Economic: Liberation from dollar restrictions marks a new beginning for the Iraqi banking sector.
Financial and banking expert Mustafa Hantoush affirmed that the Iraqi banking sector is on the cusp of a new phase, moving towards liberation from dollar-based transactions. He stressed that this requires comprehensive and fundamental reforms to modernize the banking infrastructure and enhance its efficiency.
Hantoush stated that "approximately 90% of the Iraqi banking system remains subject to the restrictions imposed on dollar transactions, due to the problems and suspicions the sector has witnessed in recent periods." He indicated that "recent indicators are positive, and some banks are expected to begin gradually freeing themselves from these restrictions within the next three months."
He added that "the banking sector still lacks genuine activity, as it needs to activate the deposit, lending, and investment systems in an integrated manner, along with a review of regulatory standards in coordination with the Central Bank of Iraq.
" Hantoush called for "a shift towards full financial inclusion through diversifying banking services and expanding the customer base, as well as strengthening cooperation with international banks and opening new correspondent banking channels that enable Iraqi banks to integrate into the global financial system."
Hantoush concluded by emphasizing that "developing technical systems and simplifying procedures to serve the citizen represent the most important step in the reform process, as they are the basis for getting rid of the bureaucracy that hinders the progress of the sector and limits its ability to compete."
A new wealth to rival oil: Billions of dollars beneath the sands of Iraq
The Eco Iraq Observatory announced on Saturday the quantities of silica sand discovered in the governorates of Anbar and Najaf, describing it as “white gold”.
The observatory said in a statement that “Iraq’s environment is rich in natural resources that are no less important than oil, most notably silica sands,” indicating that “initial explorations indicate that Anbar province contains about 600 million discovered tons and more than one billion tons of reserves with a purity of up to 98%.”
The observatory added, “In the Najaf Governorate, there are quantities estimated at about 330 million tons of sand suitable for glassmaking, and about 577.5 million tons for colored glassmaking, bringing the total to about 907.5 million tons of silica sand explored with a purity of nearly 95%.” It pointed out that “the price of one ton of silica sand ranges between $100 and $150, which makes investing in these resources capable of supplying the general budget with billions of dollars, in addition to providing more than 10,000 job opportunities in the two governorates.”
The observatory criticized “the weakness of the procedures for investing in these raw materials despite the existence of Iraqi competencies capable of managing them,” stressing “the need to amend the Mineral Investment Law No. 91 of 1988, as amended, in order to provide greater opportunities for discovering and investing in the country’s natural resources.”
He confirmed that “investing in this sand will provide more than 10,000 job opportunities.”
Silica sand is used in the manufacture of glass, silicone products, and building materials. It is also used in electronic devices, solar cells, and filtration processes.
Global consumption of silica sand reached approximately 479 million tons during 2024, with a value ranging between approximately $14 billion and $72 billion depending on the quality of the sand and the market price.
Al-Rasheed Bank calls on employees to update their data and warns of temporary account suspension.
Al-Rasheed Bank has called on all employees whose salaries are deposited with the bank to update their personal information via the bank's mobile application, in accordance with the directives of the Central Bank of Iraq. This update is intended to ensure the uninterrupted provision of banking services. The bank indicated that the update aims to organize and ensure the accuracy of the data, warning that failure to complete this procedure may result in the temporary suspension of the account until the update is completed. The bank clarified that this service is currently available only to employees and encouraged them to download the application from the App Store or Google Play. Users are advised to visit their nearest branch if they encounter any difficulties.
The bank stated in a statement:
Al-Rasheed Bank called on all employees whose salaries are deposited with it to quickly update their data exclusively through the bank’s application, based on the directives of the Central Bank of Iraq and to ensure the continued provision of banking services without interruption.
The bank explained in a statement that the update process is for auditing purposes aimed at organizing the data and ensuring its accuracy.
He noted that failure to update information may lead to the account being temporarily suspended until the required procedures are completed.
He explained that the service currently includes only employees and does not include retirees at this stage, calling for downloading the Al-Rasheed Bank application from the App Store or Google Play and completing the update process easily and securely.
The bank confirmed that if the update mechanism is unknown or if there is difficulty in using it, it is possible to visit the nearest branch of the bank.
National Security urges citizens: Do not share your banking information with unofficial entities.
The Iraqi National Security Service warned on Saturday of an increase in electronic financial fraud and deepfakes, calling on citizens to communicate directly with banks before disclosing any personal or banking information.
The official spokesman for the National Security Service, Arshad al-Hakim, stated in a statement received by “Al-Eqtisad News” that “the National Security Service has observed an increase in electronic financial fraud activities carried out through pages and websites on social media impersonating local and foreign banks, and claiming to offer fake loans or investment opportunities in order to lure victims and steal their money and banking data.”
