The second session of the Anti-Money Laundering and Combating the Financing of Terrorism Conference kicks off in Baghdad with broad Arab participation.
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The second conference on combating money laundering and terrorist financing kicked off in the Iraqi capital, Baghdad, under the title "International Compliance: A Gateway to Strengthening Relations with Correspondent Banks." The conference was attended by high-level officials and banking officials, and drew broad Arab and international participation.
The conference began with a welcoming speech by the Chairman of the Iraqi Private Banks Association, Wadih Al-Handhal, who expressed his happiness at holding this important event in Iraq. He emphasized the importance of the central topic it addresses, given the challenges facing the Iraqi and Arab banking sectors alike.
Central Bank Governor: Combating money laundering is essential to protecting financial stability and enhancing global confidence in the Iraqi banking system.
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The Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed on Wednesday that combating money laundering and terrorist financing crimes is no longer merely a legal obligation, but has become a pivotal element in protecting financial stability and enhancing the confidence of international partners in the Iraqi economy.
This came during his speech at the Second Conference on Combating Money Laundering and Terrorist Financing, which kicked off in Baghdad with broad participation from representatives of Arab and international financial and banking institutions.
Al-Alaq said that Iraq has achieved very good results in recent international assessments, particularly regarding the accuracy of information, which reflects the serious efforts made by the Central Bank to raise the level of compliance with international standards.
He added, "We took early action to address vulnerabilities and took concrete, positive steps to prevent the exploitation of the Iraqi financial system for suspicious activities."
International banking partnerships and opening new channels
The Central Bank Governor explained that Iraq has succeeded in opening accounts with international correspondent banks in a number of countries, indicating a recovery in foreign banking relations and the strengthening of official financial channels.
He pointed out that the introduction of a cash dollar exchange system in Iraq has become "the most optimal among countries worldwide" in terms of regulation and transparency, and has contributed to reducing the risks associated with cash transactions.
Regulatory steps in vital sectors
As part of the updated procedures, Al-Alaq announced that the Central Bank has reached the final stages of the electronic linkage project with customs, a move aimed at tightening control over imports and enhancing customs transparency.
He also noted that an important decision has been taken to regulate real estate sales and purchases through the banking system, to mitigate the risks of money laundering that may arise in this sector due to its cash nature, especially in light of the significant growth it is witnessing.
Digital transformation and artificial intelligence
Al-Alaq emphasized that digital transformation has become a key tool in banking reform efforts, noting the Central Bank's move toward employing artificial intelligence and network analysis as effective tools for controlling financial transactions and proactively detecting suspicious patterns.
Appreciation of the role of the private sector
At the end of his speech, he thanked the Iraqi Private Banks Association, in appreciation of its role in supporting the Central Bank's efforts in this sensitive sector, stressing the importance of the partnership between the public and private sectors in building a stable financial system that is compatible with international standards.
Ziad Khalaf: Iraqi banks are not a weak point, but rather a starting point for integration into the global financial system.
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Ziad Khalaf, Vice Chairman of the Union of Arab Banks, said that some international bodies still view Iraq as a "source of risk," despite the progress it has made in complying with international financial standards. He emphasized that this view is unfair and does not reflect the reality of Iraqi banking today.
Khalaf's remarks came during his participation in the second conference on combating money laundering and terrorist financing, held in the capital, Baghdad, with the participation of senior Arab and international officials and experts in the financial and banking sectors.
Khalaf emphasized that Iraqi banks are not a weak point, but rather represent a starting point for broader integration into the global financial system. He noted that these institutions have demonstrated a high degree of resilience in the face of challenges, a clear ability to adapt to technological developments, and compliance with international standards for combating money laundering and terrorist financing.
The Vice President of the Union of Arab Banks stressed the importance of changing the stereotypical image of the Iraqi financial sector by highlighting success stories and Iraqi banks' commitment to implementing international best practices. He called for greater cooperation between banks and regulatory authorities to enhance transparency and achieve integration with the international financial system.
Khalaf explained that supporting the national economy requires a cohesive and reliable banking sector, indicating that the next phase must focus on building trust with correspondent banks and international institutions, through continuing reforms and intensifying efforts in the areas of compliance and governance.
Al-Atwani: Iraq's integration into the international financial system is no longer an option, but rather a necessity to enhance confidence in the national economy.
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The head of the Iraqi Parliament's Finance Committee, Atwan Al-Atwani, affirmed on Wednesday that international obligations imposed on financial institutions have become one of the most prominent factors determining the nature of the relationship between local and international banks. He emphasized that compliance with these obligations is a necessity, not a luxury, to ensure Iraq's full integration into the global financial system.
