Digital wild west: Online trading fraud surges in Iraq
Fraudulent online trading platforms are spreading rapidly in Iraq, targeting young people with false promises of fast profits via anonymous accounts on WhatsApp and Telegram, cybersecurity and financial experts warned.
The video for this My FX Buddies Blog post is below here:
The schemes often begin with small payouts, typically under $25, framed as “initial profits” to build trust. Victims are then asked to pay “guarantee fees” to access larger returns.
Demands escalate quickly, with participants frequently urged to recruit others, following a classic pyramid structure. Scammers often use female profile images and operate through untraceable messaging apps. Once enough money is collected, the accounts vanish.
In some regions, total reported losses exceed $750,000.
In Kirkuk and other provinces, young Iraqis have reported losing their savings. One scheme linked to the now-defunct platform “Unimart” left dozens financially devastated after being promised life-changing returns.
“They offered daily profits at first, and I received small amounts. That made me invest more. Then came excuses—technical issues, market shifts—until the platform shut down. No responses, no refunds,” Ahmed al-Jubouri, a victim, told Shafaq News, adding that some participants suffered health complications due to psychological distress.
Economist Youssef Mahmoud stressed that credible trading platforms must be licensed by internationally recognized regulators. “No serious investment opportunity arrives via anonymous messages or demands upfront payments without legal documentation,” he told Shafaq News.
Cybersecurity specialist Abdul-Sattar al-Ali linked the spread of such fraud to Iraq’s low digital awareness. “These platforms thrive where users lack understanding of online risk,” he cautioned. “Transferring money or personal data to unverifiable sources is extremely dangerous.”
Old Tricks, New Looks
Community affairs observer Abbas Hussein noted that these scams mirror earlier operations in Iraq, such as “Alaako” and “Wisamko,” which exploited regulatory voids during the 1990s.
“Today, it’s the same logic: exploitation—just behind a screen instead of a storefront,” Hussein remarked. “Failing to learn from the past will only invite more damage.”
Analysts are calling for stronger regulation, digital literacy campaigns, and legal mechanisms to support victims. Without action, they warn, online investment scams will continue to evolve, targeting even more Iraqis through increasingly sophisticated methods.
This clarification comes in response to reports that Syria has stopped printing currency in Russia.
On the other hand, the bank clarified that "regarding what has been published regarding a change in the national currency or the introduction of an entirely new issue, we confirm that this matter is still under study by the Central Bank of Syria and is subject to careful evaluations, including economic and technical aspects."
He added, "No decision will be made in this regard before the required studies and procedures for issuing the necessary decisions are completed."
According to what Reuters reported on Friday, May 16, citing three sources, Syria intends to print a new currency in the United Arab Emirates and Germany instead of Russia.
The Central Bank of Syria affirmed its continued commitment to "monitoring economic developments and taking the necessary measures to promote monetary stability and enhance confidence in the Syrian pound."
Syria received a new shipment of Syrian pounds printed in Russia last March, with more shipments expected in the future, Reuters reported earlier.
from kurdish news
Syria replaces its new currency and removes Assad's image from the lira.
Reuters, citing informed sources, revealed that Syria is planning to print a new currency design in the UAE and Germany, abandoning its previous partnership with Russia in this field.
The agency reported that Syrian authorities began searching for alternatives to printing the national currency at the beginning of this year, turning to Germany and the UAE after European countries began easing sanctions on Damascus, particularly following the European Union's decision last February to ease some economic restrictions.
One of the most notable changes to the new currency is the removal of the image of ousted Syrian President Bashar al-Assad from one of the purple Syrian pound denominations, a remarkable move that reflects a shift in the state's financial and symbolic policy.
Economists believe that this move, coupled with growing interest from some countries and international companies, could pave the way for economic recovery in Syria, especially after former US President Donald Trump lifted some sanctions, opening the door to new investment opportunities in the country.
i didn't post those 2 articles
Trump's visit to the Gulf: Will it open the door to investment in the Kurdistan Region?
