Al-Sudani directs financial institutions to cooperate with Arab and foreign investors.
Prime Minister Mohammed Shia al-Sudani inaugurated the Arab Bank-Iraq today, Sunday, with the participation of Iraqi, Arab, and foreign capital. He emphasized that this step reflects growing confidence in the Iraqi economy and its attractive business environment for investment.
The video for this My FX Buddies Blogpost is below here:
Al-Sudani's office said in a statement: "Prime Minister Mohammed Shia al-Sudani attended the opening of the Arab Bank-Iraq today, Sunday, in which Iraqi, Arab, and foreign capital contributes."
He stressed that the opening of this bank, with the contribution of a select group of Arab and foreign investors, both individuals and institutions, represents a clear affirmation of confidence in the Iraqi economy, the work accomplished over the past period, and the attractive business environment for investment.
The Prime Minister explained that the presence of the Arab Bank of Iraq represents a strategic addition to the national banking sector and is a model for the modern, effective banking institutions we aspire to, capable of providing advanced services that contribute to financing sustainable development. He emphasized the need to stimulate the financing of diverse investment projects and opportunities, given the presence of a bold and capable Iraqi private sector that understands the intricacies of the investment environment.
Al-Sudani pointed out that it is important for the Arab Bank of Iraq to cooperate with national banking institutions, government agencies, the private sector, and Arab and foreign investors to leverage existing financial capabilities and banking expertise to support government programs and development projects.
Below are the highlights of the Prime Minister's speech during the opening ceremony:
We have prioritized reform and the transition from a single-source rentier economy to a diversified and sustainable economy, in which we invest our vast natural resources.
The advantages our country enjoys must come from reforming the financial and banking system in a country that has been financially and banking-free for four decades.
The government and the Central Bank incurred significant social and political costs due to the reform process.
We proceeded with determination and will, and we worked with intensive measures at the domestic level, and with a true partnership between the government, the Central Bank, government banks, and the private sector.
Today, we have reached a high level of reliability in our relations with international financial institutions.
The Arab Bank's presence in Iraq is important at a time when we are witnessing real development for the first time, as well as investment projects and opportunities across various sectors.
Not a week or a month goes by without a decision at the Ministerial Economic Council level, and the Council of Ministers is on a path of new reforms, procedures, policies, and legislation.
We need an integrated system of advanced banking services, including services directed at individuals.
We also need modern digital banking services that provide a convenient and secure experience to meet customers' evolving needs.
We direct government and private financial and banking institutions, in cooperation with Arab and foreign investors, to serve the interests of Iraq and contribute to building a strong, diversified, and sustainable economy.
Al-Sudani issues directives to financial and banking institutions
Prime Minister Mohammed Shia al-Sudani directed, on Sunday (October 26, 2025), government and private financial and banking institutions to enhance cooperation with Arab and foreign investors, in a manner that serves Iraq's interests and supports the building of a strong, diversified, and sustainable economy.
Al-Sudani's media office stated in a statement received by "Baghdad Today" that "this came during his attendance at the opening ceremony of the Arab Bank –Iraq, in which Iraqi, Arab and foreign capital contributes," stressing that "the opening of this bank represents an embodiment of investors' confidence in the Iraqi economy and the attractive business environment that has been established during the past period." Pointing out that the bank's presence represents a strategic addition to the national banking sector and a model for modern financial institutions capable of providing advanced services and financing sustainable development projects.
The Prime Minister explained that "the success of this project requires cooperation between Arab Bank–Iraq, national banks, government agencies, and the private sector, in order to employ financial capabilities and banking expertise to support the government's development programs and projects."
He stressed that "the government is continuing to reform the financial and banking system and transform from a single rentier economy to a diversified and sustainable economy that depends on investing in natural resources".
He explained that "these reforms were implemented despite their great social and political costs, and contributed to raising the level of reliability with international financial institutions and creating a safe and attractive financial environment for investment."
He added, "Iraq is witnessing a phase of real development and broad investment opportunities in various sectors, stressing the need for modern digital banking services that meet the needs of individuals and institutions and keep pace with global development in banking".
