Prime Minister's Advisor: The government is proceeding with banking structural reforms without interruption.
Prime Minister's advisor, Mazhar Mohammed Saleh, confirmed on Monday that the government's reform policy has not deviated from the recommendations of the International Monetary Fund, while explaining that the government seeks to transform the rentier economy into a diversified, productive economy.
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Saleh told the Iraqi News Agency (INA): "Despite the great financial exposure to oil revenues, which made the financing of public spending, especially investment, dependent on the fluctuations of oil prices and the cycle of oil assets, as well as the pressure of employment in the government sector, which absorbed the state's resources without creating parallel productivity in the real economy, which are facts that put pressure on the growth paths of the rentier economy, it can be said that Iraq possesses promising economic components if they are employed within a realistic and gradual development vision."
He added, "Strengthening the non-oil sector requires a real shift from a rentier economy to a diversified productive economy, something the current government is seeking to achieve within the framework of its government program. The reform policy currently being adopted by the government has not
He pointed out that "the government program approved by the Council of Representatives in October 2022 serves as a guide and vision that has been implemented in the work of the Iraqi reform government, embodied in the transformations in the country's economic policy, despite the heavy social and economic legacy accumulated from previous years, such as stalled projects, thousands of employment contracts with the government that lead to permanent employment, and the poverty alleviation program, which required reaching two million families in the social welfare budget."
He explained that "the government has paved its way with the non-oil economy in an exceptional way since it announced that it is a services government, as it began implementing dozens of service infrastructure projects that were suspended, including starting to build one million housing units and hundreds of school buildings, hospitals, bridges, roads, electricity and water networks, and announcing a partnership program, especially in the industrial and energy fields, with the private sector, by granting the private sector sovereign guarantees to interact in technologically advanced industrial investment, without neglecting the agricultural support policy that provided sufficient security from grain crop production. This is what indicated the decline in unemployment to 13% after it was 17%, in addition to the high stability in the general price level, which did not exceed 3%."
He continued, "The government is proceeding with banking structural reforms without interruption, in addition to its successes in bringing Iraq into the digital age by improving digital payment systems, and the progress achieved in the gas sector and its exploitation within the development of the energy sector and natural resources, all of which constituted key factors for sustainable economic growth, which reflected the stability of Iraq's credit rating, with the adoption of the Development Path Strategy as a program to achieve the goals of generating a leading economic sector in development outside the oil sector, to shape the coming economic future in sustainable development in our country without interruption."
Between IMF recommendations and Baghdad's ambitions... Iraq plans a new economy
rime Minister's advisor, Mazhar Mohammed Saleh, confirmed on Monday that the government's reform policy has not deviated from the recommendations of the International Monetary Fund, while explaining that the government seeks to transform the rentier economy into a diversified, productive economy. “Despite the significant financial exposure to oil revenues, which has made the financing of public spending, especially investment, dependent on oil price fluctuations and the oil asset cycle, as well as the pressure of employment in the government sector, which has absorbed the state’s resources without creating parallel productivity in the real economy, these are facts that put pressure on the growth paths of the rentier economy.
However, it can be said that Iraq possesses promising economic components if they are employed within a realistic and gradual development vision,” Saleh said in a statement to the official media, followed by “Al-Mutalaa”.
He added, "Strengthening the non-oil sector requires a real shift from a rentier economy to a diversified productive economy, something the current government is seeking to achieve within the framework of its government program. The reform policy currently being adopted by the government has not departed from the recommendations of the International Monetary Fund, which are repeated in most of its meetings, official gatherings, and reports." He pointed out that the government program approved by the Council of Representatives in October 2022 serves as a guide and vision that has been implemented in the work of the Iraqi reform government. This has been embodied in the transformations in the country's economic policy, despite the heavy social and economic legacy accumulated over the past years, such as stalled projects, thousands of employment contracts with the government that lead to permanent employment, and the poverty alleviation program, which required reaching two million families in the social welfare budget. He explained that: “The government has paved its way with the non-oil economy in an exceptional way since it announced that it is a government of services, as it began implementing dozens of service infrastructure projects that were suspended, including starting to build one million housing units and hundreds of school buildings, hospitals, bridges, roads, electricity and water networks, and announcing a partnership program, especially in the industrial and energy fields, with the private sector, by granting the private sector sovereign guarantees to interact in technologically advanced industrial investment, without neglecting the agricultural support policy that provided sufficient security from the production of grain crops. This is what indicated the decline in unemployment to 13 percent after it was 17 percent, in addition to the high stability in the general price level, which did not exceed 3 percent.” He continued, "The government is proceeding with banking structural reforms without interruption, in addition to its successes in bringing Iraq into the digital age by improving digital payment systems, and the progress achieved in the gas sector and its exploitation within the development of the energy sector and natural resources, all of which constitute key factors for sustainable economic growth, which reflects the stability of Iraq's credit rating, with the adoption of the Development Path Strategy as a program to achieve the goals of generating a leading economic sector in development outside the oil sector, to shape the coming economic future in sustainable development in our country without interruption."
For the third consecutive month, the Central Bank of Iraq saw a significant decline in dollar sales.
The head of the Iraq Future Foundation, Munar al-Obaidi, revealed on Monday that the Central Bank of Iraq's foreign currency sales declined during the month of June.
Al-Obaidi said, in a post received by the (Video News) Agency, that the Central Bank's foreign currency sales declined for the third consecutive month, reaching $5.7 billion in June of this year, a decrease of 15.5% compared to May, when sales recorded $6.5 billion. Thus, the Central Bank's foreign currency sales in the first six months of the year reached $37.2 billion, a decrease of 2.2% compared to the same period last year, which recorded $38.1 billion.
He added that "cash sales of foreign currency also fell to their lowest level, reaching only $99 million in June, which is the lowest monthly sales value since the introduction of cash sales. Thus, the Central Bank's total foreign currency sales through cash sales in the first six months of the year amounted to $1.4 billion, a decrease of 21% compared to the same period last year, which amounted to $1.76 billion."
As for foreign currency sales through the balance enhancement mechanism, according to Al-Obaidi, they amounted to $5.6 billion in June of this year, an increase of 35% compared to June of last year. Thus, foreign currency sales through the balance enhancement mechanism in the first six months of the year amounted to $35.8 billion, a 37% increase compared to the same period last year, which amounted to $26 billion.
He continued by saying: "The international settlement mechanism through the Central Bank has also completely stopped, as has the transfer mechanism through the Central Bank, so foreign currency sales are limited to the balance enhancement mechanism and cash sales to travelers." Despite the decline in cash sales and the suspension of international settlements, the dollar exchange rate remained stable and was not affected by this decline.
According to Al-Obaidi, the Central Bank's sales this year are expected to reach approximately $70 billion, down from last year's sales of more than $80 billion.
He pointed out that "the decline in foreign currency sales, coupled with the stability of the dollar exchange rate in the parallel market and the decline in inflation levels, calls for a careful review to determine the reasons behind this decline. This could be related to the possibility of most traders entering the official market, which reduces the need for hard currency in the parallel market, or to the decline in demand for goods, which may reflect a state of economic stagnation in the Iraqi market."
