Iraqi banks between the "dollar transfers complex" and the "dream of a regional financial center": A new vision for the changing Middle East economy
In a region experiencing major transformations, from economic corridor projects to reconstruction plans, from geopolitical shifts to the so-called "New Middle East" plans, Iraq finds itself facing both a historic opportunity and fateful challenges. A bold banking and economic vision is needed here, seeking to transform Iraqi banks from marginal players to key players in economic decision-making and building an attractive investment environment.
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A rapidly changing Middle East
. Economic expert Saif al-Halfi told Iraq Observer that the Middle East is currently undergoing profound transformations, including mega-projects and new economic corridors. Baghdad stands at a historic gateway that requires a fundamental shift in the way the financial sector is managed. What is required is not just an injection of capital or the introduction of modern payment systems, but rather the establishment of an integrated legal and institutional vision that protects financing and opens the way for development initiatives. Only then can Iraq capitalize on its strategic geographic location, the Faw Port, the Development Road project, and its oil, gas, and human resources to become a financial and commercial hub at the heart of the region.
The first challenge: Capital and institutional reform.
The first step Al-Halfi refers to is raising the capital of Iraqi banks and strengthening their resilience to risks. This is a plan the government has implemented in cooperation with the Central Bank and with the assistance of the global consulting firm Oliver Wyman. The decision was made to raise the capital of banks to 400 billion dinars. Although this decision appears to be an accounting measure, it lays a new foundation for building a stronger banking sector that is more integrated with the regional and international economies.
He adds that institutional reform, the dismantling of large shareholdings, and the introduction of automation and modern systems are not sufficient on their own, but they are an indispensable condition for transitioning from the stage of survival to the stage of competition and expansion.
The Second Challenge: From Dollar Captivity to Diversified Financing
Al-Halfi acknowledges that banking activity in Iraq still relies almost entirely on foreign remittances in dollars. This reality makes banks more like large exchange houses than true financial institutions. International experience confirms that banks only flourish when they transform into "real financiers" of the national economy through lending and adopting diverse strategies.
The economic expert suggests that expansion should be based on five main paths: "The first is personal and housing loans to meet citizens' needs. The second is financing small and medium-sized enterprises, as they are the largest engine of employment and growth. This is in addition to loans to large companies, especially those listed on the Iraq Stock Exchange or seeking to be listed. Syndicated loans to finance oil, electricity, refinery, and residential projects, provided the Central Bank is flexible in granting licenses. Fifth, financing international trade, including letters of credit and participation in foreign projects such as oil refining in more active markets." These mechanisms, if implemented boldly, will open the door to a qualitative transformation in the Iraqi economy, away from the "dollar complex."
Challenge 3: The Electronic Payment Revolution
In parallel with financing and lending, electronic payment is emerging as a fundamental pillar of the new financial world. Al-Halfi believes that Iraqi banks must accelerate the provision of modern and diverse banking products, such as credit cards, debit cards, prepaid cards, charge cards, and even secured credit cards. Diversifying these products will not only contribute to enhancing financial inclusion and reducing reliance on cash, but will also enhance the financial system's ability to combat money laundering and boost investor and customer confidence alike.
What is required of the Iraqi government
, however, is that banks alone cannot fight this battle. What is required, according to the economic expert, is to expedite the enactment of modern laws to protect loans and electronic transactions, in addition to establishing specialized banking courts to quickly resolve disputes, and establishing an expedited judiciary to ensure the stability of transactions.
He stresses the importance of establishing a credit guarantee scheme for small and medium-sized loans, in which the state participates in guaranteeing loans to reduce financing risks, thus encouraging banks to lend instead of relying on external transfers.
The historic opportunity
presents a mix of challenges and opportunities. On the one hand, Iraqi banks face the accumulation of overreliance on the dollar, weak capital, and delayed legislation. On the other hand, Iraq possesses a unique geographical location and massive strategic projects, as well as natural and human resources that could transform it into a regional financial center if exploited wisely.
Al-Halfi poses a pivotal question: Will Iraqi banks remain captive to remittances, or will they transform into genuine financial institutions that contribute to building a diversified and robust economy?