Al-Sudani concluded by stressing that integration between Iraqi financial institutions and Arab and foreign investors represents a fundamental step towards enhancing economic growth and consolidating financial stability in the country.
check this out! it's mostly about China but the first part basically says hey since we're doing business with China we need this system too
Expert: Iraqi banks are required to keep pace with cross-border payments
A banking expert confirmed that the recent development in international payment systems using the digital renminbi represents a strategic turning point in global trade, and opens new horizons for import, export and foreign loan settlements. Expert Faiq Al-Obaidi told (Al-Zaman) yesterday that (this development requires Iraqi banking administrations to quickly keep pace with the new system and provide intensive training on its working mechanisms, to ensure the banks' ability to deal efficiently with cross-border digital payments). Al-Obaidi explained that (the monetary authority is required to issue clear instructions and controls, and grant approvals to banks participating in the new system, especially since most Iraqi banks have taken the initiative to open accounts in Chinese currency Which prepares the financial infrastructure to benefit from this digital revolution).
The People's Bank of China announced that the digital renminbi (Chinese yuan) cross-border settlement system will be fully linked with the ten member states of the Association of Southeast Asian Nations and six countries in the Middle East.Observers believed yesterday that (38 percent of the volume of global trade will exceed the SWIFT system, which is dominated by the United States, and the system will enter directly into what they described as the digital renminbi moment).
For its part, The Economist magazine said yesterday that (this step constitutes a battle for the front bulwark of the Bretton Woods 2.0 system), adding that (blockchain-based technology is rewriting the basic code of the global economy, while increasing settlement speed and reducing costs in an unprecedented way), and explained that (the traditional SWIFT system suffers from a delay of 3 to 5 days in cross-border payments, While the Chinese digital bridge reduced the settlement time to only 7 seconds). In the first test between Hong Kong and Abu Dhabi, a company paid a supplier in the Middle East using the digital renminbi, and the money did not pass through six intermediary banks, but was received directly through a distributed ledger, reducing processing fees by 98 percent.In a two-country, two-park project between China and Indonesia, an industrial bank used digital renminbi to complete the first cross-border payment, and the process took just 8 seconds from order confirmation to funds arriving, 100 times faster than traditional methods.
This technical superiority prompted 23 central banks around the world to join the digital bridge test, with energy traders in the Middle East reducing settlement costs by 75 percent.
Experts confirmed yesterday that (this technical superiority made the traditional settlement system dominated by the dollar appear immediately backward, and that the technology not only allows immediate tracking, but also automatically applies anti-money laundering rules), and they pointed out that (China is gradually building its financial sovereignty), and they added (when the United States tried to impose sanctions on Iran through the SWIFT system, China had already established a closed loop of renminbi payments in Southeast Asia).
The volume of cross-border settlement in renminbi in ASEAN countries amounted to more than 5.8 trillion yuan in 2024, an increase of 120 percent compared to 2021, while ix countries, including Malaysia and Singapore, included the renminbi in their foreign currency reserves, and Thailand completed its first oil deal using the digital renminbi.
According to the circulated data, (the wave of eliminating the dominance of the dollar prompted the Bank for International Settlements to say that China is redefining the rules of the game in the era of digital currencies), and the data pointed out that (the digital renminbi is not just a payment tool, but rather carries the Chinese Belt and Road strategy), stressing that (in projects such as the China-Laos Railway and the Jakarta-Bandung Railway, the digital renminbi has been integrated with the navigation system), Emphasizing that (European car companies use the digital renminbi to settle shipping via the polar route, while China increases trade efficiency by 400 percent), and pointing out that (this strategy makes the dominance of the US dollar systematically threatened for the first time), the data stressed that (87 percent of the world's countries have completed adapting their systems to the digital renminbi, and the volume of cross-border payments has exceeded 1.$2 trillion, and China has built a digital payments network covering 200 countries, concluding that this silent financial revolution is not just monetary sovereignty, but determines who controls the lifeblood of the global economy in the future).
OCTOBER 25 2025 SAT
Iraq faces elections at a delicate moment in the Middle East
Polling shows that Iraqis are relatively positive about the country’s situation. But only one Iraqi prime minister has served more than one term since 2003.
link from the Boston Herald whaaaat??
Iraq is weeks away from parliamentary elections that will set the country’s course during one of the Middle East’s most delicate moments in years.
While the ceasefire in Gaza may have tamped down regional tensions, fears remain of another round of conflict between Israel and Iraq’s neighbor, Iran. Iraq managed to stay on the sidelines during the brief Israel-Iran war in June.
Meanwhile, Baghdad faces increasing pressure from Washington over the presence of Iran-linked armed groups in Iraq.
Iraqi Prime Minister Mohammed Shia al-Sudani came to power in 2022 with the backing of a group of pro-Iran parties but has since sought to balance Iraq’s relations with Tehran and Washington.