The Ministry of Labor urges labor companies to invest in Iraqi talent instead of foreign talent.
Minister of Labor and Social Affairs Ahmed Al-Asadi urged labor recruitment companies on Monday to invest in the Iraqi workforce, stressing the ministry's support for any company that contributes to addressing unemployment and expanding national employment.
During his meeting with a number of representatives of labor recruitment companies, Al-Asadi said, according to a statement received by Al-Eqtisad News, that "labor recruitment companies can play a pivotal role in this field by expanding the employment of Iraqis in the oil and electricity sectors and investment projects, achieving dual benefits for companies and the local market."
He noted that these companies occupy a significant position in the labor market landscape, but their involvement is often focused on foreign workers, while Iraqi workers remain relatively absent or rarely present in their activities.
The minister called on labor recruitment companies in Iraq to invest in the Iraqi workforce, stressing the ministry's support for "any company that contributes to addressing unemployment and expanding national employment, and that the ministry is prepared to provide facilities in accordance with applicable regulations and instructions."
The meeting also addressed, according to the statement, a number of challenges facing recruitment companies, including the mechanisms for issuing and issuing permits, fees related to recruiting workers, and residency requirements. The minister directed that these issues be followed up and addressed within the legal framework.
In conclusion, Al-Asadi emphasized that the ministry will not hesitate to support serious companies, and that their success is the ministry's success, and that the ministry's role must be broader and more effective within the Iraqi labor market.
Bank mergers are the best solution for banking reform.
The Central Bank, in cooperation with Oliver Wyman Consulting, continues to reform, rehabilitate, develop, modernize, and classify the private banking sector, transforming it into a sound banking system that complies with international standards and corporate governance regulations, and is capable of building balanced banking relationships with Arab and foreign banks in all external banking transactions.
For several years, the Iraqi banking sector, both public and private, has been suffering from worsening and expanding problems. These problems have negatively impacted financing and investment activity, weakening its ability to stimulate the country's economic cycle and declining contribution to the gross domestic product and sustainable development. This has had clear repercussions on the overall economy. This has made it urgent to find effective and rapid solutions and remedies.
By studying and analyzing the current banking reality and arriving at the results and objectives of the banking reform project launched by the Central Bank in 2025, which clearly defined the objectives of comprehensive reform and outlined policies and programs for implementation by 2026, in line with the Central Bank's third strategy. It was noted from monitoring, studying, and analyzing the results of the operations of sanctioned banks and banks restricted from dealing in US dollars, as well as some other non-sanctioned banks, in light of their financial indicators. We note a decline in their financing and investment activity in serving the national economy through a decline in their deposits, cash credit, investments, assets, revenues, and realized profits, and some operating banks reaching the minimum liquidity limits set by the Central Bank.
The decline in their shares in the Iraq Stock Exchange by (50% - 75%), the increase in the percentage of bad debts, and the customers’ tendency due to the liquidity crisis to withdraw their deposits from most banks and not deposit any new additional amounts, all of this led to the inability of some banks to fulfill their obligations to customers, which created a kind of lack of confidence in the banking sector in general. This disrupted the work of these banks in providing banking services and products to citizens. Therefore, quick and radical solutions are necessary for most private banks to save them from their current reality, which could lead them to bankruptcy and financial collapse.
Therefore, we believe that one of the important and fundamental solutions to overcome the problems currently facing the Iraqi banking sector in most private banks is to seriously consider studying and analyzing the business results and financial indicators of the Iraqi banking sector as of 12/31/2025 for each bank in detail, in cooperation with a consulting company, and focusing on deposits, liquidity, financial position, capital adequacy, assets, reserves, revenues from internal and external banking operations, realized profits, and most importantly, compliance with international banking and accounting standards. Therefore, we believe that the best solution for banks whose condition is diagnosed after the results of the banking reform project appear and are precisely determined is to restructure and merge them with other banks according to the following:
First - Notifying the designated banks of the voluntary merger in agreement with one or more other banks of the same rank in accordance with the provisions of Article 150 of Companies Registration Law No. 21 of 1997 and within a period not exceeding three months. Otherwise, the Central Bank shall exercise its powers to oblige these banks to undertake a compulsory merger in accordance with the banking concepts approved by law.
For the success of the banking merger process, it requires:
A- Providing data and information in accordance with the principle of disclosure and transparency for each of the banks included in the merger.
B- A study of the economic feasibility and expected results when the merger occurs. These studies are evaluated by the monetary authority before making the merger decision.
C- Carrying out financial and administrative restructuring operations for the targeted banks before the merger process and identifying the technical and administrative workforce necessary to manage the new entity.
If the banking merger operations are carried out in accordance with the above, they will achieve the following:
A- Increasing the new bank’s ability to activate its banking activities in all areas, most notably the increase in capital, banking operations revenues and financial position.
B- Increasing net profits, which results in increasing the value of its shares on the stock exchange, increasing deposits, increasing the number of its customers, increasing the number of its depositors, and thus enhancing confidence, which is the most important thing in banking.
C- The new bank's commitment to fulfilling all of its previous obligations towards financial institutions and stakeholders (shareholders, investors, and customers), thus reaching the number actually required to manage the banking process in the country in a manner commensurate with the actual size of the Iraqi economy. I expect it to not exceed 30 commercial, Islamic, and digital banks.
The Federal Court postpones consideration of the Kurdistan employees' salaries lawsuit until July 28.
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The Federal Court postponed, today, Monday (July 14, 2025), consideration of the lawsuit filed before it to issue a state order obligating the federal government to distribute the salaries of the region’s employees until July 28.
The judiciary's media office stated in a statement received by Baghdad Today that "the Federal Court has postponed its session to consider the case of the federal government's suspension of salaries for Kurdistan Region employees until July 28."
The court was scheduled to hold its session today, July 14, according to the session schedule published on the Federal Court's official website.
The Federal Court was also expected to issue a binding ruling on the payment of salaries to Kurdistan Region employees, which had been suspended by the federal government.
Two lawsuits have been filed with the Federal Supreme Court against both Federal Prime Minister Mohammed Shia al-Sudani and Federal Finance Minister Taif Sami.
The first lawsuit calls for separating salaries from political issues and other expenditures. This means that the salaries of Kurdistan Region employees should not be used as leverage in political disputes.
The second lawsuit seeks to oblige the Iraqi Ministry of Finance to pay the salaries of Kurdistan Region employees and retirees on a monthly basis and on the specified dates, without linking them to disputes between the Kurdistan Regional Government and the federal government, or making any selective amendments to the federal budget law.
Parliamentary Oil Committee: Iraq is exposed to sanctions that could cripple its economy due to Kurdistan's smuggling.
The Parliamentary Oil, Gas, and Natural Resources Committee confirmed on Monday that Iraq is exposed to US economic sanctions due to systematic smuggling operations, particularly in the Kurdistan Region.
"There has been a major collapse within the Ministry of Oil, in addition to the dominance of external parties, including the so-called 'Omid', over important joints within the ministry," committee spokesman MP Ali Shaddad told Al-Maalouma.