The answer, it seems, cannot be delayed. Today's Middle East does not wait for the hesitant, and if Iraq does not race against time to reform its banking sector, it may find itself excluded from the map of the new Middle East.
Jamil Abubakr: The establishment of the National Bank is in the final stages
The Director General of the Specialized Banks of the Kurdistan Region (acting) presented the reforms of the Kurdistan Regional Government in the banking sector and pointed out that the decision to forgive part of the housing loan is a major achievement of the ninth cabinet.
Jamil Abubakr, Director General of Specialized Banks in the Kurdistan Region (acting), said Tuesday, September 30, 2025: The decision to forgive housing loans is a great achievement of the Kurdistan Regional Government and a very good facility for citizens.
He also revealed that before the decision was issued, the total amount of debts on citizens was more than four trillion dinars, but now only about two trillion dinars remain, citizens can benefit from this decision until December 31 this year.
Regarding the strategic project 'My Account', the Director General of the Specialized Banks of the Kurdistan Region (acting), said: "The project is in the interest of citizens
"We have been working on a project to establish the Kurdistan National Bank for more than a year, which will act as the central bank of the Kurdistan Region and represent all banks," he said.
According to him, this bank will enable the Kurdistan Region to be officially recognized abroad and have direct relations with international banks.
"There are more than 90 commercial banks and 29 specialist banks in the Kurdistan Region, and there are plans to reduce their number," he said.
Central Bank: Comprehensive policies to support small and medium-sized enterprises
The Central Bank announced comprehensive policies to support small and medium-sized enterprises (SMEs) on Wednesday, noting that the One Trillion Initiative provided loans to emerging projects with flexible repayment periods.
The bank's director of financial inclusion, Hussein Abdul Amir, told the Iraqi News Agency (INA): "The vital sector requires comprehensive enablers based on a set of policies, including financing, empowering entrepreneurs, developing financial infrastructure, and strategic partnerships." He explained that "these factors represent a consistent approach for the Central Bank's work to enable access to small and medium enterprises."
He added, "Through its ongoing projects, the Central Bank is working to enhance projects' access to the financial sector and develop their bank accounts, enabling them to obtain the necessary financing for their operations. It is also exploring ways to develop the financial sector."
He continued, "Digital financial inclusion is a key factor in supporting these projects through the development of digital applications and e-wallets that provide financial services beyond the traditional banking sector procedures. It also plays a fundamental role in enhancing financial awareness and knowledge among entrepreneurs about how to access appropriate funding sources and select them objectively based on the project's capabilities and financial plans."
He pointed out that "the Central Bank supports these aspects through its financing initiatives, most notably the One Trillion Initiative, which it launched, providing loans to emerging projects with low-instalment financing and flexible repayment periods."
Under the TIR system, the Ministry of Transport announces new land routes between Iraq and the Gulf states.
The Iraqi Ministry of Transport announced the launch of new land routes to transport food, industrial products, equipment, machinery, and raw materials across Iraq to the Arab Gulf states, under the International Land Transport System (TIR).
The Ministry's media office director, Maitham Al-Safi, said in a statement to the Official Gazette on Wednesday, October 1, 2025, that "the resumption of Turkish truck transit through Iraqi territory to the Gulf states represents a strategic step to strengthen Iraq's position as a major trade corridor linking the Middle East to the region's markets."
He added that "reactivating the land corridor extending from Turkey, through Iraq, Jordan, and Saudi Arabia, all the way to Kuwait, will enable goods to reach several markets, such as Qatar and the United Arab Emirates, more efficiently and safely." He noted that "this step complements the recent progress achieved in transportation between Iraq and Kuwait, and works to strengthen Iraq's position as a hub for regional trade, reduce transportation costs, and increase the smooth flow of goods."
Al-Sudani: I seek to form the next government
Prime Minister Mohammed Shia al-Sudani affirmed on Wednesday his efforts to form the next government.
Al-Sudani said: "Our alliance, the Reconstruction and Development Coalition, enjoys clear popular acceptance that qualifies us to win the largest number of seats in the upcoming parliamentary elections. This confidence stems from what has been accomplished during the lifetime of this government during this short period of time, during which we were able, praise be to God, to restore some of the lost trust between the people, the political process, the political class, the government and its institutions."
