The Central Bank warns those spreading rumors
about the dollar exchange rate.
The Central Bank of Iraq confirmed that there is no intention to change the official exchange rate. While noting that the rumors that are spread from time to time aim to speculate in the parallel market, it pointed out that its monetary policy has succeeded in curbing inflation, as evidenced by international recognition.
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Alaa Al-Fahd, a member of the Central Bank’s media office, said, “There are parties trying to fish in troubled waters and spread rumors and false news that are outside the Central Bank’s jurisdiction in order to raise exchange rates in the parallel market,” explaining that “the Central Bank always defends monetary policy and the general price level.”
Al-Fahd added that “inflation rates in Iraq have reached, according to international testimony (the IMF and the World Bank), low and historic rates compared to the countries of the region, and have even reached the negative rate, which is happening for the first time and is considered an achievement for monetary policy in preserving purchasing power, especially for the poor classes.”
He explained that "the Central Bank continues to finance foreign trade with high smoothness, while diversifying the basket of foreign currencies (Chinese yuan, UAE dirham, Turkish lira), as well as shifting from the electronic platform to strengthening balances through direct correspondence with global banks," stressing that "these measures have achieved clear monetary stability."
Regarding the difference between the official and parallel market rates, Al-Fahd explained that "the price in the parallel market does not reflect the real demand for the dollar, but rather represents an illegal and unofficial demand for speculation, since the Central Bank covers the legitimate demands for financing trade and travel," noting that "any talk about changing the exchange rate issued by non-experts aims to confuse the public."
Al-Fahd stressed that “determining the exchange rate is the exclusive prerogative of the Central Bank according to the legal article in Law No. 56 of 2004, and despite coordination with the government and the Ministry of Finance, the technical opinion of the Central Bank at this stage does not support any change or increase in the exchange rate due to the stability achieved in monetary reserves and price levels.”
A delegation from Michigan, USA, visits Basra to discuss cooperation and city twinning.
The local government in Basra announced on Thursday that it had discussed with an American delegation from the state of Michigan prospects for cooperation and the development of bilateral relations, including the possibility of moving towards a twinning project between Basra and the city of Dearborn.
The Deputy Governor of Basra, Zaid Al-Imara, told Shafaq News Agency that the governorate "discussed with the delegation headed by Dearborn government member Kamal Al-Sawafi, opportunities for cooperation in the areas of municipality, services, infrastructure and exchange of experiences."
He explained that Al-Sawafi, the first Iraqi to win a seat in the Michigan state government, "came as an envoy from the state governor to discuss avenues of cooperation and enhance institutional communication with Basra."
The emirate added that the local government "expressed its full readiness to open joint channels in the service and development fields," noting that "the delegation's visit represents an important step to develop relations and benefit from American experiences in city management and infrastructure development."
For his part, the head of the delegation, Kamal Al-Sawafi, told Shafaq News Agency that Dearborn “has extensive experience in the fields of municipality, waste management, public security, police and fire,” stressing the state’s desire to “share this experience with Basra and build an equal exchange of expertise.”
Al-Sawafi pointed out that there are “American businessmen interested in investing in Basra,” while also indicating that the state “welcomes investments from Iraqi businessmen in Michigan,” noting that the visit “represents the beginning of a real partnership that is likely to expand in a way that serves both parties.”
Al-Rasheed Bank announces the possibility of withdrawing funds and cashing checks from all its branches.
In a statement received by Al-Furat News, the bank said, "Al-Rasheed Bank would like to inform its customers that current and savings account holders, as well as check holders, can now withdraw their balances or cash their checks from any of the bank's branches throughout Iraq."
He added that "this measure comes as part of the bank's commitment to facilitating transactions for citizens."
The Central Bank of Iraq announces the success of its monetary policy in curbing inflation.
The Central Bank of Iraq confirmed on Thursday that there is no intention to change the official exchange rate. While noting that the rumors that are spread from time to time aim to speculate in the parallel market, it pointed out that its monetary policy has succeeded in curbing inflation, as evidenced by international recognition.
Alaa Al-Fahd, a member of the Central Bank's media office, said, "There are parties trying to fish in troubled waters and spread rumors and false news that are far from the Central Bank's jurisdiction in order to raise exchange rates in the parallel market," indicating that "the Central Bank always defends monetary policy and the general price level."
Al-Fahd added that “inflation rates in Iraq have reached, according to international testimony (the IMF and the World Bank), low and historic rates compared to the countries of the region, and have even reached the negative rate, which is happening for the first time and is considered an achievement for monetary policy in preserving purchasing power, especially for the poor classes.”
