank of Iraq... 80% of its shares and profits are owned by Jordanians and Palestinians.
The second owner is Cairo Amman Bank, which owns 10% of the bank's shares and profits, while a Bahraini company owns 5% of the bank's shares, and the actual beneficiary is a Palestinian company. This means that Jordanian and Palestinian entities and parties own 80% of the National Bank of Iraq, which is now popularly known as the "Jordanian" Bank, not the Iraqi Bank.
The National Bank of Iraq (NBJ) achieved profits of 450 billion dinars in 2024.
According to information, reports, and data, the profits of the National Bank of Iraq and Jordan in 2024 amounted to 450 billion dinars from the currency auction, or nearly half a trillion dinars, while the bank's capital amounts to 400 billion dinars. This means that a single year's profit is more than the bank's entire capital.
The currency auction is a "gift" to the Jordanian bank. Half of the dollar sales were for the benefit of the National Bank.
Accordingly, this means that the National Bank of Iraq and Jordan's share of currency sales ranges between 30 and 40 billion dollars out of approximately 80 billion dollars it sold.Central Bank of Iraq, which means that the bankJordan AhliIt alone accounts for about half of annual dollar sales.
Its capabilities don't distinguish it... The Jordanian National Bank "ageing" under its US guarantee.
The Iraqi-Jordanian National Bank possesses nothing that would allow it to enjoy this great privilege and exclusivity with Iraqi dollars. Rather, all it possesses are "relations with the US banking sector." The Jordanian bank and other similar banks do not operate according to the principle of providing distinguished banking services to Iraqis, nor do they stand out by different international standards. Rather, they operate according to the principle of "guarantee by foreign banks," as experts describe it.
Countries do not give foreigners more than 14% of shares.. and Iraq "hands it over completely"
One of the great paradoxes is that countries in the region do not give a foreign investor more than 14% of shares in their banks, while Iraq gives shares in its banks up to 100%, contrary to the companies law that set the percentage of 49% as a maximum, i.e. preventing foreigners from obtaining half of the shares and keeping Iraqi shares above the percentage of half so that the company or bank does not lose its Iraqi ownership, but the Central Bank seems to have relied onBanking LawWhich allowed the CouncilCentral Bank ManagementGiving a percentage without setting a specific ceiling.
Iraq doesn't see its dollars... Hard currency is in the accounts of the Jordanian Bank instead of the Central Bank
. In general, Jordanian banks not only enjoy the largest holdings of the currency auction, but they also receive Iraqi dollars without the Central Bank even touching them. After the dollar sales platform was shut down, Iraqi dollars began to be deposited directly into the accounts of Jordanian banks located in American banks.
The Central Bank is out of the process after the platform was shut down... Dollars from the Federal Reserve to Jordan.
Previously, the Central Bank of Iraq received dollars from the US Federal Reserve, sold them itself, and transferred them to banks or other destinations to fulfill merchant orders that were received through the banks. However, after the currency window and electronic platform were shut down, the Central Bank of Iraq was completely removed from the equation. A few banks, which have US correspondent banks, now receive dollars directly from the US Federal Reserve, without the dollars reaching the Central Bank.
7 banks buy dollars from the Central Bank before they arrive in Baghdad... and receive them directly from the Federal Reserve.
The number of foreign and Arab banks that control dollar transfers in Iraq does not exceed 7 banks. These banks buy dollars from the Central Bank by giving it dinars, and take dollars directly from the US Federal Reserve. They bolster their balances and accounts in correspondent US banks, and do not submit any invoices of any kind to the Central Bank of Iraq, as it has become irrelevant to that. Its responsibility is limited to selling dollars to these seven banks only, without asking them anything. It is assumed that the question about the destination, transfer mechanisms and reasons will be between these seven banks and the US correspondent banks, and the Central Bank of Iraq has nothing to do with anything from now on.
A dangerous formula... The seven banks receive $300 million daily and give dinars to the Central Bank.
This formula illustrates the seriousness of losing sovereignty over the Iraqi hard currency, especially with the large sums taken by between 5 to 7 banks, most of whose shares are controlled by non-Iraqi Arab banks, as between $250 to $300 million daily from Iraqi oil revenues enters into the accounts of these banks, which are open in correspondent banks, to give the Central Bank in return Iraqi dinars that the Central Bank provides toMinistry of FinanceTo fulfill its financial obligations
Experts and officials: Iraq faces challenges balancing its relations between the United States and Iran.
