UN: Iraq will become a banking powerhouse both domestically and internationally
UN Secretary-General's Special Representative, Mohammed Al-Hassan, confirmed that Iraq will become a banking powerhouse both domestically and internationally .
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Al-Hassan said in a statement to the Iraqi News Agency (INA) today, Friday, that "the words spoken during the conference on money laundering and combating the financing of terrorism indicated that Iraq is facing a regional and international challenge to restore its status ."
He added, "The Iraqi economic system cannot be complete without an effective financial sector, both domestically and internationally," noting that "Iraq is committed to taking positive steps to restore confidence in the financial and banking sector in Iraq ."
Al-Hassan stressed that "the United Nations supports Iraq's path, which will become, in the coming days, a banking power that interacts internally and externally," emphasizing that "the fight against terrorism is not a scourge that has afflicted Iraq alone, but the entire world, and the sacrifices that Iraq has made in lives and money are not trivial or small ."
He noted that "these sacrifices must be completed, extended, and continued to restore Iraq's position in the financial and banking sector
Mazhar Saleh: Evaluating bank boards boosts the economy and investor confidence.
Saleh said in a press statement that "Prime Minister Mohammed Shia al-Sudani's directives to re-evaluate the boards of directors of state-owned banks represent a strategic step toward restructuring the Iraqi financial system, in line with the current banking reform program. He explained that this initiative aims to enhance banks' ability to support the real economy and achieve comprehensive development goals."
He added, "The success of this step requires institutional consensus and ensuring the independence of financial decisions, in addition to optimal investment in national competencies in accordance with international governance standards." He emphasized that "re-evaluating the boards of directors of government banks, which control more than 80% of banking activity in Iraq, represents a fundamental entry point for launching broader reforms, including digital transformation, modernizing the settlement and payments infrastructure, strengthening oversight and reducing systemic risks, as well as improving compliance with international financial and monetary standards and providing an attractive environment for investment."
He continued, "This step comes within the framework of a comprehensive study conducted by the global consulting firm Ernst & Young, which focuses on improving banking governance in the government sector, thus contributing to the restructuring of government banking entities to become more effective in supporting development, investment, and revitalizing the financial market."
Saleh pointed out that "the Iraqi financial and banking system, especially the governmental one, faces major challenges in terms of efficiency, transparency, and ability to support economic development."
He stressed that "the Prime Minister's call to reconsider the composition of the boards of directors of government banks aims to correct the course and ensure a healthy environment capable of achieving the required reforms, through the effective application of governance and transparency standards and the efficient representation of decision-makers and government banking policymakers."
The financial advisor expected that "the reassessment process will contribute to improving the speed and quality of financial decisions and enhancing risk management, which will support the stability of the financial system and enhance transparency and accountability, thus increasing investor and public confidence."
He pointed out that "these reforms will have a positive impact on the quality of banking services provided, including improved payment, credit, and investment services."
He stressed that "these measures are part of a comprehensive reform plan for the financial and banking system, which contributes to advancing economic development by improving financial services and attracting investments, and enhancing the efficiency of financial institutions and resource management in line with the country's financial and development policies."
An economist identifies the risks of negative inflation in Iraq: a shift from monthly to annual inflation.
Today, Friday (May 30, 2025), economic expert Nabil Al-Marsoumi identified the risks of negative inflation in the country, stressing that it has shifted from monthly to annual inflation on a continuous basis.
Al-Marsoumi said in an analysis published on his Facebook account, which was reviewed by Baghdad Today, that “due to the decline in oil prices, the decrease in government spending and consequently the overall demand, the general consumer price index in Iraq fell from 108.2 in February to 107.9 last March, which is acceptable, as long as it is within the framework of the rate targeted by the state for inflation.” He pointed out that “the danger lies in the continuous shift of negative inflation from monthly to annual, because at that time this means the presence of a recession in the state’s economy, which is not a good thing.”
He explained that "a negative inflation rate is economically called deflation, an economic term that expresses a general decline in the price level of goods and services," noting that "this deflation occurs when the inflation rate falls below zero percent, meaning the inflation rate becomes negative."
Al-Marsoumi added, "Many economists believe that negative inflation is a problem in the modern economy due to the risk of price collapse that may result. When a country enters a phase of economic contraction, it is accompanied by several indicative effects, including a decline in aggregate demand due to a decline in consumption and investment, as well as an increase in the number of companies that go bankrupt due to the decline in demand directed at them."
He continued, "Other effects include rising unemployment rates due to companies laying off workers, the economy's inability to create new jobs and employment opportunities, a decline in the value of assets (stocks and real estate, for example) due to a decline in speculative activity and technical price corrections, and a decline in tax revenues collected by the state due to declining consumption and corporate profits."