US President Donald Trump's visit to several Gulf states has raised questions about its political and economic impact on the Kurdistan Region, given the region's well-known positive relationship with Gulf capitals and its close ties with Washington on development and security issues.
In this context, researcher and political analyst Yassin Aziz told Baghdad Today on Sunday (May 18, 2025) that "Trump's visit has significant repercussions for the entire region, including Iraq. Since the Kurdistan Region is part of Iraq, the region—although it has constitutionally granted special status—remains bound by the public interests and frameworks set by Iraqi foreign policy."
The Gulf and the region: a stable partnership and open prospects
Aziz adds that "the region's relations with the Arab Gulf states have been distinguished and positive for a long time, particularly with pivotal countries such as Saudi Arabia, the UAE, Qatar, and even the rest of the Gulf states," noting that "these countries already have investments in the region, and there is ongoing economic activity, although the ambition is for it to expand further in the coming period."
He believes that Trump's visit to the Gulf states "could be a catalyst" in this direction, as it reshapes the region's economic priorities and could create a new climate that encourages Gulf states to increase their investment engagement in safe and stable regions such as the Kurdistan Region.
Washington - Gulf - Erbil... a triangle of intersecting interests
In response to the possibility of competition between Gulf and American investments in the region, Aziz ruled out this proposal, asserting that "each party has its own perspective, and Gulf state investments do not come at the expense of foreign companies, but may complement them." He emphasized that "the Kurdistan Region is viewed by the Gulf as a stable model, suitable for investment, due to the availability of security and supportive laws."
The open opportunity... when will it become a reality?
Aziz concluded his remarks by emphasizing that "Trump's visit to the Gulf will not negatively impact the relationship between Erbil and the Gulf capitals, but may contribute to accelerating economic cooperation between them, within an environment that encourages multilateral partnerships."
He believed that "the next phase may witness greater openness by Gulf companies towards the region, driven by external political encouragement and a domestic desire to develop non-oil sectors."
During the Baghdad Summit, Iraq prepares to present a modern economic vision, the outlines of which were drawn up by Sudan.
Iraq is peparing today, Saturday, to present a modern economic vision stemming from nationalist trends outlined by Prime Minister Mohammed Shia al-Sudani during the Arab Summit. Meanwhile, the presence of Arab leaders and monarchs in Baghdad marks a turning point in regional relations and consolidates Iraq's openness to its Arab surroundings.
The Executive Director of the Iraq Development Fund, Mohammed Al-Najjar, said, "Iraq is preparing to present a modern economic vision stemming from national trends whose outlines were shaped by Sudan." He pointed out that, "This vision includes new partnership paths and advanced investment methods that are in line with the nature of the current economic phase and challenges."
Al-Najjar emphasized that "the presence of Arab leaders in Baghdad represents a turning point in regional cooperation relations and consolidates Iraq's openness to its Arab surroundings." He added that "the Iraq Development Fund today represents an attractive and diverse investment base capable of absorbing capital and companies seeking to enter the Iraqi market, which is characterized by its vastness and rapid growth."r
Inflation rates in Iraq decline for the first time in three years; expert warns of "suffocating" unemployment
Economist Munir al-Obaidi noted on Sunday, May 18, 2025, a decline in inflation rates in Iraq, noting that this has not occurred for more than three years. He warned of a "suffocating unemployment crisis," the "erosion" of job opportunities, and the increasing pressure on the government.
Al-Obaidi said in a statement received by Al-Jabal, “Despite the public’s preoccupation in recent days with three main issues: US President Donald Trump’s visit to the Gulf states, the evaluation of the results of the Arab Summit and its success, and the widespread controversy surrounding Iraq’s donation of $40 million to Lebanon and Gaza, an important economic development has passed unnoticed and not received sufficient attention: the decline in inflation rates in Iraq, as the monthly inflation rate recorded a decline for the first time in more than three years, and the monthly inflation rate even reached a negative level.”
