Al-Ghariri: Iraq is getting closer to membership in the World Trade Organization.
Minister of Trade, Atheer Al-Ghurairi, announced that Iraq has made significant progress in its path towards joining the World Trade Organization, stressing Baghdad's serious commitment and transparency in meeting the requirements of this important international process.
The video for this My FX Buddies Blogpost is below here:
Al-Ghurairi explained in a statement that "the national team tasked with completing the accession requirements has completed answering more than 450 technical questions submitted by the organization's members, which reflects Iraq's keenness to achieve this strategic goal."
The minister added: "The national team is fully prepared for the next round of meetings with the organization's General Secretariat and members of the working groups," stressing that Iraq will be represented with a unified position based on a national economic vision aimed at orderly integration into the global economy.
Al-Ghariri pointed out: "Joining the World Trade Organization represents a strategic step to support the business environment, stimulate investment, and develop productive sectors, especially industrial and agricultural, which will enhance Iraq's economic position regionally and internationally."
He continued: "The Ministry of Trade, in coordination with relevant ministries and institutions, will continue technical and diplomatic work to ensure achieving the best results that serve the supreme national interest."
After the dollar stabilizes, the Sudanese Central Bank directs that price manipulators be held accountable (document)
Prime Minister Mohammed Shia al-Sudani issued an "important" directive today, Monday (June 2, 2025), to the departments responsible for combating economic crime to pursue and hold accountable those who manipulate prices, especially owners of food, medicine, bakeries and ovens.
According to a letter issued by the Prime Minister's Office, received by "Baghdad Today", al-Sudani's directive "comes after Iraqi markets witnessed a noticeable stability in the exchange rate of the US dollar against the Iraqi dinar, at a time when some weak-willed people still insist on selling goods at the previous prices, which witnessed a significant increase during the period of the decline in the value of the dinar against the dollar."
He stressed that "this manipulation directly harms the citizen and requires decisive government intervention to impose oversight and enforce the law."
text of the document
May God's peace, mercy, and blessings be upon you.
M/Directive
In view of the stability of exchange rates (the dollar versus the Iraqi dinar), it was observed that some companies, merchants, and weak-willed individuals were exploiting prices or keeping them as they were without regard for market stability, especially food and medicine owners, bakeries, and ovens, due to their failure to adjust the selling prices of items that citizens need on a daily basis. There is no clear oversight role by the economic departments to follow up on these cases. After the Prime Minister - Commander-in-Chief of the Armed Forces was informed of the above content, His Excellency ordered the following:
The departments responsible for combating economic crime shall monitor and hold accountable those who manipulate prices and take the necessary legal measures against them.
Coordination with the Ministries of Trade, Agriculture, and Health to ensure the stability of the price ratio of items that affect the lives of citizens on a regular basis.
"You will regret it," Araqchi warns Israel against making a mistake against Iranian nuclear facilities.
Iranian Foreign Minister Abbas Araqchi warned Israel on Monday (June 2, 2025) against the consequences of committing a mistake against Iran's peaceful nuclear facilities.
In press statements monitored by Baghdad Today, he said, "Israeli threats against our peaceful nuclear facilities are an international crime and violate international laws."
He added, "If Israel makes any mistake, it will be the one who regrets it," noting that "the world is ignoring the Israeli nuclear threat against Iran and the Palestinian people."
In a related development, the Israeli newspaper Yedioth Ahronoth reported that Israeli officials confirmed that a good nuclear agreement cannot be reached between the United States and Iran because of Tehran's refusal to dismantle its nuclear program, according to what they were quoted as saying.
The newspaper added that "senior Israeli security officials believe that a strike on Iranian nuclear sites is both possible and necessary."
For its part, the Israeli newspaper Maariv reported on a secret meeting held by Israeli ministries, during which preparations for a possible Israeli attack on Iran or an Iranian attack on Israel were discussed.
The newspaper said that there are "estimates that any Israeli attack on Iran could lead to a round of fighting lasting an unknown period and resulting in thousands of missiles falling on Israel."
Iraqis have found a way to defraud the largest American bank that monitors the dollar!