Baghdad is keen to avoid the effects of tensions between Tehran and Washington.
Iraq is adopting a multilateral approach to balancing its regional and international relations, experts and officials told The National News website, as it faces challenges from increasing US pressure to curtail its relations with Iran, coinciding with negotiations between Washington and Tehran over the nuclear issue and Iranian influence in the region. Officials confirmed that Baghdad is making every effort to ensure that any negative impact resulting from the tension in relations between the United States and Iran is avoided.
Renad Mansour, an Iraq researcher at Chatham House, the UK's Royal Institute of International Affairs, told The National News website, "We know that of all the external factors, Iran is one of the most influential countries in Iraq, so if Iraq tries to change this reality, it will clash with some Iranian interests."
The report notes that the government of Iraqi Prime Minister Mohammed Shia al-Sudani, since assuming power in 2022, has followed a balancing approach in its regional and international relations.
Iraqi government spokesman Bassem al-Awadi told The National, "For many years, Iraq has raised the slogan of balancing foreign relations, especially between Washington and Tehran. However, this principle was not as clear in the past as it is now under the current government."
Al-Awadi added that "Baghdad is striving to ensure that Iraq is not negatively affected by US-Iranian tensions, or that the country does not become an arena for foreign conflicts."
Mansour said, "The Iraqi government, in general, does not want to fall under any axis of influence." He added that Iran still has major allies in Iraq. For Iran, Iraq is considered an important and strategic country.
Mansour continued, "Iraq provides Iran with access to global financial markets and is also a conduit for exporting all types of goods, including oil and gas. If the government exercises some means of asserting sovereignty, it may limit this influence." Al-Awadi added that both Iran and the United States recognize Iraq's strong commitment to maintaining its independence across various sectors.
Regarding the discussions and negotiations between the United States and Iran, which took place yesterday, Al-Awadi said, "Baghdad welcomes any negotiations or dialogue between Washington and Tehran and has expressed its readiness on various occasions to support efforts that could lead to bilateral understandings and help the region avoid further wars."
On the other hand, Baghdad hopes to diversify its energy sources away from Tehran, especially with Washington's cancellation of the exemption granted to Baghdad to import electricity and gas from Iran.
Sanam Vakal, director of the Middle East Program at Chatham House in London, told The National, "Under extensive US pressure and attempts to restrict Iran, there is certainly an opportunity for Iraq to diversify its economic relations and strengthen its economic and security ties with other countries, including the United States."
Vakal says, "We should not see any lack of impact on the ground in Iraq at a time when Tehran's network of influence is spreading across the country."
This week, Iraq signed two agreements with two American companies to generate 27,000 megawatts of electricity per month with the arrival of summer to avoid any power outages.
Anessi Tabrizi, an Iraq-Iran expert at the International Crisis Group, said, "I believe it will be difficult for Baghdad to diversify its energy supply sources away from Tehran, and this cannot happen overnight. Despite all the pressure and efforts, Baghdad will likely remain dependent on Iran for its energy supply for some time." He pointed out that Iran will strive to ensure that its relations with Iraq remain strong despite its weakening regional role.
The report indicates that relations between Baghdad and Washington remain lukewarm, with no high-level meetings or visits since Donald Trump took office, up until this week when a large US trade delegation visited the capital.
On the other hand, it is believed that Trump views Iraq as part of the Iran file, a clear indication of this is the presidential national security memorandum he signed to restore maximum pressure on Iran and its allied armed factions in the region.
A senior Iraqi diplomat told The National News website, "The new deals with the two American companies could push relations between the two countries forward. Trump was very keen during his first term to secure contracts with General Electric and was pushing for that, and the contracts signed two days ago could open the door wide to broader relations between the two countries."
Negative and positive...an economist makes three points regarding the US-Iran negotiations.
Economic expert Nabil Al-Marsoumi revealed, on Sunday (April 13, 2025), three points that could be achieved if an agreement is reached on the Iranian nuclear issue in the Washington-Tehran negotiations, noting that these points are divided between negative and positive repercussions.