He explained that "the Central Bank continues to finance foreign trade with high smoothness, while diversifying the basket of foreign currencies (Chinese yuan, UAE dirham, Turkish lira), as well as shifting from the electronic platform to strengthening balances through direct correspondence with global banks," stressing that "these measures have achieved clear monetary stability."
Regarding the difference between the official and parallel market rates, Al-Fahd explained that "the price in the parallel market does not reflect the real demand for the dollar, but rather represents an illegal and unofficial demand for speculation, since the Central Bank covers the legitimate demands for financing trade and travel," noting that "any talk about changing the exchange rate issued by non-experts aims to confuse the public."
Al-Fahd stressed that “determining the exchange rate is the exclusive prerogative of the Central Bank according to the legal article in Law No. 56 of 2004, and despite coordination with the government and the Ministry of Finance, the technical opinion of the Central Bank at this stage does not support any change or increase in the exchange rate due to the stability achieved in monetary reserves and price levels.”
Iraq is reviewing the US Treasury Department's decision to add entities and individuals to its lists.
Deputy Prime Minister and Foreign Minister Fuad Hussein chaired on Thursday a meeting of the Supreme National Committee concerned with following up on the repercussions of the decision issued by the US Treasury Department on October 9, 2025, which included the inclusion of a number of entities and individuals on the sanctions lists.
The meeting was held at the Ministry of Foreign Affairs headquarters, in the presence of the Prime Minister’s advisor and members of the committee representing relevant ministries and government institutions. The attendees discussed the actions taken by the concerned parties so far, and the proposed mechanisms for addressing this issue internally and externally.
The meeting discussed ways to deal with the American decision within the available legal and diplomatic frameworks, and stressed the need to continue holding subsequent meetings and to host additional parties to learn about developments and unify official efforts.
The minister stressed the importance of maintaining the strength of Iraq’s international financial relations, the need to continue implementing economic reform programs, and the consolidation of governance principles, in line with the supreme national interests.
a little different version
Deputy Prime Minister and Foreign Minister Fuad Hussein emphasized on Thursday the importance of maintaining the strength of Iraq's international financial relations.
The Ministry stated in a press release received by the Iraqi News Agency (INA) that "Deputy Prime Minister and Foreign Minister Fuad Hussein chaired a meeting of the High National Committee tasked with reviewing the US Treasury Department's decision of October 9, 2025, to add a number of entities and individuals to its lists." The statement
added that "the meeting was held at the Ministry of Foreign Affairs building, with the participation of the Prime Minister's advisor and committee members representing relevant ministries and government bodies."
It continued, "The meeting discussed the measures taken by the concerned authorities and the proposed mechanisms for addressing the issues raised both domestically and internationally. The meeting also included an extensive discussion of the available legal options and means in this regard, with an emphasis on continuing to hold meetings in the coming period and scheduling subsequent sessions to host additional stakeholders to follow up on developments in this matter."
According to the statement, the minister stressed "the importance of maintaining the strength of Iraq's international financial relations and continuing to implement economic reform programs and strengthening governance principles in light of the supreme national interests."
The Governor of the Central Bank of Iraq participates in the Arab Banking Conference 2025
The Union of Arab Banks organized He noted that Iraq is moving steadily towards building a strong and modern banking sector, capable of leading financial and economic transformation by enhancing monetary and financial stability and strengthening the banking sector's capabilities to be more supportive of sustainable development. This will be achieved by relying on the best management and governance standards, and by transitioning towards digitalization and financial and technological innovation. He stressed the importance of consolidating financial inclusion and ensuring the integration of the financial system with the formal economic cycle.His Excellency explained that the Central Bank continues to work on implementing a multi-year strategic vision aimed at supporting local and foreign investment and enabling the banking sector to play its vital role in developing the national economy. In closing, His Excellency expressed his gratitude to the Union of Arab Banks and the organizing bodies, stressing the Central Bank of Iraq’s commitment to strengthening cooperation with Arab brothers and developing a more stable, growing and innovative financial environment.Central Bank of Iraq,
Media Office,
November 27, 2025
Central Bank Governor: Digital currency will solve 90% of the problems in the Iraqi financial system
The Governor of the Central Bank of Iraq, Ali Al-Alaq, affirmed on Thursday that lasting solutions must be built in a way that closes the gaps in the financial system. He explained that the tools available today, especially modern technology, offer effective solutions and address many of these gaps.