This came during his speech at the Second Conference on Combating Money Laundering and Terrorist Financing, held in the capital, Baghdad, in the presence of a group of Arab and international government and banking officials.
Al-Atwani stated that Iraq has made significant strides in adapting to international standards, with notable developments recently seen in strengthening the legal framework and institutionalizing oversight of banking activities, which has contributed to improving the image of the Iraqi financial sector.
He added, "We have clearly seen the Central Bank of Iraq's commitment to adopting a clear reform and development approach, represented by the issuance of precise instructions aimed at enhancing compliance and modernizing the institutional structure of the banking sector."
Despite the progress made, Al-Atwani noted that challenges remain, particularly regarding the increasing requirements of international correspondent banks, which now impose stricter conditions for dealing with banks in the region. He called for intensified collective efforts by Iraqi banks to meet these requirements and ensure the sustainability of foreign relations.
Al-Atwani affirmed that the Parliamentary Finance Committee is closely monitoring the performance of the banking sector, stressing its support for efforts to develop it and emphasizing the importance of adhering to international standards as a fundamental pillar of national economic stability and attracting foreign investment.
In concluding his remarks, he highlighted the importance of continued cooperation between national financial institutions, the government, and regulatory authorities in order to build a modern, secure banking sector capable of meeting escalating challenges .
Wadih Al-Handhal: The majority of banks have demonstrated a high commitment to transparency and compliance standards.
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The head of the Iraqi Private Banks Association, Wadih Al-Handhal, confirmed on Wednesday that the majority of Iraqi banks have demonstrated a high commitment to transparency and compliance standards and have followed approved national and international regulations.
During the second session of the Anti-Money Laundering and Combating the Financing of Terrorism Conference, attended by an Al-Eqtisad News correspondent, Wadih said that some of the recent measures imposed on a number of Iraqi banks do not reflect the true reality of the banking sector. He explained that the majority of banks have demonstrated a high commitment to transparency and compliance standards and have followed locally and internationally approved controls. Despite the negative impact of these measures on the image of the Iraqi financial system, he expressed his confidence in the sector's ability to regain the confidence of international partners and overcome this phase.
He emphasized that the Iraqi banking sector is undergoing fundamental transformations, under an ambitious reform plan led by the Central Bank of Iraq with direct government support. The plan aims to enhance the efficiency of the financial system and bolster international confidence, particularly in the areas of compliance and anti-money laundering.
Rich agenda and vital topics
The conference will extend over two days, during which participants will discuss a number of research papers and vital topics, most notably:
Challenges related to opening accounts with correspondent banks.
Ways to enhance cooperation between Arab banks.
The role of technology and artificial intelligence in supporting compliance efforts.
Local and international legislation and the role of central banks in establishing sustainable compliance.
In concluding his remarks, the Association President thanked Prime Minister Mohammed Shia' Al-Sudani for his continued support of the banking sector, and the Governor of the Central Bank, Dr. Ali Al-Alaq, for his reform efforts. He also commended the role of the Union of Arab Banks in organizing this important event, and thanked all the supporting and participating entities.
Baghdad or Erbil? Who controls Iraq's wealth?
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from Iran's news
The Iraqi Ministry of Oil declared two agreements between two American energy companies and the Kurdistan Regional Government of Iraq "null and void" due to their failure to obtain federal approval.
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The tense relationship between Baghdad and Erbil has once again come to the fore after the Kurdistan Region of Iraq signed two massive gas field development agreements with two American companies worth more than $110 billion. This move sparked widespread political and legal controversy and brought to the fore an old question: Who owns the decision-making power over Iraq's resources?
Political analyst Naseem Abdullah told Al-Alam TV: "The Iraqi constitution states in Articles 110, 112, and 121 that the management of oil resources is a joint management between the region and the federal government. This provision is explicit, as the 2005 constitution stated that these resources are managed jointly by the region and the federal government. Currently, the region has violated the constitution through its unilateral management, which constitutes a breach of it."
The agreement, announced by the Prime Minister of the Kurdish region, Masrour Barzani , includes the development of massive oil and gas reserves in the Mizan, Topkhana, and Kordemir fields, potentially transforming Kurdistan into a regional energy hub. However, Baghdad, through the Ministry of Oil, quickly declared the agreement invalid, asserting that it violates the constitution and a ruling by the Federal Supreme Court.