The Nov. 11 vote will determine whether he gets a second term — rare for Iraqi premiers in the past.
Who’s missing from the elections
A total of 7,768 candidates — 2,248 women and 5,520 men — are competing for 329 parliament seats.
The strongest political factions running include Shiite blocs led by former Prime Minister Nouri al-Maliki, cleric Ammar al-Hakim, and several linked to armed groups; competing Sunni factions led by former parliament speaker Mohammed al-Halbousi and current speaker Mahmoud al-Mashhadan i; and the two main Kurdish parties, the Kurdistan Democratic Party and the Patriotic Union of Kurdistan.
The contest is just as notable for who is absent.
The popular Sadrist Movement, led by influential Shiite cleric Muqtada al-Sadr, is boycotting. Al-Sadr’s bloc won the largest number of seats in the 2021 elections but later withdrew after failed negotiations over forming a government, and it continues to stay out of elections.
In the suburb known as Sadr City on Baghdad’s outskirts, a banner posted on one street read, “We are all boycotting upon orders from leader al-Sadr. No to America, no to Israel, no to corruption.”
The Victory Coalition, a smaller group led by former Prime Minister Haider al-Abadi, also announced a boycott, alleging corruption in the process.
Meanwhile, some reformist groups emerging from mass anti-government protests that began in October 2019 are participating but have been bogged down by internal divisions and lack of funding and political support.
Vote-buying and political violence
There have been widespread allegations of corruption and vote-buying. Political analyst Bassem al-Qazwini described these elections as “the most exploited since 2003 in terms of political money and state resources.”
A campaign official, who spoke on condition of anonymity because he was talking about alleged illegal conduct, asserted that almost all candidates, including major blocs, are distributing money and buying voter cards, with the price of a card going as high as 300,000 Iraqi dinars (around $200).
The Independent High Electoral Commission asserted its commitment to conducting a fair and transparent process, saying in a statement to The Associated Press that “strict measures have been taken to monitor campaign spending and curb vote-buying.”
It added that any candidate found guilty of violating laws or buying votes will be “immediately disqualified.”
Campaigning has been marred by political violence.
On Oct. 15, Baghdad Provincial Council member Safaa al-Mashhadani, a Sunni candidate in the al-Tarmiya district north of the capital, was killed by a car bomb. Two people were arrested on suspicion of the killing, the First Karkh Investigative Court said Thursday. It did not name the suspects but said the crime was believed to be “related to electoral competition.”
Aisha Ghazal Al-Masari, a member of parliament from the Sovereignty Alliance to which al-Mashhadani belonged, described the killing as “a cowardly crime reminiscent of the dark days of assassinations,” referring to the years of security vacuum after Iraq’s former autocratic leader, Saddam Hussein, was ousted in the 2003 U.S.-led invasion of Iraq.
The role of militias
Political parties linked to Iran-backed militias are leveraging their significant military and financial influence.
They include the Kataib Hezbollah militia, with its Harakat Huqouq (Rights Movement) bloc, and the Sadiqoun Bloc led by the leader of the Asaib Ahl al-Haq militia, Qais al-Khazali.
The Popular Mobilization Forces, a coalition of militias that formed to fight the Islamic State group, was formally placed under the control of the Iraqi military in 2016 but in practice still operates with significant autonomy.
Al-Sudani told journalists recently that armed factions that have transformed into political entities have the constitutional right to participate in elections.
“We cannot prevent any group from engaging in politics if they renounce arms. This is a step in the right direction,” he said.
However, several militias with affiliated political parties participating in the elections are still active and armed.
The U.S. State Department said in a statement that Secretary of State Marco Rubio spoke with al-Sudani on Monday and “highlighted the urgency in disarming Iran-backed militias that undermine Iraq’s sovereignty, threaten the lives and businesses of Americans and Iraqis, and pilfer Iraqi resources for Iran.”
Al-Sudani seeks another term
Al-Sudani has positioned himself as a pragmatist focused on improving public services. Polling shows that Iraqis are relatively positive about the country’s situation.
Al-Mustakella Research Group, affiliated with Gallup International Association, found that over the past two years, for the first time since 2004, more than half of Iraqis polled believed the country is heading in the right direction.
In the latest poll, in early 2025, 55% of Iraqis surveyed said they had confidence in the central government.
However, only one Iraqi prime minister, Maliki, has served more than one term since 2003.
