In its third year of implementation, the government program continues to make steady progress toward achieving its economic goals, despite the complex challenges posed by regional and international realities, particularly regarding the threat of war, fluctuations in energy markets, and volatile global economic cycles.
The video for this My FX Buddies Blog post is below here:
However, national growth indicators remain evident across various infrastructure sectors, supported by remarkable levels of economic stability, most notably the annual inflation rate remaining below the 3 percent mark. This indicates the ability of economic policy to absorb shocks and manage resources relatively efficiently.
qualitative transformations
In this context, Dr. Mazhar Mohammed Saleh, the Prime Minister's financial advisor, told Al-Sabah that the parallel currency market has witnessed a qualitative transformation over the past period. Previously, it was governed by "noisy patterns" that generated sudden price fluctuations. Today, it has become more stable and is gradually being driven by the official market.
Saleh attributes this shift to the effective coordination between fiscal, monetary, and trade policies, which contributed to the flow of accurate and well-thought-out information signals, enabling the market to shift from a state of volatility and speculation to a calmer trading environment more in line with the country's economic reality.
Integrated procedures
Saleh adds that this positive shift is the result of a series of integrated measures that have contributed to narrowing the gap between the official and parallel dollar rates, most notably the strict legal ban on dollar use in domestic transactions, particularly in the real estate market, which is one of the most sensitive sectors.
He added, "The transition to a mechanism for financing foreign trade through global correspondent banks, rather than relying exclusively on the central bank's window, has contributed to reducing compliance risks and decreasing reliance on the informal market."
Another factor that has contributed to enhanced market stability, the advisor said, is the entry of small importers into the official dollar financing network, without the need for money exchange companies. This has facilitated their access to foreign currency at direct official exchange rates, especially since their trade represents approximately 60 percent of the private sector's foreign trade.
Administrative facilities
Dr. Saleh points out that this transformation was achieved through administrative facilitation provided by the government and the reduction of bureaucratic loopholes that previously hindered import financing and implementation.
The financial advisor emphasized that the expanding use of electronic payment cards in foreign currency, particularly among travelers, has been an additional factor in reducing pressure on the cash dollar, given the availability of cash allocations at the official exchange rate through banking outlets located throughout airports, and with flexible and organized compliance mechanisms.
He pointed to the role played by cooperative societies, food baskets, and construction goods, which are imported in dollars at the official exchange rate of 1,320 dinars, in supporting the price stability policy. This has enabled the government to use trade as a tool to achieve monetary stability, as part of an integrated strategy for economic policies in implementing the government program.
Fluctuations in the US economy
In contrast, financial and economic expert Dr. Safwan Qusay pointed out that the Iraqi dinar, despite its relative resilience, remains vulnerable to the effects of global markets and fluctuations in the US economy. Speaking to Al-Sabah, he pointed out that the new customs restrictions imposed by the US administration on some imports have weakened exports from key countries such as China, Japan, the European Union, and Canada. This has led to a relative decline in the value of the US dollar globally, which opens the way for the Federal Reserve to consider reducing interest rates, which could negatively impact the dollar's attractiveness as a reserve currency.
Qusay believes that the Iraqi market is often subsequently affected by these shifts, which may partly explain the recent decline in the dollar's price in the informal market, due to the potential entry of cash dollars into Iraq via neighboring countries amid these changes.
strong bumpers
Qusay warns that the continued decline in the value of the dollar could pose future risks to the central bank's reserves, especially with an increasing number of countries diversifying their reserves away from the US dollar and resorting to gold or other currencies. However, Qusay emphasized that Iraq still possesses strong buffers that protect it from these risks, most notably its massive dollar reserves at the central bank and its possession of more than 116 tons of gold, which is also witnessing a rise in value globally. He also points out that current oil prices remain at levels sufficient to ensure the stability of the dinar in the long term.
near.
"With a unique experience," a government advisor reveals the features of the 2026 budget.
Saleh said in a press statement that the 2026 budget "will involve a unique financial experience, characterized by precision and the ability to manage economic activity. It will witness an expansion of the fiscal space, which means a greater ability to collect non-oil revenues."
He explained that, "According to the current Federal Financial Management Law No. 6 of 2019, as amended, the financial authority, in cooperation with the Ministry of Planning, is currently working to prepare the broad outlines of the 2026 budget, in preparation for presenting it to the Ministerial Council for the Economy next September. It will then be referred to the government to discuss its constants and variables before submitting it to the House of Representatives in accordance with the constitutional process."
Saleh explained that, "The draft 2026 budget law will involve a unique financial experience, characterized by precision and the ability to manage economic activity, especially since government spending constitutes nearly 50% of the gross domestic product."