Doubts about Morgan and Citibank's actions
Economist Ahmed Hedhal revealed the latest techniques of the “financial fraud community” in Iraq to circumvent US restrictions imposed to prevent dollar smuggling. Previously, they relied mainly on “fake invoices” to obtain dollars (such as claiming to buy thousands of tons of nabak, for example). However, the new restrictions at the beginning of 2025 forced traders to prove that they were “buying something real.” The Central Bank of Iraq decided to absolve itself of responsibility for the matter, leaving the task to the Iraqi trader, whose receipts must convince the American bank that he is carrying out a legitimate import operation. However, expert Ahmed Hedhal points out that specialized companies have emerged in Dubai, Turkey, or Jordan, and are now able to “arrange the required invoices” officially and with real goods, without raising the suspicion of the American giants “JP Morgan” and “Citibank.” However, those who benefit from this process will inflate the size of the invoice.
For example, an invoice can be passed to import 1.5 tons of gold, while only one ton will reach the border crossing. In return, the full amount will be transferred to the issuing party with the price difference, and no American bank will ultimately be able to He identifies the true quantities entering the country. The economic expert adds that the truth can only be ascertained by adopting the ASYCUDA automation system at the border, which allows funds to be transferred to the supposed seller only after digital verification of the quantities entering and their conformity with the requested dollar amount.
Dr. Ahmed Hedhal, economic expert, to 964 Network:
After the implementation of the electronic platform system to control imports and foreign remittances, many banks, companies, and importing entities took advantage of the exchange rate gap at the time through inflated invoices that did not match the actual volume of imports and domestic demand for goods and services. This led to the hoarding of dollars abroad. With 60% of small traders not having bank accounts or official company accounts, they began to rely on the parallel dollar market to cover their imports. The parallel market relies primarily on the reverse movement of dollars hoarded abroad, estimated at $10 billion annually.
Even with the shift to a foreign correspondent banking system, the phenomenon of fake invoices may have ended, but inflated invoices continue. There are companies in the UAE, Turkey, Jordan, and elsewhere that are able to arrange all the official paperwork at home (importer) and abroad (exporter), and through them the transfer is passed without being detected by JPMorgan, for example. What matters to the American bank is that the transfer does not reach sanctioned parties. As for the issue of discovering the extent of tampering with the quantity of imported goods, that is the responsibility of the Iraqi Customs Authority, which is the weakest link in this context.
For example, an invoice for the purchase of 1.5 tons of gold from Dubai can be processed normally through correspondent banks and also through JPMorgan Chase, in a legal and official manner. However, only one ton will actually enter Iraq, while the entire amount will be transferred to Dubai. Here, the trader or company benefits from the difference in quantity, currency, and crafting price, as he may sell this quantity of gold back to Türkiye.
In this way, these people manage to accumulate dollars abroad and then sell them domestically or on the parallel market via electronic payment card transfers to cover imports for traders who do not have approved bank accounts with correspondent banks or who wish to cover their trade with sanctioned parties.
Customs automation, known as the ASYCUDA system, would reduce inflated invoices because it would prevent the invoice amount from being transferred until it arrives at the border port and after verifying the volume of goods entering Iraq. However, the problem will remain if this system is not implemented at Kurdistan's ports because it would deprive them of the non-oil revenues they collect through their own customs.
Baghdad... Finance Ministry faces complaints about delayed 2025 budget schedules
MPs file complaints with the Public Prosecution due to the Ministry's silence and the lack of official justifications to explain the delay.
A number of members of the House of Representatives filed an official complaint with the Public Prosecution against the delay in sending the 2025 budget tables to Parliament, amid the silence of the Ministry of Finance. Representatives met by the correspondent said: Sumerian The delay in sending the schedules has caused significant harm to employees due to the suspension of entitlements related to promotions and bonuses without any official justification to explain the delay.
Japanese Ambassador: We seek to support the investment environment in Iraq and attract international companies
Japanese Ambassador to Iraq, Akira Endo, announced on Monday that more than $21 billion has been allocated to support economic cooperation projects in Iraq since 2003, stressing his country's continued efforts to support the investment environment in Iraq and attract international companies.