Shaddad added, "Iraq is threatened by the United States imposing sanctions on the Ministry of Oil, which will lead to major economic paralysis in the country."
Shaddad called on the Ministry of Oil to "fully recognize the seriousness of the current situation and the significant damage it has caused to Iraq's reputation internationally, as well as the financial losses the country has incurred as a result of systematic oil smuggling."
Details of the dispute within Parliament and reports of signatures being collected to dismiss Al-Mashhadani.
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"The session was adjourned upon his arrival
MP Haitham Al-Zarkani said that Parliament Speaker Mahmoud Al-Mashhadani is trying to "disrupt" parliament. This happened after he entered today's session and adjourned it upon his arrival without explaining the reasons, despite the quorum being met, according to Al-Zarkani, who called for the signatures of MPs to be collected to remove him. Informed sources reported a verbal altercation between Al-Mashhadani and First Deputy Speaker Mohsen Al-Mandalawi over his recent statement regarding the coming days in Iraq, as he was accused of undermining the national identity.
Parliament's document to dismiss Al-Mashhadani,
To: Honorable First Deputy Speaker of the House of Representatives
Subject: Dismissal of the Speaker of the House of Representatives
Greetings.
Based on Article 61 - Seventh - (1) of the Constitution, Article 29 of the Council of Representatives and its Formations Law No. 13 of 2018, and Article 50 of the Bylaws, and based on our oversight role in accordance with the Constitution and the law,
Yesterday, we were surprised by the appearance of the Speaker of the Council of Representatives, Mahmoud Al-Mashhadani, on a satellite channel, making statements against the Iraqi identity. He explicitly stated that the Iraqi identity is ridiculous. This constitutes a violation of the Iraqi Constitution, a clear and explicit transgression of his duties, and a breach of the oath he took as Speaker of the Iraqi Council of Representatives.
Based on the above, we, the ladies and gentlemen members of the Council of Representatives who signed the attached list, demand the removal of the Speaker of the Council of Representatives from his position and his referral to the relevant medical committees to ensure his mental health. This action sets a dangerous precedent that no mature and sane person would ever commit, and the clear indication of this action is that he lacks national affiliation to the country.
With all due respect and appreciation
Accompanying Members
List of names and signatures of ladies and gentlemen members
Representative Mohammed Nouri Al-Khuzai, House of Representatives, Locations
Oil companies in the Kurdistan Region announce their readiness to resume exports to Türkiye.
Oil companies in Iraqi Kurdistan have expressed their willingness to resume crude exports via the Turkish port of Ceyhan, in an attempt to reach a long-awaited agreement between the Baghdad and Erbil governments .
The Kurdistan Region's Oil Industry Association (APICOR) announced on Monday its "readiness to resume oil exports from the Kurdistan Region as soon as possible."
Oil companies in Iraqi Kurdistan welcomed the intensive talks between Erbil and Baghdad aimed at reaching an agreement on oil exports in the near future .
The companies stressed their support for the resumption of Iraqi Kurdistan's oil exports and their readiness to resume exports immediately .
Negotiations between Kurdistan and Baghdad are nearing a breakthrough regarding the resumption of oil exports via the Iraq-Turkey pipeline in the near term, following intensified rounds of discussions and negotiations in recent days .
The Kurdistan Region Petroleum Industry Association (APICOR) stated that it participated in a meeting on July 12, 2025, with representatives of international oil companies operating in the Kurdistan Region and officials from the regional and Baghdad governments .
International companies reiterated their readiness to resume oil exports via the Iraq-Turkey pipeline immediately, provided there is a written, binding agreement that guarantees payment methods and compliance with applicable and legal contracts .
Association spokesman Miles Cakins said that members of the association are ready to resume oil exports immediately once a written agreement is in place, adding: "APICOR has always emphasized the need to respect the production sharing agreement ."
The President of the Republic praises the agreement between Türkiye and the Kurdistan Workers' Party.
President of the Republic, Dr. Abdul Latif Jamal Rashid, discussed today, Monday, July 14, 2025, at the Baghdad Palace, with the Ambassador of the Republic of Turkey to Iraq, Anil Bora Inan, ways to strengthen bilateral relations between the two friendly countries and peoples.
His Excellency praised (according to the Presidency's media office) the agreement between Türkiye and the Kurdistan Workers' Party (PKK) and the party's disarmament, noting that this step represents an important element in consolidating security and stability in the region.
For his part, Ambassador Enan expressed his thanks and appreciation for the President's efforts and his commitment to enhancing coordination and cooperation, noting that bilateral relations are witnessing positive development in various fields.
The two ruling parties in Kurdistan issue a joint statement regarding the salaries of the region's employees.
The two ruling parties in the Kurdistan Democratic Region, led by Masoud Barzani, and the Patriotic Union of Kurdistan, headed by Bafel Talabani, held a meeting on Tuesday, during which they agreed to continue negotiations and dialogue to resolve the issue of employee salaries and other issues .
A joint statement by the two parties, received by Mail, stated, "After discussion and analysis of the political, economic, and social dimensions, the two sides agreed to intensify efforts to resolve the problem and provide salaries to employees of the Kurdistan Region, within the framework of the constitution, through joint cooperation between the two sides ."
He added, "Another part of the meeting was devoted to discussing strengthening relations between the Democratic Party and the Patriotic Union of Kurdistan, to overcome challenges and obstacles, and to protect the entity of the Kurdistan Region and its achievements."
The attendees stressed the "need for unified positions between Kurdish and Iraqi political parties to overcome and resolve this problem."
Switzerland wants to invest in Karbala
On Sunday evening, the Swiss Ambassador to Iraq, Daniel Hohn, expressed his desire to strengthen cooperation between his country and the holy Karbala Governorate, in addition to investing in the education sector.
In a statement to Al-Mustaqilla on the sidelines of his visit to Karbala and his meeting with Governor Nassif Al-Khattabi, Hohn indicated that “there are future plans for cooperation and exchange of expertise in various fields, especially in the education sector, through twinning projects between Swiss and Iraqi universities, in addition to exploring investment opportunities and cultural and humanitarian cooperation.”
For his part, Karbala Governor Naseef al-Khattabi told Al-Mustaqilla, “During our meeting with the Swiss ambassador, we discussed the historical, political, and economic importance of Karbala, as well as its religious and humanitarian standing and the model it represents for stability and coexistence.”
He added, "We provided a comprehensive explanation of the governorate's situation, the development plans underway there, and the opportunities available for international cooperation."
Central Bank foreign currency sales decline for the third consecutive month
The Central Bank's foreign currency sales declined for the third consecutive month, reaching $5.7 billion in June of this year, a 15.5% decline compared to May, when sales reached $6.5 billion, according to the economic expert.Manar Al-Abidi.
Cash sales of foreign currency also fell to their lowest level, reaching only $99 million in June, the lowest monthly sales value since the introduction of cash sales. Thus, the Central Bank's total foreign currency sales through cash sales in the first six months of the year amounted to $1.4 billion, a 21% decrease compared to the same period last year, which amounted to $1.76 billion.