He added, "This government has touched upon the most important aspirations and concerns of Iraqi citizens. Today, the Reconstruction and Development Coalition is a national and broad coalition that includes all spectrums and components of the people, and it has a clear vision, a project and an achievement that qualifies it to confidently demand the continuation of this project. I do not hide the fact that I am seeking to form the next government in order to continue implementing this project, which the people have begun to feel in all fields and at various levels."
He continued, "These elections are certainly an important step in strengthening and consolidating the democratic system. This is the seventh time, and this confirms the strengthening of the success of the democratic process in Iraq. These elections come at a constitutional time, meaning they were not brought about by pressure from any internal or external factor."
He explained, "Winning the elections certainly requires dialogue and consensus with the rest of the political forces, so that we can form a broad coalition that will form a government that can carry out its duties in light of the challenges facing the country on various levels. We are optimistic about these elections, given the vision, program, project, and national figures we offer, who are capable of gaining the public's trust in this important parliamentary entitlement."
Al-Sudani discusses bilateral relations and developments in the region with the UAE President.
Prime Minister Mohammed Shia Al-Sudani discussed with the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, bilateral relations and developments in the region.
A statement by his media office said: "Prime Minister Mohammed Shia Al-Sudani met, today, Wednesday, in Abu Dhabi, with the President of the United Arab Emirates, Sheikh Mohammed bin Zayed Al Nahyan, where they discussed the overall bilateral relations and their development in various areas of common interests and concerns."
The meeting, according to the statement, dealt with developing joint cooperation, especially in the sectors of trade, energy and transportation, including enhancing cooperation regarding the strategic development road within the framework of the quadripartite agreement on the road and its annexes, in addition to reviewing the situation in the region, ways to work to support stability, prevent the expansion of the conflict and all causes of escalation. The
Prime Minister stressed Iraq's keenness to establish the best relations with the sisterly United Arab Emirates, within the government's direction of openness to all forms of partnerships with sisterly and friendly countries.
For his part, the President of the United Arab Emirates expressed his appreciation for the efforts of the Iraqi government in development and reconstruction plans, its efforts to establish stability in the region, and its support and strengthening of regional and international security factors.
$6.1B boost: Iraq signs 64 partnership contracts for industry
raq’s Industrial Week kicked off Wednesday at Baghdad International Fair, bringing together local and foreign companies from both the public and private sectors.
At the opening ceremony, Industry and Minerals Minister Khaled Battal highlighted that the government has completed more than 86% of its industrial program, and laid the groundwork for 27 new factories.
He also pointed out that the ministry signed 64 partnership contracts worth 9 trillion dinars ($6.1 billion) with local and foreign investors in strategic industries, including fertilizers, phosphates, iron, and steel. Talks are ongoing for an additional 33 contracts.
Noting that the week-long fair will continue through October 7, Battal described it as an economic and social platform that connects industrialists with policymakers, ''helping obstacles removal to industrial projects.”
“Key challenges facing national industry include shortages of electricity and gas, border crossing issues, and aging factories,” the minister underlined, adding that Iraq has achieved self-sufficiency in cement, producing over 37 million tons in 2024.
Production has also increased for chlorine used in water treatment, electrical transformers, and other industrial goods.
Meanwhile, the General Company for Iron and Steel displayed its products at the fair. Marketing Director Mohammad Subih emphasized that Iraqi rebar production matches European standards, highlighting that the ISO-certified plant produces up to 600,000 tons annually, with plans to export to neighboring countries.
The government remains silent
The dinar, the dollar, and markets are in turmoil. The dark cloud of sanctions on Iran looms over Iraq.
With the "trigger mechanism" officially in place, Iran entered a new phase of international isolation, and with it, Iraq returned to the heart of a complex equation combining economics, politics, and security. This mechanism, stipulated in the 2015 nuclear agreement, automatically reactivated six binding Security Council resolutions issued between 2006 and 2010, transforming unilateral US sanctions into UN sanctions binding on 193 countries. With this development, the issue is no longer merely a legal debate or a political bargaining chip; rather, it is a new reality that forces Baghdad to reconsider its relationship with its eastern ally and the legitimacy of the international system.
