Cash culture dominates Iraq, reform efforts stall
Officials estimated on Saturday that nearly 92 percent of Iraq’s cash remains outside the banking system, making it one of the world’s most cash-dependent economies.
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Experts warn that widespread cash hoarding is draining liquidity, weakening institutions, and blocking long-delayed reforms of Iraq’s fragile financial sector. Decades of political turmoil, international sanctions, and economic instability have also shaped this pattern. Repeated bank failures, asset seizures, and corruption scandals have left many Iraqis distrustful of formal financial institutions—especially in rural and underserved areas with limited access to banking services.
MP Mustafa al-Karaawi identified the erosion of public trust as the main reason citizens avoid depositing money. Although parliament has pushed to merge and modernize public banks, progress remains stalled due to entrenched inefficiencies and outdated digital infrastructure.
He called for mandatory digital transactions across government and private sectors to normalize banking use. However, poor internet coverage, limited online services, and cumbersome account procedures continue to deter users.
Public Reluctance
In the capital, Abdul Ali Alwan described to Shafaq News how opening an account took little effort, but withdrawing even a portion of his funds dragged on for more than a week—an experience that discourages further engagement with the system.
Frustrations also run high in the informal economy, where delays can prove even more disruptive. Contractor Abdul-Zahra Fadhel recounted frequent payment hold-ups and restricted access to his accounts, which often left him without the liquidity needed to cover operational expenses.
“When funds arrive in dollars, banks often refuse to disburse the money in the same currency. They require you to open another account in dinars, and they don’t use the parallel exchange rate,” he explained. Instead, the conversion takes place at the official government rate, typically below the open market value—reducing the real worth of each payment received.
Adding to the distrust, Fadhel pointed to episodes where private banks faced temporary shutdowns due to external sanctions. These incidents, he noted, reinforce the perception that formal banking channels are unreliable.
Experts Call for Structural Overhaul
Economists link Iraq’s heavy cash dependence to deep institutional weaknesses, stressing that decades of instability and limited financial education have entrenched hoarding habits.
The implications extend far beyond households and small businesses. Analysts warn that the Central Bank’s ability to manage inflation is curtailed, and tools like interest rates lose their effectiveness. A shrinking pool of bank-held liquidity also constrains lending and investment. As a result, many investors bypass traditional banking entirely, opting instead for informal and often less regulated financing methods.
Unless sweeping reforms are enacted, Iraq’s economy will continue to face exposure to inflationary swings, liquidity shortages, and capital flight. Restoring public confidence in the financial system, experts argue, remains essential for ensuring long-term stability and sustainable growth.
A longer version ...
Iraqis do not trust banks. More than 90% of the money supply is outside the banking system.
The relationship between Iraqi citizens and banks, both governmental and private, remains isolated or nearly severed, especially when it comes to depositing money with these banks. Citizens view these banks as deep wells that hide their money beneath the routine of lengthy transactions, while they see the rooms and closets of their homes as the safest places for their cash.
Citizen Wajdan Saleh is one of those people. She is afraid to deposit her money in Iraqi banks and prefers to keep it at home, citing her fear that the banks will not easily return her money if she needs it.
"I once deposited 5 million dinars in a government bank, and when I went to withdraw it after a long period of time, they asked me to follow impossible procedures that took more than a week," Wajdan told Shafaq News Agency.
Wajdan added that since then she has not deposited any money, even the remittances she receives from relatives outside Iraq, which she receives immediately upon arrival.
"The lack of trust between citizens and banks has led to citizens hoarding their money at home and not depositing it in banks, which has significantly impacted the monetary aggregate," MP Mustafa Al-Karawi asserted. He added, "The issue of developing the banking sector and merging banks has been raised repeatedly in parliament, and the primary reason behind this is the loss of confidence citizens have had in the banking system in Iraq."
Speaking to Shafaq News, Al-Karawi explained that this problem stems from long-standing issues related to weak electronic and banking accounting systems, which has made citizens reluctant to use them and prefer to withdraw their full salaries as soon as they are deposited into the card, leaving no balance.
He points out that the absence of modern banking systems has led people to refrain from depositing and saving in banks, which prompts many to hoard their money at home, which in turn leads to economic stagnation and reduces the amount of liquidity circulating in the market.
Al-Karawi calls for raising citizens' awareness and banking culture, as well as for government and commercial institutions and the private sector to adopt e-commerce transactions, as a key path to stimulating economic activity.