Accusations spark controversy among members of Congress and the Iraqi parliament
A controversial speech by two members of the US Congress accuses Baghdad of becoming a puppet of Tehran and proposes sanctions that could alter the relationship between the two supposed allies.
The letter, signed by two Republican representatives, left no stone unturned in accusing the Iraqi government of oil smuggling and diverting state resources to the coffers of Iran's Revolutionary Guard.
In contrast, the Iraqi Parliament's Foreign Relations Committee affirms the absence of any Iranian hegemony, describing calls for sanctions as media gimmicks that do not reflect the US administration's position. It asserts that Iraq's sovereignty is not subject to any foreign influence.
The basis of this call is the allegation that Iraq has completely fallen under Iranian influence. Marco Rubio, the Secretary of State in the new Trump administration, has received the message, although he is the most consistent with the tone of his sharp hostility to Iran. However, calls for sanctions on Baghdad are something else entirely, analysts say.
The two lawmakers called for six major actions from the Trump administration, including suspending US aid, imposing sanctions on Iranian gas imports, designating the Popular Mobilization Forces (PMF) as a terrorist organization, imposing sanctions on Iraqi financial institutions that support Iran, sanctioning politicians, and dismantling Iranian smuggling networks.
While this policy aims to weaken Tehran's grip on Iraq, its effectiveness has long been controversial. If Washington adopts the new sanctions, they could backfire and harm US goals and interests in Iraq, a move analysts believe is unrealistic.
The most important question remains: Will Washington choose the path of direct maximum pressure on Baghdad, despite the request coming from only two members known for their hardline stance? Or will it continue with its strategy of supporting an Iraq free from any foreign influence, whether Iranian or otherwise?
Baghdad joins the Smart Cities Club: The Municipality adopts digitized transactions to serve citizens.
The first signs of a serious shift toward the concept of smart cities have begun in the capital, Baghdad, through rapid digital steps adopted by the Baghdad Municipality to modernize the performance of its institutions and facilitate citizen transactions.
The Baghdad Municipality has expanded its planning vision to include sustainable development and urban technology, building on the Iraqi state's approach to linking municipal services with advanced digital systems. These systems help reduce bureaucracy, improve performance efficiency, and meet the needs of residents in a changing urban environment.
These initiatives reflect the Secretariat's clear direction to move beyond traditional management and service approaches and enter a qualitative phase based on the integration of digital transformation, environmental planning, and service innovation, positioning Baghdad as a city connected to the global urban fabric of the future.
Baghdad Mayor Eng. Ammar Musa Kazim announced the capital's entry into a new phase of digital transformation by modernizing the mechanisms for processing citizen transactions in Baghdad Municipality departments. This represents a first step toward a smart and sustainable Baghdad, inspired by global models of urban development.
During his participation in the Iraqi Smart Cities Conference, organized by the Federation of Iraqi Chambers of Commerce in cooperation with the International Chamber of Commerce, he emphasized that the Secretariat has begun to play a leading role in addressing urban challenges through the digitization of its services, and its participation in the Arab Smart Cities Forum enhances opportunities for exchanging experiences and expertise with advanced Arab cities.
He explained that the municipality has launched new applications to receive citizens' complaints digitally and has developed a construction transaction system to reduce direct contact and increase transparency and speed, reflecting a gradual transition towards an electronic city with e-government and identity services.
He pointed out that the launch of the implementation work for the New Sadr City project came as a model for a smart and sustainable city that takes into account modern environmental and architectural standards, in parallel with other ambitious projects such as the Sustainable Baghdad Forests and the waste-to-electricity project, indicating a comprehensive approach to redefining the capital's service and environmental infrastructure.
In separate posts on the X platform, observers highlighted the importance of these initiatives in addressing the accumulated burden of decades of service decline and haphazard planning.
Journalist Hussam Al-Taie wrote: "Finally, we're hearing about a smart Baghdad... digital transformation is not a luxury, but a tool for urban justice." Engineer Suha Al-Lami tweeted: "If the Baghdad Municipality adheres to the digital roadmap, we will witness a real transformation in people's lives."
This leap forward is based on the Baghdad Municipality's vision to catch up with major Arab cities, after years of absence from the sustainable urban development map. The city seeks to make the capital a practical testing ground for future city ideas, rather than merely a theoretical imitation of others' experiences.
Unprecedented US mobilization in Kurdistan bases: Sources reveal a state of high alert.
A high-ranking source in Erbil revealed that US forces at six military bases in the Kurdistan Region have entered a state of maximum alert.
Aram News quoted the source as saying, "The six bases between the cities of Dohuk and Erbil, including three bases in Erbil, in addition to the Halabja base, are witnessing increased readiness and preparedness, as well as the Harir base, located 60 km north of Erbil and 50 km from the Iranian border, which houses American fighter jets that recently arrived as part of direct supplies from the United States, and are still arriving via what he described as an air bridge."
