The budget includes... next Saturday's parliament session.
Member of Parliament Mohammed Al-Ziyadi confirmed that "the House of Representatives will begin its sessions on Saturday, as part of the final legislative term, after the legislative recess was canceled." He noted that the parliament's agenda includes a number of important laws that are a priority for the next phase.
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Al-Ziyadi said on Thursday, in a statement seen by Al-Masry, that "the Iraqi parliament will resume its sessions starting next Saturday, after a decision was issued to cancel the legislative recess."
He added, "Among the most prominent laws that will be discussed and approved during this session are the law restructuring the Popular Mobilization Forces, amending the Industrial Investment Law, and the Education Law, in addition to voting on the 2025 budget schedules."
During Saturday's session, legislation is expected, including the budget and three other laws.
Member of Parliament Mohammed Al-Ziyadi confirmed on Thursday that the Iraqi parliament will resume its sessions starting next Saturday, following a decision to cancel the legislative recess.
Al-Zayadi told Al-Maalouma News Agency that “the House of Representatives will begin its sessions on Saturday, as part of the final legislative term, after the legislative recess was cancelled,” noting that the parliament’s agenda includes a number of important laws that are a priority for the next phase.
He explained that "among the most prominent laws that will be discussed and approved during this session are the law restructuring the Popular Mobilization Forces, amending the industrial investment law, and the education law, in addition to voting on the 2025 budget schedules."
It is noteworthy that Parliament held a deliberative session earlier this week dedicated to discussing the repercussions of the Zionist imposed war on Iran, during which the representatives called for the necessity of activating and strengthening air defense systems to ensure the protection of national autonomy.
Iraq’s payments leader Qi taps K2 Integrity for nationwide financial compliance overhaul
Iraqi digital payment provider Qi has inked a partnership agreement with K2 Integrity, aimed at strengthening the company’s financial compliance standards across its operations.
Founded in 2007 by Iraq’s two biggest state-owned banks together with the Iraqi Electronic Payment System, Qi is Iraq’s largest payment platforms, with its flagship product – the Qi Card – serving over 10 million customers through an ecosystem of cards, mobile wallets, merchant services, and government integrations. The Qi Card works similarly to well-known global credit cards such as Mastercard and Visa.
Qi is also one of the frontrunning innovators in Iraq’s digital payments ecosystem, in areas such as biometrics and technology.
Building excellence in compliance
As Iraq rebuilds its post-war economy and opens up more to international markets, its digital payments ecosystem has faced concerns over outdated compliance and transparency, putting a brake on investments from foreign investors, cooperation with international institutions, and overall trust in the state of the financial transactions landscape.
That trust is also fragile because of Iraq’s relatively poor performance on benchmarks for fraud, corruption and other forms of financial crime – all factors that can be mitigated more effectively through a robust and compliant payments value chain.
A transformation for the better
Well-positioned to pick up the gauntlet, the International Smart Card, which owns and operates the Qi Card platform, has now taken the initiative to adopt a model of excellence for compliance. The multi-year program will span the company’s full operations in Iraq, but also in Jordan and the UAE.
“This is not just about one business group,” said Bahaa Abdul Hadi, Chairman of International Smart Card. “This is about Iraq and its economic future. We believe in leading by example as we did in the past. We are investing heavily to ensure our systems, people, and partners meet the highest global standards of financial integrity.”
“This partnership illustrates Qi’s proactive stance in positioning the company’s and Iraq’s electronic payment infrastructure at the forefront of global compliance standards,” said Bahaa.
The goal of the program is to build a foundation for secure and compliant payments, positioning Iraq to regain credibility with international partners, attract investment, and enable more secure, scalable cross-border transactions, particularly vital for trade, remittances, and financial inclusion. “This initiative marks a pivotal milestone in Iraq’s compliance evolution,” Bahaa noted.
Supported by K2 Integrity
Signed on as the lead consulting partner, K2 Integrity has been tasked with guiding and supporting the transformation. The partnership spans a 36-month roadmap split into three phases, with K2 Integrity to oversee a large number of activities.