He concluded by saying that deposits in banks not only provide financial security for citizens, but also enable banks to provide development services such as loans and advances, which contribute to stimulating the market and achieving the desired economic growth.
Economist Dr. Ali Daadoush told Shafaq News Agency, "The phenomenon of hoarding money amounts to 92% of the monetary mass outside the banking system. It represents a fundamental challenge to the monetary and financial structure in Iraq and is one of the most prominent manifestations of the structural fragility of the monetary economy." He emphasized that "this phenomenon is complex and has behavioral, institutional, and economic dimensions."
He adds, "The culture of hoarding is not a new phenomenon. It is an extension of decades of political and economic instability, from blockades to sanctions, from a lack of security to fragile institutions. During these periods, the idea that paper money in your pocket is better than money in the bank became ingrained in the Iraqi mindset. However, this culture did not remain within the framework of individual behavior alone, but rather transformed into a general phenomenon, stifling the economic cycle and weakening the ability of banks to perform their vital functions, from financing to investment, from oversight to the activation of monetary instruments."
Daadoush points out that "the majority of those who hoard cash are individuals, particularly in small towns, rural areas, and areas not covered by banking services. This is due to a lack of trust in banks, a result of past experiences of bankruptcy, seizure, or corruption, and the absence of a culture of financial inclusion in the educational and media systems."
Daadoush points to "the difficulty of banking procedures, the lack of widespread branch presence, and the decline in digital banking services, which push people to cling to cash as an easier means of payment."
According to experts, this phenomenon has many negative aspects, including the central bank losing effective control over the money supply, and its tools, such as interest rates and rediscounting, becoming less effective. Meanwhile, banks suffer from a liquidity crunch, which weakens their ability to finance projects and pushes investors toward informal financing. Furthermore, managing inflation due to the unofficial money supply negatively impacts the central bank's decisions in achieving its primary objective of controlling the general price level and achieving stability.
Citizen Abdul Ali Alwan told Shafaq News Agency, "The procedures for opening a bank account require official identification documents and an amount not exceeding $100. This is normal, but the problem becomes more complicated if we are asked to withdraw part of the deposited amount."
He added, "Routine procedures hinder the withdrawal process and take more than a week."
Due to the instability and the closure of some private banks due to external sanctions, some people refuse to deposit money in these banks.
Contractor Abdul Zahra Fadel explains, "There are often times when there is a quick and urgent need for money, but banking procedures stand in the way. Some private banks are subject to sanctions that require them to shut down for a period of time, and then we face numerous problems."
He pointed out in an interview with Shafaq News Agency: "When a citizen opens a bank account in hard currency, the money transferred to him through the bank is not disbursed in the same currency," noting that "the money transfer is also not delivered at the parallel rate under the pretext that the account opened with the bank is in hard currency, and another account must be opened in local currency in order to withdraw the transfer."
He asserts that "banks in Baghdad adopt complex and often unreasonable procedures that place customers in prolonged suffering. This is completely different from the banks in the region, which enjoy ease and transparency in all their banking transactions."
Ultimately, the Iraqi government must improve the administrative performance of banks and increase citizen confidence in the banking system by facilitating the procedures for withdrawing and depositing funds.
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International oil companies return to operations in Kurdistan fields
A responsible source in the Kurdistan Regional Government revealed on Saturday that a number of international oil companies have resumed operations in the Kurdistan Region's oil fields.
The source explained that "the vital oil facilities in the Kurdistan Region were subjected to more than 22 drone attacks in various parts of the region," noting that "the investigative committee has not yet submitted its final report to Prime Minister Mohammed Shia al-Sudani."
He added, "The region will bear the responsibility of compensating companies for the quantities allocated for local consumption."
He continued, "The region is preparing to deliver the ready quantities of crude oil produced by foreign companies that have gradually returned to operating in the region to the State Oil Marketing Organization (SOMO) for export via the Turkish port of Ceyhan, stressing that this step reflects the regional government's commitment to a joint understanding with the federal government to regulate the export file and protect oil investments."
Suspicious platforms and a market without laws or oversight... Cryptocurrencies are invading Iraq.
At a time when the global shift to a digital economy is accelerating, Iraq is witnessing a significant increase in digital trading and cryptocurrency activity, amidst the absence of regulatory legislation and a legal environment lacking the necessary controls. Warnings of the worsening phenomenon are beginning to mount, especially with the expansion of unlicensed platforms and the increasing popular interest in these markets, which are described as complex and high-risk.
