Al-Mashhadani discusses digital currency legislation and financial market development with an international delegation.
Parliament Speaker Mahmoud Al-Mashhadani received a delegation of Iraqi and international experts and academics today, Friday (August 8, 2025), to discuss supporting legislation related to digital currency and strengthening the financial market.
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According to a statement from his media office, received by Baghdad Today, the delegation included Dr. Oz, a member of the New York City Council; Dr. Briar Rashid, a member of the Parliamentary Economics Committee; Judge Salar Abdul Sattar, the former Minister of Justice; and Dr. Haider Ali, an economic expert residing in Australia.
The statement added that the meeting featured presentations of successful experiences in the United States and the UAE in the field of financial technology, in addition to discussing the results of the delegation's discussions with the Governor of the Central Bank of Iraq.
Al-Mashhadani affirmed the House of Representatives' support for any legislative steps that keep pace with global developments and open the doors to investment, emphasizing the importance of creating a modern financial environment that strengthens Iraq's position in the digital economy.
Economist: The Central Bank controls the exchange rate by 60%... The biggest concern is oil prices!
Economist Ahmed Hadhal confirmed that the stability of the dollar exchange rate in Iraq in recent years is due to a series of measures taken by the Central Bank. However, he warned that any external or political shocks could push the rate higher again.
In an interview with Jarida Platform, Hathal said , "There are two issues that govern the exchange rate issue. The first falls within the scope of the Central Bank's work through monetary policy tools, and the second relates to the structure of the Iraqi economy, which does not respond quickly to these policies."
He explained that "over the past three years, the Central Bank has been able to develop effective tools to control the foreign exchange market by between 50% and 60%, most notably the implementation of the dollar platform, which has encouraged major traders to convert to official currency instead of resorting to the black market, and the Skoda program, which reduces fake invoices at border crossings, in addition to measures to limit the financing of fake imports via credit cards."
He noted that "the current stability in the exchange rate could continue unless external shocks or political and security crises occur that would prompt investors and citizens to switch to the dollar in anticipation of the dinar's devaluation." However, he noted that "the trade crisis with Iran, due to US restrictions, continues to put pressure on the local market."
He explained that "oil prices remain the most influential factor on the exchange rate, whether directly through foreign exchange reserves or indirectly through oil revenues," warning that "the lack of support for local productive sectors makes the economy dependent on imports, leaving it vulnerable to global fluctuations."
Economist Ahmed Hadhal confirmed that the stability of the dollar exchange rate in Iraq in recent years is due to a series of measures taken by the Central Bank. However, he warned that any external or political shocks could push the rate higher again.
Iraqi-Chinese talks to prepare for the Beijing summit
Iraqi Foreign Minister Fuad Hussein discussed with the Chinese Ambassador to Baghdad, Cui Wei, the ongoing preparations for the second Arab-Chinese summit scheduled to be held in Beijing next year, in addition to discussing ways to enhance bilateral cooperation between the two countries. A
statement by the Iraqi Foreign Ministry stated that the Chinese ambassador conveyed a message from the Chinese Foreign Ministry regarding the ongoing preparations for the summit, expressing his country's appreciation for the pivotal role played by Iraq in the preparations, especially in light of its current presidency of the Arab Summit. He stressed the importance of coordination and cooperation with the Iraqi side to ensure the success of this important event.
For his part, the Iraqi minister stressed the importance of holding the summit in Beijing, noting Iraq's aspiration to play an active role in preparing for it and coordinating positions between Arab countries and the Arab League, which would contribute to achieving the summit's goals and ensuring its success.
According to the statement, it was agreed to establish a joint coordination mechanism between Iraq and China to monitor preparations for the summit and determine the dates of its meetings in the near future.
The statement indicated that the two sides discussed bilateral relations between the two countries and looked forward to preparing for an upcoming visit by a high-level Chinese delegation to Baghdad, with the aim of continuing efforts to develop and strengthen bilateral cooperation in various fields.
SOMO announces completion of preparations to begin exporting the region's oil
The Iraqi Oil Marketing Company (SOMO) confirmed on Friday that all preparations have been completed to begin exporting oil from the Kurdistan Region, while denying any oil mixing or smuggling operations at Iraqi ports.