Foreign currency sales through the balance enhancement mechanism amounted to $5.6 billion in June of this year, an increase of 35% compared to June of last year. Thus, foreign currency sales through the balance enhancement mechanism in the first six months of the year amounted to $35.8 billion, a 37% increase compared to the same period last year, which amounted to $26 billion.
The settlement mechanism also completely stopped.International viaThe Central Bank, as well as the transfer mechanism through the Central Bank, limits foreign currency sales to the mechanism of strengthening balances and cash sales to travelers. Despite the decline in cash sales and the suspension of international settlements, the dollar exchange rate has remained stable and has not been affected by this decline, according to Al-Obaidi.
Central Bank sales this year are expected to reach approximately $70 billion, down from last year's sales of more than $80 billion, according to Al-Obaidi.
He explains that the decline in foreign currency sales, with the stability of the dollar exchange rate in the parallel market and low inflation levels, calls for a careful review to determine the reasons behind this decline. This could be related to the possibility of most traders entering the official market, which reduces the need for hard currency in the parallel market, or to the decline in demand for goods, which mayReflectsA state of economic recession that the Iraqi market is going through.
Iranian oil smuggling through Iraq... Abdul Ghani hosted in parliament for fear of sanctions
The Parliamentary Energy Committee is hosting Oil Minister Hayan Abdul Ghani and the directors of SOMO and the Iraqi Tanker Company today, Monday, to investigate rumors about Iranian oil smuggling through Iraqi ports.
In this regard, member of the Parliamentary Energy Committee, Sabah Sobhi Haidar, explained to the "Al-Jabal" platform today, Monday, that "US State Department spokesperson, Tammy Bruce, had previously issued a report in which she called for imposing sanctions on Iranian oil smugglers." Bruce spoke about "the smuggling of Iranian oil, petroleum products, and petrochemicals by some entities, identifying them as six major entities and four sea vessels, which smuggle Iranian oil production for export outside Iran, in contravention of the US decision issued on February 4 within the framework of imposing the "maximum pressure policy" on Iran. The report talks about a businessman named (Saleem Saeed), who is accused of involvement in smuggling Iranian oil and mixing it with Iraqi oil for export abroad, and that he was able to collect billions of dollars through this action."
Haidar pointed out that Bruce stated in her report that "this affects the US administration's policy toward Iran, particularly with regard to countering terrorism and supporting some armed factions. She called for imposing sanctions on entities that smuggle Iranian crude oil, petrochemicals, and petroleum products."
According to Haider, these accusations "pose a threat to Iraqi oil exports because several individuals are accused of smuggling, including SOMO. SOMO should know the source of the oil being exported from Basra's ports and where it is going, rather than mixing it with other oil." He added, "There is a possibility that $450 million of SOMO's assets will be frozen. Also, if the US government issues a decision, sanctions will be imposed on Iraqi oil exports."
He added, "The minister and the directors of SOMO and the tankers were summoned to Parliament to discuss this issue."
Kurdistan Secures $1.25B Investment
Kurdistan Region secured over $1.25 billion in investments across 79 projects in the first half of 2025, spanning sectors like housing, industry, and commerce—despite financial pressure from Baghdad—highlighting investor confidence and the region’s growing economic resilience.
The Kurdistan Region has attracted more than $1.254 billion in new investments across 79 licensed projects in the first half of 2025, demonstrating significant economic activity despite financial pressures from Iraq, the Chairman of the Kurdistan Region Investment Board announced Monday.
Mohammed Shukri, the Chairman of the Kurdistan Board of Investment, told Kurdistan24 on Monday that the statistics for the first six months of the year are "encouraging for the creation of new projects throughout the Kurdistan Region."
Shukri stated that in just six months, 79 projects have been licensed in various sectors, including education, sports, agriculture, tourism, housing, and commerce. The total investment for these projects amounts to $1,254,385,369.
Of the projects licensed, 28 are in the commercial sector, with a combined investment value of $220,471,330.
The Chairman emphasized that the board is making greater efforts to serve citizens and the homeland by increasing facilitation and licensing for important and beneficial projects.
According to statistics obtained by Kurdistan24, the breakdown of the 79 investment projects from the beginning of the year until the end of June 2025 is as follows:
- Industry: 17 projects with an investment value of $441,023,015
- Housing: 10 projects with an investment value of $519,221,753
- Commerce: 28 projects with an investment value of $220,471,330
- Tourism: 8 projects with an investment value of $15,696,768
- Educational: 6 projects with an investment value of $10,515,925
- Health: 3 projects with an investment value of $12,224,078
- Agriculture: 3 projects with an investment value of $4,719,500
- Sports: 2 projects with an investment value of $14,500,000
- Commercial Services: 2 projects with an investment value of $16,013,000
The successful attraction of over $1.25 billion in diverse investments underscores the Kurdistan Region's resilience and its growing reputation as an island of stability for investors. Despite acknowledged economic problems created by Iraq, these figures signal strong confidence from the private sector in the region's economic future.
The broad distribution of capital across critical sectors like industry, housing, commerce, and tourism points to a maturing and multifaceted economy, positioning the Kurdistan Region as a secure and promising destination for both domestic and international investment.
Al-Sudani reveals the secrets of the region and Iraq after October 7...between the flames of war and hopes of a deal
In an extensive interview with the Saudi newspaper Asharq Al-Awsat, Prime Minister Mohammed Shia al-Sudani revealed his strategic vision for Iraq's position amid the escalating regional tensions following the events of October 7 and the subsequent military escalation in Gaza, Lebanon, and Syria, leading to the exchange of strikes between Israel and Iran.
Al-Sudani emphasized that Iraq is dealing with political realism within a highly complex regional landscape, saying, "We are not spectators to what is happening. Rather, we are working through our relations and interests with the countries of the region to establish security and stability, and we reject any aggression launched from or through Iraqi territory." He revealed that the Israeli raids on Iran violated Iraqi airspace, prompting his government to submit an official complaint to the UN Security Council, emphasizing that preserving national sovereignty is a red line that cannot be crossed.
Al-Sudani spoke confidently about his government's success in formulating a unified national position that rejected the violation of sovereignty, adding that coordination with the United States continued throughout the crisis and noted that Washington participated in emphasizing the importance of protecting Iraqi airspace. He emphasized that Iraq did not receive direct requests from Iran during the confrontation, but rather took the initiative to convey messages and de-escalate tensions between the parties, seeking to de-escalate the situation and return to negotiations.
Regarding dealing with armed factions within Iraq, Al-Sudani indicated that the government succeeded in containing any rash reactions or reactions, emphasizing, "We relied on political and security efforts to contain the situation and preserve the state." He also emphasized that the government closely followed investigations into the drone attacks that targeted Iraqi military sites, noting that the damage affected the radar system at Taji and some other bases, and that investigations are still ongoing with technical assistance from the international coalition.
Regarding the possibility of reaching a deal between Iran and the United States, the Prime Minister considered this to be "expected," and indicated a serious Iranian desire for dialogue. He described Iran's position on nuclear weapons as not based on an intention to possess them, but rather that the path to understanding remains open to resolve this tense issue.