In a speech during the signing of an agreement between the Iraq Development Fund and the Japan Cooperation Center, attended by an Iraqi News Agency (INA) correspondent, the Japanese Ambassador to Iraq said: "Since 2003, the Japanese government has implemented economic cooperation projects in Iraq totaling more than $21 billion. Japan has become the largest donor of aid to Iraq in recent years, primarily through Japanese yen loans for infrastructure development in various fields such as electricity, water, sanitation, and oil." The ambassador emphasized that "Japan has consistently provided assistance alongside the Iraqi people to support their efforts in building the country," adding, "In order to further develop economic relations between Japan and Iraq, we look forward to Iraq's continued efforts to improve the investment environment, including strengthening the implementation of relevant laws and regulations, and continuing to enhance transparency in business practices, particularly with regard to attracting foreign companies, including Japanese companies." He pointed out that "the JCCME has been working for more than a decade to promote trade and investment between Japan and Iraq through activities aimed at enhancing Japanese companies' understanding of Iraq, such as organizing annual Iraqi business seminars, sending delegations to key sectors in Iraq, and organizing training programs in Japan for Iraqi officials."
He continued, "On the other hand, given the priorities of the Iraq Development Fund, the six areas it identified—education, agriculture, housing, digital transformation, manufacturing and food security, and the environment—represent precisely the areas that the Iraqi government has prioritized under the leadership of Prime Minister Mohammed Shia al-Sudani. These are also areas where Japanese expertise can have a sustainable and meaningful impact on Iraq's future." He noted that "this signing is a pivotal step that comes at a critical time, as it will contribute to strengthening relations between the private sectors in Japan and Iraq by providing and exchanging information, and supporting, promoting, and coordinating the work of companies."
Report: Confusion within the US administration temporarily suspends sanctions on Iran
The Wall Street Journal revealed on Monday that White House spokeswoman Carolyn Levitt sent a directive to the State and Treasury Departments to halt the imposition of any new sanctions on Iran.
The newspaper reported, citing a source, that the restrictions imposed by the United States on oil sales and frozen Iranian assets will remain in place.
A source close to the White House told the newspaper that President Donald Trump's "maximum pressure" campaign remains in place, confirming that the new policy was communicated to senior officials at the National Security Council and the Treasury Department, and then to the State Department.
He added that "officials concerned with Middle East affairs were briefed on the new policy, but the directive needed to be disseminated more widely."
The Wall Street Journal said the news came from the White House, not the National Security Council or the Treasury Department, as expected, noting that "the National Security Council is in disarray after the Trump administration furloughed more than 100 employees. Responsibilities for the new policies have not been fully settled between the State Department and the vice president's office."
CBS reported that the National Security Council's communications team is on the verge of being resolved, and the White House press secretary's office has stepped in to fill the gap.
The newspaper added that when the White House was asked to comment on the suspension of sanctions, it did not deny it, but provided the following statement from Deputy Press Secretary Anna Kelly: "Any new decisions regarding sanctions will be announced by the White House or relevant agencies within the administration."
Some Trump administration officials believe this policy was merely intended to slow down and scrutinize the new sanctions measures, given the sensitive nuclear talks, and that it was overly broad at some point. Others fear that key policy players were simply absent from the scene and were caught off guard by the overall pause.
US officials also lack clarity on the scope of the suspension, whether it is limited to new sanctions only, or whether any new activity to enforce existing sanctions would also violate existing sanctions.
Trump officials are careful not to unnecessarily provoke the Iranians during the nuclear negotiations, but pressure is what brought Iran to the negotiating table, and the latest US sanctions are just beginning to take effect. They are also beginning to achieve success in disrupting Iranian oil exports to China.
The newspaper believes that Iran is exploiting the talks to buy time and de-escalate the situation, even as it rejects the US conditions.
Two new reports from the International Atomic Energy Agency (IAEA) show that Iran is continuing to produce highly enriched uranium and has deceived inspectors about its nuclear activities for years, exploiting any goodwill offered. This is unlikely to be an exception.
Newspaper: Washington stops tightening sanctions on Tehran
The Wall Street Journal reported on Sunday, citing sources, that the White House has ordered a halt to imposing new sanctions on Iran .