The company's general manager, Ali Nizar, told the official agency, "The company has completed all preparations and concluded contracts with purchasing companies. It is fully prepared to begin exporting oil from the region as soon as the region's producing companies begin delivering the quantities produced."
Regarding the claims that Iraqi oil is being smuggled and mixed with oil from neighboring countries, SOMO's general manager explained that this is "baseless," noting that "there are no mixing or smuggling operations within Iraqi ports or territorial waters."
He added, "There is no evidence from any international body that confirms the existence of this type of mixing or smuggling," noting that "all these fears are unfounded and have no scientific or real basis."
He stated, "The book we previously referred to regarding this issue indicates that these were financing operations, not actual entry operations into Iraqi ports, loading black oil or Iraqi products, smuggling them, and mixing them with any oil from outside Iraq."
The Iraqi Council of Ministers will discuss the disbursement of salaries to Kurdistan Region employees on Sunday.
The Iraqi Council of Ministers will hold an extraordinary meeting on Sunday during which a decision is expected to be made regarding the payment of salaries to Kurdistan Region employees for June, Kurdistan 24's correspondent in Baghdad, Dilan Barzan, reported.
Barzan explained, on Thursday, August 7, 2025, that joint meetings between delegations from the Ministry of Finance and the Board of Supreme Audit in the Kurdistan Region and their counterparts from the federal side had ended without reaching a final agreement on non-oil revenues. The regional delegation subsequently returned to Erbil.
A Kurdistan 24 correspondent confirmed that the regional delegation expressed its willingness during the meetings to transfer 50% of federal revenues to Baghdad, based on the federal budget law and financial management law. Meanwhile, the Iraqi delegation insisted on transferring 50% of total non-oil revenues to the region.
In a related context, Barzan reported that the Iraqi delegation proposed, as part of discussions on electronically disbursing salaries to Kurdistan Region employees, that Rafidain Bank receive payroll files as part of the "My Account" project, with the bank transferring salaries monthly to banks participating in the project.
He pointed out that both delegations have prepared separate reports that will be submitted to Federal Minister of Finance Taif Sami, whose contents will be discussed during the Cabinet meeting next Sunday.
According to information obtained by Kurdistan 24, the meeting will discuss the submitted reports, and if they receive the approval of Federal Prime Minister Mohammed Shia al-Sudani, a decision will be made to disburse salaries on the same day.
Regarding the Kurdistan Region's oil exports, Barzan noted that despite recent statements by the Iraqi Oil Minister, no official decision has yet been made on the matter.
He added that Al-Sudani agreed to begin work with a consulting firm previously agreed upon between the region's Ministry of Natural Resources and the State Oil Company (SOMO) to review oil extraction prices and costs in the region.
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The first commercial shipment from Türkiye to Jordan via Iraq arrives via the TIR system.
Thursday, the General Company for Land Transport announced the success of the first commercial shipment from Turkey to Jordan via Iraqi territory, as part of the new land transport corridor project linking Istanbul to Amman via Iraq using the International Road Transport System (TIR).
A statement from the Ministry of Transport received by Today, Al-Akhbariya, stated that “Director General of Land Transport, Murtadha Karim Al-Shahmani, expressed his pride in Iraq’s pivotal role in this new trade corridor, which reflects the confidence of international partners in the efficiency of Iraq’s infrastructure and logistics,” stressing that “this corridor makes the country an economic bridge between Asia and the Arab world.”
He added, “This step came in cooperation between logistics companies from Turkey and Jordan, as the first cargo trip was successfully implemented in only (5) days, compared to (4) to (5) weeks that shipments used to take via traditional sea routes. This land corridor is an important step towards enhancing trade integration between Turkey, Iraq and Jordan and providing fast, safe and reliable transportation solutions, opening the way for broader opportunities for trade exchange and developing the economies of the region.”
The Director General affirmed that "the General Company for Land Transport continues to support regional connectivity projects, in accordance with the directives of the Minister of Transport, Razzaq Muhaibis Al-Saadawi, and to facilitate the movement of goods by developing transit transport services and improving the efficiency of logistics corridors within Iraq."
Al-Maliki to Khamenei's advisor: There is an American intention to disarm the Popular Mobilization Forces and other factions, and we will confront it.
State of Law Coalition leader Nouri al-Maliki discussed with Ali Akbar Velayati, advisor to Iranian Supreme Leader Ali Khamenei for international affairs, efforts to disarm Hezbollah in Lebanon and the US's "intention" to disarm the Popular Mobilization Forces and some factions in Iraq. Both considered the matter "part of an American-Zionist plan to weaken the resistance front."