Ihsan al-Shammari, professor of strategic and international studies at Baghdad University, said that the premiership “does not depend solely on election results but on political bloc agreements and regional and international understandings” to form a government.
He added that disagreements over control of state institutions that have arisen between al-Sudani and some leaders in the Shiite Coordination Framework bloc that brought him to power “may hinder his chances of a second term.”
Some Iraqis said they don’t have high hopes for the country, no matter what the election outcome.
Baghdad resident Saif Ali said he does not plan to vote, pointing to lagging public services.
“What happened with regards to electricity from 2003 until now? Nothing,” he said, referring to regular power cuts. ”What happened with water? Drought has reached Baghdad. These are the basic services, and they are not available, so what is the point of elections?”
US envoy: Iraq is improving day by day and there are no limits to its capabilities
US President Mark Savaya's envoy sent a message to Iraq.
"I want to make Iraq great again," Savaya told the Chaldean Press.
He pointed out that he would like to "achieve peace and stability in the country by building strong bridges with the United States", explaining that "Iraq is improving day by day, without limits to its capabilities".
Masrour Barzani: Article 140 of the Constitution must be implemented as it is after the elections
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, confirmed that the Kurdistan Democratic Party is preparing to implement several goals following the parliamentary elections scheduled in Iraq, noting work to implement Article 140 of the Constitution.
Masrour Barzani said in a speech during his participation in an election carnival dedicated by the Kurdistan Democratic Party to candidates from the Kirkuk and Garmian regions, today, Saturday, October 25, 2025, that "Article 140 of the Constitution must be implemented as it is, and the constitutional provisions and articles must be applied as they are," adding: "We will no longer accept injustice." This time we will go to Baghdad to fight for our constitutional rights.
Masrour Barzani stated that "Kirkuk is the heart of Kurdistan", and "we are ready to sacrifice our blood and souls to return them to the embrace of Kurdistan", noting that "the people of Kirkuk must know that the one who sacrificed himself for Kirkuk throughout history is the Kurdistan Democratic Party".
The Prime Minister of the Kurdistan Regional Government and Vice President of the Kurdistan Democratic Party continued, "The injustice practiced against the Kurdistan Region is also practiced against Kirkuk, because Kirkuk is part of Kurdistan", stressing: "Kirkuk must return, and Khanaqin must return, as well as Makhmouz Zammar and Sinjar" to the embrace of Kurdistan.
Masrour Barzani recalled the statement of the President of the Kurdistan Region, Nechirvan Barzani, that "the party will win a million votes in these elections", saying: "We are able to obtain a million votes, and we are able to regain Kirkuk and win as the largest political party in Iraq".
The Prime Minister of the Kurdistan Regional Government touched on the situation in Kirkuk, and the level of services and life there, stressing that "if Kirkuk is run by the Parti, it will become a model of peaceful coexistence on the global level", and "whoever is loyal to Kirkuk must be characterized by actions and not just carrying slogans." He called on the people of the governorate to go to the polls and vote for his party, which bears the symbol 275, in the upcoming elections.
Masrour Barzani stressed that Iraq's stability and development are reflected in Kurdistan, saying: "If security and stability are available in Iraq and its people are able to live in prosperity, Kurdistan will certainly achieve greater progress," stressing that "we will not allow Iraq to return to centralization and dictatorship," and "we must head to Baghdad to stand up to the plans being hatched against the Kurdistan Region."
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Al-Karawi: WTO membership will grant Iraq broad economic and trade privileges.
The Director General of the General Company for Grain Trade at the Ministry of Trade, Haider Nouri Al-Karawi, confirmed on Sunday that Iraq has completed the vast majority of its World Trade Organization accession files and is close to completing the remaining files after nearly twenty years of efforts. He pointed out that membership will grant the country extensive economic and trade privileges, contribute to reducing customs duties, and attract international companies to invest in the Iraqi market.
Al-Karawi told Al-Iraqiya News, as reported by the Iraqi News Agency (INA), that “the process of joining the World Trade Organization requires a long period of time, and Iraq began working on this file in 2003 under the direct supervision of the Department of Foreign Economic Relations and the Minister of Trade.”
He added, "Iraq has completed the vast majority of the required files and is currently completing the final stages in preparation for formal membership in the organization," noting that "some countries have taken more than twenty years to complete this process, so the period of time required by Iraq is no exception."
Al-Karawi explained that "Iraq's accession to the organization will grant it significant economic and trade privileges, most notably the protection of the rights of domestic and imported products, and the provision of joint mechanisms to facilitate trade, tax, and customs exchange with member states, which will positively impact the reduction of customs duties and the facilitation of import and export operations."