He added, "Although lower prices, especially for non-food goods, are positive from the consumer's perspective, reaching negative monthly inflation rates often indicates that the economy has entered a recession. This recession has a direct impact on private sector activity, as demand declines and business activity weakens, leading to fewer job opportunities and a deterioration in the competitiveness of local products compared to cheaper imported goods due to the decline in the dollar exchange rate on the parallel market."
He continued, "While Iraq seeks to activate the role of the private sector to reduce the burden on the public sector, it cannot bear the cost of recession. Rising unemployment, declining revenues, and a widening general budget deficit will paralyze the country's most important economic engine: government spending. To avoid this dangerous scenario, urgent measures must be taken to stimulate the private sector, the most important of which are:
- Reducing interest rates, especially on government bonds, which has caused large amounts of liquidity to be withdrawn from the market.
- Granting broad tax exemptions to companies and projects, including an exemption period of no less than three years for companies that provide real job opportunities for Iraqis.
Launching urgent financing initiatives in cooperation between the Central Bank and the Ministry of Finance, aimed at supporting the industrial and agricultural sectors.
Reducing bureaucratic procedures and fees imposed on productive projects to enable them to achieve sustainability.
The expert pointed out that, "Given the fragility of the state's tools for stimulating the economy through the public sector, confronting the recession without effective intervention will mean a stifling unemployment crisis, eroding job opportunities, and increasing pressure on the government. Therefore, this vital economic issue outweighs any media or political debates surrounding Trump or the outcomes of the Arab Summit."
Gaza negotiations: Hostage deal on the table
The Palestinian group Hamas is willing to release between seven and nine Israeli hostages in exchange for a 60-day ceasefire and the release of 300 Palestinian prisoners, an official confirmed on Sunday.
Speaking to CNN on condition of anonymity, the official stated that the release would be contingent on Israeli forces withdrawing to the Salah al-Din road, a key north-south highway running through the Gaza Strip.
These remarks came as negotiations between Hamas and Israel resumed in Doha, the Qatari capital.
Earlier this week, an Israeli source indicated to CNN that Israel would consider entering the talks only if Hamas seeks to end the war by surrendering. The source added that the Israeli delegation’s stay in Doha is limited, noting that military operations would resume if the talks fail to make swift progress.
Separately, Israeli Prime Minister Benjamin Netanyahu’s office announced that the Israeli negotiating team is reviewing a broader proposal. This plan includes a full cessation of hostilities, the release of all hostages, the removal of Hamas from power, and the disarmament of Gaza — demands Hamas has previously rejected.
Meanwhile, the Israeli military launched a large-scale ground offensive on Sunday across northern and southern Gaza under “Operation Gideon’s Chariots.”
In a statement, the military confirmed that regular and reserve units began a comprehensive ground assault as part of the operation. The Israeli air force carried out preliminary strikes over the past week, targeting more than 670 Hamas sites — including weapons depots, tunnel networks, and anti-tank launch locations — in preparation for the ground campaign, the statement added.
The conflict in Gaza has intensified in recent months, alongside a worsening humanitarian crisis. According to local health authorities, at least 3,193 people have been killed and 8,993 wounded since hostilities resumed in March. Since the war began on October 7, 2023, the death toll in Gaza has risen to 53,339, with 121,034 injuries reported.
Foreign Minister Arrives in Tehran
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein arrived in Tehran on Sunday to participate in Tehran Dialogue Forum.
The ministry said in a statement received by the Iraqi News Agency (INA): that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein arrived in Tehran to participate in the Tehran Dialogue Forum, which is being held with high-level participation from a number of countries."
"The Minister Hussein was received upon his arrival at Mehrabad Airport in Tehran by the Iranian Deputy Foreign Minister for Middle Eastern and Gulf Affairs, Mohammad Ali Beyk, along with a number of officials from the Iranian Ministry of Foreign Affairs and the Ambassador of the Republic of Iraq, Nasir Abdul Mohsen Abdullah."
According to the statement "During his visit, the Minister will meet with a number of senior officials in the Islamic Republic of Iran to discuss bilateral relations between the two countries and regional and international issues of common interest."