The project will start with a comprehensive evaluation of Qi’s current financial crime compliance (FCC) framework. That analysis will help populate an action plan, with the implementation phase to be supported by K2 Integrity. The global consulting firm will also play a role in capability development, training personnel across all levels – from frontline staff to executive leadership.
K2 Integrity will take operational responsibility for implementing best practices, ensuring that compliance standards evolve into top tier levels seen in global benchmarks. This mandate will see K2 Integrity build a large operations and compliance back office in Jordan for Qi, and use Qi’s UAE back office as an innovation incubator and sandbox for new products and services.
US-headquartered K2 Integrity is one of the world’s leading consultancies for risk, governance and compliance in the financial services industry. Its team works for governments, international institutions, and Fortune 500 banks, and includes senior leaders who helped craft global standards in financial crime.
“Qi is setting the tone for a new era in Iraq,” said Chip Poncy, Global Head of Financial Integrity at K2 Integrity. “By committing to global standards and transparency, Qi is building not just resilience, but regional leadership in financial compliance.”
USPS to temporarily halt mail service to Iran, Iraq, Israel effective June 20
The United States Postal Service announced June 18 that it will temporarily suspend international mail service to Iran, Iraq and Israel effective June 20.
Word of the announcement came via a press release from DMM Advisory.
According to the press release, the service disruptions affect Priority Mail Express International, Priority Mail International, international first-class mail, international first-class packages, international Priority Airmail, international Surface Air Lift and M-bag items.
“Unless otherwise noted, service suspensions to a particular country do not affect delivery of military and diplomatic mail,” the press release said. “For already deposited items, Postal Service International Service Center (ISC) employees will endorse the items as ‘Mail Service Suspended — Return to Sender’ and then place them in the mail stream for return.”
Further information and updates are available on the Postal Service’s website.
The United States Postal Service announced June 18 that it will temporarily suspend international mail service to Iran, Iraq and Israel effective June 20.
Word of the announcement came via a press release from DMM Advisory.
According to the press release, the service disruptions affect Priority Mail Express International, Priority Mail International, international first-class mail, international first-class packages, international Priority Airmail, international Surface Air Lift and M-bag items.
“Unless otherwise noted, service suspensions to a particular country do not affect delivery of military and diplomatic mail,” the press release said. “For already deposited items, Postal Service International Service Center (ISC) employees will endorse the items as ‘Mail Service Suspended — Return to Sender’ and then place them in the mail stream for return.”
Further information and updates are available on the Postal Service’s website.
A new challenge for the Iron Dome: multiple warhead rockets
The Israeli army said on Thursday that Iran had used a multi-warhead missile, posing a new challenge to its defenses.
Rather than needing to track a single warhead, missiles carrying multiple warheads can pose a difficult challenge to air defense systems, such as Israel's Iron Dome system.
The newspaper Maariv also reported that the Israeli army admitted that the missiles fired by Iran, which struck the Gush Dan region, were new missiles that had never before been used against Israel, noting that they functioned like cluster bombs.
A senior military official told Maariv: "We are facing an event that is different from the case of a regular surface-to-air missile. When it explodes in the air, it releases cluster bombs in a circle with a diameter of up to 8 kilometers, and each bomb weighs 2.5 kilograms."
Iran's arsenal includes several types of missiles, including the Khorramshahr missile, which has a range of 2,000 kilometers and can carry a warhead weighing more than 1,500 kilograms. It is characterized by its high speed and maneuverability to evade air defenses.
It is believed to be equipped with radar-evading systems, according to Iran's Tasnim News Agency in May 2023.
Earlier today, the Iranian Revolutionary Guards explained in a statement that "the 14th wave of Operation Promise 3 began with a combination of suicide drones and strategic missiles targeting the Israeli army's command and intelligence center."
The war between Israel and Iran continues for the seventh consecutive day, with the two adversaries launching new missile strikes on each other. Despite US President Donald Trump's call for Iran's unconditional surrender, Tehran refuses to negotiate and make peace under pressure.