Internationally, cryptocurrencies such as Bitcoin, Ethereum, and others have become part of the alternative financial ecosystem, used for trading, investments, and even cross-border transfers. Although many countries have rushed to regulate this sector by enacting strict laws or adopting regulatory frameworks, Iraq remains a bystander, lacking clear legislation or a regulatory body for this activity.
With the increasing use of the internet and digital payment methods, economic analysts believe that Iraqis are gradually entering the world of digital trading through global and local platforms, many of which lack any official licenses or legal oversight, exposing users to significant risks.
Speaking to Baghdad Today, economic affairs expert Nasser Al-Tamimi expressed his concern about the growth of digital trading in Iraq, noting that it has become a real threat on both the financial and social levels. He said, "The rapid growth in the number of Iraqi traders, especially in the absence of legal regulation, is a dangerous gateway to financial fraud or even money laundering."
Al-Tamimi asserts that "the state cannot remain a spectator to this ever-expanding digital financial phenomenon without taking action to establish clear controls and legislation that protect users' rights and safeguard the national economy." He points out that some parties may exploit digital currencies as a tool for smuggling funds or circumventing sanctions, potentially exposing the country to international pressure.
According to observers, digital trading and cryptocurrencies pose a new challenge to the Iraqi economy, unexpectedly emerging amid a clear legislative vacuum and a risky environment. While countries around the world are addressing this phenomenon from a precise regulatory and technical perspective, Iraq still lacks a legal and strategic vision for it.
Al-Tamimi noted that the very nature of the digital market, which is based on sharp and sudden fluctuations, could result in huge losses for unskilled users, especially with the promotion of a culture of "quick profit" without sufficient awareness of the risks.
In light of this situation, Al-Tamimi called for the formation of a specialized committee comprising experts from the financial, technical, and legal sectors. This committee would be tasked with studying the reality of cryptocurrencies in Iraq and offering clear recommendations that would contribute to formulating a balanced legal framework. According to Al-Tamimi, the required framework should "encourage innovation, but at the same time, set barriers to abuse and protect society from potential negative repercussions."
With the growing number of users and some platforms transforming into centers for collecting unsecured funds, there is a pressing need for urgent government action to regulate this sector, not only to protect citizens, but also to ensure that cryptocurrencies do not become a dangerous loophole in the country's economic and security barrier.
The Kurdistan Regional Government (KRG) has begun preparations to hand over oil to SOMO
The Kurdistan Regional Government (KRG) has begun preparations to hand over oil to SOMO and foreign companies have returned to the oil fields.
The committee formed to investigate the 22 drone attacks on the Kurdistan Regional Government (KRG) oil fields has not yet submitted its final report to Iraqi Prime Minister Mohammed Shia Sudani, the newspaper Al-Arabiya al-Jadeed reported.
He added that the companies that left the oil fields have now returned to the oil fields and resumed their work and the Kurdistan Regional Government has begun preparations to export oil through SOMO.
He said the region will be responsible for compensating the companies for the amount allocated for domestic use, while SOMO will deal with foreign marketing.
The Iraqi Council of Ministers approved the agreement between the Kurdistan Regional Government and the federal government in an extraordinary meeting on July 17,
According to the agreement, the Kurdistan Regional Government will immediately hand over all oil produced in the Kurdistan Regional Government (KRG) to the Oil Marketing Company (SOMO) for export and the Iraqi Ministry of Finance for each barrel According to the budget amendment law, it will pay $16 to the KRG, provided that the amount received is not less than 230,000 barrels per day, and if the amount of production is increased, it will be added to the current amount "It will be through a joint committee of the two governments. In the event of oil exports stopping for any reason, the entire amount will be returned to the Federal Oil Ministry.
"According to the report, the Kurdistan Region currently produces 280,000 barrels of oil per day, of which 50,000 barrels are for domestic consumption," the Council of Ministers said "It will use the remaining 230,000 barrels and deliver them to Iraq. Any excess will be delivered to SOMO in the future.
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Al-Araji briefs Fuad Hussein on the progress of the investigation into the drone attacks in Kurdistan.
"The necessity of getting to the facts"
Foreign Minister Fuad Hussein discussed the country's security situation with National Security Advisor Qasim al-Araji on Saturday, including the recent attacks on oil fields. The meeting also included a review of the results of al-Araji's visit to the Kurdistan Region, emphasizing the need to expose the parties involved and enhance energy security.