He pointed out that "membership will help attract international companies by ensuring the protection of their products from counterfeiting and encouraging them to invest in the Iraqi market. It will also have a positive impact on lowering prices for consumers by strengthening legitimate competition and regulating markets."
Al-Karawi explained that "Iraq is committed to implementing more than fifteen technical and legislative files as part of the accession requirements, including the file on product protection and global trademarks, which ensures that no party will imitate or market products similar to those of international companies."
He added, "Completing these commitments gives foreign companies confidence in entering the Iraqi market."
Iran Declares Major Private Bank Bankrupt Amid Deepening Financial Strain
The collapse of Ayandeh Bank exposes deep cracks in Iran’s financial system, with experts warning more failures could follow amid sanctions and weak oversight.
Iran has declared on Saturday one of its largest private banks, Ayandeh Bank, bankrupt, with its assets absorbed by the state-owned Melli Bank, marking one of the most dramatic collapses in the country’s modern banking history. The move comes as Tehran grapples with renewed international sanctions and mounting economic instability.
Founded in 2012, Ayandeh Bank once operated 270 branches nationwide—150 of them in Tehran—but had recently been crippled by mounting debt.
According to Iran’s ISNA news agency, the bank’s accumulated losses had reached the equivalent of $5.2 billion, with debts of roughly $2.9 billion.
On Saturday, long lines of anxious depositors formed outside the bank’s shuttered branches in Tehran, with police deployed to maintain order.
State television quoted Melli Bank director Abolfazl Najarzadeh confirming that “the transfer from Ayandeh Bank to Melli Bank is now complete,” assuring customers their deposits would be protected.
Iranian Economy Minister Ali Madanizadeh attempted to calm public fears on Thursday, saying customers “had nothing to worry about.” However, Central Bank officials blamed “bad debts” and risky self-financing projects for the collapse.
Central Bank representative Hamidreza Ghaniabadi told the IRNA news agency that over 90 percent of Ayandeh Bank’s funds were lent to affiliated entities or bank-managed projects that failed to generate returns.
Among its most extravagant ventures was the Iran Mall—one of the world’s largest shopping centers—complete with cinemas, luxury stores, and an ice rink.
The failure of Ayandeh Bank underscores the fragility of Iran’s financial system, heavily burdened by mismanagement, corruption, and years of sanctions that have isolated the country from international markets.
Several other private and semi-state banks—including Sarmayeh, Day, Sepah, Iran Zamin, and Melal—are reportedly facing severe liquidity challenges.
The crisis unfolds against the backdrop of renewed United Nations sanctions, reimposed in September after months of fruitless diplomacy aimed at reviving the 2015 nuclear agreement.
Those sanctions—referred to as a “snapback” mechanism—were reinstated following Israeli and U.S. strikes on Iranian nuclear sites in June, further tightening the economic noose around Tehran.
Economists say the banking sector’s instability reflects broader structural weaknesses in Iran’s economy, where inflation exceeds 40 percent and the national currency continues to plummet against the US dollar.
Observers from the industry warn that more bank failures could follow unless authorities enforce stricter financial oversight and attract foreign investment—both unlikely amid current geopolitical tensions.
Washington analyst: Savaya will head to Iraq for "containment," carrying the carrot, not the stick.
In a new episode of "Akher Al Sharq," hosted by Rania Nasser on Dijlah TV, guests discussed the implications of US President Donald Trump's appointment as special envoy to Iraq and the implications of the move for the international conflict in the region.
Washington-based political and strategic affairs researcher Fatima Ghazali described the appointment of envoy Mark Savaya as a "containment" move aimed at maintaining the balance in Baghdad and preventing the expansion of Iranian and Chinese influence in the Iraqi economy. She emphasized that the economic issue will be Trump's gateway into Iraq, and that the US administration "will deal with the factions with a carrot, not a stick," as she put it.
Jumaa al-Atwani, head of the Afak Center for Studies and Political Analysis, considered the US envoy's statements "acceptable," noting that "Iraq is not in a state of hostility with Washington, that the majority of armed factions have engaged in the political process, and that the justification for the presence of weapons will end with the withdrawal of US forces in 2026." He emphasized that "Iraq is witnessing wisdom and commitment today that distinguishes its behavior from that of Hezbollah's weapons in Lebanon."