Iranian Parliament Speaker: Our missiles can reach every inch of the entity despite US support
Hezbollah Brigades threaten Trump with targeting US bases and closing the Strait of Hormuz
Abu Ali al-Askari, the spokesman for the Kata'ib Hezbollah militia in Iraq, threatened on Thursday to target US bases and close the Strait of Hormuz if Washington joins Israel in a war with Iran.
Al-Askari said in a tweet: "We confirm, and more clearly, that if the United States enters this war, the crazy Trump will lose all the trillions he dreams of seizing from this region. Operational plans have been drawn up for that."
"There is no doubt that American bases in the region will become like duck hunting grounds, the Strait of Hormuz and Bab al-Mandab will be closed, and oil ports along the Red Sea will cease to operate - not to mention the unexpected surprises that may await their aircraft in the sky," he added.
The repercussions of war and the lack of planning are fueling economic stagnation in Iraq.
The economic recession in Iraq has become evident following the Iran-Israel war. This is evident in weak consumption, citizens' tendency to hoard cash in case of an emergency, and a lack of confidence in the local currency, according to observers and citizens.
This stagnation is also evident in the decline in the number of patrons of cooperative markets (hypermarkets), which no longer live up to their name due to the high prices that have affected all shops and commercial markets.
"Complex stagflation is a complex situation characterized by high government cash spending, such as employee compensation, versus weak actual consumer activity, due to uncertainty and weak confidence in the national currency," economic expert Ali Daadoush told Shafak News Agency.
He added: "The lack of confidence in the currency leads to the circulation of funds towards speculation in the dollar instead of investment or consumption, which fuels the exchange rate crisis and the rise in the prices of imported goods." He explained that "we note that the employee compensation item rose from 15.3 trillion dinars in the first quarter of 2025 compared to the first quarter of 2024, which amounted to 13.3. This increase means improvement and movement in the monetary and real market, i.e., increased sales of commercial stores and local markets (equivalent in light of the imbalance in the production structure), in addition to the easy and flexible circulation of the dinar for the dollar between the Ministry of Finance and the Central Bank of Iraq. However, we note weakness in purchasing operations (consumption) in small and large markets such as cooperative hypermarkets and commercial stores in the country. The reason for this lies in the deep recession with a state of uncertainty and fear of the coming days due to the repercussions of the current war between the Islamic Republic and the Zionist entity."
He points out that "this will increase the cash issued by the Central Bank, which will have another negative impact on the dinar in terms of a loss of confidence in the local currency and a shift toward demand for dollars in the parallel market, which will in turn drive up the exchange rate and lead to higher prices for goods and services imported through this market, deepening the country's crisis."
In light of the current economic recession, Daadoush proposes some solutions that he deems appropriate to resolve the economic crisis, saying, "It is short-term and lies in controlling excessive liquidity through flexible monetary tools, such as using open market tools to reduce excess liquidity in the dinar that is being spent on speculation in the dollar, or reactivating short-term certificates of deposit ( CDs ) with attractive interest rates for banks and citizens, with the aim of absorbing the money supply outside the banking sector, in addition to stimulating local demand in a smart way by granting temporary purchase vouchers or direct support to low-income people, which can only be spent in local or cooperative markets (hypermarkets), with temporary tax exemptions or postponement for small shops to encourage prices to fall and stabilize and stimulate sales."
The current war in the region is deepening Iraq's economic crisis and causing citizens to feel anxious, especially in the capital, Baghdad.
In this regard, economic analyst Ahmed Eid told Shafaq News Agency, "A sense of financial instability has become prevalent among broad segments of society in light of the worsening economic crises and the decline in citizens' purchasing power."
He added, "The continuous rise in prices and the fluctuation in the dollar exchange rate are due to weak fiscal and monetary policies. All of these factors have led to the erosion of salaries and have pushed families to adopt a defensive consumption approach based on minimizing spending, as part of limited savings attempts in anticipation of emergencies due to the current situation in the region."