The talks between Maliki and Velayati took place during a phone call the latter made last Thursday "to check on Maliki's health," according to the Iranian news agency IRNA, which noted that "Velayati praised Maliki's effective role in supporting the resistance front."
The agency added, "Nouri al-Maliki also expressed his gratitude for Velayati's follow-up of his health condition, stressing "the importance of communication and coordination between the leaders of the resistance front . "
According to IRNA, the two sides exchanged views on recent regional developments, particularly the new conspiracies hatched by the Zionist entity and the United States against the Islamic Resistance.
Referring to recent moves by the US and the Zionist entity to "weaken the resistance front," Velayati emphasized, "God willing, with your help and the support of all the pillars of the resistance front, we will stand up to America and the Zionist entity, and we will not allow their malicious goals to be achieved."
During the call, according to the agency, Maliki warned of the "sensitive situation in the region," saying, "Today we are witnessing their intention to disarm Hezbollah in Lebanon, and there is no doubt that the next step will be the role of Iraq, the Popular Mobilization Forces, and other factions. We will not allow such plans to be implemented under any circumstances, and we will confront them side by side with the resistance front."
During the call, both sides emphasized that "disarming Hezbollah in Lebanon and the Popular Mobilization Forces in Iraq is part of the American-Zionist plan to weaken the resistance front, and the peoples of the region must not allow this dangerous project to be implemented."
Mobilization to pass the Popular Mobilization Law.. A message to 183 Shiite MPs: This may be your last chance.
The State of Law Coalition, led by Nouri al-Maliki, warned on Friday evening against postponing the Popular Mobilization Forces (PMF) law to the next parliamentary session, asserting that the lack of political consensus and the refusal of some blocs to attend were behind the law's stalled passage in the House of Representatives.
"The real reason behind the failure to pass the Popular Mobilization Forces law is the absence of Sunni and Kurdish representatives, which led to the breaking of the legal quorum and the lack of the political agreement required for its approval," coalition spokesman Aqil al-Fatlawi told Shafaq News Agency.
He pointed out that "the 183 Shiite MPs are required to attend the session in support of this segment of the population, which has made enormous sacrifices in defense of Iraq," adding that "absence from the vote is a clear failure of the Popular Mobilization Forces as a national security institution."
Al-Fatlawi acknowledged the existence of "a clear American role in influencing some political blocs linked to Washington institutions, which contributed to delaying the law," stressing that "these influences are beginning to have a direct impact on the decisions and actions of MPs within Parliament."
He explained that "postponing the Popular Mobilization Law to the next parliamentary session will complicate its passage, due to the lack of clarity regarding the nature of future political alliances." He noted that "the law does not target any particular group. There are approximately 30 Sunni MPs with tribal militias that benefit from its provisions, and therefore its passage serves all parties."
He concluded by saying, "We are anticipating what happens after the Arbaeen pilgrimage. A decisive session may be held, but it will be the last opportunity to pass the law during this parliamentary session."
This position coincides with the US State Department's confirmation that Washington opposes legislation in Iraq that would "transform it into a state subservient to Iran," threatening to impose sanctions on financial entities linked to armed groups.
The Popular Mobilization Forces (PMF) were established in Iraq in mid-2014 under the "sufficiency jihad" fatwa issued by the country's top Shiite authority, Ayatollah Ali al-Sistani, following the fall of Mosul to ISIS. Thousands of fighters from armed factions, some of which were active before the fatwa, participated in its formation. Its primary role at the time was to repel the extremist group's rapid advance across large areas of northern and western Iraq.
In November 2016, the Iraqi parliament voted on a law legalizing the Popular Mobilization Forces (PMF) as a security institution within the armed forces. However, the law lacked clear organizational details, opening the door to repeated calls for its legal restructuring and reformulation.
