What is the importance of American companies visiting Iraq?
The Federation of Iraqi Chambers of Commerce affirmed on Monday that the visit of American companies is a message to the world that Iraq is a safe environment. It also explained that the visit resulted in an agreement on a regulatory framework for the private sector.
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He pointed out that "a number of American companies have signed agreements with the private sector, most notably the global company Google, which is seeking to enter Iraq. Its representative came and wrote a positive message about Iraq, stating that Iraq is safe, which is an important message to the world."
Al-Sudani's advisor: Iraq's foreign exchange reserves are fine.
The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Monday that Iraq's foreign exchange reserves cover 100% of the national currency.
Saleh said, "Iraq's foreign currency reserves still have the capacity to cover 100% of the national currency issued, and that commercial efficiency has been achieved."
He added, "These reserves still cover the country's imports for three months, and therefore foreign reserves are considered stable." He pointed out that the development of the optimal external use of foreign currency is achieved through a careful balance between the role of these reserves in maintaining the foreign purchasing power of the dinar and the stability of the exchange rate, and the standard of reserve efficiency, which is one of the functions of monetary policy as an independent body in achieving its goals of monetary stability and economic development.
On March 31, 2025, the Central Bank of Iraq revealed that the central bank's net foreign reserves for 2024 amounted to 130.81 trillion dinars, a 10.18% decrease compared to the same period in 2023, when they reached 145.64 trillion dinars. The Central Bank confirmed that the reason for the decline in foreign reserves is due to the rise in domestic public debt, which is intended to cover the real deficit in the state's general budget.
Federation of Chambers of Commerce: Visit of American companies resulted in a regulatory work agreement for the private sector
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The Federation of Iraqi Chambers of Commerce affirmed on Monday that the visit of American companies is a message to the world that Iraq is a safe environment. It also explained that the visit resulted in an agreement on a regulatory framework for the private sector.
Abdul Razzaq Al-Zuhairi, head of the General Federation of Iraqi Chambers of Commerce, told the Iraqi News Agency (INA): “The visit of American companies to Iraq to invest and work with Iraqi businessmen is a positive and important step for Iraq.”
He explained that "Iraq is a fertile environment, and the visits of American companies to Iraq are a positive message to all countries of the world that Iraq is a safe environment."
He added, "American companies have signed numerous agreements with the Iraqi private sector in the fields of electric power and renewable energy. The most important memorandum is the signing of a regulatory framework between the Iraqi and American private sectors by the American Chamber of Commerce and the Iraqi Chamber of Commerce."
He pointed out that "a number of American companies have signed agreements with the private sector, most notably the global company Google, which is seeking to enter Iraq. Its representative came and wrote a positive message about Iraq, stating that Iraq is safe, which is an important message to the world.
Rashid Bank offers national bonds with two interest rates and different terms
Rafidain Bank announces the third issuance of national investment bonds.
The bank stated in a statement received by {Euphrates News} a copy of it, that: “It offers citizens and investors a distinctive investment opportunity through the third issue of national bonds, offered for subscription starting from April 20, 2025 until May 20, 2025, within two categories that achieve fixed and rewarding returns:
1. Investment bond worth (500,000) five hundred thousand dinars
- annual return: 8%
- investment period: two years
- interest payment: every six months
2. Investment bond worth (1,000,000) one million dinars
- annual return: 10%
- investment period: four years
- interest payment: every six months
The bank called on people to "seize this lucrative investment opportunity by heading to the nearest Rafidain Bank branch in Baghdad and the governorates to submit a purchase request and benefit from the advantages of this issue."
Al-Rasheed directs its branches to sell national bonds (third issue) in two categories
oday, Monday, Rashid Bank directed its branches to sell national bonds (third issue) in two categories.
The bank's media said in a statement monitored by Al-Masry, "Based on the directives of the Central Bank of Iraq and the Ministry of Finance, Rashid Bank has directed all its branches to issue national bonds (the third issue)."
The statement added, “The categories that have been identified are a bond of (500,000) dinars with an annual interest of (8%) paid every six months for a period of two years at a rate of 4% every six months,” indicating that “a bond of (1,000,000) dinars, with an annual interest of (10%) paid every six months for a period of four years at a rate of (5%) every six months.”
According to the statement, the bank called on all those wishing to purchase to “visit the bank’s branches in Baghdad and the governorates.”