Al-Marsoumi confirmed in a Facebook post, followed by Baghdad Today, that "there are positive signs suggesting an agreement on the Iranian nuclear file is imminent, and if that happens, there will be both positive and negative repercussions."
He added, "Pressure will increase on global oil prices, allowing the release of between half a million and one million barrels of Iranian oil per day, which will reinforce the downward trend in oil prices."
Al-Marsoumi pointed out that "the agreement will have positive repercussions on the energy sector, particularly with regard to Iraq's import of Iranian electricity and gas, due to the possibility of transferring dollars to Iran through the banking system."
The economic expert predicted that "the gap between the official and parallel rates of the dollar against the dinar will narrow due to the permission to finance foreign trade through banking channels."
It's worth noting that the Iranian-American talks in the Sultanate of Oman come at a highly sensitive time regionally and internationally, as the region is witnessing increasing escalation on several fronts, most notably the ongoing war in Gaza, tensions between Israel and the axis of resistance, and mutual pressure between Tehran and Washington in Iraq, Syria, and Yemen. This round of negotiations is viewed as a rare diplomatic window that may open the way for a broader de-escalation, especially with the return of Donald Trump to the US presidency and the potential change in Washington's approach to the Iranian nuclear issue and regional issues.
An economist proposes a way to transform Iraq into an "active regional player."
An economic expert has proposed a practical way to transform Iraq from what he calls a "field of influence" into a "power" and an "active regional player" in the worlds of politics and economics.
Economic expert, Manar Al-Obaidi, pointed out in a post on his social media account that, “At a time when countries around the world, whether allied or hostile, are rushing to win the favor of the Donald Trump administration, realizing that survival lies in distancing themselves from an administration that sees its international relations as nothing more than a means to achieve its own interests, Iraq remains a spectator to this dynamic scene.” He noted that “neighboring countries from north to south and from east to west are making direct offers to the United States, in an attempt to protect their security and stability by securing their national interests, while Iraq is often left as part of the negotiating tools rather than an actual participant in them.”
The economic expert believes that "the use of Iraq as a bargaining chip is no longer limited to the Iranian side. Arab and Turkish parties have also entered the fray, and various Iraqi issues are sometimes managed as part of understandings or escalation deals between regional powers and the United States."
He said: "Amidst this landscape, Iraq has a rare opportunity to transform from a mere arena of influence into an effective regional player, if it makes good use of its economic tools. One of the most prominent of these possible tools is the proposal to establish an Iraqi-American investment fund, financed by the export revenues of no less than 100,000 barrels of oil per day, sold directly to the United States. These revenues would be allocated exclusively to investment in the American market, forming the nucleus of a sovereign fund capable of generating long-term profits for the Iraqi state."
According to Al-Obaidi, "developing this fund and enhancing its investments would create mutual economic interest with the United States and transform Iraq into a political force with regional influence, linked by long-term strategic economic relations, rather than remaining a tool in the hands of negotiators at a table to which it is not invited."
World Bank to Sudan: Ready to finance projects in Iraq
Prime Minister Mohammed Shia al-Sudani discussed projects under discussion with ministries in the railway, highway, and energy sectors on Sunday with a World Bank delegation. The delegation head expressed the bank's willingness to stand with Iraq and finance projects, including those in the private sector.
Prime Minister Mohammed Shia al-Sudani received today, Sunday, the World Bank's Vice President for the Middle East and North Africa, Mr. Ousmane Dione, and his accompanying delegation.
The World Bank delegation reviewed projects under discussion with relevant ministries and authorities in Iraq in the railway, highway, and energy sectors, including the fixed gas platform at Faw Port, the Ministry of Electricity's plan for the coming years to expand electricity production, transmission, and distribution, and other infrastructure projects.
The Prime Minister praised the World Bank's efforts in supporting Iraq, stressing the importance of private sector projects receiving support from the Bank through the International Finance Corporation (IFC).
For his part, the head of the delegation expressed the World Bank's readiness to support Iraq in its development renaissance in all areas, as well as its willingness to provide project financing facilities, including private sector projects.
Kurdistan included.. The Iraqi government issues directives to support national industry.