Al-Alaq said during the "Investing in Reconstruction... The Role of Banks" conference in Beirut that "the main problem between the Iraqi treasury and society is the use of the dollar in cash within Iraq, which is a normal social matter in Iraqi society. He added: "We have worked on this issue and presented other alternatives that reduce dependence on cash, and we have developed the financial system so that cash dollars are restricted to travelers only."
He explained that the "traveler's dollar" system prevents any attempts at circumvention, emphasizing that the US Federal Reserve indicated Iraq ranks first in controlling the use of cash dollars within the country. He noted that these measures have reduced the use of foreign currency by 80% and shifted the majority of domestic financial transactions to the Iraqi dinar.
Al-Alaq concluded his remarks by noting that work is underway to develop the digital currency, which is expected to solve about 90% of the financial problems in Iraq, stressing that this step represents one of the radical solutions for the financial system in the country.
The Central Bank warns: Entities are spreading rumors to raise the dollar's value in the market.
The Central Bank of Iraq confirmed on Thursday that there is no intention to change the official exchange rate. While noting that the rumors that are spread from time to time aim to speculate in the parallel market, it pointed out that its monetary policy has succeeded in curbing inflation, as evidenced by international recognition.
Alaa Al-Fahd, a member of the Central Bank’s media office, said, “There are parties trying to fish in troubled waters and spread rumors and false news that are outside the Central Bank’s jurisdiction in order to raise exchange rates in the parallel market,” explaining that “the Central Bank always defends monetary policy and the general price level.”
Al-Fahd added that "inflation rates in Iraq have reached, according to international testimony (the IMF and the World Bank), historically low levels compared to other countries in the region, and have even reached negative levels, which is happening for the first time and is considered an achievement for monetary policy in preserving purchasing power, especially for the poor classes."
longer version
The Central Bank of Iraq confirmed on Thursday that it has no intention of changing the official exchange rate. While noting that the rumors circulating from time to time are aimed at speculation in the parallel market, the bank emphasized the success of its monetary policy in curbing inflation, a fact acknowledged internationally.
Alaa al-Fahd, a member of the Central Bank's media office, stated, "There are parties attempting to exploit the situation and spread rumors and false information unrelated to the Central Bank's purview in order to raise exchange rates in the parallel market." He clarified that "the Central Bank consistently defends its monetary policy and the general price level."
Al-Fahd added, "Inflation rates in Iraq, as attested to by international bodies (the International Monetary Fund and the World Bank), have reached historically low levels compared to other countries in the region, even falling into negative territory. This is a first and represents a significant achievement for monetary policy in preserving purchasing power, particularly for the poor."
He explained that "the Central Bank continues to finance foreign trade smoothly, diversifying its foreign currency basket (Chinese yuan, UAE dirham, Turkish lira), in addition to shifting from an electronic platform to bolstering reserves through direct correspondence with international banks," emphasizing that "these measures have achieved clear monetary stability."
Regarding the difference between the official and parallel market rates, Al-Fahd clarified that "the parallel market rate does not reflect the actual demand for dollars, but rather represents illegitimate and unofficial demand for speculative purposes, as the Central Bank covers legitimate requests for financing trade and travel." He pointed out that "any talk about changing the exchange rate coming from non-experts aims to confuse the public."
Al-Fahd stressed that "determining the exchange rate is the exclusive prerogative of the Central Bank, according to Article 56 of Law No. 56 of 2004. Despite coordination with the government and the Ministry of Finance, the Central Bank's technical opinion at this stage does not support any change or increase in the exchange rate, given the stability achieved in foreign currency reserves and price levels."
Iraq is reviving the three-year budget experiment; the Ministry of Planning has begun discussing it in preparation for presenting it to decision-makers.
The Ministry of Planning discussed on Thursday the budget for the next three years (2026–2028) in preparation for presenting it to decision-makers.
The ministry stated in a statement received by (Al-Rabia) that it “held a meeting today, Thursday, to discuss the preparation of the budget for 2026 and the next three years (2026–2028), chaired by the Director General of the Sectors Planning Department, Basim Dhari Mahmoud, and the Director General of the Government Investment Programs Department, Tahseen Mahmoud Muthanna, with the participation of representatives of the relevant departments in the ministry.”
She added that "the meeting addressed the preparation of the final drafts of the budget for ongoing and new projects, in addition to the current budget. Ongoing and new loans, proposed projects, the Chinese framework agreement, and a review of suitable scenarios for preparing the 2026 budget were also discussed, in preparation for presenting it to decision-makers for approval."
longer version
The Ministry of Planning discussed the budget for the next three years (2026-2028) on Thursday, in preparation for submitting it to decision-makers.