Economic expert Ahmed Abdul Rabbo explained to Baghdad Today that "activating sanctions on Iran will have direct repercussions on the Iraqi economy, particularly in the energy sector and inter-regional trade, given Iraq's heavy reliance on Iranian gas and electricity." He added that this measure "will lead to additional pressure on the local market and higher prices, in addition to increasing demand for the dollar and its impact on the stability of the dinar."
Cross-cutting political-economic assessments indicate that this comment underscores the fragility of the Iraqi economy, as any disruption to gas or electricity flows from Iran translates immediately into disruption in local markets. Research data indicates that Iraq has already lost thousands of megawatts of electricity production in the past when Iran reduced gas exports due to financial arrears, leaving Baghdad in a position of near-hostage to regional developments.
According to a report by the Tehran Chamber of Commerce, reimposing sanctions in this form does not mean restoring some minor restrictions, but rather a complete restructuring of the legal and economic pressure system. Iranian expert Mohammad Khabri Zadeh told Baghdad Today that "activating the trigger mechanism will once again impact the economic climate and financial markets in Iran, with two possible scenarios: one pessimistic and the other balanced." He explained that the pessimistic scenario is based on a decline in oil exports, surges in the dollar and gold, and uncontrolled inflation, while the balanced scenario assumes that most of the major sanctions are already in place, but the cost will increase due to the new legal effect. In-depth legal analyses confirm that these developments will force Tehran to strengthen its "resistance economy" policies and implement austerity measures to contain the repercussions.
Economic expert Ziad al-Hashemi wrote that "the fundamental difference in activating the trigger mechanism is that it transforms unilateral US sanctions on Iran into UN sanctions binding on all UN member states." He explained that this step will increase pressure on countries like China and Russia, which previously dealt with Tehran only partially. According to institutional approaches, this means that Iran's isolation is likely to expand, and that Iraq, as its largest trading partner, will find itself under additional pressure to adhere to the path of international legitimacy.
Abd Rabbuh stressed that confronting the repercussions requires "diversifying energy sources by opening up to the Gulf states, Turkey, and Jordan, increasing investment in domestic gas to reduce reliance on imports, and developing the financial transfer system to avoid secondary sanctions." These proposals, according to cross-cutting economic readings, coincide with calls to bolster foreign reserves and tighten controls on the foreign exchange market. Experts argue that the absence of a clear plan will leave Iraq the weakest link in this equation, making it more vulnerable to international blackmail.
Despite the sensitivity of the development, the Iraqi government has yet to announce a clear position. Baghdad Today directed an official question to government agencies about how Baghdad is handling joint issues with Iran in light of the new UN sanctions, but the response was a refusal to comment. According to independent research estimates, this silence may reflect ongoing internal consultations or a fear of adopting a position that would place Iraq prematurely in confrontation with one of the two parties. However, it also increases the state of ambiguity and opens the door to contradictory interpretations, both internally and externally.
With the trigger mechanism in place, the discussion is no longer about future possibilities or scenarios, but rather an existing reality that is pressuring Baghdad politically and economically. Iraq today faces a difficult equation: adherence to international legitimacy, with the resulting internal crises, or siding with the Iranian ally, which entails the risk of secondary sanctions that could affect its financial and regional position. Legal and political analyses confirm that the decision is no longer a domestic choice as much as it has become a test of Baghdad's relationship with the world, at a moment that will define the contours of its regional role and the extent of its ability to maneuver between conflicting pressures.
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articles for oct 2 25
Mastercard: Technical glitch suspends money transfers for citizens in Iraq
An Iraqi banking source reported on Thursday that a technical glitch in the MasterCard network has caused the suspension of financial transfers to citizens using the network's cards, affecting millions of dinars in transfers.
The source explained to Shafaq News Agency that the glitch occurred suddenly, leading to the suspension of financial transactions and the suspension of all funds transferred at the time of the problem. He confirmed that the relevant authorities are working to fix the system.
The source assured citizens that the funds would be returned to their owners or transferred to the holding entity within 24 hours of the technical glitch being fixed.
Masrour Barzani: The "My Account" project made salary distribution easier and faster and strengthened confidence in the banking system.