Britain and Sistani's "Clear" Statement: Trump's Position Differs from London's - Urgent
Irfan Siddiq and the "Dangers of the Mobilization Law"
We heard Trump's message to Baghdad, but our position is slightly different. This is how the British Ambassador to Iraq, Irfan Siddiq, spoke on Friday about the approval of the Popular Mobilization Law in its current form, which could negatively impact Iraq's image and raise hesitation among some foreign companies about making investment decisions. He stressed that the presence of factions not subject to state authority poses a challenge to the investment climate and efforts to build unified state institutions. Siddiq explained that London does not oppose organizing the Popular Mobilization Forces as an institution, but believes that the project must include a radical reform of the factions and their working mechanisms, while maintaining a balanced Iraqi policy that avoids involvement in regional tensions. While noting that Britain welcomes the "clear" call of the religious authority in Najaf to restore balance in Iraq's international relations, describing it as a wise position, he explained that his country's goal is to establish a long-term strategic partnership with Iraq based on mutual respect and on a secure and stable Iraq capable of taking control of its sovereign decision-making, away from polarization.
art of the British Ambassador to Iraq's conversation with journalist Hisham Ali, followed by the 964 Network:
Our reservations do not arise from nothing, but rather stem from real future concerns that could negatively impact Iraq's investment climate. Personally, I believe that some of the steps taken today may entail risks, even for us in London.
These reservations do not necessarily mean a veto on Iraq, but they do mean that the presence of factions that are not subject to state authority or operate independently of government decisions will make it difficult for some foreign companies to make investment decisions in an unstable environment.
According to my information, the US government, for example, sent a clear message to the Iraqi government that passing the Popular Mobilization Law in its current form could have repercussions. But we have not issued such messages. In fact, I can say that our ultimate goal is to establish a long-term strategic partnership with Iraq.
Achieving this goal requires a secure, stable, and prosperous Iraq. This can only be achieved through unified state institutions and fundamental reforms. Factions operating outside the state or taking positions contrary to the official line distort Iraq's public image and impact investment opportunities there.
Ultimately, the investment decision rests with each individual company, but it's natural for companies to hesitate if areas are under the control of unofficial entities or operate outside the government's control.
Presenter's question: If the Popular Mobilization Law is passed in its current form, will it impact the strategic partnership between Britain and Iraq?
Yes, it may affect the overall picture and may later be reflected in some future decisions, but nothing is inevitable in this context, because everything depends on the details of the final law.
We do not oppose the principle of organizing the Popular Mobilization Forces (PMF), but we believe that any project of this magnitude must include a radical, not merely superficial, reform of the factions and their working mechanisms. Ultimately, we are not merely talking about the Popular Mobilization Forces (PMF) as an institution, but rather about the axis of the factions and their broader influence.
Presenter's question: Is there any fear of Iraq being dragged into regional tensions?
Yes, there is real concern about the possibility of Iraq slipping into conflicts that do not serve its interests. The fundamental question here is: Is Iraq close or far from these developments? This depends on its sovereign decisions and its ability to distance itself from the conflicting axes in the region.
When discussing the Popular Mobilization Forces (PMF) and the armed factions, we must consider Iraqis' fears of their country being dragged into escalating regional tensions. Is Iraq today close to these tensions, or is it still immune to them?
Iraq lies at the heart of a region grappling with intractable crises. Iran and Israel are in a state of constant conflict, the Iranian nuclear issue remains open, and Syria faces ongoing challenges in its political transition, in addition to the catastrophic situation in Gaza and Palestine.
All these crises impose a complex regional reality, and they naturally impact any neighboring country, especially if it has political, security, or economic ties to these axes.
So far, thank God, Iraq has succeeded in distancing itself from direct involvement in these conflicts. During the recent war between Israel and Iran, we did not witness any direct Iraqi involvement, although there were concerns, particularly regarding the movement of some armed factions. However, the Iraqi government controlled the situation and exerted clear pressure to control matters. This is an achievement we respect and welcome.
But the future depends on the Iraqi government's vision of Iraq's place on this map, and its strategy for dealing with neighboring countries like Iran and Syria, and with Western partners like Britain and the United States. So far, Iraqi policy appears balanced and seeks to maintain constructive relations with all parties, something we welcome and encourage.
Presenter's Question: Could Iraq choose one side over another? For example, might it turn more toward the West and abandon Iran?
I believe that talk of abandoning Iran is unrealistic. Iran is a neighboring country and has ties with Iraq on religious, cultural, popular, economic, and political levels. No one is asking Iraq to sever these ties, and it should not.
But what we're hearing, even from some Iraqi voices, is a call to reduce Iranian influence within state institutions, particularly in the political sphere. We see this move toward balance between East and West as a mature option that we welcome.