In a statement received by Al-Rabi'a, the Ministry said it "held a meeting today, Thursday, to discuss the preparation of the 2026 budget and the budget for the next three years (2026-2028). The meeting was chaired by the Director General of the Sectoral Planning Department, Basim Dhari Mahmoud, and the Director General of the Government Investment Programs Department, Tahseen Mahmoud Muthanna, with the participation of representatives from relevant departments within the Ministry."
The statement added that "the meeting addressed the final drafts of the budget for ongoing and new projects, in addition to the current budget. Discussions also covered ongoing and new loans, proposed projects, the Chinese framework agreement, and a review of suitable scenarios for preparing the 2026 budget, in preparation for submitting it to decision-makers for approval."
She noted that "this meeting is part of a series of meetings organized by the Ministry of Planning within the framework of preparing the annual budget, which includes reviewing projects and loans, and coordinating with ministries, non-ministerial entities, and governorates, according to a pre-prepared work schedule to select priority projects."
Hoshyar Zebari: Al-Sudani has a golden opportunity to boost his chances of running for a second term.
On Thursday, Hoshyar Zebari, a leader in the Kurdistan Democratic Party, asserted that Prime Minister Mohammed Shia al-Sudani has a golden opportunity to secure a second term .
Zebari said in a post on the “X” platform, which was reviewed by “Mail”, that “the attack by militia factions yesterday on the Kormor gas field in Sulaymaniyah with Grad missiles launched from the Tuz Khurmatu axis to sabotage the region’s economy and infrastructure confirms once again that the government does not control it .”
He added, "The Sudanese government has a golden opportunity to impose its control, punish the guilty, and enhance his chances of running for a second term."
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United States to inaugurate its largest Middle East diplomatic facility in Iraq's Erbil
Deputy Secretary of State for Management and Resources Michael Rigas will visit Erbil to inaugurate the new US Consulate General during his Middle East tour.
The United States will soon open its largest diplomatic facility in the Middle East, the new Consulate General in Erbil, the capital city of the Iraqi Kurdistan region, according to the US State Department.
Deputy Secretary of State for Management and Resources Michael Rigas will visit Erbil to inaugurate the new US Consulate General during his Middle East tour from 27 November to 5 December, the State Department said in a statement on Tuesday.
The department stated that Rigas will also visit Baghdad, meet with Iraqi officials, and tour US diplomatic facilities.
The department added that Rigas's itinerary includes stops in Istanbul, Baghdad, Erbil, and Jerusalem. The purpose of his travel is to emphasise US commitments to stability, security, religious freedom, and prosperity in the region.
Kurdistan Regional Government (KRG) Prime Minister Masrour Barzani stated on Wednesday that the opening of the largest US consulate in Erbil is "a major indicator... for the strong relations between the United States and the Kurdistan Region."
The current US Consulate General, located in Erbil's Ankawa suburb, has been targeted several times by drones reportedly launched by pro-Iran militias in Iraq.
In June 2025, amid escalating tensions between Israel and Iran, the United States ordered non-emergency government personnel to leave its diplomatic missions in Iraq, while maintaining essential embassy and consulate operations.
According to the official website of the US embassy in Iraq, the Consulate General in Erbil serves the four provinces of the Kurdistan Region: Erbil, Sulaimaniyah, Duhok, and Halabja. It includes an executive office led by the Consul General, as well as sections for political and economic affairs, public diplomacy, consular services, rule of law, management, and security. The USAID office for the Iraqi Kurdistan Region is also located at the Consulate General.
Income gap: Iraq lags behind oil-producing countries despite its enormous wealth
The income gap reveals that the per capita share of Iraq does not exceed $5,800, while Qatar and Oman shockingly surpass it, reflecting the failure of oil wealth management to improve the standard of living.
The latest data from the International Monetary Fund reveals an unprecedented gap in income levels within the Arab world. The figures show that the richest Gulf state (Qatar) is ahead of Iraq by more than 1100% in per capita GDP, while the poorest Gulf state (Oman) is ahead of it by 230%. This shockingly shows that Iraqis are effectively living outside the club of oil-producing countries, despite the enormous wealth that their country possesses.
Qatar tops the list with $71,400 per person annually, while Iraq stands at only $5,800, a very low position compared to oil-producing countries, revealing a deep flaw in the conversion of natural resources into economic prosperity.