Iraqi Prime Minister Mohammed Shia al-Sudani issued several directives on Sunday to develop Iraqi industry, including in the Kurdistan Region.
Al-Sudani's media office said in a statement received by Shafaq News Agency, " The Prime Minister chaired a meeting of the Industrial Coordination Council, during which mechanisms for developing the national industry were discussed, in addition to following up on the implementation of the decisions and directives issued in the previous meeting."
According to the statement, Al-Sudani directed "the relevant authorities in the federal government and the Kurdistan Regional Government to hold meetings to discuss unifying procedures and present recommendations to resolve problems and obstacles, in order to support joint industrial projects."
The statement explained that, " Within the framework of the government's efforts to preserve the environment, the meeting approved the Ministry of Oil's submission of a plan to prepare liquefied gas for brick factories, instead of using black oil fuel, in implementation of Cabinet Resolution No. (24547) of 2024, regarding this matter."
He pointed out that " it was decided during the meeting that all governorates would prepare and allocate (1,000) dunums to be allocated for the establishment of industrial projects nominated by the General Directorate of Industrial Development, whether in one piece or divided, within 90 days."
The statement noted that "as part of the government's measures to regulate import and export mechanisms, the meeting approved the registration of all imported products and their trademarks with the relevant Iraqi authorities, to ensure that imported products conform to approved standards, limit the entry of counterfeit or non-compliant goods, and enhance oversight and control of imported goods in support of the national economy."
He pointed out that, " On the same track, the meeting took a decision to assign (the Central Organization for Standardization and Quality Control and the Organized Crime Directorate) the responsibility of monitoring Iraqi products, following up on cases of industrial fraud or tampering with specifications, and preventing the marketing of non-compliant products and smuggled goods, in addition to approving a mechanism to regulate the export of oxidized asphalt plant products, and taking into account that draft agreements presented with other countries do not include any tax or customs exemptions, in order to preserve the local product."
To support the electricity system, the meeting approved, according to the statement, "the adoption of a mechanism to connect solar energy projects belonging to private sector industrial facilities to the national electricity grid, which will help reduce pressure on the electricity system and calculate the surplus electricity generated by solar systems against industrial consumption according to a transparent clearing mechanism."
The meeting voted to approve the addition of the Industry and Private Sector Development Advisor to the Ministerial Council for the Economy, the ban on the export of paper and cardboard waste, and the inclusion of the Awerij Industrial Zone in infrastructure services (water, sewage, and paving).
Al-Sudani: The return of the Arab Bank is important and reflects the political and economic stability the country is witnessing.
Prime Minister Mohammed Shia al-Sudani affirmed on Sunday that the return of the Arab Bank is significant and reflects the current political and economic stability in the country.
The Prime Minister's media office said in a statement followed by Al-Masry, "Prime Minister Mohammed Shia Al-Sudani received today a delegation from the Arab Bank headed by Sabih Al-Masri, Chairman of the Bank's Board of Directors, accompanied by a number of members of the Bank's Board of Directors, on the occasion of the upcoming opening of the Bank's branch (Arab Bank/Iraq) in the capital, Baghdad." It indicated that "during the meeting, they discussed enhancing cooperation between Iraq and the Bank in the financial and banking fields, and the Bank's participation in financing various investment projects."
Al-Sudani emphasized that "Arab Bank has had a direct presence in Iraq for nearly eighty years," explaining that "its return now is significant and reflects the political and economic stability the country is currently experiencing."
The Prime Minister pointed out "the importance of the bank's activities not being limited to providing financial services, but rather contributing to the country's economic development and stability," emphasizing "the government's readiness to provide all forms of support and assistance to enhance Arab and foreign banking activity, serving the Iraqi economy and its development."
For its part, the bank's delegation expressed its "willingness to finance a number of investment projects and expand its banking activities in a manner that will contribute to creating job opportunities and stimulating the economic sector."
Al-Sudani affirms to a US delegation Iraq's support for meetings and dialogue aimed at ending tensions in the region.
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Prime Minister Mohammed Shia al-Sudani affirmed, on Sunday, the government's welcome to all efforts to consolidate calm in the region and Iraq's support for meetings and dialogues aimed at ending tension and imposing security and stability.