For his part, Lebanese political analyst and editor-in-chief of the Janoubia website, Ali Al-Amin, considered that “the US envoy’s talk about Syria was characterized by optimism, while his approach to Lebanon seemed filled with disappointment.” He described the US paper presented to Beirut as “an idealistic paper in a defeated reality.” He criticized what he described as the logic of “emotions and bravado,” saying that “Israel is capable of occupying Lebanon without Iran or the Iraqi factions taking action.”
Al-Amin considered that "the Iranian model for liberating Jerusalem has failed," while Al-Atwani ruled out any Iraqi move toward normalization, stressing that "even Washington is not considering raising this issue in Baghdad at the present time."
New US envoy to Iraq receives congratulations from Assyrian Church of the East
The Assyrian Church of the East (Archdiocese of the Eastern United States) congratulated US Special Envoy to Iraq Mark Savaya on his new position. In a statement, the Church said, “We are confident that President Donald Trump made an excellent decision to entrust this diplomatic mission to an Iraqi-born man.” The statement added, “Your dedication and leadership will undoubtedly serve the interests of stability and mutual understanding between Iraq and the United States.” Savaya wished him success in his new mission. Savaya responded to the church and thanked it via the story feature on his Instagram account.
The government announces sending an amendment to the income tax law to the House of Representatives
Advisor to the Prime Minister, Abdul Hussein Al-Anbaki, announced that the amendment to the income tax law had been sent to the House of Representatives.
Al-Anbaki said in an interview with Al-Samia newspaper, Sunday, October 26, 2025, that “the amendment to the income tax law was completed in cooperation with the German Foundation for International Cooperation GIZ and sent to the State Council, which in turn returned it due to some observations that were later amended, and submitted it to the House of Representatives.
Al-Anbaki said, "The law will be friendly to the business environment, achieving social and tax justice, while taking into consideration many areas related to new projects related to the environment and the green economy."
According to Al-Anbaki, "The law will increase tax revenues because it includes new segments, categories, and professions that did not exist previously".
For his part, Member of Parliament, Asaad Al-Bazouni, stressed the importance of amending the tax law "because of its importance in increasing revenues to support the state budget".
Al-Bazouni told the newspaper that “the law must take into account the class differences that exist in the country at the present time, as the tax should not be high on ordinary citizens or importers of personal cars, with the exception of major merchants, factory owners and investments”, explaining that "the tax situation must be monitored, where this money goes, how it is used, and all processes related to collecting it must be automated."
Funding for Kurdistan Region employees' salaries arrives for August
The Ministry of Finance of the Kurdistan Regional Government announced, on Sunday, October 26, 2025, that funding for the salaries of employees and retirees of the Kurdistan Region had arrived last August.
The Ministry of Finance of the Kurdistan Regional Government indicated in a statement that ”today, an amount of 945 billion and 817 million dinars was deposited, at the expense of the Ministry of Finance and Economy of the Kurdistan Region, in the Erbil branch of the Central Bank of Iraq, to finance the salaries of the month of August for employees and salary recipients in the Kurdistan Region”.
Al-Sudani launches an initiative to transform investment into a driver for youth employment and reducing unemployment.
Prime Minister Mohammed Shia al-Sudani chaired an expanded meeting on Sunday to discuss activating and strengthening the investment system as a tool for developing the national economy and employing the Iraqi workforce. The meeting focused on establishing clear mechanisms for youth employment and training, linking investment projects with national initiatives to ensure sustainable job opportunities and increase the participation of national competencies in the labor market.
Al-Sudani's office said in a statement:
Prime Minister Mohammed Shia al-Sudani chairs a meeting on activating the investment system, promoting development, and employing the workforce.
Prime Minister Mohammed Shia Al-Sudani chaired an expanded meeting today, Sunday, devoted to discussing mechanisms for activating Investment Law No. (2 of 2009), and employing it to enhance development and employ the national workforce, in the presence of the Chairman of the National Investment Commission, representatives of the relevant authorities in ministries and agencies, and the Iraqi Private Banks Association.
During the meeting, Mr. Al-Sudani affirmed that the government is proceeding with the implementation of a clear vision aimed at regulating the labor market, expanding the umbrella of social protection, enhancing confidence in the national economy, and transforming investment into an effective engine for employing and qualifying young people and ensuring their rights. This will contribute to reducing unemployment rates and creating real and sustainable job opportunities within investment projects through an integrated partnership between the government, the private sector, and supporting international institutions.