Regarding relations with Syria, he described them as moving in the right direction, noting Iraq's desire to support Syria's stability by offering advice based on Iraq's post-2003 experience, and contributing to reconstruction and economic integration, including the resumption of the oil pipeline to Baniyas. Al-Sudani also affirmed Iraq's readiness to sponsor a Syrian national dialogue conference within the framework of the "Baghdad Declaration."
In response to a question about the relationship with Tehran, he emphasized that it is a "strategic partnership," noting Iraq's categorical rejection of any interference in its decisions or sovereignty, saying, "There is no Iranian management of Iraqi affairs... neither part nor whole."
Al-Sudani emphasized that restricting arms possession to the state is not just a slogan, but rather an "action plan" implemented with religious, political, and popular support. He considered this measure essential for building the state and attracting investment, noting that foreign investment has exceeded $100 billion in two years, a clear indicator of the improved business environment and internal stability.
Regarding corruption, the Prime Minister said, "Yes, corruption has declined significantly... We have stopped the misappropriation of public funds." He noted that his government has recovered more than $500 million in stolen funds, extradited a number of wanted individuals, and is continuing efforts to implement international agreements to extradite corrupt individuals. He emphasized that reform began with restructuring oversight institutions.
He described Iraq's relations with Saudi Arabia as "at their best," pointing to electrical interconnection projects, economic and investment coordination, and cooperation in facilitating Hajj and Umrah pilgrims. He also affirmed his support for Lebanon in the face of Israeli aggression, pointing to talks to restart the Iraqi refinery in Tripoli and connect it to the three-way pipeline project.
Al-Sudani denied any intention to punish the Kurdistan Region economically, stating that the current crisis stems from the regional government's failure to deliver oil and non-oil revenues in accordance with the budget law and Federal Court rulings. He emphasized that a ministerial committee is currently working to formulate consensual solutions.
He also denied any tension with Kurdish leader Masoud Barzani, considering the relationship to be based on respect and cooperation. He also indicated that the ongoing dispute with the regional government is "legal and technical," not political.
Regarding the oil and gas law, he emphasized that it is part of the government's program, and that negotiations have stalled on the part of the region despite the initial meetings that took place. He called for a return to the negotiating table to resolve one of the oldest outstanding issues.
Regarding the elections, Al-Sudani announced a broad electoral alliance comprising political entities from across the country's governorates and sects. He explained that he had sent letters to the Sadrist movement urging them to participate, saying, "We had hoped they would contribute to strengthening the balance, but we respect their current decision."
Al-Sudani concluded his remarks by affirming his belief in the democratic approach and his rejection of any authoritarian tendencies, saying, "We believe in partnership and peaceful transfer of power. Power is a responsibility, not a privilege, and an honor, not a possession."
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Al-Sudani: Washington is committed to Iraq's neutrality, and our relations with Syria are moving toward a strategic partnership.
Prime Minister Mohammed Shia al-Sudani affirmed on Monday that the government will not allow the judiciary to be threatened, while noting that the United States is keen to keep Iraq out of war.
“The Middle East is not facing a fixed political path for the shape of the region, its balances and its relations,” Al-Sudani said in an interview followed by “Iraq Observer.” He explained that “Iraq is part of the political geography of this region, and while it places the interests of Iraq and Iraqis as a priority in these developments, it is also an active part of the region and does not stand idly by. Rather, it seeks, through its relations and interests with the countries of the region, to crystallize a position that contributes to strengthening security and stability, especially since we are against the wars that have burned us for decades.”
Regarding the Iran-Israel war, he explained, “Everyone expected that there would be an escalation, an upcoming war, and mutual strikes. This was the reading of all the countries in the region, and Iraq is part of the region. After the start of the Israeli aggression against Iran, which included a violation of Iraqi airspace, this important event implicates Iraq in this war and in the aggression against a neighboring country. It is against our constitution and our political principles that do not allow any party or country to use Iraqi airspace or territory as a launching pad for aggression against others.”
He continued: “We had to prove our position of rejection at the international diplomatic level. We filed a complaint to the UN Security Council, made contacts to support this position regarding the violation, and also condemned the aggression against a neighboring country on the grounds that it was a preventive war or a preemptive step, while in fact it was a clear aggression against a sovereign state and a member of the United Nations. The most important part was how to maintain internal security, the political position, and the national position regarding this crisis. This is what we succeeded in doing by crystallizing a unified national position rejecting the aggression and the violation of Iraqi sovereignty and airspace, supporting the government’s position in preserving the interests of Iraq and Iraqis, and keeping Iraq away from slipping into this war. This was an important position at the domestic level.”
He pointed out that "the United States was keen to keep Iraq away from this conflict; therefore, we had continuous communication, especially regarding the issue of airspace violations and the necessity of a role for the United States, as it is part of the international coalition with Iraq to confront terrorism. For ten years, there was supposed to be support for the air defense system so that we could protect our airspace from violations by any party."
He continued, "There was no Iranian request, but rather Iraq was the first to clarify the situation and its gravity and convey messages between the various parties to stop this war and return to negotiations. We were in constant contact with the presidency and with all channels in Iran, and it was an ongoing process. There was a negotiation process that was hoped to take place on Sunday, but the aggression happened on Friday morning, and Iraq's intention was to push for a return to negotiations and stop the war. The Iranian point of view was: How can we go to negotiations while the aggression is ongoing? Our discussions and contacts with the countries of the region and the United States were about this part; that there was a willingness to sit at the negotiating table on the condition that the aggression stops. This was Iran's positive position in those hours at the beginning of the aggression."
He pointed out that "managing relations with the factions required effort, and we are faced with a reality, a path, and a working method that helped contain all emotions and program them toward balanced political positions, free from emotionalism. We did not allow these emotions to develop into actions that would affect the state, its security, and stability. This was achieved through political and security efforts to maintain this position."
He pointed out that "the slogan 'Iraq First' was not a slogan we raised at the beginning, but rather an approach and a belief in which we believe that Iraq comes first, and the dignity of Iraq and the Iraqis is our priority in our domestic and foreign policy."
He pointed out that "Iran is an important country in the region. Whoever seeks to overthrow the regime through the 12-day war will certainly have repercussions throughout the region. It is only natural that there will be concern about the stability of the region and the stability of any neighboring country. You cannot see a fire in a neighboring country and watch it, nor expect the fire to reach you. This is our approach with everyone, whether with Iran or with the rest of the neighboring countries."
He continued, "What we believe in at this stage is to push toward stability, security, peace, and understanding. Our concern was that these repercussions would affect the stability of the region. But internally, we were confident in our abilities, with the understanding and awareness of the political forces and the Iraqi people of the importance of maintaining internal security and a stable political system amid these events and developments."
Regarding the targeting of Iraqi radars, he indicated that “an investigation has been opened by a specialized technical committee, and I am following this investigation continuously. This is a clear attack in which drones were used, and it is not easy to detect these drones. Today, they are a technology used in attacks and to incite the security situation. However, this matter will certainly not go unnoticed, and we will reach the result, and whoever carried it out will be held accountable.” He emphasized “the assistance of the international coalition to determine the launch area and the distance from which it was launched. These are all details that will lead to identifying those involved in this attack.”