Kurdistan Regional Government Prime Minister Masrour Barzani expressed his happiness on Wednesday (October 1, 2025) that more than half a million employees and retirees in the region are now receiving their salaries through the "My Account" project, noting that the project has made the salary distribution process easier and faster and has strengthened confidence in the banking system.
Masrour Barzani said in a statement that the launch of the project in 2023 contributed to increasing the percentage of citizens with bank accounts in Kurdistan from less than 5% to more than 15%.
He pointed out that the project has contributed to expanding the banks' individual services, increasing the number of ATMs and branches, and improving the level of service provided to customers.
He explained that the disbursement of salaries through banks has stimulated individual and commercial lending, with more than $3 billion in salaries paid to employees in the region through participating banks to date. This has created new job opportunities in the financial sector and strengthened confidence in the banking system.
Masrour Barzani emphasized that strengthening this banking confidence is a key factor in supporting economic growth and developing the work of small and medium-sized enterprises and startups.
He noted that the "My Account" project has made the salary distribution process easier and faster, and has also increased transparency and clarity in government payroll management.
The Kurdistan Regional Government is working to increase access to banking services to more than 50% of the region's population by 2028.
Masrour Barzani called the project "an important step," adding, "However, it requires further work to ensure that modern and secure banking services are accessible to all citizens, as part of the work program of the ninth cabinet of the Kurdistan Regional Government."
Syria contracts with an Iraqi company to develop the Hama cement plant.
The Syrian Ministry of Economy and Industry signed a memorandum of understanding with the Iraqi Vertex Investment Group to rehabilitate and develop the Hama Cement Plant and establish a new production line.
According to a statement from the Syrian Ministry, the memorandum includes the rehabilitation and operation of the third line at the plant, increasing its production capacity from 3,300 tons to 5,000 tons of clinker per day, within 13 months.
The memorandum also includes "the establishment of a new production line with a capacity of up to 6,000 tons per day, which will raise the plant's total production capacity to approximately 11,000 tons per day over the next five years."
The memorandum also stipulates training for workers, implementing international quality standards, and adhering to environmental and occupational safety standards.
Basil Abdul Hanan, Deputy Minister of Economy and Industry of Syria, emphasized that "this investment reflects the importance of developing strategic industries."
Relations between the two neighboring countries are witnessing a gradual shift towards enhanced cooperation after years of mutual apathy and reservation.
Recently, Iraq began taking concrete steps to reopen the Al-Waleed border crossing, in light of a preliminary agreement between Baghdad and Damascus to reactivate the crossing with the aim of stimulating trade.
According to statistics from the Syrian Ministry of Economy under the former regime, Syria's exports to Iraq in 2023 amounted to approximately $58 million, while Iraq's exports to Syria amounted to only $27 million.
Washington Post: The United States has set four conditions for Iran not to start a war
The Washington Post reported that the Trump administration is trying to get Iran to accept four conditions as the basis for new nuclear talks to avoid a military conflict.
The Washington Post reported Thursday that the Trump administration's conditions for Iran include "direct negotiations, a halt to uranium enrichment, limiting its missile program and halting funding for its supporters in the Middle East.
"These conditions, which have been among the most critical obstacles in previous rounds, are likely to be rejected by Tehran," the official said.
"The US administration believes it is time to increase pressure, and the sanctions create an opportunity for a diplomatic solution," he said.
The United Nations on Wednesday reimposed sanctions on Iran through a mechanism.
The Washington Post says the sanctions have caused confusion in Iranian politics and increased pressure on the country's economy.
"Not returning to negotiations increases the likelihood of confrontation," Wali Nasr, a professor of Middle Eastern studies at Johns Hopkins University, told the Washington Post.
A European official also expressed concern that reimposing sanctions was not the best option, adding that the diplomatic door remained open. We do not believe in a military solution to the nuclear issue.
"The Wonderful Sudanese Man"... Controversy after the London Conference at Chatham House
Western support for a second term with a moderate approach?
Hundreds left the Chatham House conference on Wednesday with mixed feelings, ranging from satisfaction to shock and questions about the largest conference Britain has ever organized on Iraq. Despite some critical reviews, the event seemed more enthusiastic than usual during the era of Prime Minister Mohammed Shia al-Sudani, and not just the speakers.