During the meeting, a number of executive outcomes were approved, most notably:
Launching the National Investment and Employment Initiative under the patronage of the Prime Minister, to serve as a comprehensive framework for all efforts aimed at enhancing national employment within investment projects and contributing to reducing unemployment rates.
- Forming a higher committee headed by the Prime Minister's Office and including relevant authorities to monitor the implementation of the Investment Law's provisions and monitor national employment rates, ensuring significant youth employment across various investment sectors. It also requires investors to implement clear mechanisms to enhance the participation of national talent in the labor market.
- Adopting a unified electronic platform linking the National Investment Commission, the Ministries of Labor and Social Affairs and Health, and the Central Bank of Iraq, to document the data of workers in investment projects and link them to social and health insurance.
Expanding the scope of salary localization for all private sector employees within the national banking system, under the supervision of the Central Bank and the Association of Private Banks.
- Granting incentives and privileges to projects committed to employing Iraqis and localizing their salaries, and awarding them the "Socially Responsible National Project" certificate under the patronage of the Prime Minister. In addition, incentives will be granted to workers in the private sector, similar to those in the government sector, in a manner that enhances job equity and encourages integration into the national labor market.
Launching a national vocational and technical training program, in cooperation with the National Investment Commission and the Ministries of Labor and Social Affairs and Higher Education and Scientific Research, with support from international institutions, aims to qualify Iraqi cadres according to the latest international specifications and standards, ensuring their ability to enter the labor market with high efficiency and meeting the needs of investment projects for specialized national skills.
The Governor of the Central Bank of Iraq meets with the Director of GIZ in Iraq.
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received in Baghdad the Country Director of the German Agency for International Cooperation (GIZ) in Iraq, Mr. Axel Klaphak.
The meeting discussed the Agency's projects in the fields of finance, entrepreneurship, skills development, and financial infrastructure.
His Excellency the Governor began by speaking about the "Strengthening Public Finance and Financial Markets (FFM)" projects. Mr. Tobias Langa, Project Manager, and Mr. Hussein Al-Maamouri, FFM Project Advisor, provided a comprehensive explanation on how to increase financing and borrowing for small and medium-sized entrepreneurial projects and facilitate procedures.
Mr. Klaphak, GIZ Executive Director, expressed his deep gratitude to His Excellency the Governor of the Central Bank for his fundamental and effective role in supporting small and medium-sized enterprises in Iraq by providing financing and facilitating procedures.Central Bank of Iraq
Media Office
The government decides to expand the scope of salary localization for all private sector employees
The government decided, on Sunday, to expand the scope of salary localization for all private sector employees within the national banking system.
A statement issued by the Prime Minister's Office, received by Al-Rabia, stated that "Prime Minister Mohammed Shia al-Sudani chaired an expanded meeting devoted to discussing mechanisms for activating Investment Law No. 2 of 2009 and its use in promoting development and employment of the national workforce. The meeting was attended by the Chairman of the National Investment Commission, representatives of relevant ministries and agencies, and the Iraqi Private Banks Association."
During the meeting, al-Sudani emphasized that the government is proceeding with implementing a clear vision aimed at regulating the labor market, expanding the umbrella of social protection, enhancing confidence in the national economy, and transforming investment into an effective engine for employing and rehabilitating youth and ensuring their rights. This will contribute to reducing unemployment rates and creating real and sustainable job opportunities within investment projects through an integrated partnership between the government, the private sector, and supporting international institutions.
During the meeting, several executive outcomes were approved, most notably:
- Launching the National Investment and Employment Initiative, under the patronage of the Prime Minister, to serve as a comprehensive framework for all efforts aimed at promoting national employment within investment projects and contributing to reducing unemployment rates.
- Forming a higher committee, chaired by the Prime Minister's Office and including relevant authorities, to monitor the implementation of the Investment Law and monitor national employment rates. This will ensure significant youth employment across various investment sectors and oblige investors to adhere to clear mechanisms to enhance the participation of national talent in the labor market.
- Adopting a unified electronic platform linking the National Investment Commission, the Ministries of Labor and Social Affairs and Health, and the Central Bank of Iraq, to document the data of workers in investment projects and link them to social and health insurance.
- Expanding the scope of salary localization for all private sector workers within the national banking system, under the supervision of the Central Bank and the Association of Private Banks.
- Granting incentives and privileges to projects committed to employing Iraqis and localizing their salaries. These projects will be awarded the "Socially Responsible National Project" certificate under the patronage of the Prime Minister. In addition, incentives will be granted to private sector workers, similar to those in the government sector, to promote job equity and encourage integration into the national labor market.