Law professor Mohammed Adiq told Al-Alam TV: "Regarding the relationship between the Kurdistan Regional Government and the federal authorities, it is governed by Articles 110, 114, and 112. Therefore, the expired Kurdistan Regional Government must partner with the federal government in managing oil and gas and concluding oil contracts."
On the other hand, Erbil believes its actions are legal and within its jurisdiction, citing the absence of a federal law regulating the oil and gas sector. It asserts that the revenues will benefit both Kurdistan and Iraq.
Kurdish political analyst Hussein Al-Jaf said, "What happened is not a new contract, but rather the transfer of ownership of the project, which was operating in oil, from Kurdistan to another company. Therefore, there is no such thing as a renewed contract."
This sharp contrast raises a highly complex legal and political issue. While Baghdad champions sovereignty over resources, Erbil asserts that it is exercising a constitutional right that is absent from the national agreement.
The relationship between Baghdad and Erbil remains hostage to intense disagreements over resource management, with Baghdad insisting on centralized decision-making and Erbil insisting on its constitutional rights. The absence of a national agreement is evident, making every crisis a renewed conflict between Baghdad and Erbil.
President of the Republic: There are no Iranian forces in Iraq, nor any Iraqi forces in Iran.
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Speaking to CNN Arabic
Iraqi President Abdul Latif Rashid denied on Wednesday the presence of Iranian forces inside Iraq or vice versa, noting that the matter is limited to a regular exchange of delegations to discuss common issues. He also reiterated that the absence of an oil and gas law is behind the outstanding issues between the federal government and the Kurdistan Region, during a television interview with CNN Arabic.
he Arab Summit is essential in the current circumstances. The Middle East and Arab countries are suffering from several problems, most notably the aggression against the Palestinian people and the internal situations in Sudan, Syria, and Lebanon.
There is a genuine intention on the part of the Arab countries and the countries of the region to end the suffering of the Palestinian people.
We must work to stop the fighting in Palestine, deliver humanitarian aid to the Palestinian people, and then develop a political roadmap for Palestinians to achieve their legitimate rights in accordance with United Nations resolutions.
Syria is an important country for Iraq in all social, religious, and cultural aspects. We are connected to each other, and we want good and strong relations with Syria. We want the Syrian government to take into consideration the Syrian people in all their diversity and ensure their representation.
We have a long border with Syria, and there are terrorists on the border, either alone or with their families of various nationalities. This security issue must be resolved amicably with the Syrian side.
We are working to resolve the border security crisis with Türkiye and the presence of its forces inside Iraq, especially given the Kurdistan Workers' Party's decision to pursue peaceful means to resolve the issue.
Our relations with Türkiye are good in terms of trade and diplomacy, and our trade is strong, amounting to tens of billions annually. We hope to resolve the security issue.
Our relations with Iran are long-standing, normal, and strong. There are no Iranian forces inside Iraq or vice versa. There is a constant exchange of delegations to discuss all existing issues.
Most of Iraq's water resources come from Türkiye and Iran, and most of it comes from Türkiye. We need a fair share to meet the needs of the population and agricultural requirements.
Our relations with neighboring countries and the region, including Egypt and Jordan, are strong and solid, and there is an exchange of expertise and business to improve infrastructure.
Our relations with the United States are normal and good, and agreements exist between the two parties and are being studied jointly. The decision on whether or not to keep forces is left to the ongoing negotiations between the two parties.
We welcome the visit of President Trump and European delegations to the region to hear directly from the region's leaders about existing problems and work to resolve them.
We hope that the ongoing negotiations between the United States and Iran will be successful and will benefit everyone.
Iraq is ready to serve as a mediator between Iran and the United States to ensure the success of negotiations, if requested.
The absence of an oil and gas law is behind the outstanding issues between the federal government and the Kurdistan Region. Negotiations are ongoing between the two sides to resolve issues such as salaries, oil, and other matters.
The elections will be held on schedule, and we are working to ensure that they are safe, stable, and fair, ensuring broad participation by the Iraqi people.
(60%) of Iraq’s population are young people, and they constitute the largest group. They must be supported, and we need their participation in supporting the political process, defending security and stability, and for them to be an interested part in solving problems.
Prime Minister's Advisor: There is no financial crisis in Iraq and the economic situation is under control.
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The Prime Minister's financial advisor, Mazhar Mohammed Saleh, confirmed on Wednesday that the circulating talk of a financial crisis in the country is "nothing more than rumors," emphasizing the importance of hedging economic policies in light of the current international circumstances.