On Saturday, August 2, 2025, Deputy Prime Minister and Minister of Foreign Affairs, Mr. Fuad Hussein, received National Security Advisor, Mr. Qasim Al-Araji.
During the meeting, several issues related to the country's security were discussed. Mr. Al-Araji reviewed the details of his recent visit to the Kurdistan Region, where he led a specialized investigative delegation to investigate the attacks that targeted oil fields during the past period.
The Minister stressed the need to uncover the facts and expose the parties behind these attacks, emphasizing the importance of preserving national energy security.
The two sides also discussed regional developments, stressing the importance of protecting Iraq from external threats and working to enhance its stability and sovereignty.
Al-Sudani declares Baiji an oil city
Rehabilitating the refinery was not easy because it consists of modern technology units and supporting industrial units, and it was restarted thanks to the energy and capacity of the national effort.
The refinery was rehabilitated with all its production lines at the same level as when it was established by foreign companies.
We have national competencies capable of achieving success and implementing projects that were previously the exclusive domain of foreign companies.
The economic dimension is always present and significant in the priorities of implementing government projects.
By rehabilitating this refinery and other refineries and facilities, we will reach the export stage after meeting the needs of the local market.
The government has been able to achieve optimal investment in the oil and gas sector to meet the market's needs for petroleum products.
Our vision of the oil sector is comprehensive, from Basra to Nineveh.
Al-Sudani's advisor to the Iraq Observer: The three-year budget has given Iraq financial stability and salaries are continuing.
The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed that the three-year budget has provided Iraq with financial stability despite the delay in the 2025 budget schedule, while noting that salaries are continuing to be paid.
In a statement to Iraq Observer, Saleh said, “The Triennial Federal Budget Law No. 13 of 2023 represents a qualitative shift in financial planning in Iraq, as it is the first legislative experiment of its kind in the country, enabling the executive and legislative authorities to manage public expenditures with unprecedented flexibility. He noted that these expenditures constitute approximately 50% of the gross domestic product, and therefore represent the cornerstone of the overall demand of the Iraqi economy.”
He explained that "this experiment was based on the amended Federal Financial Management Law No. 6 of 2019, which, for the first time, authorized the enactment of a budget for three consecutive years. He indicated that this step gave the government the ability to implement operational and investment budgets within a stable financial plan, without delaying the 2025 budget schedules causing a significant disruption to the state's financial life, particularly with regard to salaries, social care, and deficit financing."
According to the Prime Minister's advisor, "The House of Representatives added a new legal provision (Article 77/Second) to the three-year budget, requiring the executive authority to submit an annual financial position for the following two years (2024 and 2025), including detailed tables of expected revenues, public expenditures, the planned deficit, and its funding sources, as a precautionary measure to address external economic shocks and unexpected changes."
He pointed out that "the delay in submitting the 2025 schedules is due to technical and structural reasons, most notably the fundamental amendment to the budget in February 2025 related to the evaluation of contracts for the costs of producing and transporting Kurdistan Region oil with the aim of implementing the region's share in the general budget, in addition to the sharp geopolitical fluctuations in global energy markets, the decisions of OPEC+, and the subsequent direct repercussions on the estimation of Iraq's oil revenues."
Despite these challenges, Saleh affirmed that "direct coordination between the executive and legislative authorities has continued uninterrupted, particularly on revenue and expenditure governance, deficit management, and financing. He noted that there are outstanding financial rights for various functional and societal segments that are still awaiting approval of the financial tables for the 2025 budget, and that he expects these to be approved soon as part of the existing legislative procedures."
Saleh concluded his statement by emphasizing that "the flexibility provided by the three-year budget and the Financial Management Law has contributed to maintaining the country's financial stability, despite the delays in some implementation procedures." He emphasized that the government is proceeding with the completion of the budget requirements in cooperation with the House of Representatives, to ensure the sustainability of public spending and the provision of development requirements and basic services to citizens.
Abdullah: Baghdad and Washington know the parties attacking the Kurdistan Region's oil fields.
Deputy Speaker of Parliament Shakhwan Abdullah said on Saturday that the groups that launched drone attacks targeting oil facilities in the Kurdistan Region are now known to Iraqi authorities.