Bashir noted that "this pattern of behavior not only reflects the fragility of the economic situation, but also contributes to market stagnation and weakens the economic cycle, which relies on consumption as its primary driver."
He points out that "with the continued absence of an economic vision, declining investment, and limited income, a large gap has emerged between citizens' income and the cost of living," noting "the need to take serious and realistic measures, beginning with ensuring the stability of citizens' incomes and activating oversight to control prices and prevent price manipulation, as well as expanding the umbrella of social protection and launching a package of economic reforms to restore trust between the state and citizens."
The stagnation of cooperative markets and their sales during the past two months reflects the fragility of the economic situation. Sales at cooperative hypermarkets during the first months of their opening amounted to 700 million dinars per branch, according to a statement from the Ministry of Commerce. While there are currently no official statistics on monthly sales at cooperative markets, the decline in the number of patrons and shoppers indicates a decline in sales at these markets, due to the weak purchasing power of many social segments.
Fatima Abdul Hussein, a 35-year-old employee, confirms, “My monthly salary no longer covers the family’s needs as it did before.”
She told Shafaq News Agency, "My and my husband's monthly salary only covers essential purchases, due to the high prices of basic food items such as meat, fruit, and others."
Citizen Riyah Al-Hasani says, "An employee's salary is no longer enough to buy what the family needs due to high prices and market instability."
He explained, "Many commodities whose prices rose during a certain period have not decreased, but rather have continued to rise. This has had a negative impact on the financial situation of large segments of Iraqi society."
Citizen Laheeb Abdul Ghani calls on "official authorities to monitor markets and control prices."
Speaking to Shafaq News Agency, she said, "The items I buy from a store at a certain price are now priced higher in the same store a few days later. This is worrying and reflects the instability of prices."
The Ministry of Trade had previously confirmed that it had sufficient stocks of basic food supplies and was prepared to meet the needs of citizens in all provinces, including the Kurdistan Region.
The statement clarified that the stockpile is adequate and available, and that the ministry is capable of dealing with any potential global crisis. It noted that food rations are distributed uniformly across all governorates, and that any delays may be due to additional inspection procedures.
The ministry's statements regarding its ability to confront a potential crisis have not convinced citizens, especially given the ongoing war in the region and concerns about the conflict's expansion, which has prompted many to reduce spending in anticipation of an emergency.
Abdul Karim Al-Zamili, 45, told Shafaq News Agency, "The continuation of the current war in the region and the possibility of its expansion will have serious repercussions on the economic situation of the entire region. Iraq will be one of the most affected countries economically, which is pushing Iraqi families to ration their financial spending."
He continued: "No one can predict what will happen, and anxiety and fear push us to save as much money as possible and only spend on essentials."
Citizen Najat Abdullah shares this view, telling Shafaq News Agency, "The situation is dangerous, threatening the entire region and will have a negative impact on our country, which is one of the largest importers of basic commodities."
She added, "Wisdom calls for us to act cautiously during this period, avoid extravagance, and limit our purchases to essential items only," noting that "the current high prices and weak purchasing power are leading to a lack of consumption."
Iran is a major supplier of non-oil goods to Iraq. Imports are estimated to be worth around $20 billion annually, a decline of $1.5 billion over the past two months, according to Iranian customs. This means that the ongoing war between Israel and Iran will significantly impact Iraq's trade balance, due to its direct repercussions on the volume of trade between the two countries.
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Government advisor: Foreign exchange reserves are the highest in Iraq's history.
The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed on Thursday that Iraq is witnessing economic stability and developmental prosperity, with low inflation and unemployment and high growth. He also noted that foreign exchange reserves are the highest in Iraq's history.
“Iraq faces strong economic challenges in the geopolitical context due to the ongoing war in the Middle East,” Saleh told the official agency, followed by Iraq Observer. “This may be related to the movements of Iraq’s trade balance with the world, especially oil exports and energy markets. While the Gulf and the passage of oil and gas through the Strait of Hormuz represent approximately 30 percent of the flow of energy from its sources to the world, 99 percent of Iraq’s oil is currently exported through the Gulf and the aforementioned strait to world markets, especially the economies and markets of Asia.”