Saleh explained that the Iraqi economy relies on oil revenues to finance public expenditures by up to 90%, while government spending constitutes approximately 50% of GDP, which accounts for approximately 85% of total demand and economic activity.
He added, "Current indicators do not point to a financial crisis, thanks to prudent fiscal policies. However, global challenges, such as trade wars and faltering energy markets, require vigilance and caution to maintain the country's prosperity."
He pointed out that the oil market is entering the early stages of a price decline cycle, emphasizing that there is close coordination between fiscal and monetary policies to address these challenges through fiscal discipline and controlling revenues and expenditures, in parallel with financing measures that do not negatively impact public spending.
Saleh explained that Iraq has accumulated experience in dealing with oil cycles since 2014, and has succeeded in ensuring economic stability by providing salaries, pensions, and social welfare, supporting agriculture, and strengthening partnerships with the private sector within the government's reform program.
He concluded by saying, "Securing liquidity to meet the country's needs is a top priority. There is successful central financial management of this issue, and there are no current concerns in this regard."
Revolutionary Guards Commander Warns US and Israel: Our Hands Are on the Trigger
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The commander-in-chief of the Islamic Revolutionary Guard Corps (IRGC), Major General Hossein Salami, warned US officials on Wednesday (May 28, 2025): "We are prepared for any scenario. Our hands are on the trigger and we are on alert. If you commit any foolishness, you will receive an unforgettable response."
Iranian media outlets, monitored by Baghdad Today, reported that "Major General Hossein Salami, Commander-in-Chief of the Islamic Revolutionary Guard Corps, stated during his meeting with Guard Corps personnel in Hamadan Province, 'Imamate and leadership are a gift from God that has made the Iranian people worthy of them, and this reflects the nobility and dignity of this people.'"
Salami said, "Iran has a great people who know how to handle difficult situations and have an influence on the depths of the devilish minds of our enemies."
He explained, "When confronting an enemy, we must understand the depth of their thinking and intentions," noting that "the enemy's cognitive warfare is one of the methods used by the United States and its allies to penetrate the depths of society's thoughts. Awareness in this area is often inadequate, but minds can be enlightened through jihad and conscious action in this context."
Maximum readiness and threats to Israel
The Major General emphasized that "the readiness of the Armed Forces of the Islamic Republic of Iran is at the highest level," emphasizing: "We are in a comprehensive war. We are witnessing an economic war, sanctions, global political pressures, widespread media wars, harsh and violent media and propaganda operations, cultural invasions, and various threats from enemies imposed on this nation from near and far."
He pointed out that "despite all these threats from enemies, this country remains resilient," adding that "the Islamic Republic of Iran is advancing steadily, and the Iranian nation will never surrender to the political will of others. We are dominant in the field of defense, and we have always mobilized the strength to confront the greatest powers in the world."
He continued, "The Zionists continue their actions against our country and threaten the Iranian nation. In response, I warn them again that if they continue to commit mistakes and foolish acts, we will open the gates of unlimited fire upon them."
He continued: "We also tell American officials that we are prepared for any scenario. Our country will never surrender to the political will of others. Our hands are on the trigger and we are on alert. If you make any mistake, you will receive an immediate response that will make you forget your past."
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United Nations: We believe in Iraq's return to its positive role.
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The United Nations Assistance Mission for Iraq (UNAMI) announced on Wednesday that it believes in Iraq's return to its positive role, while stressing that legislative compliance is the primary guarantee for the sustainability of the digital transformation .
The UN Secretary-General's Representative in Iraq, Mohammed Al-Hassan, said in statements monitored by "Mil" that "this conference represents an important milestone in Iraq's journey towards transitioning to a state of law and institutions and positive interaction with efforts to combat money laundering and dry up the sources of terrorist financing." He praised "the choice of the title of this session (Challenges of Arab banks in complying with international laws and legislation and ways to meet the requirements of correspondent banks), which expresses a growing awareness among financial and banking institutions that restoring confidence and the efforts of international companies require adherence to the highest standards of transparency and accountability ."
He added, "The United Nations believes in Iraq and Iraq's return, and believes that good governance, transparency, and international transition are not just slogans, but rather pillars toward a transparent economy that interacts with the region and the world." He praised the efforts of the Central Bank of Iraq and the Iraqi Private Banks Association for "leading this positive movement ."
Al-Hassan called for "strengthening partnerships with international and regional financial institutions, including the International Monetary Fund, the World Bank, the Financial Action Task Force, the Economic and Social Commission for Western Asia, and others, in order to build national capacities that facilitate raising standards to keep pace with global requirements and requirements," noting that "such partnerships are accompanied by benefiting from successful experiences in a number of Arab and non-Arab countries that were able to gain the trust of international institutions and peoples by adopting profound reforms capable of integrating Iraq into the global banking system in a way that serves its national interests towards sustainable development ."