Regarding relations with Syria, Al-Sudani said: “I find them normal and on the right track. From day one, Iraq’s position was clear in respecting the choices of the Syrian people and the changes that had taken place. Official communication was possible shortly after, and we sent a delegation, and contacts, mutual visits, and the Doha meeting began. Communication continues to this day regarding various developments. We have made clear our concerns, as well as our desire to see a unified Syria, and that no foreign intervention or presence on Syrian soil be permitted, because a strong, unified Syria is a force for Iraq and the countries of the region. All of this serves the interests of the Syrian people.”
He continued: “We have begun studying the possibility of reviving the Iraq-Syria oil pipeline to reach the Mediterranean in Baniyas, and we have also expressed our readiness to contribute to the reconstruction of Syria through a conference. Today, Iraq chairs the Arab Summit and the Arab Development Summit, and therefore is concerned with all the issues of the Arab nation, foremost among them Syria. We have put forward an initiative, approved in the “Baghdad Declaration,” to hold a national dialogue conference for all components of Syria. Therefore, the relationship is moving in this direction, in addition to the ongoing security coordination. The Coordination Committee held a meeting last Wednesday between the Iraqi and Syrian security leaders to secure the border.”
He pointed out that "there is satisfaction with the level of security coordination with Syria, given the level of information exchange and security coordination that is sufficient for the security of Iraq and Syria, especially with the noticeable activity of ISIS, which has recently become active and seized a large number of Syrian army weapons, and is seeking to carry out activities, the most recent of which was the terrorist attack on a church in Damascus. Therefore, we have a shared interest in further security coordination."
Regarding the possibility of seeing al-Sudani in Syria or al-Julani visiting Baghdad, al-Sudani said, "This depends on the circumstances."
Regarding Assad's downfall, he said, "In my opinion, Assad's mistake was not meeting with Erdogan, and this wasn't just an attempt by Iraq. From what I heard from the leaders of our brotherly countries in the region, they all tried in this direction to achieve a meeting and some kind of calm in the border areas that were troubled. In our opinion, this was a mistake. (The meeting) was supposed to contribute to calm and create an atmosphere of reconciliation with all parties present inside Syria, instead of the state of turmoil and confrontation that served no party."
He pointed out that "the government has established a significant strategic partnership with Turkey, particularly after we launched the 'Development Road' project, which represents one of the most important economic corridors in the region. It will benefit both countries and establish a significant economic axis in the region."
Regarding the arms embargo, Al-Sudani said: “This is a purely Iraqi issue. It is part of our program as a government. The House of Representatives voted on it, and we have developed a plan for it. The weapons we are talking about… We have been fighting a war against terrorism for two decades, and these unstable conditions led to the presence of weapons to protect citizens in this or that region, leading to the stage of confronting ISIS. After the victory, we must rearrange the security file and implement institutional reform, which we adopted through a committee headed by us. We have developed solutions for all these sensitive issues related to the presence of weapons outside the scope of state institutions. There is a clear plan, and everyone is aware of it. It is being implemented according to a decree. The thing we emphasize is that we will not accept the presence of any weapons outside the scope of state institutions.”
He emphasized that "the judiciary enjoys independence, first, and respect, second, and is supported by state institutions that do not submit to or allow any party or entity to threaten the judiciary. On more than one occasion, it has demonstrated its independence and courage in making important decisions that ensure the administration of justice and the implementation of the law."
Missing numbers and no agreement... Who is obstructing the budget schedules?
In this context, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, revealed the reasons for the delay in a statement to {Euphrates News}, noting that: "Disagreements with the Kurdistan Region represent the main obstacle to completing these schedules."
He explained that "the problem centers on the Kurdistan Region's failure to comply with the provisions of the budget law, particularly with regard to resuming oil exports through the Ceyhan port at a capacity of 400,000 barrels per day, despite the amendment to Article 12, Second/C, which raised the cost of extraction from $6 to $16 per barrel."
Al-Kadhimi also pointed out that "the region has not paid non-oil revenues from taxes and border crossings, estimated at 4.7 trillion dinars, in addition to the continued export of oil at a rate of 250,000 barrels per day without the knowledge or approval of the federal government, which constitutes direct smuggling, causing losses of approximately 4.8 trillion dinars."
He stressed that "these violations, coupled with the lack of a clear and transparent agreement, have disrupted the preparation of budget schedules and negatively impacted the country's overall financial and administrative stability."
Al-Kadhimi concluded by saying, "The committee proposed to the Ministry of Finance and the Prime Minister not to link administrative matters such as promotions, bonuses, and transfers to budget schedules, given the impact this delay would have on a broad segment of citizens and the private sector."
Security forces block planned salary protest in Sulaymaniyah
Citing 'absence of official permit'
Public sector employees had planned to stage a protest Monday morning in Sulaymaniyah city center, demanding the payment of long-delayed salaries. However, a heavy security presence citing “the absence of an official permit” led to the protest being called off.
Despite being midway through July, residents of the Kurdistan Region have not received salaries for May, amid continued disputes between Baghdad and Erbil over oil exports and internal revenue distribution.
Security forces were deployed in large numbers in the area. Media crews were also barred from covering the scene.
A similar protest attempt on June 26 by teachers and public employees in Sulaymaniyah was blocked by security forces, who cited the lack of a permit. Several people, including teachers, political figures, and journalists, were detained during that protest but were later released.
Coordination Framework meets in Abadi's office
The Coordination Framework held its regular meeting on Monday evening at the office of Victory Coalition leader Haider al-Abadi, in the presence of Prime Minister Mohammed Shia al-Sudani and all of the framework's leaders.
The Coordination Framework stresses the need to pass "important" laws and enhance electoral security.
The Coordination Framework held its regular meeting on Monday at the office of Victory Coalition leader Haider al-Abadi, in the presence of Prime Minister Mohammed Shia al-Sudani. The meeting discussed developments in Iraq and the challenges facing the country both domestically and internationally. The meeting discussed several issues, most notably preparations for the upcoming elections and vital legislation pending in the House of Representatives. The meeting emphasized the need for national unity and political and security stability.
The Coordination Framework held its regular meeting today at Dr. Haider al-Abadi's office, in the presence of the Prime Minister. The meeting was devoted to discussing the latest political and security developments, as well as a number of critical national issues.
The participants discussed the regional and international challenges facing Iraq and their potential repercussions for its security, stability, and the course of the political process. They emphasized the need to unify the national stance in confronting these challenges and to strengthen Iraqi decision-making in a way that serves the country's supreme interests.
The meeting also addressed the upcoming elections, with attendees emphasizing the importance of ensuring a suitable electoral environment and enhancing electoral security to ensure the integrity of the process and citizens' confidence, and to encourage broad and effective participation that reflects the free will of the people and consolidates the country's democratic process.
In the same context, the attendees emphasized the need to expedite the passage of a number of important laws within the House of Representatives, particularly those related to citizens' interests and state stability, which directly impact Iraq's present and future.
Al-Sudani: Investment in Iraq is at its best, exceeding $100 billion in two years.
Prime Minister Mohammed Shia al-Sudani confirmed on Monday that investment in Iraq is at its best, exceeding $100 billion in two years.