“The increase in crude oil prices, which jumped by nearly $10 before the recent outbreak of the Iranian-Israeli war, is a positive price shock,” he added. “However, at the same time, we must be careful about the consequences of the war and the safety of oil routes in the Gulf, without forgetting that import trade is also bearing risks represented by rising shipping and insurance costs and rising prices, which may increase with the escalation of conflict levels across the Gulf as well.”
He explained that "the positive external price factors in the value of oil exports, which are dependent on geopolitics, should not be the basis for sustainable fiscal policies based on oil revenues, which constitute a central component of public revenues and shape the 2025 budget schedules, unless stability is achieved and the threat of war in all its forms is eliminated."
Regarding the government's delay in submitting the federal general budget schedules for the year 2025, Saleh explained that "one of the requirements stipulated in the Triennial General Budget Law No. 13 of 2023 is due to the amendment of some paragraphs of the Federal General Budget Law for the three years 2023, 2024 and 2025 last February of this year, which were originally covered by Law No. 13 of 2023." He explained that "this required systematic, practical and oversight communication between the House of Representatives and the government and its bodies represented by the Ministry of Finance to accurately and comprehensively monitor federal revenues and all financial procedures, especially the management of current operational and investment expenditures without interruption, as well as deficit financing."
He pointed out that "the delay in submitting the schedules was influenced by external factors, which are merely reflections of external geopolitical shocks, whether global trade wars, the energy markets experiencing some price contraction before their sudden improvement, or the beginning of indicators of a downward and upward oil asset cycle that should have been addressed by adjusting some spending rules."
Saleh pointed out that, "Despite the ongoing concerns raised during the first half of the current fiscal year, regarding complete financial stability, our country's financial situation has not shown any concerns. This is due to sound management and the high degree of compatibility between the country's fiscal and monetary policies, as monetary policy supports the country's financial policy with its foreign currency reserves, which are the highest in Iraq's history."
He emphasized that "during such periods, monetary policy plays its role in stimulating the domestic financing market with the strength of reserves, particularly in supporting and stabilizing liquidity and general cash flows in the country. This is done to ensure government development programs for the diverse and comprehensive infrastructure projects our country is witnessing, given their role in stimulating the labor market and businesses."
He continued, "All fears have been dispelled due to the mutual and cohesive immunities within the framework of the economic policy itself and the implementation of the government's program, coupled with high financial excellence and discipline."
He explained that “the delay in submitting the 2025 budget schedules to the House of Representatives did not prevent the implementation of the public finance program covered by the basics of the current general budget law, but the external circumstances and successive international economic shocks in the energy market, and the amendment to the current law No. 13, as we mentioned, regarding the issue of assessing the costs of extracting the region’s oil and its marketing costs, are what required time for partial adjustment in some of the constants and variables related to revenues, public expenditures, and deficit management.”
He pointed out that "these tables will be submitted in the coming period based on the provisions of Article 77/Second of Law 13, as mentioned above, which requires the House of Representatives to approve the general budget tables for the current fiscal year, which are now at the end of their preparations for presentation to the House."
He concluded by saying: “The strength of the coordination between the government’s general policies in the financial and monetary fields has dispelled all those concerns about the management of problems resulting from the global economic situation. Rather, it is working in the interest of the sustainability of economic stability and sustainable development in our country, which is witnessing years of high stability and remarkable development prosperity, whether through low inflation rates, low unemployment rates, or high levels of growth, especially after the launch of the philosophy of strategic partnership between the state’s economy and the market, within the social market strategy that stipulates protecting the stability of citizens’ living standards and supporting the role of the market in investment, reconstruction, and development together.”