In a statement to reporters from inside the Iraqi parliament building, Abdullah said, "The Kurdistan Regional Government has expressed its full readiness to hand over oil to the federal government," indicating that the federal government is under pressure to resolve the oil issue with the region.
Regarding the issue of Baghdad's failure to pay the salaries of employees in the region, Abdullah said, "There is no justification for cutting salaries, and the issue has become politicized."
The Deputy Speaker of Parliament continued, "The parties that targeted the oil fields in the Kurdistan Region are now known to the federal government, as are those behind them. Baghdad should hold them accountable, not the people of Kurdistan, by cutting their salaries."
He confirmed that from July 14 to July 18, the region's oil fields and facilities were subjected to 14 drone attacks over the course of four days. He noted that both the US and Iraqi sides know the group that launched the attacks, with full details.
The recent drone attacks have halted the production of approximately 220,000 barrels of oil per day, reducing total oil production in the Kurdistan Region of Iraq by 70%, according to The New Arab. No casualties were reported.
The Ministry of Natural Resources of the Kurdistan Regional Government of Iraq condemned the recent wave of drone attacks, describing them as "terrorist acts aimed at undermining the economic infrastructure of the Kurdistan Region and endangering the safety of civilian employees in the oil sector."
No group has claimed responsibility for the attack. Aziz Ahmed, deputy director of the office of Kurdistan Regional Prime Minister Masrour Barzani, blamed "criminal militias on the payroll of the Iraqi government."
The Kurdistan Regional Government of Iraq relies heavily on oil revenues and federal budget transfers to pay salaries and fund public services.
Since 2014, Baghdad has intermittently withheld Erbil's share of the federal budget, using the payments as leverage to force concessions in negotiations over oil revenues.
On July 15, Prime Minister Mohammed Shia al-Sudani ordered an investigation into the recent attacks and pledged to hold those involved accountable.
At the end of July, Human Rights Watch warned of the serious repercussions for the provision of public services in the Kurdistan Region of Iraq as a result of drone attacks targeting oil fields there. The organization confirmed that drone attacks carried out by unknown groups between July 14 and 16 on five oil fields caused significant damage to energy production in the region.
The success of the regional government." A Kurdish parliamentarian links the decline in poverty in Erbil to overcoming economic crises.
Kurdistan Regional Parliament Member for the Kurdistan Democratic Party, Rebwar Babkai, said on Saturday (August 2, 2025) that Erbil Governorate's record of the lowest poverty rate in Iraq "confirms the success of the regional government in overcoming the economic and financial crises despite the blockade and disagreements with Baghdad."
In an interview with Baghdad Today, Babkai explained that "Erbil has been able to withstand repeated pressures and has succeeded in providing job opportunities and strategic projects that have contributed to reducing poverty and unemployment rates, a fact clearly reflected in the Ministry of Planning's report."
He added, "Despite the economic blockade and stifling crises the region has experienced over the past few years, the Kurdistan Regional Government has not stopped its service and development programs, as proven by official figures."
An official report issued by the Iraqi Ministry of Planning revealed that Erbil recorded the lowest poverty rate in the country, at 6.8%, followed by Dohuk and Sulaymaniyah, with rates ranging between 8% and 10%.
Meanwhile, Muthanna Governorate topped the list with a poverty rate of 40%, followed by Babil (35.7%), Diwaniyah, Dhi Qar, and Maysan, according to the first report on the dimensions of poverty in Iraq.
Poverty is declining in Iraq, thanks to "oil, not reform." What happens after the barrel dries up? - Urgent
The Ministry of Planning recently announced a significant drop in the poverty rate in Iraq, from 23% in 2022 to 17.5% currently, a significant decline that is the first of its kind in years. While government circles welcomed this decline, considering it evidence of the effectiveness of social protection programs and support for vulnerable groups, expert opinions differed regarding the true reasons behind this change, amid warnings that this decline is "fragile" and temporarily linked to a fleeting financial abundance.
According to a statement from the Ministry of Planning, the decline in poverty rates is due to a number of factors, most notably:
- Expanding the social safety net, covering more than 7 million citizens.
- Improving the food ration card system and increasing its quantities, which has eased the food burden on the poor.
- Launching soft loans for youth to support them in establishing small businesses and providing self-employment opportunities.
These measures, while seemingly effective in terms of numerical results, are essentially dependent on direct funding from oil revenues, which have witnessed a significant recovery in recent years, raising concerns among observers about the sustainability of these results if crude prices decline.