His office said in a statement received by (Al-Rabia), that "Al-Sudani received a number of members of the US Congress, namely Michael Baumgartner from the Republican Party and Adam Smith, George Whitesides, Wesley Bell, and Sarah Jacobs from the Democratic Party, where they discussed developing bilateral relations between the two countries and ways to strengthen them in various fields."
During the meeting, Al-Sudani stressed "the importance of strategic relations with the United States, which benefit the peoples of the two friendly countries, noting the government's welcome to all efforts to consolidate calm in the region and Iraq's support for meetings and dialogues aimed at ending tension and imposing security and stability."
He stressed that "Iraq is moving steadily towards achieving comprehensive development, reforms, and entitlements, the most important of which is holding legislative elections, which will confirm the commitment of the Iraqi people, with all its spectrums, to the democratic path."
For their part, the members of the US Congress noted "the importance of the relationship with Iraq as a key partner in the Middle East," praising "the successes achieved by the Iraqi government in development, construction, and reconstruction across various fields they witnessed during this visit," according to the statement.
Al-Mashhadani confirms to a US delegation the possibility of developing and amending the Iraqi constitution.
Parliament Speaker Mahmoud al-Mashhadani affirmed on Sunday the possibility of developing and amending the Iraqi constitution.
The House of Representatives stated in a statement received by ( IQ ), "The Speaker of the House of Representatives received, today in Baghdad, a high-level delegation from the US Congress and members of the US Embassy. During the meeting, bilateral relations between Iraq and the United States were discussed within the framework of the Strategic Framework Agreement, and ways to enhance joint cooperation in the political, economic and security fields ."
He added, " The visiting delegation included Representative Adam Smith, the ranking member of the House Armed Services Committee for the Democratic Party, Representative Sarah Jacobs, Representative Michael Baumgartner, Representative George Whitesides, and Representative Wesley Bell, in addition to the US Chargé d'Affaires Daniel Rubinstein, and a number of advisors and professional staff members of the Armed Services Committee ."
During the meeting, the Speaker of Parliament emphasized "the importance of the Strategic Framework Agreement as the cornerstone of Iraqi-American relations," stressing "the need to activate its provisions to ensure mutual interests between the two countries, particularly in the areas of developing the national economy and investing in non-oil sectors such as agriculture and industry . "
He pointed out, "The importance of the Iraqi Constitution as a foundation for the democratic system in the country, with the possibility of developing and amending it in accordance with Article (142) and in a manner consistent with the aspirations of the Iraqi people ."
He stressed the "need to develop the education and agriculture sectors, and to support political and security stability in Iraq and the region," expressing "Iraq's firm position in supporting efforts to achieve a ceasefire in Gaza, and the need to end wars and conflicts in the region in a way that contributes to consolidating peace and achieving prosperity ."
For its part, the US delegation affirmed the United States' commitment to supporting Iraq in various fields and strengthening the existing strategic partnership between the two countries, reiterating the US Congress's keenness to communicate effectively with Iraqi leaders to continue joint work for a better future for both countries.
Rafidain Bank announces the disbursement of interest on the first issue of "Emaar Bonds."
Rafidain Bank announced on Sunday the commencement of disbursing the first-year interest on the first issuance of Emaar bonds, stressing that the disbursement process is being conducted in an organized and smooth manner to ensure speedy completion.
The bank said in a statement, seen by Al-Eqtisad News, that "based on Rafidain Bank's commitment to its pledges towards investors and citizens who support the reconstruction and development process, we are pleased to inform you that the disbursement of the first year's interest on the first issuance of reconstruction bonds will begin on April 9, 2025."
The bank added, "We invite all eligible investors to visit the nearest branch of our bank in Baghdad and the governorates to receive their dues."
The bank confirmed, according to the statement, that "the disbursement process will be carried out according to an organized and smooth mechanism that ensures speedy completion," adding that "the interest is fully available and has been transferred by the Central Bank of Iraq to our account," calling for "bringing supporting documents or documents related to the bond when visiting to facilitate the procedures."
The statement concluded that "this step comes within the framework of our commitment to providing the best banking services and enhancing confidence in development bonds as a safe and stable investment option."