Iranians buying supplies in Iraq tell of fear, shortages back home
Near the once-bustling Iraqi border crossing of Bashmakh, Iranian driver Fatah stocked up on rice, sugar and tea, staples that have become increasingly hard to get back home.
who like others in this story is being identified by a pseudonym -- was among dozens of truck drivers waiting impatiently to cross back into Iran from Iraq's northern Kurdistan region, hauling not only their commercial cargo, but also essential goods for their families after days of Israeli attacks.
AFP spoke with at least 30 Iranians near the Bashmakh crossing. They all refused to be interviewed on camera, and the few who agreed to describe life back home asked to remain anonymous for fear of reprisals back in Iran.
"There are shortages of rice, bread, sugar and tea," Fatah said Tuesday.
Finding fuel has also become a major problem, with long queues of cars waiting hours in front of gas stations hoping the fuel did not run out, the 40-year-old driver added.
A long journey awaits Fatah, who must deliver his load of asphalt to the Iranian port of Bandar Abbas about 1,700 kilometres (1,060 miles) away, before turning around and driving almost the same distance back to the western city of Marivan, where his family lives and which has so far been spared bombardment.
But "my route passes near the Natanz nuclear facility", Fatah said, referring to one of Iran's underground uranium enrichment sites that Israel has struck several times since the start of its campaign last week.
Panic buying
Israel launched a devastating surprise attack on Friday targeting Iran's military and nuclear sites and killing top commanders and scientists.
Israel says its attacks are aimed at preventing Iran from obtaining a nuclear weapon, an ambition Tehran denies.
At least 224 people, including women and children, have been killed in the Israeli strikes, according to official figures.
The assault has prompted retaliatory barrages of missiles from Iran that have killed at least 24 people in Israel, according to the prime minister's office.
Aram, 28, keeps calling his wife, fearing for his family's safety after they had to flee their home when a strike hit a military site nearby in the city of Sanandaj.
"My family is safe, but they had to move in with relatives in a village," Aram said.
His wife told him that many families who lived near military sites in the area had been similarly displaced.
The father of two said the shortages back home were mostly due to panic-stricken Iranians who rushed to markets to stockpile basic supplies.
'Shocked and distraught'
Back in Iran, car dealer Shwan recalled how Israeli jets struck several military sites near his city of Bukan in the west.
"People are shocked and distraught, they don't know what they should do," the 35-year-old told AFP via a messaging app from inside Iran.
"We have a major problem with bread shortages," he said.
People were queuing at bakeries for hours to get loaves of bread, sometimes to no avail, Shwan said.
"Sometimes four members of one family go around bakeries looking for bread," he added.
"It is also difficult to find rice or oil," and many civil servants have not received their salaries yet, he said.
Avin, a 38-year-old seamstress, told AFP via a messaging app that the war "has spread fear among residents", even though the bombs have not touched her town of Saqqez in northwest Iran.
"Some families with children left to villages outside the city," she said.
Like others, she fears more shortages to come.
"Most of the provisions come from Tehran," which has seen a massive exodus and is also grappling with scarcity.
"Because of this, the market in our city came to a standstill."
Oil: The gas sector receives exceptional attention from the Prime Minister.
The Ministry of Oil confirmed, on Thursday, that the gas sector has received exceptional attention from Prime Minister Mohammed Shia Al-Sudani.
A statement by the Ministry of Oil received by the Iraqi News Agency (INA) stated that "Undersecretary of the Ministry of Oil for Gas Affairs Izzat Sabir Ismail, during his speech at the Second Liquefied Natural Gas Forum, stressed the importance of government support for the gas industry and investment sector to achieve the ministry's goals and plans for optimal investment of this resource, in a way that supports the national economy and sustainable development."
He added, "The gas sector has received exceptional attention from Prime Minister Mohammed Shia Al-Sudani and Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani, as the government has worked to support gas industry and investment projects, which have contributed to increasing national production of natural and liquid gas in accordance with the government program. The volume of gas investment in general has increased to more than seventy percent after it did not exceed fifty-two percent during the first year of the government's term."