“The Middle East is not facing a fixed political path for the shape of the region, its balances and its relations,” Al-Sudani said in an interview with the Mail. He explained that “Iraq is part of the political geography of this region, and while it places the interests of Iraq and Iraqis as a priority in these developments, it is also an active part of the region and does not stand idly by, but rather seeks, through its relations and interests with the countries of the region, to crystallize a position that contributes to strengthening security and stability, especially since we are against the wars that have burned us for decades .”
Regarding the Iran-Israel war, he explained, "Everyone expected that there would be an escalation, an upcoming war, and mutual strikes. This was the reading of all the countries in the region, and Iraq is part of the region. After the start of the Israeli aggression against Iran, which witnessed a violation of Iraqi airspace, this important event implicates Iraq in this war and in the aggression against a neighboring country. It is against our constitution and our political principles in not allowing any party or country to use Iraqi airspace or territory as a launching pad for aggression against others ."
He continued: "We had to prove our position of rejection at the international diplomatic level. We submitted a complaint to the UN Security Council, made contacts to support this position regarding the violation, and also condemned the aggression against a neighboring country on the grounds that it was a preventive war or a preemptive step, while it was a clear aggression against a sovereign state and a member of the United Nations. The most important part was how to maintain internal security, the political position, and the national position regarding this crisis. This is what we succeeded in doing by crystallizing a unified national position rejecting the aggression and the violation of Iraqi sovereignty and airspace, supporting the government's position in preserving the interests of Iraq and Iraqis, and keeping Iraq away from slipping into this war. This was an important position at the domestic level ."
He pointed out that "the United States was keen to keep Iraq away from this conflict; therefore, we had continuous communication, especially regarding the issue of airspace violations and the necessity of a role for the United States, as it is part of the international coalition with Iraq to confront terrorism. For ten years, there was supposed to be support for the air defense system so that we could protect our airspace from any violation by any party ."
He continued, "There was no Iranian request, but rather Iraq was the first to clarify the situation and its seriousness and to convey messages between the various parties to stop this war and return to negotiations. We were in constant contact with the presidency and with all channels in Iran, and it was an ongoing process. There was a negotiation process that was hoped to take place on Sunday, but the aggression happened on Friday morning, and Iraq's intention was to push for a return to negotiations and stop the war. The Iranian point of view was how can we go to negotiations while the aggression continues? Our discussions and contacts with the countries of the region and the United States were about this part; that there was a willingness to sit at the negotiating table on the condition that the aggression stops. This was Iran's positive position in those hours at the beginning of the aggression ."
He pointed out that "managing relations with the factions required effort, and we are faced with a reality, a path, and a working methodology that helped contain all emotions and program them toward balanced political positions, free from emotions. We did not allow these emotions to develop into actions that would affect the state, its security, and stability. This was achieved through political and security efforts to maintain this position ."
He pointed out that "the slogan 'Iraq First' was not a slogan we raised at the beginning, but rather it was an approach and a belief in which we believe that Iraq comes first, and the dignity of Iraq and the Iraqis is our priority in our domestic and foreign policy ."
He pointed out that "Iran is an important country in the region. Whoever seeks to overthrow the regime through the 12-day war will certainly have repercussions throughout the region. It is natural that there will be concern about the stability of the region and the stability of any neighboring country. You cannot see a fire in a neighboring country and watch it, nor expect the fire to reach you. This is our approach with everyone, whether with Iran or with the rest of the neighboring countries ."
He continued, "What we believe in at this stage is to push toward stability, security, peace, and understanding. Our concern was that these repercussions would affect the stability of the region. But internally, we were confident in our abilities, with the understanding and awareness of the political forces and the Iraqi people of the importance of maintaining internal security and a stable political system amid these events and developments ."
Regarding the targeting of Iraqi radars, he indicated that "an investigation has been opened by a specialized technical committee, and I am following this investigation continuously. This is a clear attack in which drones were used, and it is not easy to detect these drones. Today, it is a technology used in attacks and to incite the security situation. However, this matter will certainly not go unnoticed, and we will reach the result, and whoever carried it out will be held accountable." He emphasized "the assistance of the international coalition to determine the launch area and the distance from which it was launched, and these are all details until we reach the identification of those involved in this attack ."
Regarding relations with Syria, Al-Sudani said: "I find them normal and on the right track. From the first day, Iraq's position was clear in respecting the choices of the Syrian people and the changes that had taken place. After a short period, official communication was possible. We sent a delegation and began contacts, mutual visits, and the Doha meeting. Communication continues to this day regarding various events. We have made clear our concerns, as well as our desire to see a unified Syria, and that no foreign intervention or presence on Syrian soil be allowed, because a strong, unified Syria is a force for Iraq and the countries of the region. All of this is in the interest of the Syrian people ."
He continued: "We have begun studying the possibility of reviving the Iraq-Syria oil pipeline to reach the Mediterranean in Baniyas, and we have expressed our readiness to contribute to the reconstruction of Syria through a conference. Today, Iraq is chairing the Arab Summit and the Arab Development Summit, and therefore it is concerned with all the issues of the Arab nation, foremost among which is Syria. We have put forward an initiative approved in the "Baghdad Declaration" to hold a national dialogue conference for all components in Syria, and therefore the relationship is moving in this direction, in addition to the ongoing security coordination. The coordination committee held a meeting last Wednesday between the Iraqi and Syrian security leaders to secure the border ."
He pointed out that "there is satisfaction with the level of security coordination with Syria, given the level of information exchange and security coordination that is sufficient for the security of Iraq and Syria, especially with the noticeable activity of ISIS, which has recently become active and seized a large number of Syrian army weapons, and is seeking to carry out activities, the most recent of which was the terrorist attack on a church in Damascus. Therefore, we have a common interest in further security coordination ."
Regarding the possibility of seeing al-Sudani in Syria or al-Julani visiting Baghdad, al-Sudani said, "This depends on the circumstances ."
Regarding Assad's downfall, he said: "In my opinion, Assad's mistake was not meeting with Erdogan, and this was not an attempt by Iraq alone. According to what I heard from the leaders of our brotherly countries in the region, they all tried in this direction to achieve a meeting and some kind of calm in the border areas that were troubled. In our opinion, this was a mistake. (The meeting) was supposed to contribute to calm and create an atmosphere of reconciliation with all parties present inside Syria, instead of a state of turmoil and confrontation that did not serve any party ."
He pointed out that "the government has established an important strategic partnership with Turkey, especially after we launched the 'Development Road' project, which represents one of the most important economic corridors in the region. It will benefit both countries and establish a significant economic axis in the region ."
Regarding the arms embargo, Al-Sudani said: “This issue is purely Iraqi. It is part of our program as a government. The House of Representatives voted on it and we developed a plan for it. The weapons we are talking about… We have been fighting a war against terrorism for two decades, and these unstable conditions led to the presence of weapons to protect citizens in this or that region, leading to the stage of confronting ISIS. After the victory, it is necessary to rearrange the security file and institutional reform, which we adopted through a committee headed by us. We developed solutions for all these sensitive points related to the presence of weapons outside the scope of state institutions. There is a clear plan that everyone is aware of, and it is being implemented according to a decree. The thing that we emphasize is that we will not accept the presence of any weapons outside the scope of state institutions .”