According to these sources, White House spokeswoman Caroline Levitt last week sent a directive to the Departments of State, Treasury, and the National Security Council urging them to "cease all activities aimed at imposing new sanctions on Iran."
The newspaper noted that as a result, US President Donald Trump's campaign to exert "maximum pressure" on Iran has effectively halted .
For her part, Anna Kelly, Levitt's deputy, did not directly refute this information in her comment on the article, only saying that "any new decisions on the sanctions issue will be announced either by the White House or the relevant departments."
The newspaper notes that the last time Washington imposed new restrictions on Tehran was on May 21, and since then, the US Treasury has postponed announcing new sanctions at least twice .
The newspaper expects that the basic restrictions on oil sales and frozen Iranian assets will remain in place. However, according to the article, some Trump administration officials are concerned about the lack of clarity regarding the duration and scope of this suspension. Some believe that the purpose of this approach is to carefully analyze future restrictive measures "in light of the sensitive negotiations over Iran's nuclear program."
On May 30, Trump stated that Washington and Tehran could soon reach an agreement on Iran's nuclear program. However, Iranian Foreign Minister Abbas Araghchi indicated that the two countries are still far from concluding an agreement.
Central Bank: Liquidity is available, and our reserves exceed $100 billion
The Central Bank confirmed on Monday that liquidity is fully available, while indicating that reserves have exceeded $100 billion.
Mohammed Younis, Director General of the Bank's Investment Department, told the Iraqi News Agency (INA): "Liquidity is fully available, whether in Iraqi dinars or US dollars, and there is no shortage in this regard." He pointed out that "the Central Bank's reserves have exceeded $100 billion, in addition to Iraq's large gold reserves, exceeding 163 tons."
Younis added that "the Central Bank is not an investment entity, but rather is concerned with managing Iraq's foreign exchange reserves," explaining that "the goal of these reserves is not to make profits, but rather to ensure reasonable returns."
He continued, "The reserves are managed according to well-thought-out policies based on high safety standards, and are invested in safe financial instruments that generate acceptable returns." He emphasized that "Iraq is on a good economic path."
Central Bank: Iraq is safe and on a good economic path.
Director of Investments at the Central Bank of Iraq, Muhammad Younis, confirmed that liquidity is available, with our reserves exceeding $100 billion. He noted that Iraq possesses 163 tons of gold and is on a good economic path.
Younis told the official agency that "liquidity is fully available, whether in Iraqi dinars or US dollars, and there is no shortage in this regard." He pointed out that "the Central Bank's reserves exceed $100 billion, in addition to Iraq's large gold reserves, exceeding 163 tons."
Younis added, "The Central Bank is not an investment entity, but rather is concerned with managing Iraq's foreign exchange reserves," explaining that "the goal of these reserves is not to generate profits, but rather to ensure reasonable returns."
He continued, "The reserve is managed according to well-thought-out policies based on high security standards, and is invested in safe financial instruments that generate acceptable returns," stressing that "Iraq is on a good economic path."
It does not violate the constitution.. Legal expert: The Council of Ministers can lend to Kurdistan.
Legal expert Ali Al-Tamimi confirmed that “the Council of Ministers can, constitutionally, according to Articles 14, 15, 110, 80, 81, and 82 of the Constitution, lend to the Kurdistan Regional Government. This lending has no relation to the region’s allocated share or to Federal Court decisions, and is a prevailing international custom in dealings of a humanitarian nature.”
Al-Tamimi indicated in a press statement seen by Al-Masry Al-Youm on Tuesday, June 3, 2025, that “these loans are a temporary solution to the salary problem, especially since people are approaching the blessed Eid al-Adha. These loans can be deducted from the general share allocated to the region, which has nothing to do with employee salaries, and which is consistent with international conventions such as the Universal Declaration of Human Rights and the International Covenant on Civil and Political Rights.”
He explained that "lending is possible through an understanding between the central government and the regional government regarding the amount of oil revenues that must be paid from the Kurdistan Regional Government to the federal government in accordance with the decisions of the Federal Supreme Court, including the adoption of automation in the regional employee inventory."