He pointed out that "the most important of these projects, implemented by the Ministry and its national companies in cooperation with specialized international companies, are concentrated in the governorates of Basra, Maysan, and Dhi Qar, in addition to the central and Kirkuk fields." He explained that "achieving this exceptional leap in production represents a bright sign towards achieving our goal of stopping - and achieving zero - gas flaring during the period extending from 2028 to 2030, which in turn leads to the elimination of harmful emissions to the environment and public health, in addition to fulfilling our moral commitment to the 2016 Paris Agreement, which strengthens Iraq's position and role in the international community and the global energy sector."
The Undersecretary of the Ministry highlighted "the importance of "liquefied gas" as it represents a vital economic tributary that generates significant financial returns for the country and contributes to diversifying sources of income," noting that "the Ministry of Oil's support for this forum stems from its keenness to ensure the development of this industry through economic methods, approaches, and mechanisms built on sound foundations, achieving the highest benefit for the national economy."
The Undersecretary of the Ministry affirmed that "the forum is an important opportunity to exchange views, discuss technical and commercial challenges, and review development and expansion opportunities, in line with the government and ministry's plans in this field. We look forward today to constructive discussions and practical, implementable outcomes that will contribute to drawing a clear roadmap for the future of liquefied gas in Iraq."
The Undersecretary of the Ministry revealed "Basra Gas Company's plans to reach a production of more than eight thousand tons per day of liquefied gas in the next few years, as its current production stands at six thousand tons per day. Achieving this exceptional qualitative leap in production represents a bright sign for the gas sector."
The Central Bank of Iraq Organizes a Workshop on National and Sector Assessment Procedures
The Central Bank of Iraq's Erbil Branch organized a training workshop on "National and Sector Assessment Procedures," attended by the Director General of the Erbil Branch, in cooperation with the Center for Banking Studies and the Compliance Supervisor's Office at the Central Bank of Iraq.
The workshop was attended by a group of private banks, non-banking financial institutions, and electronic payment companies operating in the region.
The workshop also addressed Anti-Money Laundering and Terrorist Financing Law No. (39) of 2015 and the Financial Action Task Force (FATF) recommendations, as well as the national assessment of money laundering and terrorist financing risks based on international standards.
The workshop focused on practical applications and operational risk assessment, and presented real-life case studies that contributed to enriching the discussion and developing the participants' analytical skills.
The lecturers emphasized the importance of private banks, non-banking financial institutions, and electronic payment companies adhering to updated compliance policies and effective cooperation between relevant units to ensure a cohesive banking environment that keeps pace with international standards and embodies the Central Bank of Iraq's vision in this regard. This workshop comes as part of the vision of the Center for Banking Studies at the Central Bank of Iraq and the Office of the Compliance Controller of the Central Bank to prepare a qualified banking generation capable of meeting modern regulatory challenges and instilling a culture of compliance as the cornerstone of sound banking governance.
Central Bank of Iraq
Media Office
June 18, 2025
US statement on the Strait of Hormuz: Iran may paralyze the US Navy
The New York Times reported that Iran maintains naval capabilities and military logistical resources that would enable it to completely close the Strait of Hormuz, which would paralyze the movement of any US Navy vessels in the Gulf region.
According to the newspaper report, high-level meetings were recently held at the White House, where senior US military leaders emphasized the need to prepare for the scenario of planting naval mines in the strait, should Washington join attacks against Iran. They confirmed that the Pentagon is studying all possible scenarios for an Iranian response, amid assessments that Tehran still possesses hundreds of ballistic missiles, a large naval force, and active military units throughout the region.
According to the newspaper, the US military estimates that Tehran still possesses hundreds of ballistic missiles, a powerful navy, and operational forces throughout the region.
Tehran could also isolate US minesweepers in the Gulf region on one side of the Strait of Hormuz. According to the newspaper, the US Navy has four minesweepers in the Gulf.
Tehran also possesses a variety of naval mines, ranging from small magnetic mines that are attached to the hull of ships and explode after a set time, to larger mines that float beneath the surface, and more sophisticated mines that are planted on the seabed and operate using magnetic, acoustic, pressure, and seismic sensors.