As for the attendees, most were accustomed to local Iraqi conferences taking similar approaches. However, the events of London's think tanks and political think tanks are characterized by their strict rules and diverse perspectives, which made the conference's performance a subject of debate last night among Iraqi observers.
The conference began with a recorded dialogue with Al-Sudani that was broadcast online. The four sessions included one or more of those who agreed with the government's view, and most sessions included one of Al-Sudani's advisors.
Comprehensive coverage
964 Network broadcast the entire conference, covering its events and guests' statements as they happened. It also listened to the opinions of some of the participants after the conference.
Participants said they felt close to “being exposed to an intense Sudanese election campaign in just a few hours, with short breaks and in several languages.”
“I traveled six hours to experience something different and more befitting of what we know about Chatham House,” one participant complained after a long journey. “I heard similar things said daily in Baghdad during election campaigns.”
For the frustrated, the ultimate goal was to attend a deep, focused political reflection session, a tradition Chatham House is known for, but they didn't get it, as they thought.
Popular among women too
“I liked the part about Sudanese being so popular among women,” a woman in attendance commented on the content of the first session, which focused on the level of Sudanese popularity.
One conference attendee used the phrase "I don't want to say bad things" in an attempt to sidestep the closure of the investigation into the deaths of hundreds following the 2019 protests, even though similar conferences are typically designed to say "bad things" and other such things.
Houthi is allowed, but “it is not Chatham House.”
In an incident not often seen in London, a question about the presence of Houthi Ansar Allah headquarters in Iraq was ignored and blocked.
However, many said they enjoyed a much-needed networking event among Iraqi and foreign elites, actors, and influencers.
A spokesperson involved in conference preparations said that Chatham House's assessment of its legacy should not be confused with the programs and activities of the Iraq Initiative, particularly the October conference, as the initiative is a limited part of the institute.
Al-Shabandar's coincidence during the conference
While Western and Iraqi researchers were delivering speeches in London about "the man who successfully prevented Iraq from participating in the Axis of Resistance wars," Iraqi pages were circulating videos of threats issued by the al-Sudani clan against a writer who had attacked the prime minister.
The scenes reached the conference attendees, most of whom were members of the press, and the unprecedented incident was not on the agenda of any keynote speaker.
The issue is bigger... interpretations and a moderate approach?
Some attendees believe that the spirit of support shown by the conference for Al-Sudani may not be related to personal desires among the organizers, reflected in the selection of guests and topics of discussion, but rather to a larger issue.
Some of the conference attendees and observers came away with the impression that European and Western lobbies had decided to give al-Sudani, currently the moderate wing of the Iraqi government, a dose of “external popularity” ahead of the elections, and toward the goal of a second term, which al-Sudani had clearly declared at the beginning of the conference. However, those lobbies are not usually able to access institutions of the caliber of Chatham House, as those familiar with the London alleys say.
a booklet in English pdf here
Baghdad selects US company Excelerate Energy to develop a floating liquefied natural gas (LNG) terminal.
US company Excelerate Energy announced that it has received official notification from the Baghdad government that it has won a contract to develop an integrated floating liquefied natural gas (LNG) terminal.
The US company's statement did not specify the value of the contract for the LNG import terminal in Iraq, nor did the Iraqi government announce the award. Implementation of the contract remains subject to binding commercial agreements.
The statement also did not mention any dates for the contract to enter into force, or preliminary dates for the start of preparing the floating platform to receive liquefied gas shipments.
The US company said that the development of the floating LNG import terminal in Iraq, which will be led by Excelerate in coordination with the Baghdad government, represents a historic opportunity to enhance the country's energy security and infrastructure.
The proposed terminal will enable the import of liquefied natural gas to support electricity generation, help stabilize the national grid, and enable Iraq to diversify its natural gas sources and eliminate unreliable gas supply sources.
“The Iraq LNG import terminal project embodies the strategic partnership between Excelerate Energy and the government of Baghdad,” said Stephen Kobus, President and CEO of Excelerate Energy. “We are honored to have been selected for this vital infrastructure project and look forward to working closely with the Iraqi leadership to ensure its success.”