Rafidain Bank denies suspending payment cards (MasterCard and Visa Card)
A statement from the bank's media office, a copy of which was received by Al Furat News, stated that "Mastercard and Visa cards issued by the bank are operating normally inside and outside Iraq, and no decision has been issued by Mastercard or the relevant authorities regarding their suspension."
He called on "citizens to ignore rumours and rely on news from official sources."
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The Central Bank of Iraq issues a clarification regarding the use of bank cards abroad.
The Central Bank of Iraq issued a clarification on Monday regarding the use of debit or credit cards outside Iraq, while clarifying the monthly limit for travel or medical treatment purposes.
According to a Central Bank document reviewed by Shafaq News Agency, the unified basic monthly limit for the use of debit or credit cards outside Iraq has been set at $5,000 or its equivalent in foreign currencies per card. The monthly limit for retirees has been raised to $10,000 or its equivalent.
The Central Bank indicated that the monthly limit for travel purposes has been raised to $20,000, including the basic limit, noting that this limit is limited to transactions conducted with merchants classified with MCC travel codes.
The Central Bank also clarified in the document that the monthly ceiling for medical expenses will be raised to $50,000, including the basic ceiling. The document indicated that this ceiling applies exclusively to transactions conducted by merchants classified with MCC codes for medical services.
Retirees' data must be updated and the following documents must be saved in the customer's file.
Personal documents.
Official retirement ID.
Retirement number.
The necessary procedures must be combined to add a technical definition linking the card to the person's status (retired) and retirement number. This is to ensure automatic recognition of retiree cards during processing.
The retirement number is a mandatory field in all periodic data and control files submitted to the entity implementing the audit framework to verify customer eligibility and application integrity.
Full compliance with Know Your Customer (KYC) requirements upon issuance or periodic update.
Third: Travel Purposes
The monthly ceiling for travel purposes is raised to ($200,000) twenty thousand US dollars, including the basic ceiling
This ceiling applies exclusively to transactions carried out at merchants classified with MCC codes for travel (airlines, hotels, travel agencies, car rentals, etc.) according to the attached list.
Fourth: Medical Treatment Purposes
The monthly ceiling for medical treatment outside Iraq is raised to $50,000 (fifty thousand US dollars), including the basic ceiling.
This ceiling applies exclusively to transactions carried out at merchants classified with Merchant Category Codes (MCC) for medical services (hospitals, places of worship, pharmacies, etc.) according to the attached list.
Fifth: Merchant Category Codes (MCC)
The attached list relies on the Merchant Category Codes (MCC), and the list will be updated whenever necessary.
and you will be provided with updates.
Updating the voter registry is a national duty to ensure your participation in decision-making)
Trade Bank of Iraq
M. Use of cards internationally
Greetings....
Further to our letter No. 993/8/14 dated 4/7/2025 regarding the monthly limits for using bank cards outside Iraq, and based on what is stated in the following paragraphs:
Paragraph (First (1) concerning the retirees category.
Paragraphs (First (2) and (First /3) concerning the purposes of travel and treatment.
It is necessary to fully comply with the requirements below, and to take the necessary technical and organizational measures to ensure accurate implementation in a way that guarantees the smooth flow of operations, the integrity of the financial system, and compliance with the requirements of oversight and international obligations
First: The basic ceiling: The basic unified monthly ceiling for the use of bank cards (debit or credit) outside Iraq is $5,000 (five thousand US dollars) or its equivalent in foreign currencies for each card. This limit applies to transactions executed through all international acceptance channels, including cash withdrawals from automated teller machines (ATMs), direct purchases via points of sale (Card-Present) POS, and transactions executed remotely via the internet (Card-Not-Present). Under no circumstances may this ceiling be divided or any unused portion of it carried over to a subsequent month.
Second: The category of retirees
For the purposes of these requirements, the term "retiree" means any person who receives a periodic retirement pension from the Iraqi government through his bank card and who has an official retirement number.
The monthly ceiling for retirees is raised to $100,000 (ten thousand US dollars) or its equivalent, including the basic ceiling.
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An expert identifies the missing link to diversifying sources of income and achieving economic reform.