"Fouad Hussein is scheduled to participate in the forum's sessions, which will host ministers and prominent officials from various countries in the region and around the world, in addition to heads of research centers and international experts, with the aim of discussing ways to enhance regional security and joint cooperation, and exchanging views on the political and economic challenges facing the region."
President Barzani in Tehran: Strengthening ties with Iran, addressing Iraq's constitutional issues
Kurdistan Region President Nechirvan Barzani continues high-level meetings in Tehran aimed at strengthening ties between the Kurdistan Region and Iran, with a focus on regional dialogue, political solutions, and constitutional challenges in Iraq.
Kurdish Presidency’s spokesperson Dilshad Shahab stated that Barzani’s discussions with top
During his address at the forum, Barzani underlined persistent constitutional disputes between Baghdad and Erbil, stating that the Iraqi federal government must commit to power-sharing as outlined in the constitution. He also reaffirmed the longstanding cultural and historical ties between Kurds and Iranians.
In a separate development, Shahab confirmed that Barzani also held talks in Antalya with Syrian transitional President Ahmed al-Sharaa and Foreign Minister Asaad al-Shibani. The discussions emphasized safeguarding the rights of all communities in Syria, particularly the Kurdish population.
On Turkiye’s evolving domestic political scene, Shahab noted that both Kurdish and Turkish parties expect a constructive role from the Kurdistan Region, adding that “lasting stability in the region cannot be achieved through escalation.”
Nechirvan Labzeshkian: We are satisfied with the level of relations and want to strengthen them economically.
During his meeting with Iranian President Masoud Barzani in Tehran on Sunday, Kurdistan Region President Nechirvan Barzani affirmed the region's commitment to a policy of good neighborliness based on shared interests and mutual respect. While expressing satisfaction with the level of relations between the two countries, both sides emphasized the importance of strengthening bilateral cooperation, particularly in the areas of trade and the economy.
Today, Sunday, May 18, 2025, Mr. Nechirvan Barzani, President of the Kurdistan Region, met with Mr. Masoud Pezeshkian, President of the Islamic Republic of Iran, in the capital, Tehran.
During the meeting, both sides expressed satisfaction with the level of relations between the two countries and emphasized their shared desire to strengthen bilateral cooperation, particularly in the areas of trade and economy.
President Nechirvan Barzani reaffirmed the Kurdistan Region's commitment to a policy of good neighborliness, based on shared interests and mutual respect, highlighting the depth and continuity of historical relations between Kurdistan and Iran.
The two sides also discussed the latest developments in the region, stressing the importance of maintaining stability and resolving issues through dialogue, in addition to addressing a number of issues of common interest.
.png)
Parliamentary Finance Committee: 2025 budget schedules are a thing of the past... and there are no new projects.
Two weeks ago, 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 Saturday, April 19, 2025, Mazhar Mohammed Saleh, the Prime Minister's financial advisor, outlined the reasons for not yet submitting the 2025 budget tables to the House of Representatives.
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."
No hope of holding sessions." Parliament postpones important laws until the next session.
As early parliamentary elections scheduled for this fall approach, the House of Representatives appears to have ceased to fulfill its constitutional duties. This follows months of legislative deadlock, the stalling of several controversial bills, and the escalating political preoccupation with propaganda campaigns.
In this context, the Parliamentary Legal Committee confirmed, on Sunday (May 18, 2025), the postponement of important laws to the next parliamentary session, while explaining the reason for this.
Committee member Mohammed Anouz told Baghdad Today, "Important laws that have been stalled for a long time will be postponed to the next parliamentary session. There is no hope of holding parliamentary sessions during the remaining term of the parliament due to the lack of genuine political will on this matter, especially with the approaching electoral process and everyone preoccupied with it, from blocs to representatives."
He added, "The suspended laws in the House of Representatives exceed (120) laws, and some of those laws are important and directly affect the lives of citizens, but there are no political deals to pass them because they mean nothing to some blocs and parties that control the legislative institution and obstruct its oversight and legislative work."