He explained that "today's conference serves as a platform for exchanging expertise and reviewing the applications of technology and artificial intelligence as practical tools for strengthening compliance organizations," noting that "in light of the accelerating digital transformation, technology is no longer an option but an urgent necessity. If properly utilized, it can uncover suspicious patterns, enhance the accuracy of regulatory procedures, and accelerate financial risks ."
He stressed the need for "such technological development to be coupled with a transparent legislative and legal system. While digitization offers unprecedented possibilities, legislative compliance remains the primary guarantee for the sustainability of today's transformation ."
The Kurdistan Regional Government appreciates the United States' position and commends its support for the region's constitutional system.
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The Kurdistan Regional Government's Council of Ministers held a meeting on Wednesday, chaired by Prime Minister Masrour Barzani, to present the results of the official visit of a high-level delegation from the regional government to Washington, D.C., last week.
At the beginning of the meeting, the Prime Minister highlighted the importance of the visit, explaining that the United States views its relationship with the Kurdistan Region as a key partner. He emphasized that Washington has renewed its support for the constitutional system in the region, and for its rights and powers within the framework of the Iraqi constitution, as a pivotal element in consolidating the federal system and protecting the constitutional entity of Kurdistan.
According to a statement issued by the regional government and received by Shafaq News Agency, Barzani reviewed the delegation's most prominent meetings with members of Congress and the new US administration, noting that both sides emphasized the importance of strengthening the partnership to preserve the interests of both sides, within a permanent and stable federal system in Iraq.
Regarding his meeting with US Secretary of State Marco Rubio, the Prime Minister expressed his appreciation for the minister's statements, in which he reiterated his country's commitment to supporting a strong and stable Kurdistan within federal Iraq, and Washington's readiness to provide support to the regional government in various fields, ensuring its constitutional rights and fair share of revenues.
He also noted the US Secretary of State's praise for Kurdistan's hosting of displaced persons and refugees, and its protection of the rights of various ethnic and religious groups.
During the meeting, members of the ministerial delegation presented detailed reports on their meetings, according to their respective mandates, and the results of the visit were discussed in depth.
At the conclusion of the meeting, the Council of Ministers commended the United States' position and affirmed its respect and appreciation for its continued support for the region's constitutional system and its guarantee of the implementation of its powers and privileges within the framework of the Iraqi constitution.
The Council stressed that the Kurdistan Region will continue dialogue and negotiations with the federal government to resolve outstanding issues within the constitutional framework, particularly regarding the resumption of the region's oil exports through SOMO. This, it noted, would contribute to increasing federal budget revenues, developing the oil and gas sector in accordance with constitutional frameworks, and ensuring the return of revenues to all citizens, after the halt in operations since March 2023 caused billions of dollars in losses to the public treasury.
American company Starlink confirms its readiness to operate in Iraq: We will contribute to the digital transformation.
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American company SpaceX "Starlink" confirmed on Wednesday its readiness to operate in Iraq and contribute to the digital transformation and its applications for public and private sector institutions.
The Prime Minister's Office stated in a statement received by ( IQ ), "Prime Minister Mohammed Shia Al-Sudani received, today, Wednesday, a delegation from SpaceX (Starlink), an American company specializing in network, information and communications technology. During the meeting, aspects of cooperation in the field of communications and services provided by the company, and its coverage areas, were reviewed."
During the meeting, Al-Sudani emphasized that "Iraq today boasts many promising investment opportunities, given the rapid growth and urban and service expansion it is witnessing," noting "the importance of the strategic relationship with the United States within the framework agreement and other bilateral memoranda of understanding, which extend to various economic, scientific, and developmental fields."
Al-Sudani directed the relevant authorities to "study ways to facilitate SpaceX (Starlink)'s work and expedite the necessary measures," expressing his welcome for major technology companies, particularly American ones, to operate in Iraq and the possibility of their cooperation with the Iraqi private sector, within the government's vision for digital transformation measures.
For its part, the company's delegation affirmed its readiness to operate in Iraq, provide services, and cooperate in the Iraqi market. It explained that Starlink's services will contribute to digital transformation and its applications for public and private sector institutions, develop communications, and achieve economic prosperity within the framework of bilateral cooperation between Iraq and the United States.
Will international agencies raise Iraq's credit rating soon?