Following his statement, he said, "These loans are not the first of their kind. The Sudanese government has previously loaned to Kurdistan and subjected it to the oversight of the Federal Board of Financial Supervision. Therefore, these settlements and loans are not clearinghouses and are not part of salaries. Rather, they are loans and are within the authority of the Council of Ministers. This was confirmed by the Federal Court, which rejected the lawsuit challenging these loans because they do not violate the constitution."
Al-Sudani and the Islamic Union Parliamentary Committee stress the importance of approving the oil and gas law.
The Iraqi constitution devotes two articles to the issue of oil and gas, Articles 111 and 112, without addressing how the country's oil policy will be formulated. This was left to the issuance of the Oil and Gas Law, which, after two decades and the current Iraqi government's pledge to issue it within six months, remains unclear when it will be issued.
Al-Sudani affirms the government's commitment to meeting the aspirations of citizens across Iraq.
Prime Minister Mohammed Shia al-Sudani affirmed on Tuesday the government's commitment to meeting citizens' aspirations and monitoring their affairs across Iraq.
Al-Sudani's office said in a statement received by Mail, "Prime Minister Mohammed Shia al-Sudani received a delegation from the Kurdistan Islamic Union Party's parliamentary bloc, where they discussed a number of national issues and the government's implementation of its service and economic programs."
During the meeting, Al-Sudani stressed, according to the statement, "the government's commitment to meeting citizens' aspirations and monitoring their affairs across Iraq, based on its legal and constitutional responsibilities and the priorities and needs of citizens."
The statement added, "The need to find radical solutions, within the framework of the constitution and the law, regarding the financial obligations of the Kurdistan Regional Government of Iraq was emphasized, through what is stipulated in the provisions of the budget law and the Federal Court decision, in addition to emphasizing the importance of enacting the oil and gas law."
For their part, members of the Kurdistan Islamic Union parliamentary bloc pointed to "the importance of the strengthening of security and social stability, coupled with a comprehensive economic and urban renaissance, the government's efforts in service issues and tangible reforms, and their positive impact on the lives of citizens across the country."
The Central Bank of Iraq's foreign exchange reserves increased by nearly $100 billion.
The bank's foreign currency reserves rose to approximately $98 billion at the end of March 2025.
The bank stated in official statistics reviewed by Shafaq News Agency, "The Central Bank's foreign reserves reached $98.089 billion, equivalent to 127.516 trillion Iraqi dinars, as of March 31 of this year, up from $97.845 billion, equivalent to 127.198 trillion Iraqi dinars, in February."
He added, "These reserves decreased from last year's 2024 figure of $100.276 billion, or 130.347 trillion dinars, and from 2023, when reserves reached $111.736 billion, or 145.257 trillion dinars."
Babylon discusses investment opportunities with the European Union ambassador
The local government in Babylon announced today, Tuesday, the reception of the European Union Ambassador to Iraq, Thomas Seiler, where the prospects of supporting European companies' investment in Babylon Governorate in various sectors were discussed.
Babil Governor Adnan Al-Faihan said, "During the meeting, the most prominent investment opportunities available in the province were reviewed, based on Babil's distinguished strategic components that qualify it to be at the forefront of Iraqi provinces in the industrial and agricultural fields, especially since it is the food basket of the Middle Euphrates, and has appropriate infrastructure and a fertile environment for investment.
He added, "We also provided the ambassador with a detailed explanation of the province's distinguished geographical location, its natural resources and the abundance of arable land, in addition to the presence of government and private factories that are capable of development, stressing our serious desire to attract investments to advance the economic and urban reality, and transform Babil into a competitive center capable of keeping pace with developed countries, especially since some of those countries do not have the capabilities and advantages that Babil possesses."
He stressed the local government's confirmation of the province's full readiness to cooperate with all European companies wishing to invest, while providing all necessary facilities and guarantees to create an attractive investment environment that contributes to achieving sustainable development and the desired economic prosperity.
A strategic partnership between Asiacell and a Chinese company to enhance digital transformation in Iraq.
China Mobile International (CMI) Limited and Asiacell announced the signing of a memorandum of understanding aimed at enhancing cooperation in the field of telecommunications and digital solutions in Iraq, with a particular focus on empowering the business and enterprise (B2B) services sector.