During his appearance on the "Free Talk" program on Al Furat TV channel this evening, Safwan explained that "economic diversification cannot be achieved without regulating these outlets, which are a tool for protecting local production and developing investment." He indicated that "reforming the financial sector requires rehabilitating banks through mergers, partnerships, and specialization."
He stressed that "these goals are still far off, and the real beginning lies in developing the human resources working in the banking sector, especially since most Iraqi banks focus their grants on the housing sector."
Safwan explained that "the Central Bank's policy is geared toward supporting financial inclusion, as 40% of individuals use electronic banks, a matter linked to suspicions of money laundering." He called for "providing incentives to credit card holders and motivating them through tax exemptions and import facilitation, which would enhance the conversion of the dinar into hard currency through the Central Bank."
He pointed out that "the Central Bank alone cannot reform the Iraqi economy in light of the lack of control over border crossings and the citizens' lack of trust in banks," emphasizing that "investing in technology is costly, but necessary and yields tangible benefits for shops and businesses."
Safwan revealed that "Iraq has $100 billion in the US Federal Reserve," emphasizing "the need to eliminate intermediaries and build a direct relationship between producers and consumers," warning that "corruption is greater than the support available at the outlets."
He added, "Private banks were established as joint-stock companies, and their shares are now denominated below the dinar mark and are available to all." He called on the Central Bank to "address the dispute between it and the Companies Registrar regarding dividend distribution, which is prompting small shareholders to sell their shares to major investors."
Safwan concluded by saying, "Government banks need a comprehensive restructuring to drive development and create investment portfolios for agricultural, industrial, and commercial cities." He also highlighted the need to integrate the local market with global markets, similar to the Gulf banks, and attract $350 billion domestically.
Korean company expands into America with investment in new steel plant
South Korean steelmaker POSCO has revealed its plans to participate in an investment project for a new steel mill in the United States in cooperation with Hyundai Steel.
According to an official announcement, POSCO signed a memorandum of understanding with the Hyundai Motor Group to support the project, which will be implemented in Louisiana.
Hyundai Steel announced last month a $5.8 billion investment to build a steel mill based on electric arc furnace technology, with production expected to begin by 2029.
This move comes after the US administration decided to impose a 25% tariff on steel imports starting mid-March.
Digital currency and the dollar
Despite the BRICS group's failure to find a solution to replace the dollar with its own currency in the global payments and financial transfer system, with the aim of eliminating the dollar's dominance as a weapon held over countries' necks, the search for alternatives continues.
In February of this year, 2025, Trump renewed his stern warning to the G20 countries against any attempt to weaken the dollar, threatening to impose customs duties of up to 100 percent on goods imported into the United States.
Meanwhile, a new, different effort has emerged, called Project Amberg, which proposes digital currencies issued by central banks in certain countries in an attempt to eliminate the dominance of the dollar in 2021.
Yasser Al-Mutawali
The Amberg project was founded by the Bank for International Settlements, China, the UAE, Thailand, and the Hong Kong Monetary Authority, issuing their own digital currencies to regulate transactions between them outside of the dollar. It is an easy, cheap, and cost-effective method for dollar-denominated transactions. Saudi Arabia joined the system in 2024, giving it momentum and credibility.
Thus, Amberg comes after BRICS to try to end the dollar's dominance over the global payments and trade system. Will it face the same American resistance to thwart it?
The BRICS group has been unable to agree on a common currency to replace the dollar in the global payments and financial transfer system, due to technical and technological reasons related to the countries' capabilities, in addition to US threats.
It's worth noting that the use of the dollar as a double-edged sword to punish countries and deprive them of their use of the greenback, as happened with Russia, Iran, and Venezuela, threatens to destroy their economies, prompting countries around the world to seek alternatives. Today, countries are competing to acquire gold as a hedge against sanctions.
The Amberg system is being adopted by China, Saudi Arabia, and the United Arab Emirates. A successful operation was carried out by the UAE Central Bank, which transferred 50 million dirhams in digital currency to China, eliminating the need for the dollar in trade payments between the two countries.
Financial experts believe that the Amberg system, which reduces significant costs and time in exchange transactions, will be the biggest challenge to the dollar and limit its dominance over payment settlements.
Remarkably, Iraq announced earlier this year that its central bank intended to issue its own digital currency to keep pace with global trends in the field. The question here is whether Iraq will succeed in overcoming all the obstacles and challenges, especially given its continued commitment to international agreements and restrictions.
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