He added, "The upcoming budget will build on a previous successful experience in medium-term financial planning for a period of three years, in accordance with Federal General Budget Law No. 13 of 2023."
The Prime Minister's advisor explained
Baghdad Delegation Resumes Visit to Kurdistan Oil Fields; June Salaries Expected Soon
A delegation from the Iraqi federal government is expected to return to the Kurdistan Region today, Sunday, July 27, 2025, to complete its inspection of oil fields and push forward efforts to resume oil exports through the State Organization for Marketing of Oil (SOMO) starting in August.
According to NRT sources, the Baghdad delegation previously visited several oil sites and has prepared a report, which will be submitted to the Ministry of Oil in Baghdad following today’s field assessments.
The visit comes amid reports that drone strikes have recently caused damage to oil infrastructure in the region, further complicating the export process.
On the salary issue, the Kurdistan Regional Government’s (KRG) Ministry of Finance stated that it will transfer 120 billion dinars in domestic revenue to Baghdad by midweek. This step is crucial for securing the sixth month (June) salary payments for public employees.
Baghdad has emphasized that resuming oil exports via SOMO and transferring local revenues are key conditions for timely salary disbursements under the ongoing agreements between both sides.
Kurdistan is transforming into a new Iraq
It's no surprise, with the Kurdistan Region of Iraq's employee salary crisis looming, that we hear numerous Iraqi Arab voices, from Arabs in Kurdistan and the central and southern parts of the country, calling on the government of Mohammed Shia al-Sudani via social media to end the crisis and pay the salaries of the region's employees.
It's no surprise to see, among these voices, those criticizing the federal government for its delay in addressing the crisis and sympathizing with the people of the region. They even sometimes remind Baghdad of the urban achievements, development, and prosperity achieved in the governorates of Erbil, Sulaymaniyah, Dohuk, and even Halabja, compared to what has been achieved to date in other Iraqi governorates. This is despite the fact that the region's budget is not even equivalent to the budget of a federal ministry such as the Ministry of Education! This praise has been documented in comparative terms, and visual facts about the conditions of Iraqi cities in terms of basic services have been published.
It's true that everyone is aware of rampant corruption in the Kurdistan Region, which is criticized daily by local media and even acknowledged by some influential officials. However, there are also reconstruction and service development projects, albeit limited compared to previous phases.
The gist is that Iraq today is witnessing the gradual birth of a different citizenry, a conscious being whose eyes are fixed on the country as a whole, comparing people's conditions with the logic of the state and the ruling class's commitment to managing the country's affairs in a way that satisfies citizens and achieves their minimum aspirations, even if corruption persists and oversight institutions fail to curb it.
Corrupt accountability
The starting point here is that the Kurdistan Regional Government, despite receiving only 12 percent of the general budget, has become a unique model in Iraq in terms of urban development, the provision of safe drinking water, the continuity of national electricity, the paving of streets, the construction of bridges, the opening of universities and hospitals, the development of villages, the establishment of summer resorts and parks, the paving of roads, and so on. This development and prosperity are achieved despite persistent corruption and despite citizens' occasional widespread demonstrations and protests demanding services, the timely payment of salaries, and the accountability of corrupt officials. Criticism of the general situation is also increasing from opposition forces and the free media in the region, expressing their desire for further progress, given the region's wealth and resources, which would ensure the well-being of any citizen if distributed fairly and free from corruption, favoritism, and theft. In other words, the Iraqi Arab citizen's comparison of the reality of the central and southern governorates with the reality of the northern governorates reflects a new awareness of a citizen striving for a better life and wishing to remain in a geographical area where they feel safe, prosperous, and where the state is present, with a minimum sense of responsibility, so that they are not forced to emigrate and leave their homeland. Today, this citizen is the one who chooses to live in Iraqi Kurdistan, residing among his family and compatriots, working or investing. Therefore, it is not surprising that he praises what the rest of the country lacks. Another fact, which is not often mentioned, is that the number of Iraqi Arabs residing in Kurdistan today is approaching one million people! While some of them moved to the region for security reasons, this same group now prefers to remain there even if the security situation stabilizes in the areas they left. The other group chose to reside in Kurdistan voluntarily, not only in search of safety, but also because they feel there is an entity serving its citizens.
Today, this new Iraqi citizen is also contributing to the birth of a different Kurdistan, one that has become a different Iraq where everyone coexists in peace and harmony: Kurds and Arabs, Sunnis and Shiites, Christians and Turkmen, and all other sects and denominations. This alone is enough to bestow an authentic Iraqi character on Kurdistan, a character perhaps superior and better than that of the rest of the country, where coexistence, tolerance, and the building of a spirit of citizenship prevail.