The Strait of Hormuz, located between Iran and the Sultanate of Oman, is considered one of the world's most important oil transportation routes. Dozens of oil and gas tankers from Iran, Saudi Arabia, Iraq, and other countries pass through it daily, representing approximately 20% to 30% of global oil trade. It would also be a major blow to Egypt and the Suez Canal.
Britain: There is a golden opportunity to resolve the crisis with Iran diplomatically.
Iran orders crypto exchange curfew after $100M Nobitex hack
The central bank of Iran has reportedly imposed strict operating hours on its domestic crypto exchanges following a $100 million exploit on Nobitex by a pro-Israel hacker group.
In a blog post on Wednesday, Chainalysis cited reports saying domestic crypto exchanges in Iran are now limited to operating hours between 10 am and 8 pm.
Chainalysis's head of national security intelligence, Andrew Fierman, told Cointelegraph the curfew is likely an attempt to stay on top of any further attacks, because “incidents are easier to triage if they’re not happening in the middle of the night.”
Nobitex was hacked on Wednesday morning, according to the exchange.
“Secondly, while the people of Iran leverage cryptocurrency exchanges to facilitate cross-border transactions, the Iranian regime may want to assert more control over their citizens’ transactions,” Fierman said.
“This is especially the case during times where geopolitical tensions are high and capital flight from Iran is possible.”
Iran’s central bank has imposed restrictions on exchanges before. In December, it ordered a temporary shutdown of all crypto exchanges to prevent its national currency, the Iranian Rial, from being exchanged and depreciating further.
Israel launched multiple strikes inside Iran on June 13. The two countries have been trading blows ever since.
Nobitex hackers burned the stolen crypto
Nobitex was exploited for at least $100 million in assets based on current estimates, spanning a range of crypto, including Bitcoin
, Ether , Dogecoin , XRP and Solana .Pro-Israel hacker crew Gonjeshke Darande has claimed responsibility for the exploit after allegedly infiltrating Nobitex’s internal systems and draining its hot wallets.
The Chainalysis team said in the report that it appears the attacker-controlled wallets were burner addresses lacking private key access, “making them irretrievable.”
“While hacks historically have almost always been for financial gain, this event stands out given the intent appears to have been politically motivated to take funds away from the regime,” Fierman said.
Burning tokens means they are permanently removed from circulation. Generally, this is achieved by sending them to an inaccessible wallet address.
Nobitex says situation “under control”
Following the hack, Nobitex severed all external access to its servers, the communication team said in a statement to X on Wednesday.
“As part of Nobitex’s ongoing response to the recent security incident, we would like to inform our users that the situation is now under control,” they said.
At the moment, user access is still unavailable, but the exchange said the Nobitex Reserve Fund will cover all assets lost in the hack.
The Nobitex technical team is also emptying the exchange’s online hot wallets and sending them to offline cold storage devices to prevent further exploits and losses.
“In addition, the internet disruptions and blocked access to external servers may result in a longer-than-usual timeline for restoring user access to the platform,” the Nobitex communication team said.
Nobitex is a critical hub in Iran’s crypto ecosystem
Chainalysis said it tracked Nobitex’s total inflows and found it has well over $11 billion, compared to just under $7.5 billion for the next ten largest Iranian exchanges combined.
It is the go-to platform for Iranian users seeking access to global crypto markets and is a central pillar of the country’s digital asset ecosystem, according to Chainalysis.
“Nobitex isn’t just a local exchange; it serves as a critical hub within Iran’s heavily sanctioned crypto ecosystem, enabling access to global markets for users cut off from traditional finance,” Chainalysis said.
The exchange also has links to a range of groups considered terrorists in the Western world, such as the Houthi rebels in Yemen, a pro-al-Qaeda propaganda channel, and sanctioned Russian crypto exchanges, Garantex and Bitpapa.
Miss the last episode of My FX Buddies? Catch it below:
From Oil Curse to Awakening: A Call to Reclaim the Future
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