A company statement received by Al-Mada said, "This partnership aims to support digital transformation efforts in Iraq by leveraging CMI's global expertise in technology and international connectivity, along with Asiacell's operational capabilities and infrastructure within the country. The two companies seek to provide innovative, reliable, and scalable solutions that contribute to raising business efficiency and stimulating growth across various sectors."
In this context, Alex Li, General Manager of China Mobile International in the Middle East, said: “We are very excited to work with Asiacell to open new horizons in Iraq. Our shared vision of building a digitally connected world and leveraging advanced technologies aligns perfectly with the growth potential of this market. This partnership represents our commitment to enhancing connectivity, driving digital transformation, and empowering businesses to keep pace with the digital age.”
For his part, Amer Al Sanaa, CEO of Asiacell, emphasized the importance of this collaboration, saying, "This partnership represents a milestone in Iraq's digital transformation journey. We are excited to partner with CMI, as this collaboration reflects our deep commitment to providing world-class communications and technology solutions that meet the needs of the region's evolving business sector."
This step reflects both parties' commitment to supporting Iraq's digital infrastructure and fostering innovation and sustainable growth through the integration of corporate services, international connectivity, and advanced technologies, contributing to building a globally competitive and interconnected digital economy.
Parliamentary Finance Committee warns: Budget delay could be exploited for electoral purposes
The Finance Committee of the Iraqi Parliament expressed its surprise on Tuesday at the government's failure to send the budget law schedules to the parliament, despite the passage of six months since the start of the fiscal year.
Committee member Jamal Kocher told Shafaq News Agency that the government is not committed to sending the budget law schedules to the House of Representatives, and the government has no concrete date for submitting them.
Kocher added that there are concerns that the budget will be exploited for electioneering, and in his opinion, he does not believe the government will send the budget tables to parliament.
The Parliamentary Finance Committee previously criticized the Iraqi government's delay in submitting the 2025 budget schedules to Parliament, despite the passage of more than half a year.
Parliamentary sources previously told Shafaq News Agency that Parliament has not yet received any official data regarding the 2025 allocations schedule, which is hampering the work of oversight and financial committees and making planning for the next year fraught with ambiguity and uncertainty.
According to the Independent High Electoral Commission, early Iraqi parliamentary elections are scheduled for November 20, 2025, after a previous postponement due to legislative and technical preparations.
Customs Announces Implementation of New Price Lists in Implementation of Cabinet Decision
The General Authority of Customs announced today, Tuesday, the implementation of new customs price lists in implementation of Cabinet Decision No. 270 of 2025.
In a statement received by the Iraqi News Agency (INA), the Authority stated: "The new customs price lists for goods and commodities approved pursuant to Cabinet Decision No. 270 of 2025 have been implemented, effective June 1, 2025, at all border crossings, including those in the Kurdistan Region."
It added that it is "an executive body obligated to implement all laws, instructions, and decisions issued by higher authorities and relevant committees." She emphasized that "these lists came after a comprehensive review conducted by the committee formed pursuant to Diwani Order No. 61 of 2024, which included a group of general managers from government departments, with the aim of updating customs prices to be closer to the actual prices adopted globally, without prejudice to the percentages specified in the Customs Tariff Law or other relevant decisions, including the exemption of hybrid, electric, and hybrid cars." She explained that "this amendment came in response to global economic changes and to address the financial discrepancies resulting from the prices recorded in customs declarations and invoices submitted to banks for financial transfer purposes, which were noted by the Anti-Money Laundering and Terrorism Financing Office and the Financial Supervision Bureau."
The Authority emphasized that "the implementation of the decision is being carried out in accordance with international best practices, and the new lists have been published at all border crossings, in addition to feeding into the ASYCUDA program to ensure the accuracy and smoothness of their implementation."
She continued, "The increase did not include goods and commodities that affect the lives of citizens, such as food and essential items. Rather, they were subsidized in accordance with applicable laws and regulations." It affirmed its commitment to continuing to operate in accordance with the issued instructions, ensuring smooth customs flow and fairness, until any new directives are received from higher authorities.
Kurdistan Shuts Down Forex & Crypto Trading!
.jpeg)
No comments:
Post a Comment