As I said, there is a Western commitment from Britain and the United States that helped Iraq liberate itself from dictatorship and opened the door to building political and economic partnerships. These partnerships have not yet reached their full potential, and there is ample scope for strengthening them.
We have also heard clear signals from Iraq's religious authority calling for a rebalancing of Iraq's international relations, a wise position we strongly support.
We want a stable, secure, free Iraq that is a mature partner in the international community. We want a partnership based on mutual respect, free from polarization and factionalism. We want an Iraq that can hold the middle ground without submitting to any external influence that would harm its interests.
A reading of "financial decisions" that widened the deficit and weakened Iraqi economic indicators.
Economic expert Manar al-Obaidi offers a critical assessment of a number of economic decisions that he believes have contributed to the decline of some of Iraq's key financial and economic indicators over the past few years, despite the significant oil revenues achieved, according to a post on his official Facebook page , followed by Baghdad Today.
Al-Obaidi cites the decision to devalue the dinar from 1,450 to 1,310 dinars per dollar as the most significant policy to have had a clear negative impact. He believes it exacerbated the fiscal deficit, despite Iraq achieving revenues of nearly $300 billion in 2022, 2023, and 2024 from the sale of more than 3.6 billion barrels of oil at an average price of $80 per barrel. He points out that this devaluation increased state expenditures by approximately 40 trillion dinars, burdening public finances, despite the justifications for the decision that it was in the interest of the citizen.
He also criticized the significant increase in current expenditures, which jumped from 104 trillion dinars at the end of 2022 to 125 trillion dinars in 2024, an increase of more than 20 trillion dinars. He also criticized the increase in the wage bill from 43 to 60 trillion dinars in just two years, which, he said, led to the transformation of previous budget surpluses into deficits in 2023 and 2024, with the deficit continuing in 2025.
Al-Obaidi pointed out that domestic debt rose from 69 trillion dinars at the end of 2022 to more than 85 trillion dinars by mid-2025, relying primarily on the liquidity available at public and private banks. This depleted banking resources, impacted economic activity, and raised the debt ratio to approximately 40% of GDP.
Despite these high levels of spending and borrowing, he explained that real GDP declined from 214 to 211 trillion dinars by the end of 2024, revealing the weak efficiency of public spending and the ineffectiveness of growth-stimulating policies.
Al-Obaidi criticized the continued weak contribution of vital sectors such as finance, insurance, services, agriculture, and livestock, despite population growth exceeding 2.6% annually, believing this reflects structural challenges in diversifying sources of growth.
He also noted that the Central Bank's reserves declined from 144 trillion dinars at the end of 2022 to 125 trillion dinars by mid-2025, reflecting the continued deficit in the balance of payments and the failure of structural reforms.
Al-Abidi highlighted that 2024 saw the highest value of remittances abroad, reaching more than $80 billion, compared to $35 billion in 2021. Despite a relative decline in 2025, remittances are expected to remain above $70 billion, indicating weak control over foreign trade.
In international indicators, Al-Obaidi pointed out that Iraq continues to lag behind in the World Bank's 2024 Ease of Doing Business Index, and ranks 113th out of 163 countries in the Sustainable Development Goals Report issued by the United Nations Sustainable Development Solutions Network. This reflects weak progress in education, the environment, health, and governance.
Al-Sudani's government has achieved some positive steps in service and infrastructure development. However, according to Al-Obaidi, it has made decisions with negative financial impacts that have contributed to the widening fiscal deficit and the decline of some economic indicators. He believes that addressing these challenges requires a comprehensive review of economic policies, striking a balance between monetary stability and sustainable real growth, and enhancing transparency and governance.
Joint cooperation between the Central Bank and Al-Hadbaa University
The Director General of the Central Bank of Iraq's Mosul branch, Dr. Hussein Lazem, received a delegation from AlHadbaa University headed by the Dean of the College of Administration and Economics, Dr. Musab Abdul Salam .Taha During the meeting, the two parties discussed training and development programmes that could be adopted within .the framework of exchanging expertise The two parties also agreed to explore joint cooperation to enable banking operations and promote the concept of .financial inclusion Central Bank of Iraq Media Office August 7, 2025
On Farmland And On Rooftops, Iraqis Turn To Solar As Power Grid Falters
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