The letter of award for the LNG import terminal in Iraq is a preliminary step, and the development of the terminal remains subject to successful negotiations and the implementation of binding commercial agreements.
Excelerate is actively working with the Iraqi authorities to complete the necessary contracts and ensure the proper implementation of this vital energy infrastructure.
Texas-based Excelerate was among several companies that submitted bids to provide a vessel to import LNG and secure fuel supplies.
Iraq's first-ever attempt to purchase liquefied natural gas comes after the United States ended waivers granted to Iraq to purchase electricity from Iran earlier this year, amid US President Donald Trump's plans to intensify pressure on Tehran.
Venezuela condemns US fighter jets flying near its coast
link from Iraq's news
Venezuela on Thursday condemned the flight of five US fighter jets off the country's coast, amid recent escalating tensions between Caracas and Washington, which has sent warships to the region.
In a speech broadcast on state television, Venezuelan Defense Minister Vladimir Padrino said that "North American imperialism has dared to approach the Venezuelan coast," noting that "Venezuela's air defense system" had detected five "fighter jets," without providing further details .
In his speech, the Venezuelan Defense Minister said, "I denounce before the entire world this situation, which constitutes a provocation and a threat to our national security."
The United States has deployed several warships to the Caribbean and ten F-35 fighter jets to Puerto Rico, as part of an operation it says aims to "combat drug trafficking . "
Caracas strongly denies these accusations and has launched military exercises and mobilized reserves in the face of the recent US measures, which it considers a "military threat
Central Bank of Iraq Launches Digital Payment Campaign
The Central Bank of Iraq (CBI)'s Basra branch has launched the campaign "Your Transport is Easier ... with Easier Payment" in cooperation with electronic payment companies operating in the province. The initiative is part of the National Financial Inclusion Strategy 2025-2029.
The campaign aims to deploy point-of-sale (POS) devices in public transport vehicles and taxis contracted with the Central Bank's Basra branch, with the devices provided free of charge by service providers.
According to the Bank, the effort is intended to promote financial inclusion and digital payments among the public, particularly targeting bank card holders and marginalised groups.
US investments accelerate in Iraq... Akkas field a strategic opportunity to boost energy
Us Iraq seeks to contain the economic repercussions of European sanctions on Iran, the investment in the Akkas gas field in Anbar province is emerging as a strategic opportunity to reshape the energy landscape in the west of the country.
A full year after signing an investment contract with a Ukrainian company that had not yet begun any field work, the Ministry of Oil decided to open the door to international companies, signing a new contract with the American company Schlumberger to develop the field, whose reserves are estimated at approximately 5.6 trillion cubic feet of natural gas.
This move comes at a time when American companies are rushing to strengthen their presence in the Iraqi market, reflecting significant shifts in energy investment trends and shaping international competition over the country's strategic resources.
In an interview with Al-Alam Al-Jadeed, parliamentary Electricity and Energy Committee member Dahel Al-Hamidi said, "The American moves to invest in Anbar's oil and gas fields represent a significant turning point in Iraq's energy policy."
He added, "This step is not limited to being an oil project alone, but rather a message that the investment environment in Iraq has become more stable," noting that "the challenges resulting from sanctions on Iran and the recent snapback mechanism require Iraq to move quickly to invest its national resources to reduce dependence on foreign imports and ensure sovereign balance in the energy sector."
The company has already begun drilling and preparation work, with a production plan targeting a capacity increase to 100 million cubic feet per day by adding 60 million cubic feet allocated to feed the Anbar Combined Cycle Power Plant, with future plans to reach 400 million cubic feet per day in subsequent phases. Meanwhile, the Iraq Investment Forum, held in Baghdad on September 27-28, confirmed that other American companies have begun practical steps towards investing in oil and gas fields.
The Akkas field is the second-largest gas field in the Middle East, and if properly developed, it could provide more than 10,000 job opportunities in its first phase, in addition to generating revenue for Anbar Province and the country.
This comes at a critical moment for Baghdad with the implementation of new international sanctions on Iran. These measures present it with a difficult balance between its obligations to the international community and its urgent need for the Iranian market. Experts have warned of disruptions to supply chains, rising prices, and worsening currency smuggling, noting that the greatest challenge facing Iraq will be maintaining a delicate balance in its relations with Iran without slipping into a confrontation with the international community.