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British report points to Baghdad's financial and administrative reforms as possible reasons for the expected move.
The report indicates a significant improvement in the level of financial transparency through the issuance of annual public reports on public revenues and expenditures,
Iraq is moving toward a new economic phase aimed at improving its credit rating with international institutions through a series of financial and administrative reforms and a significant increase in foreign direct investment.
A new report issued by the London-based Global Center for Development Studies finds that the Iraqi government , led by Prime Minister Mohammed Shia al-Sudani, succeeded in attracting foreign investment exceeding $87 billion in 2024, with expectations of this amount rising to between $120 and $150 billion by 2029, in vital sectors including energy, petrochemicals, agriculture, and religious tourism.
Reforms to boost international confidence
The British report identified clear trends in Iraqi economic policy aimed at diversifying sources of income away from oil, strengthening financial governance, combating corruption, and increasing the independence of the Central Bank and improving monetary policy management. This has been reflected in declining inflation rates and a stable dinar exchange rate.
Iraq faces significant economic challenges due to fluctuating oil prices, rising spending, a worsening fiscal deficit, and exchange rate instability.
he report points to significant improvements in financial transparency through the issuance of public annual reports on public revenues and expenditures, and the updating of more than 200 laws over two years, enhancing the business climate and limiting the penetration of corruption networks into the state's institutions.
Cooperation with international institutions
According to the report, Iraq is in the process of signing consulting agreements with two international companies. One will provide technical support to the Commercial Bank of Iraq in compliance with international financial standards, while the other will manage a public relations campaign aimed at improving Iraq's economic image and enhancing its chances of obtaining a better credit rating from international rating agencies such as Standard & Poor's, Moody's, and Fitch.
The report indicated that Iraq's agricultural sector recorded a growth of approximately 15 percent in wheat production over the past three years, while the petrochemical sector achieved a rise of approximately 10 percent in 2023. Religious tourism, meanwhile, recorded a significant increase in exports, with the number of foreign visitors exceeding 20 percent, making it a promising sector for diversifying national income sources.
Although Iraq's rating remains at a low level of B- by Standard & Poor's and Fitch, and Caa1 by Moody's, its high foreign exchange reserves, ongoing reforms, and improved transparency indicators are all positive factors that could contribute to a rating upgrade in the near future, according to the report.
CBI: Iraq targets terror finance with international backing
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Iraq’s Central Bank (CBI) Governor Ali al-Alaq reaffirmed on Wednesday the country’s commitment to countering money laundering and terrorist financing in cooperation with international partners.
Speaking at a conference in Baghdad, al-Alaq said Iraq is working closely with the Middle East and North Africa Financial Action Task Force (MENAFATF) to implement global treaties and curb illicit financial activities.
He pointed to Iraq’s strengths in financial transparency and data accessibility, which enable authorities to monitor cross-border transfers effectively, highlighting the country’s robust information-sharing channels with foreign counterparts.
Among recent steps, the CBI has reportedly strengthened oversight and opened additional channels to curb capital flight. “Iraq’s cash dollar distribution mechanism is now regarded by international partners as the most optimal in the world.”
The official also announced the establishment of a centralized global registry for identifying real bank beneficiaries, granting regulators access to verified data to prevent the misuse of false identities.
While acknowledging gaps in the system, al-Alaq affirmed that authorities have taken immediate action to mitigate risks. “We’re implementing focused measures to ensure channels are not exploited for terrorism,” he added, praising the Kurdistan Region’s role as vital to Iraq’s nationwide anti-money laundering strategy.
Public employees in al-Sulaymaniyah protest KRG’s ‘My Account’ payroll system
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On Wednesday, public employees in al-Sulaymaniyah rejected the Kurdistan Regional Government’s “My Account” (Hisabi) payroll system, calling it “unconstitutional” and in violation of a Federal Supreme Court ruling.
At a press conference, spokesperson Maryam Hussein accused the KRG of forcing workers to enroll in a system that routes salaries through private banks instead of state institutions, arguing, “Public wages must be managed by the state, not private channels.”
Critics argue the system, launched as part of the KRG’s financial reform plan, disconnects salary payments from Baghdad’s funding—especially in al-Sulaymaniyah, Halabja, and surrounding areas. “No federal money reaches these accounts,” Hussein added. “It’s a digital barrier hiding the real flow of public funds.”
She urged employees across the Region to reject the platform, calling it a legal and institutional breakdown. “This is about protecting our salaries and preserving government accountability.”