He emphasized that "the judiciary enjoys independence, first, and respect, second, and is supported by state institutions that do not submit to or allow any party or entity to threaten the judiciary. On more than one occasion, it has demonstrated its independence and courage in making important decisions that ensure the administration of justice and the implementation of the law."
Declining Central Bank sales raise questions: Economic recession or market shift?
Economist Munir al-Obaidi revealed on Monday (July 14, 2025) that the Central Bank of Iraq's foreign currency sales declined by 2.2% during the first six months of 2025, reaching $37.2 billion, compared to $38.1 billion in the same period last year. This decline, which occurred for the third consecutive month, raises questions about the underlying reasons.
Al-Obaidi explained in a Facebook post followed by Baghdad Today that "the Central Bank's sales reached $5.7 billion in June 2025, a 15.5% decrease from May, which recorded $6.5 billion. What is striking is the significant decline in cash sales of foreign currency, which reached their lowest level in June, recording only $99 million, a total decrease of 21% during the first half of the year compared to the same period in 2024."
He added, "Foreign currency sales through the Balance Enhancement Mechanism witnessed a significant increase, reaching $5.6 billion in June 2025, a 35% increase compared to June of last year. Total sales through this mechanism in the first six months of the year reached $35.8 billion, a 37% increase compared to the same period last year."
Al-Obaidi pointed out that "the international settlement and transfer mechanisms through the Central Bank have completely ceased, leaving foreign currency sales limited to the balance-building mechanism and cash sales to travelers. Despite this decline in sales and the suspension of some mechanisms, the dollar price has remained stable in the market."
Al-Abidi expects the Central Bank's sales this year to reach approximately $70 billion, a decrease from last year's sales of more than $80 billion.
The economic expert called for a thorough review of the reasons behind this decline, suggesting it could be linked to the entry of most traders into the formal market, which reduces the need for hard currency in the parallel market, or to a decline in demand for goods, which could reflect a state of economic stagnation in the Iraqi market.
The Federal Court postpones consideration of the Kurdistan employees' salaries lawsuit until July 28.
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The Federal Court postponed, today, Monday (July 14, 2025), consideration of the lawsuit filed before it to issue a state order obligating the federal government to distribute the salaries of the region’s employees until July 28.
The judiciary's media office stated in a statement received by Baghdad Today that "the Federal Court has postponed its session to consider the case of the federal government's suspension of salaries for Kurdistan Region employees until July 28."
The court was scheduled to hold its session today, July 14, according to the session schedule published on the Federal Court's official website.
The Federal Court was also expected to issue a binding ruling on the payment of salaries to Kurdistan Region employees, which had been suspended by the federal government.
Two lawsuits have been filed with the Federal Supreme Court against both Federal Prime Minister Mohammed Shia al-Sudani and Federal Finance Minister Taif Sami.
The first lawsuit calls for separating salaries from political issues and other expenditures. This means that the salaries of Kurdistan Region employees should not be used as leverage in political disputes.
The second lawsuit seeks to oblige the Iraqi Ministry of Finance to pay the salaries of Kurdistan Region employees and retirees on a monthly basis and on the specified dates, without linking them to disputes between the Kurdistan Regional Government and the federal government, or making any selective amendments to the federal budget law.
The two ruling parties in Kurdistan issue a joint statement regarding the salaries of the region's employees.
The two ruling parties in the Kurdistan Democratic Region, led by Masoud Barzani, and the Patriotic Union of Kurdistan, headed by Bafel Talabani, held a meeting on Tuesday, during which they agreed to continue negotiations and dialogue to resolve the issue of employee salaries and other issues .
A joint statement by the two parties, received by Mail, stated, "After discussion and analysis of the political, economic, and social dimensions, the two sides agreed to intensify efforts to resolve the problem and provide salaries to employees of the Kurdistan Region, within the framework of the constitution, through joint cooperation between the two sides ."
He added, "Another part of the meeting was devoted to discussing strengthening relations between the Democratic Party and the Patriotic Union of Kurdistan, to overcome challenges and obstacles, and to protect the entity of the Kurdistan Region and its achievements."
The attendees stressed the "need for unified positions between Kurdish and Iraqi political parties to overcome and resolve this problem."
Baghdad pledges non-interference in oil firms as KRG export resumption nears: Sources
The Iraqi government has agreed to refrain from modifying the contracts of international oil companies operating in the Kurdistan Region, senior sources told Rudaw on Tuesday, with the Region’s long-stalled oil exports on the cusp of resumption.
A joint committee is set to be formed between Erbil and Baghdad to restart oil exports with all parties awaiting the results of a crucial Coordination Framework, Iraq’s ruling coalition, meeting expected to be held on Tuesday night.
“The meeting will be decisive in resolving disagreements about oil and salaries,” a senior source in Baghdad told Rudaw, on the condition of anonymity.
Another source from an oil company operating in the Kurdistan Region said that they have obtained guarantees regarding their demands for oil production and export.
“Guarantees have been given that the consulting company that estimates the costs of oil production and transportation will not make changes to the contracts during its work period,” the source told Rudaw.
In a statement, the Association of the Petroleum Industry of Kurdistan (APIKUR) on Tuesday hailed the expedited efforts by the federal government and the Kurdistan Regional Government (KRG) to resume oil exports.
International Oil Companies (OICs) “reiterated that they are prepared to immediately resume exports through the ITP [Iraq-Turkey pipeline] once binding agreements are in place that ensure payment certainty for such exports which reflect each IOC’s existing, legally valid contractual terms as well as resolution of the outstanding payment arrears to be agreed with each company,” the oil association said in a statement.
Oil exports from the Kurdistan Region through the Iraq-Turkey pipeline have been halted since March 2023 when a Paris-based arbitration court ruled in favor of Baghdad against Ankara, saying the latter had violated a 1973 pipeline agreement by allowing Erbil to begin exporting oil independently in 2014.
“APIKUR member companies stand ready to resume exports as soon as written agreements are executed that honor our existing contracts which are governed by international law,” the statement cited the association’s spokesperson Myles Caggins as saying, reiterating that existing contracts “must be honored in every respect.”
Under the 2025 budget law, the KRG is required to deliver 400,000 barrels per day to the State Oil Marketing Organization (SOMO).
On Saturday, Iraqi Oil Minister Hayyan Abdul Ghani attributed the delay in restarting exports to new demands from Erbil for higher volumes of oil for domestic use, explaining that while the KRG initially agreed on 46,000 barrels per day for internal consumption, it is “now requesting it to be 65,000, thus violating the budget law.”
The halt in exports and disputes with Baghdad have put an enormous financial strain on the KRG, which has lost more than $25 billion in oil revenues. Erbil is not able to pay its civil servants and is dependent on funds from Baghdad.
In May, Iraq’s federal finance ministry halted all budget transfers to the KRG, including payments for public employee salaries, claiming the KRG had exceeded its share of federal budget funds and failed to deliver its oil to SOMO. Public sector workers have not been paid since.
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