He explained that "scammers rely on a luring method through attractive advertisements that include promises of easy loans, free financial grants, or offers to sell dollars at attractive prices. Then they direct the victims to fake websites through which they request personal information or bank card details, ending up stealing salaries or carrying out financial transfers without the knowledge of their owners."
He called on citizens to "verify the identity of any financial entity through its official channels and communicate directly with the bank before disclosing any personal or banking information," stressing that "official entities never request sensitive information via the internet."
He added that "the risks of deepfakes using artificial intelligence techniques are exploited to change the voice or image and produce fake materials aimed at misleading or inciting chaos," stressing "the need to verify content before sharing it and not to rely on unknown or suspicious platforms."
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Mark Savaya officially begins his duties in Iraq: “I am now on duty.”
The new US envoy to Iraq, Mark Savaya, announced on Sunday that he had officially begun his duties in the capital, Baghdad.
Al-Jabri sets two conditions for implementing economic reform in Iraq.
Hassan Mohammed al-Jabri, a candidate for the Rights Movement, emphasized on Saturday the necessity of genuine economic reform to curb corruption and bolster local investment. He stressed that human development, education, and youth will be at the forefront of the priorities for the next phase.
In a statement to the Information Agency, al-Jabri said, “The Rights Movement’s program will prioritize services, job opportunities, and combating administrative and financial corruption, in addition to supporting the poor and improving the state of education and healthcare.”
He added, “The next phase requires legislation that supports social justice and expands welfare programs to ensure a fair distribution of national wealth, contributing to stability and sustainable development.”
He pointed out that “Iraq needs a serious reform vision that prioritizes the citizen’s interest above all political considerations and restores trust between the people and state institutions.”
Al-Araji meets with the US Secretary of the Interior in the Bahraini capital, Manama.
A financial expert: My account subscribers can take advantage of many other services
A public finance expert compares the "My Account" project with the federal government's Tawtin, saying that Tawtin is only a transfer of money through banks to citizens, but My Account participants can receive loans and many other services.
Main Story: Zagros Fatah, a public finance expert, compares the project “My Account” with Tawtin and considers “My Account” to be a more successful and service-filled project.
Official statement: Zagros Fatah told Ava that the prime minister's agenda was not only to pay government employees through banks, but in addition to receiving salaries, they can also receive loans.
“There are a number of other services that can be provided in the My Account project, for example, water, electricity, taxes and fees can be paid through my account.
Next step: The financial expert says that the prime minister in the tenth cabinet has a much better agenda and program, so the economic situation in the Kurdistan Region will be much better than it is now.
An American project to restructure Iraq, end Iranian influence, and unify decision-making between Baghdad and Erbil.
Washington's discovery, through the first official statement of US President Donald Trump's envoy to Iraq, Mark Safaya, about a clear change in his views on the Iraqi issue, is on the transition from Traditional diplomatic address to the project of establishing the Iraqi state against any foreign influence, except Iranian character.
Concerned that the first statement of the US ambassadors is a roadmap for a new phase, Safaya has just said that Iraq needs an active role Work on the accumulation of weapons within the state and prevent foreign intervention.
In contrast, this address is Washington's desire to restructure the Iraqi security system, which guarantees the creation of a number of power centers, which is in line with the Trump administration's goals One of the expansion of financial institutions in Tehran within state institutions.
As Safaya's reference to bad foreign intervention is a clear indication of Washington's direct intention to confront Iranian influence in Iraq, it benefits from the situation الاحتقان الشعبی والسياسي إزاء ستوة الفصائل المسلحة.
possible transaction Popular and political resentment towards the power of the armed factions.
The focus on cooperation between Baghdad and Erbil is a strategic guarantee that aims to rebuild the unity of national resolution and achieve a balance between the situations The regional side of the exploitation of domestic divisions.
Political centers said the US move would pave the way for Iraq's reintegration into the Western economic and security system It includes opening the markets of international companies and encouraging investments in Al-Bani al-Tahtiya, against the Iraqi commitment to expose any armed forces outside the jurisdiction of the state.
Maduro accuses the United States of trying to seize Venezuela's natural resources.
Venezuelan President Nicolas Maduro accused the United States of seeking to ignite war and orchestrate a coup in his country in order to seize its natural resources.
Speaking at the closing session of the Parliamentary Forum of the Greater Caribbean Region in Caracas, Maduro said, "The United States has tried to wage war against Venezuela, organize a coup, and steal our enormous oil and gas reserves. If we didn't have these resources, in addition to gold, water, millions of hectares of fertile land, and our strategic geographic location, no one would even be talking about us."