US Consul to Halabja Governor: I will help and support you
US Consul General Steve Bittner visited Halabja today and met with the governor of the city, Nuksha Nasih, and said: "I congratulate you on becoming the governor of Halabja and the first female governor.
In the meeting, Nasih thanked the United States for its support to the Kurdistan Region and stressed the need to further strengthen relations.
The US Consul General congratulated Halabja on becoming the 19th Iraqi province and the first woman governor in Iraq and Kurdistan. Both sides agreed on the need for continued relations and US assistance to the province in the future.
Atwan al-Atwani Elected New Governor of Baghdad Following Council Vote
Two candidates were vying for the post: al-Atwani, head of the Iraqi parliament's finance committee, and Haider Mohan.
Atwan al-Atwani was elected as the new governor of Baghdad on Sunday.
On the same day, Baghdad's provincial council convened to vote on the election of a new governor.
Two candidates were vying for the post: al-Atwani, head of the Iraqi parliament's finance committee, and Haider Mohan.
Iraqi President Abdul Latif Rashid stated on Saturday that Baghdad Governor Abdul Muttalib al-Alawi would retire and that a new governor needed to be appointed as soon as possible.
This marks the second time the governor of Baghdad has sought retirement; he previously applied on July 3 and was temporarily replaced by Mohan.
Economist: The Akkas field development contract with an American company is surprising and politically motivated.
Economic expert, Nabil Al-Marsoumi, considered on Sunday the referral of the Akkas field, the second largest free gas field in Iraq, to the American company Schlumberger, as surprising.
Al-Marsoumi said in a Facebook post followed by (IQ): “The Akkas field, which is the second largest free gas field in Iraq after the Khor Mor field, has been referred to the American company Schlumberger, the largest oil services company in the world, for the purpose of developing the field’s production in the first phase, and increasing it from 45 megawatts to only 100 megawatts within a period of one year. This is surprising, because the total capacity of the field is 400 megawatts, and all the American company will do is add only 55 megawatts.”
He added: “Knowing that the national effort has succeeded in producing 45 megawatts from the field, the Ministry of Oil, which has the largest budgets and thousands of human cadres, could have undertaken this task instead of referring the very small contract to an American company, and with a contract that includes great advantages and generosity for the American company, which appears to have obtained the contract for political reasons.”
Want to support My FX Buddies?
.png)
Support My FX Buddies Big or Small I appreciate it all
BuyMeACoffee CashApp:$tishwash
https://paypal.me/tishwash
Foreign Minister arrives in New York
Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein arrived in New York to participate in an international conference on the future of the Palestinian cause.
A statement by the Ministry of Foreign Affairs received by the Iraqi News Agency (INA) stated that "Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein arrived in New York City to participate in a special international conference to discuss the future of the Palestinian cause and related developments on the regional and international arenas."
The conference, according to the statement, comes amid escalating challenges facing the Palestinian people.
During his visit, the minister is scheduled to hold a number of meetings with his counterparts, foreign ministers and international officials, to coordinate joint action in support of the Palestinian cause and strengthen the common Arab and Islamic position within the United Nations.
It is noteworthy that the conference will witness broad participation of many foreign ministers of UN member states, within the framework of international efforts to support the rights of the Palestinian people and find just and comprehensive solutions to the issue.
The "Mobilization Law" is frozen until after the elections due to USobjections.
Both are past retirement age. Why was the Baghdad governor removed and al-Fayadh retained?
Attempts to dismiss the head of the Popular Mobilization Forces (PMF), Falih al-Fayyadh, for being over the legal age have resumed. This comes at a time when the latter is seeking to seize a senior position in Baghdad, which recently became vacant after the incumbent was removed on the grounds of "advanced age."
Last Saturday, the PMF denied reports of Fayyadh's dismissal, following the leak of a document that was later proven to be "forged," indicating his retirement.
Fayyadh, born in Baghdad in 1956, is one of the longest-serving officials to have held their positions since 2003, having been first appointed in 2004 to an executive position in the Office of the Presidency. He has survived several attempts at dismissal or retirement over the past decade, during which he has led the PMF since 2014.
According to information obtained by Al-Mada, there is new activity behind the scenes to activate Fayyadh's retirement file, coinciding with recent political and legal developments.