The source explained that "there are high-level military movements, and the arrival of supplies to US forces within its six bases spread across the region over the past 72 hours." He explained that "the movement of supplies arriving within those bases is surrounded by protection missions from US special forces, for fear of any targeting through special operations by armed factions."
A former Iraqi minister who held several ministerial portfolios recently revealed that "US National Security Council officials informed senior Iraqi politicians that decisions would be made regarding armed factions in Iraq."
Earlier, high-ranking Iraqi diplomatic sources revealed that "the US military has reinforced its forces at the Ain al-Asad and Qayyarah bases," noting that "the two bases have become central operations rooms for protecting US interests in Iraq."
The sources explained that "the American emergency response at the two bases is intended to prepare for any targeting of US interests in Iraq, should any decision be made by official state institutions against the factions."
These sources reported that Kurdistan Regional Government Prime Minister Masrour Barzani held meetings with the US National Security Council in Washington last week, where they discussed several issues in this regard, including arrangements for coordination between the Kurds and US forces in Iraq regarding armed factions.
International Accounting Firm: Money laundering in Iraq is not the sole responsibility of the auditor
Dr. Mamoun Al-Suhail, a member of Ernst & Young International, emphasized that monitoring money laundering operations is an ethical task and cannot be covered by an auditor alone.
Al-Suhail told Noon News Agency, "Money laundering is an ethical mission and a social responsibility for everyone. It cannot be covered by the auditor alone, but rather requires the cooperation of companies, sectoral bodies, the Central Bank, and auditors. It is a social mission that includes everyone and everyone's mission to serve Iraq."
Shakhwan Abdullah: We demand a boycott of Baghdad in protest against the cutting of salaries in the Kurdistan Region.
Deputy Speaker of Parliament Shakhwan Abdullah announced that they had repeatedly called for a decision to withdraw or boycott Baghdad, indicating that the time had come for that.
Shakhwan Abdullah said in a post on his Facebook page that after a lengthy discussion with the heads of the Kurdish blocs in the Iraqi parliament regarding the federal government's failure to send salaries to Kurdistan Region employees, several decisions were taken unanimously.
He explained that they had sent a letter to federal Prime Minister Mohammed Shia al-Sudani regarding what he described as violations against the region's employees, considering these violations to be part of a policy of "starving citizens."
He added that they called on the federal government to halt these violations, send salaries to the Kurdistan Region, and work to resolve the problems radically, avoiding using salaries as a political bargaining chip against the region's employees.
He also stressed that they had called on the President of the Republic and the Kurdish ministers to take a clear position on this issue, noting that they had previously called for a decision to withdraw or boycott, but that an opportunity had been given for dialogue in the hope of resolving the problems.
He concluded by saying: "When a decision is made to boycott, withdraw, or any other decision, I will implement it within the hour, and I believe the time has come."
The US intervenes in the salary funding crisis between Baghdad and Erbil.
The US State Department called on the federal government and the Kurdistan Region to abide by the financial payments stipulated in the Iraqi constitution and work to resolve their differences through constructive dialogue.
A US State Department official said, "Swiftly resolving the salary issue sends a message that Iraq puts the interests of its people first and creates an attractive environment for investment," noting that "it would also be a positive signal regarding the possibility of reopening the Iraq-Türkiye pipeline."
He stressed that "US support for the Kurdistan Region is a key component of its relationship with Iraq," noting that "US Secretary of State Marco Rubio recently hosted the Prime Minister of the Kurdistan Region, Masrour Barzani, and also spoke with the President of the Region, Nechirvan Barzani, where they emphasized the importance of continued cooperation to promote stability and prosperity in Iraq and the region."
These statements come as the Kurdistan Region's civil servants' salaries are facing a new crisis, following the federal Ministry of Finance's announcement that it would halt funding for May 2025 salaries. The announcement was made due to what it described as the region's exceeding its budget share and its failure to deliver oil and non-oil revenues.
Erbil recently signed two agreements with American companies worth more than $110 billion in the energy sector. This sparked criticism in Baghdad, which considered it an infringement of its sovereign powers. Erbil, however, views the agreements as part of its plan for economic reform and resource development.
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I would like to introduce ourselves. We are a company.
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Mustafa Fouad Abbas and Partners, who is a member of the company.
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In Standing
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Jung first entered the Middle East.
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and government companies.
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The Professional Council and sectoral bodies requested
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regulating the entry of international companies into Iraq through
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money laundering around the world.
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sector, the Central Bank.
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auditors.
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Iraq is on the right track.
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From Cash to Fingerprint: How Iraq’s ‘Spend It’ Campaign Is Winning!
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