Since the beginning of 2025, the Iraqi Parliament has suffered a marked decline in the frequency of its sessions, amid escalating divisions within political blocs and the focus of most efforts on preparing for the early elections scheduled for next October. Most sessions have been suspended in recent months, either due to a lack of quorum or backroom deals that have led to the suspension of sensitive laws such as the oil and gas law, the supplementary budget, and amendments to the electoral law.
According to observers, Parliament has entered a state of "political clinical death," with deepening divisions among influential forces and a lack of consensus on passing strategic bills, such as the Federal Court Law, the General Amnesty Law, and the Federal Civil Service Law. This has widened the trust gap between citizens and the legislative institution.
This stagnation has also led to a paralysis of service and development issues, particularly in governorates awaiting financial and legislative entitlements within the budget. This portends that all these crises will be postponed to the next parliament, amid fears of a worsening administrative and economic situation in the second half of the year.
The paralysis is likely to continue until the election, as most MPs are preoccupied with their early election campaigns, while the blocs devote themselves to forging pre-election alliances, at the expense of the legislative and oversight role for which the Council was established.
Astronomical Research Institute: Eid al-Adha falls on June 6, astronomically.
While millions of Muslims around the world are awaiting Eid al-Adha, astronomical calculations have revealed that the crescent moon of Dhu al-Hijjah 1446 AH will be born immediately after the conjunction at dawn on Tuesday, May 27, known as the Day of Sighting.
According to the National Institute for Astronomical Research in Egypt, the new crescent will remain in the sky of Cairo for 47 minutes after sunset, and in Mecca for 38 minutes, which makes it likely that the crescent will be clearly visible that evening.
The first day of Dhu al-Hijjah 1446 AH is expected to be on Wednesday, May 28, according to astronomical
calculations, while the Day of Arafah is expected to be on Thursday, June 5. The first day of Eid al-Adha will be on Friday, June 6, according to astronomical calculations.
Talabani: The Delphi Forum opens new horizons for the local economy and international cooperation.
Deputy Prime Minister of the Kurdistan Region, Qubad Talabani, affirmed on Sunday that the Delphi International Economic Forum, held in Sulaymaniyah, opens new horizons for the local economy and international cooperation.
Talabani said in a press conference held on the sidelines of his participation in the forum, "Many forums are held in Erbil, Dohuk, and Sulaymaniyah, but this is the first time an international forum of this nature has been held in Kurdistan, and what is also more important and joyful is that it was held in the beloved city of Sulaymaniyah."
He added, "I participated three times in the Delphi Economic Forum in Greece, and as a result, the forum organizers were convinced to come to Kurdistan and Sulaymaniyah." He emphasized that "this event will continue in the future, as the Delphi Forum will be held once a year in Sulaymaniyah."
He explained that “these forums are attended by hundreds of figures, and most of the participants are figures coming from abroad or from outside the city of Sulaymaniyah. These guests will stay in Sulaymaniyah hotels, eat in Sulaymaniyah restaurants, and visit its markets to shop. This in itself helps to revive the market activity in Sulaymaniyah. At the same time, we want to erase the negative impression that people describe this city with. Therefore, this is evidence of the beauty, stability, and security of Sulaymaniyah and Kurdistan in all aspects.”
He pointed out that "this forum is important for Kurdistan and Iraq, and is also important for the delegations and figures participating in it. We aspire through it to open the doors of relations, trade, and investment, and to strengthen economic cooperation from here to the outside world. This is another opportunity to introduce Sulaymaniyah and Kurdistan to our friends around the world."
He continued, "One of the forum's tasks is to sit down and engage in dialogue to address the problems facing the local, regional, and international arena and find solutions through dialogue and understanding between the parties involved."
Did you miss the last episode of My FX Buddies? Catch it below:
Barzani is in Washington, DC, at the official invitation of the U.S. government
.jpeg)
No comments:
Post a Comment