“I appreciate tonight’s call from Secretary Rubio, during which we discussed developments in the Kurdistan Region, Iraq, and the wider region. I reaffirmed our shared commitment to peace, stability, and the strong partnership between the Kurdistan Region, Iraq, and the United States, and conveyed our deep gratitude for America’s steadfast support over the years.
Omani brand Seven Fries expands globally with first outlet in Iraq
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The Omani fast-food brand Seven Fries has marked a major milestone in its growth journey with the inauguration of its first international branch in Erbil, in the Kurdistan Region of Iraq.
The outlet was officially opened on Wednesday by Eng Hamoud bin Salem al Saadi, Second Deputy Chairman of the Oman Chamber of Commerce and Industry (OCCI) and Chairman of the Commercial Excellence Center Committee.
The launch marks a significant achievement under OCCI’s Commercial Excellence Programme, which supports the regional and international expansion of Omani businesses.
Speaking at the event, Saadi emphasised the role of the OCCI’s Franchise Programme in empowering Omani brands to compete beyond national borders. “The programme has successfully enabled several companies to sign franchise agreements, boosting their competitiveness and facilitating expansion both locally and internationally,” he said.
He added that the establishment of the Franchise Center under OCCI is a strategic step to ensure the programme’s sustainability, providing specialised support to businesses and entrepreneurs and strengthening the overall franchising ecosystem in Oman.
Issa bin Saleh al Aghbari, founder of Seven Fries, expressed pride in the brand’s growing international footprint. Launched in 2021 in Seeb in Muscat, Seven Fries has quickly emerged as a flagship Omani brand in the franchising space.
“From the beginning, Seven Fries has been focused on delivering premium-quality fresh potato products. Our franchise model is designed to share this success with partners around the world,” Aghbari said. “We are now preparing to enter new markets, particularly in the North Africa region and the United States.” The brand had already secured franchise agreements in Iraq, Pakistan, and an exclusive contract in India.
Aghbari revealed ambitious expansion plans, including the launch of up to 300 branches in India. He also highlighted increasing interest from investors in the United States and other global markets, positioning Seven Fries as a new ambassador for Omani entrepreneurship on the world stage.
Mustafa Sand: The dollar's decline is the result of a serious recession and a liquidity crisis. The next government will face real bankruptcy.
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Mustafa Sand: The dollar's decline is the result of a serious recession and a liquidity crisis. The next government will face real bankruptcy.
MP Mustafa Sanad warned on Tuesday of the serious repercussions of the decline in the dollar exchange rate in Iraq, stressing that the main reason behind this decline is not an economic recovery, but rather a severe recession and a shortage of cash liquidity in the markets.
"The financial situation is like an athlete who drinks a Tiger Energy drink and feels energetic for a short period, then collapses," Sand said in a press statement, referring to the temporary government measures that have led to a decline in the dollar without reflecting real stability.
He explained that "the current government has relied on drawing from state reserves, including deposits and tax trusts, which will leave the next government without any bank balances," warning that "the financial situation in the coming period will be extremely dire, and may reach the brink of bankruptcy."
Sand pointed out that the sudden decline in the dollar's value does not signify an economic recovery, but rather is a dangerous indicator of a slowdown in trade and weak public demand due to the recession.
The Parliamentary Finance Committee revealed to Al-Jabal that the government is making progress on the budget schedules and expects a date for its submission.
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he Finance Committee of the Iraqi Parliament revealed on Wednesday, May 28, 2025, that the government is moving to submit the 2025 budget tables to Parliament. It expects the tables to be submitted to Parliament in the middle of next month.
Committee member Moein Al-Kadhimi told Al-Jabal platform, "We have received information that the Ministry of Finance, along with the Ministry of Planning, is preparing budget tables for 2025 based on recent financial and economic changes with the decline in oil prices. We expect these tables to be sent in mid-June."
Al-Kadhimi explained, "These agendas will reach the committee when the House of Representatives resumes its sessions. If the agendas reach the House, it will be obligated to hold sessions. This issue will certainly not be free of disagreements, whether political or technical. We may need approximately a month to vote on the agendas after they officially reach the committee and study them from various angles."
Last Monday, Prime Minister Mohammed Shia al-Sudani discussed with the head of the Parliamentary Finance Committee, Atwan al-Atwani, the current year's budget schedules, which the government has not yet submitted.
During the meeting, according to a statement from Al-Sudani's office, "the latest preparations for the 2025 budget schedules were reviewed, as well as the mechanisms and plans to ensure the financing of salaries and expenditures, according to sectors and activities, during the current year."