Within days, the Iranian oil minister will be in Baghdad to sign new memoranda of understanding.
Iranian Oil Minister Mohsen Paknejad will visit the Iraqi capital, Baghdad, in the coming days to hold talks on the energy file between the two countries.
The Iranian news agency, IRNA, quoted Paknejad as saying that he would visit Iraq in the coming days at the invitation of his Iraqi counterpart, Hayan Abdul Ghani.
He added, "There are good relations and interactions with Iraq in various fields, and this cooperation is particularly strong in the oil industry and the implementation of oil projects between the two countries."
According to the Iranian News Agency, the Oil Minister intends to sign memoranda of understanding in the energy sector during his visit to Iraq.
Government decisions to support Iraqi industry, including customs exemptions and project establishment
The office of Prime Minister Mohammed Shia al-Sudani announced several decisions related to supporting the national industry.
A statement from his media office received by ( IQ ) stated that "Al-Sudani chaired the meeting of the Industrial Coordination Council to discuss mechanisms for developing the national industry, in addition to following up on the implementation of the decisions and directives issued in the previous meeting."
During the meeting, Al-Sudani directed "the relevant authorities in the federal government and the Kurdistan Regional Government of Iraq to hold meetings to discuss unifying procedures and present recommendations to solve problems and obstacles, in order to support joint industrial projects."
Within the framework of the government's efforts to preserve the environment, the meeting approved, according to the statement, "the Ministry of Oil submitting a plan to prepare liquefied gas for brick factories, instead of using black oil fuel, in implementation of Cabinet Resolution No. (24547) of 2024, regarding this matter."
It was also decided during the meeting, "that all governorates prepare and sort (1,000) dunums allocated for the establishment of industrial projects nominated by the General Directorate of Industrial Development, whether in one piece or in parts, within 90 days.
"
He pointed out that "the meeting approved the registration of all imported products and their trademarks with the relevant Iraqi authorities, to ensure that imported products conform to approved standards, limit the entry of counterfeit or non-compliant goods, and enhance oversight and control of imported goods in support of the national economy."
In the same vein, the meeting adopted a decision to assign the Central Organization for Standardization and Quality Control and the Organized Crime Directorate the responsibility of monitoring Iraqi products, following up on cases of industrial fraud or tampering with specifications, and preventing the marketing of non-compliant products and smuggled goods.
The meeting also approved a mechanism to regulate the export of oxidized asphalt plant products, ensuring that draft agreements presented with other countries do not include any tax or customs exemptions, in order to preserve local products. The meeting also approved the adoption of a mechanism to connect solar energy projects affiliated with private sector industrial facilities to the national electricity grid, which will contribute to reducing pressure on the electricity system and calculating the surplus electricity generated by solar systems against industrial consumption according to a transparent clearing mechanism.
He voted to "approve the addition of an advisor for industry and private sector development to the membership of the Ministerial Council for the Economy, ban the export of paper and cardboard waste, and include the Awerij Industrial Zone in infrastructure services (water, sewage, and paving)."
An economist explains the reasons for the high cost of living in Iraq.
Nouri told Al Furat News Agency, "The total reliance on imports to provide basic food, medicine, and other goods is one of the main reasons for the high costs, especially since this is linked to the dollar exchange rate, which in turn affects local prices."
He added, "The costs of providing alternative electricity through private generators constitute an additional burden on citizens," noting that "fluctuations in the dollar exchange rate against the Iraqi dinar increase the devaluation of the national currency and raise the cost of living."
Nouri pointed out that "the majority of citizens live in rented homes, with rent allowances representing the largest burden on Iraqi families," stressing that "the weakness of local production and the inability to provide goods and food locally instead of importing them in dollars deepens the economic crisis."
He pointed out that "the lack of an accessible health insurance system increases the suffering of citizens, especially in light of the high costs of health care," indicating that "the failure to combat administrative and financial corruption has led to an unfair distribution of wealth and poor support for the poor and needy."
Russia, in congratulating Al-Maliki: We wish “His Excellency Mr. Al-Hajj” all the best in leading the Dawa Party.
The Russian embassy in Baghdad congratulated Dawa Party Secretary-General Nouri al-Maliki on his re-election as party leader on Sunday, describing his leadership as wise.
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