An Unsustainable Decline in a Fragile Rentier Economy
Despite the reassuring figures on paper, observers believe that the decline in the poverty rate does not reflect a real transformation in the structure of the Iraqi economy, but rather represents a circumstantial result linked to a temporary financial surplus. Economist Nabil Al-Marsoumi asserts that "the recent improvement in poverty rates was not the result of economic reforms or long-term development policies, but rather a result of rising oil revenues, which are inherently unstable."
Al-Marsoumi added in a post on his official Facebook page, followed by Baghdad Today, that more than 8 million Iraqis remain below the poverty line, despite Iraq being the fifth largest oil producer in the world. He pointed out that this decline in poverty is not based on much because it does not result from economic diversification or real job opportunities, but rather from temporary high government spending that exacerbates citizens' dependence on the state and increases the fragility of the economy in the event of a decline in oil revenues.
Al-Marsoumi believes that relying on rentier programs to boost social welfare indicators could have adverse long-term effects, as the state's financial obligations accumulate without real productivity growth. This places a burden on future budgets, especially with fluctuating global oil prices and increasing pressure on public spending.
Specialized economic studies indicate that the decline in poverty rates in Iraq is a positive development, but it cannot be viewed in isolation from the nature of the Iraqi rentier economy, which relies on a single source of income. In the absence of a clear strategy to diversify the economy and the decline in investment in productive infrastructure, this improvement will remain vulnerable to reversal with the first drop in oil prices or volatility in the global market.
Independent economic experts agree that what Iraq needs is not just increased spending, but rather transforming its oil wealth into sustainable development opportunities. This can be achieved by creating a viable investment environment, empowering the private sector, improving the quality of education and vocational training, and linking them to the labor market. Poverty cannot be overcome by subsidies alone, but rather by genuine development that creates opportunities, not reliant on global market fluctuations, but rather on internal stability and a strong productive infrastructure.
Iran Says It’s Close to Resolving Gas Export Issues With Iraq (bloomberg)
Iran and Iraq are close to resolving a dispute over disruptions to Iranian gas supplies and Baghdad’s unpaid dues for the exports, Iran’s Oil Minister Mohsen Paknejad said Saturday.
“We will soon witness the resolution of both issues,” the state-run IRIB News cited Paknejad as saying after meeting with Iraq’s Electricity Minister Ziad Ali Fadhil in Tehran.
The shortfall in Iranian gas supplies has resulted in cutbacks in Iraqi electricity production, according to a recent statement by Fadhil’s ministry, putting an additional strain on the Iraq’s already fragile grid at a time of high summer demand.
On Tuesday, Saeed Tavakoli, head of the National Iranian Gas Company, said Iran’s power plants have been extensively burning mazut — a dirtier alternative to natural gas — to keep the local grid running. That could potentially free up more gas for export.
Despite holding the world’s second-largest natural gas reserves, Iran has struggled in recent years to meet domestic demand and maintain stable exports. Last year, it extended its gas export agreement with Iraq for five years, which, according to the Iranian Oil Ministry’s Shana news agency, allows for seasonal fluctuations in export volumes to prioritize Iran’s domestic needs.
Iran announces agreement with Iraq on gas supplies and payment of dues - Urgent from Iraq's news
Iranian Oil Minister Bijan Zanganeh stressed the need to resolve gas export and payment issues during a meeting with the Iraqi Minister of Electricity on Saturday (August 2, 2025), expressing optimism that both issues would be resolved soon.
On the sidelines of his meeting with Iraqi Electricity Minister Ziyad Fadhil and his accompanying delegation, the minister said that the two countries had made progress on a gas export agreement, which includes supplying gas to Iraqi power plants via the Shalamcheh and Naftshahr border crossings.
"Discussions were held regarding the volume of gas exported, and fortunately, we reached a consensus," Zanganeh told Shana news agency. "We also achieved positive results regarding the payments due to us for previous gas exports, and we expect the volume and financial issues to be resolved soon."
He described the atmosphere of the meeting as positive and thanked the Iraqi minister, his team, and the Iraqi people for their hospitality to Iranian pilgrims traveling to Iraq for religious pilgrimages and the annual Arbaeen pilgrimage.
He added that the Iraqi Minister of Electricity pledged to make every effort to ensure appropriate conditions for Iranian pilgrims visiting during the Arbaeen ceremonies.
How internal inertia, regional volatility test Iraq’s finances
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