- Launching a national vocational and technical training program, in cooperation with the National Investment Commission and the Ministries of Labor and Social Affairs and Higher Education and Scientific Research, with support from international institutions, with the aim of qualifying Iraqi cadres according to the latest international specifications and standards. This will ensure they are able to enter the labor market with high efficiency and meet the needs of investment projects for specialized national skills.
Rafidain Bank: Partnership with the Central Bank and the Payments Council is a Successful Model for Managing Financial Transformation
Rafidain Bank announced on Sunday that its partnership with the Central Bank and the Payments Council represents a successful model for managing financial transformation, while indicating its commitment to moving towards an integrated digital financial system.
The bank stated in a statement received by Al-Rabia News Agency: "The bank's Director General, Ali Karim Hussein Al-Fatlawi, participated in the regular meeting of the Iraqi National Payments Council, which was held at the headquarters of the Central Bank of Iraq, headed by the Governor of the Central Bank, Ali Mohsen Al-Allaq, and attended by representatives of ministries, government institutions, and the financial and banking sectors."
According to the statement, Al-Fatlawi said, "The bank is proceeding with confident strides in its strategic partnership with the Central Bank and the National Payments Council to develop the digital payments infrastructure and consolidate the transition towards a national economy based on financial inclusion and technological innovation."
He emphasized that "the bank is working to strengthen its role as a key driver of the digital transformation of the Iraqi banking sector by investing in modern financial technologies and expanding the electronic payment services network, in line with the national vision led by the Central Bank and the Payments Council to build a more efficient and transparent financial system." He explained that "the bank attaches great importance to developing the technological infrastructure of its banking systems, enhancing cybersecurity and data protection, and spreading the culture of financial awareness among citizens, especially youth and students, as they are the targeted generation for the transition to digital banking services."
He pointed out that "the close partnership between the Central Bank, the Payments Council, and Rafidain Bank represents a successful model of institutional integration in managing financial and digital transformation in Iraq," stressing that "the bank will continue to play its leading role in empowering the national banking sector and expanding the base of financial inclusion, thus enhancing economic stability and serving sustainable development."
The Governor of the Central Bank receives the CEO of Al Baraka Bank Bahrain.
His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received in Baghdad the General Manager and Chief Executive Officer of Al Baraka Bank Bahrain, Dr. Adel Salem, and his accompanying delegation.
His Excellency discussed the recent reforms in the Iraqi banking sector and their impact on enhancing confidence in the banking environment and financial transactions. Mr. Salem also discussed the opportunities available for expansion in the Iraqi market and ways to enhance joint banking cooperation with Gulf banks, with the possibility of opening doors to cooperation with the bank through training and qualification for Iraqi bank employees to gain successful experiences from both parties.Central Bank of Iraq
Media Office
The Governor of the Central Bank of Iraq chairs the regular meeting of the Iraqi National Payments Council.
His Excellency the Governor of the Central Bank of Iraq (CBI) and Chairman of the Iraqi Payments Council, Mr. Ali Mohsen Al-Alaq, chaired the regular meeting of the National Payments Council of Iraq.
The meeting was held at the CBI headquarters and was attended by Council members comprising CBI officials, representatives of ministries and government agencies, and the private sector, in addition to representatives of financial and banking institutions, such as public and private banks and electronic payment service providers.
Several important topics were discussed during the meeting, most notably the CBI's initiatives to develop the technical, legislative, and regulatory infrastructure for payment systems and financial technologies. Discussions focused on ways to expand the adoption of electronic payment tools and channels in ministries, government institutions, and the private sector, in line with the government's strategic vision in this regard.
Council members emphasized the importance of supporting efforts aimed at spreading financial and banking awareness and culture among all segments of society, as well as the importance of protecting society from cyber risks and raising awareness of the risks of financial and digital fraud.
The Chairman and members of the Council discussed the level of development of the digital infrastructure and financial services provided by government banks, as they are among the fundamental pillars of digital transformation and the development of financial services.
The recommendations focused on expanding the use of payment and financial technology technologies in the education sectors, ways to support students and youth, and supporting financial and banking awareness initiatives directed at them.
It is worth noting that the Iraqi Payments Council aims to coordinate efforts and achieve cooperation in the areas of national payments and electronic payments between legislative and regulatory authorities, executive institutions in the public and private sectors, and institutions in the financial and banking sectors.Central Bank of Iraq
Media Office
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