Baghdad Governor
The presidential approval of the retirement of Abdul Mutalib al-Alawi, the governor of Baghdad, for exceeding the "legal age"
has raised questions about whether the same law applies to al-Fayadh. Demands for al-Fayadh's removal reached a peak earlier this year, with similar calls for the dismissal of other figures, including the president, the governor of the Central Bank, and the Minister of Water Resources, due to their age.
MP Aref al-Hamami, a member of the parliament's legal committee, told Al-Mada: "From a legal standpoint, there is no difference between the two men (al-Fayadh and the governor of Baghdad), and the law must be implemented without any political or personal considerations."
On July 3, al-Alawi rejected the provincial council's decision to dismiss him and appoint a replacement governor. This was the second attempt to remove him, before he returned, with direct support from his party leader, Nouri al-Maliki, the secretary-general of the Dawa Party.
It is worth noting that al-Alawi was born in 1959, three years younger than al-Fayadh, and is considered one of the most prominent figures within the Dawa Party, influential in selecting the State of Law Alliance's candidates for the elections.
On July 24, a letter was issued from the Presidency of the Republic referring Al-Alawi to retirement, without any official explanation, despite previous demands for his removal being based on his being over the legal age.
This development prompted Maliki to rearrange his political alliances in Baghdad, at a time when the State of Law coalition has held the governorship since 2005, with the exception of two short stints during which the position went to the Sadrist Movement once and Kata'ib Hezbollah another time.
Leaks indicate that Al-Fayadh is seeking to push his cousin, Dhu al-Fiqar al-Fayadh, a member of the Baghdad Provincial Council, to assume the governorship, at a time when the State of Law coalition is nominating several candidates, most notably the former governor and head of the Parliamentary Finance Committee, Atwan al-Atwani.
Abu Mithaq al-Masari, a political researcher close to the Coordination Framework, told Al-Mada: "There are parties hostile to the Popular Mobilization Forces (PMF) behind the fabricated crises against the head of the commission," adding that "the issue of the Baghdad governor's retirement was exploited to forge a primitive document to dismiss Al-Fayadh."
The Popular Mobilization Authority confirmed, in an official statement, that:"The circulating news about a forged letter attributed to President Abdul Latif Jamal Rashid, regarding the dismissal or retirement of Al-Fayadh, is false. We urge that this news be reported only from official sources."
Mobilization Law
Prime Minister Mohammed Shia al-Sudani's alliance with al-Fayadh has formed a buffer that saved the latter from the "retirement trap." In a previous television interview, al-Sudani said, "The dispute over the Popular Mobilization Law is linked to al-Fayadh's close relationship with me."
In April, Asaib Ahl al-Haq leader Qais Khazali accused the prime minister of withdrawing a previous draft of the Popular Mobilization Law in favor of al-Fayadh. The draft law contained provisions requiring the retirement of approximately 3,200 "senior members," including al-Fayadh, according to al-Masari.
The law was later replaced with a new version, which is currently facing strong US objections, as it includes provisions that allow al-Fayadh to continue in his position.
Informed sources indicate that the Popular Mobilization Law, which has been read twice in parliament, "will be postponed until the next legislative session after the October 2025 elections."
Sources close to the Popular Mobilization Authority say that "the law, in its new form, will grant al-Fayadh immunity from retirement if he is confirmed as head of the authority with the rank of minister."
The draft law stipulates that the head of the authority must hold a university degree and have at least ten years of service within the authority, or be an officer with the rank of lieutenant general. It does not specify a retirement age or a clear mechanism for dismissal.
Iran's Quds Force chief held secret meetings with Iraqi Shiite leaders
The commander of Iran’s Quds Force, Esmail Qaani, paid a brief, unannounced visit to Baghdad in recent days, where he met with senior figures in Iraq’s Coordination Framework.
Informed sources told Shafaq News that Qaani's visit lasted approximately ten hours and included separate meetings with former prime minister and State of Law Coalition leader Nouri al-Maliki, National Wisdom Movement (Al-Hikma) leader Ammar al-Hakim, Fatah Alliance head Hadi al-Amiri, and Islamic Supreme Council of Iraq leader Humam Hammoudi.
The discussions, the source revealed, focused on regional developments and Iraq’s internal political landscape, with particular attention to upcoming elections and shifting alliances within the Shiite-led Coordination Framework, a major political bloc supported by Tehran.
The Iranian commander did not meet with Iraqi Prime Minister Mohammed Shia al-Sudani during this visit.
This marks Qaani’s second visit to Baghdad within two months. On June 28, he reportedly met with figures from the Popular Mobilization Forces (PMF), an umbrella of mostly Shiite paramilitary groups backed by Iran.
No official statements have been issued by either the Iraqi or Iranian sides regarding these meetings.
No comments:
Post a Comment