In April 2024, Iraq signed an investment contract for the Akkas gas field with a Ukrainian company. The contract stipulates that the field will produce 100 MMcf/day in the first year, increasing production to 400 MMcf/day within four years, which is sufficient to cover 35% of the Iranian gas Iraq imports.
Al-Maliki: No to discrediting and vote-buying. We want fair and sound elections that Iraqis will be proud of.
State of Law Coalition leader Nouri al-Maliki stressed, on Thursday (October 2, 2025), with the launch of the election campaign, the importance of competition between candidates being positive and far from discrediting or tearing up advertisements, calling for adherence to the rules of national brotherhood and the directives of the Independent High Electoral Commission.
In a statement received by Baghdad Today, Maliki said, "Today marks the beginning of the electoral race. It is a great day for the competition to present the best candidates, in loyalty to those who sacrificed and were martyred for the sake of a political and democratic experience that builds a strong homeland and a prosperous people in a secure Iraq where all its people live together and compete in righteousness and piety."
He added that "competition must be fair, free from the misuse of public funds and state resources," emphasizing that "citizens are required to go to the ballot boxes as a national duty, not to sell their votes or ballot papers, and to stand against any attempts to bribe loyalists."
Al-Maliki continued, "We want fair and sound elections that we can be proud of. We say that our people have dealt with this sacred duty in a civilized manner and have drawn inspiration from the experience with awareness, resolve, and responsibility."
A new schedule has been posted to my account
My account posted a new salary schedule saying, “You can go and get your salaries tomorrow.”
My account, in a statement, said that tomorrow Friday, October 3, despite the official holiday, money will be deposited on several offices and ministries and can go to receive their salaries.
According to the statement, the places where they can receive their salaries tomorrow are:
the list was in Arabic
Washington Reduces Troops in Iraq, Paving Way for Security Partnership
Iraq said it is preparing to wind down the US-led coalition’s mission against ISIS and replace it with stable bilateral defense ties, particularly with Washington and London, as the Pentagon reaffirmed its commitment to reduce its military role under a deal struck with Baghdad last year.
The Pentagon said the coalition’s drawdown was the result of “combined success” in defeating ISIS militants.
The US government will continue close coordination with the Iraqi government and coalition members to ensure a credible transition, the Defense Department said in a statement, welcoming Baghdad’s support for the plan.
The move “marks an effort to transition to a lasting US-Iraq security partnership in accordance with US national interests, the Iraqi Constitution, and the US-Iraq Strategic Framework Agreement,” Chief Pentagon Spokesman Sean Parnell said.
He added that the future partnership would help strengthen Iraq’s security, support economic growth, attract investment and allow Baghdad to play a stronger regional role.
The shift follows a 2023 agreement setting a partial withdrawal of US forces beginning in September and expected to conclude by the same month in 2026.
US troops, most based at Ain al-Asad air base in western Anbar and at Baghdad’s Victory base, often redeploy to Harir air base in Iraq’s Kurdish region.
Military estimates put the current US troop presence in Iraq at about 2,500, though Iraqi officials say it is over 3,000. Washington also keeps around 700 troops in Syria.
Hussein Allawi, security advisor to Prime Minister Mohammed Shia al-Sudani, said Iraq was moving “towards a permanent security partnership with the United States and the United Kingdom,” in line with Iraq’s priorities to boost its armed forces, safeguard national interests and deepen economic, political and cultural ties.
He said the transition builds on the 2008 US-Iraq Strategic Framework Agreement, which outlines the temporary presence of American forces, their activities and eventual withdrawal.
Iraq’s Shi’ite Coordination Framework, which backs Sudani’s government, welcomed the Pentagon’s announcement.
“We welcome the US decision to reduce its military presence and move towards a strategic partnership,” lawmaker Uday al-Khadran told local media, calling it “a step that serves Iraq’s sovereignty.”
Powerful armed factions within the Shi’ite alliance have long pressed for a full departure of US and foreign forces.
The US formed and led the coalition after ISIS overran swathes of Iraq and Syria in 2014. Iraqi forces, backed by the coalition, declared victory over the terrorist group in late 2017.
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