Al-Sudani stressed "the government's commitment to ensuring that the budget includes its priorities for implementing its schedules, in order to complete the government's program, particularly those related to providing services and completing projects, to achieve the aspirations of citizens in all Iraqi governorates."
This comes despite numerous members of the Iraqi Parliament's Finance Committee asserting that the 2025 budget schedules are a thing of the past and will not be voted on.
On May 18, 2025, committee member Mustafa Al-Karawi told Al-Jabal that "from the outset, the government was not serious about sending the 2025 budget tables to parliament for a vote. This was due to the government's lack of funds to finance this budget through projects and other means, especially since it has not yet disbursed the 2023 and 2024 budget funds due to this shortfall."
He explained that "the House of Representatives has been inactive for months, and we don't expect any more sessions to be held in the few remaining months. Therefore, the 2025 budget schedules are now a thing of the past and will not be voted on. In the coming months, work will be limited to paying salaries, without launching any new projects."
Earlier, Jamal Kocher, a member of the Iraqi parliament's Finance Committee, confirmed that "the Iraqi government has no intention of submitting the 2025 budget schedules to the House of Representatives for a vote, due to the financial crisis it is experiencing and the lack of liquidity." He explained that "with the decline in oil prices, the deficit in this budget has increased significantly."
He told Al-Jabal platform, "The Iraqi government is suffering from a lack of funds, which is why it has not yet completed the financial disbursements allocated in the 2023 or 2024 budgets. Therefore, it does not need new budgets, and previous financial allocations cannot be met due to a lack of liquidity. Therefore, the budget will not be sent, and the situation will remain as it is until the parliamentary elections and the formation of a new government."
On April 19, Mazhar Mohammed Saleh, the Prime Minister's financial advisor, outlined the reasons for not submitting the 2025 budget tables to Parliament.
Saleh told the Al-Jabal platform, "There are two reasons behind the delay in sending the 2025 budget tables to the House of Representatives. The first is the recent amendment to the law pertaining to the region's oil, its export, and production costs in Paragraph 12. This amendment prompted new changes to the law, expenditure items, and other matters."
Saleh explained, "The other reason is the fluctuations in global oil prices, especially after they fell to less than the official price set in the three-year budget. This also led to a delay in submitting these tables and a new study of them based on economic and financial variables. We expect to submit these tables soon."
The Iraqi dinar is recovering, while markets are dying. An economic recession is hitting Kurdistan.
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With markets hushed and shelves increasingly empty, the Kurdistan Region is experiencing economic stagnation despite signs of recovery in the rest of Iraq, with the dollar's exchange rate declining and the dinar's strength recovering. While some provinces are breathing a sigh of relief, Kurdistan remains mired in a vicious cycle of mounting crises, with citizens seeing no sign of this apparent improvement.
The Kurdish street isn't asking about economic indicators, but about a missing salary, a lost job opportunity, and cash flow that has become as scarce as rain in a time of drought. There's no dinar in hand, no dollar in pocket, just a long wait for a hope that may never come, and suffering that deepens with every day that salaries are delayed and the circles of unemployment expand.
"The problem is not the exchange rate"
In this context, experts are increasingly warning that the crisis lies not in the exchange rate, but rather in the absence of economic policies that ensure the benefits of the improvement reach citizens. This was pointed out by economic expert Farman Hussein on Wednesday (May 28, 2025), who asserted that the Kurdistan Region remains outside the circle of economic recovery, despite all the positive changes in the currency exchange rate.
Hussein told Baghdad Today, "Despite the decline in the dollar exchange rate and the recovery of the Iraqi dinar, the markets in the Kurdistan Region have yet to benefit from this decline and are still suffering from stagnation."
He added, "The region's problem lies in the lack of financial liquidity. Citizens do not have dollars or dinars due to the non-payment of salaries, the scarcity of job opportunities, the high unemployment rate, and the weakness of banking transactions. All of these factors lead to a lack of financial liquidity."
Variation in the Iraqi economic scene
For months, Iraq has witnessed a significant improvement in the value of the dinar against the dollar, as a result of a series of government and banking measures aimed at regulating the market and controlling the flow of foreign currencies. This has had a positive impact on purchasing power in a number of governorates and has contributed to a relative easing of economic pressures on Iraqi citizens.
However, this improvement was not comprehensive, as the Kurdistan Region remained in a state of marked economic recession, despite the decline in the dollar's value. The structural problems plaguing the region, most notably the crisis of delayed salaries, high unemployment rates, and weak liquidity in the markets, prevented any real recovery that could be felt by citizens.
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