Iraq is out of the oil club.
According to the index, even economically unstable countries like Libya ($6,900) and Algeria ($6,100) outperform Iraq.
Oman (the poorest of the Gulf countries in terms of income) is also ahead of it by more than three times, with a share of $19,100 per person.
In contrast, Iraq only surpasses countries with limited resources such as Jordan, Morocco, Tunisia, and Egypt, which places it in the category of a “middle-income economy” despite its enormous oil and human potential. Iraq possesses:
- One of the world's largest oil reserves
- Annual revenues exceeding $100 billion
- A huge young and productive workforce
However, the per capita share does not reflect this wealth, indicating a clear imbalance in resource management, weak productivity, and the dominance of unproductive activities.
Three clear economic messages...
1. The failure to utilize oil revenues for the welfare of the citizen, due to the almost complete dependence on rent.
2. The dominance of the public sector and the inflation of operating expenses at the expense of investment.
3. The absence of a diversified economy capable of creating added value and real income for the individual.
What does this mean for the Iraqi citizen?
Thus, Iraq’s ranking reveals that economic growth does not reach the lives of citizens , and that the standard of living does not represent the true wealth of the country. It also places the next government before the responsibility of restructuring the economy and transforming natural wealth into actual development (if it has the ability and will to do so).
Rumors and panic: What’s really behind Iraq’s financial scare?
Economic confusion spread across Iraq in recent days as claims of “missing funds,” “salary delays,” and “cut livelihoods” circulated widely on social media and some media outlets.
The speculation focused on allegations that nearly $2B had disappeared from the Social Protection Fund of the Ministry of Labor and Social Affairs, coinciding with a brief delay in salary payments for employees in several state institutions.
Fake News
Financial adviser to the caretaker prime minister, Mudher Mohammed Saleh, dismissed the claims as unfounded, describing them as part of a “heated political season” in which negative rumors about Iraq proliferate.
Saleh told Shafaq News that Iraq maintains a strong financial capacity supported by solid oil revenues and non-oil income. He added that salaries, pensions, and social protection programs remain at the top of government priorities, noting that occasional delays can occur for simple technical reasons.
“The current wave of fear-driven narratives has created unnecessary public anxiety,” he said, stressing that Iraq is neither under siege nor at war, and that financial and monetary policies remain focused on ensuring stable living conditions, from food support programs to salaries and infrastructure.
Saleh concluded that talk of salary cuts, a devalued dinar, or economic collapse amounts to “lies built on lies.”
USD Prices Stable
Earlier, the dollar spiked in Iraq’s parallel market as traders reacted to the government’s upcoming 1 December pre-payment customs rule. Most traders halted dollar sales shortly, putting immediate pressure on the parallel rate and causing noticeable volatility across several provinces.
Alaa Al-Fahad, a member of the media office at the Central Bank of Iraq, affirmed that the bank has no intention of changing the official exchange rate of 1,320 dinars per US dollar.
Current monetary policy, he explained, aims to protect this rate, strengthen public confidence in the banking sector, and support Iraq’s international commitments, noting that exchange-rate stability has pushed inflation into negative monthly levels, helping stabilize prices.
Al-Fahad added that fluctuations in the parallel market stem largely from speculation driven by news and rumors, “while the Central Bank continues to finance foreign trade at the official rate and to meet all legitimate dollar requests.”
Financial Risks
Economic expert Nawar Al-Saadi warned that public fears regarding vanished funds or disrupted incomes should not be dismissed as merely another corruption narrative, arguing that such concerns reflect deeper vulnerabilities in the national economy.
Al-Saadi told our agency that Iraq faces structural financial pressures, a diminishing capacity to absorb shocks, as well as administrative and fiscal burdens that undermine public accounts while eroding citizens’ trust in the state.
He said that declining transparency and weak governance increase the cost of public services, raise unemployment, and heighten the risk of protests. Al-Saadi called for urgent steps, including public disclosure of disputed financial files, independent investigations, expanded social protection for low-income families, and reforms to customs and tax systems to boost non-oil revenues.
Over the medium term, he urged restructuring of wages and public spending and directing investment toward productive sectors to reduce reliance on oil and curb waste.
Economic Governance
In a separate assessment, economic expert Karim Al-Halo said meaningful reform cannot be achieved without comprehensive governance of the financial system.
He confirmed to Shafaq News that public and societal funds must be kept within banks and financial institutions to prevent liquidity crises, arguing that “without this step, no serious reform can take hold.”
Al-Halo said Iraq remains behind in this area “either by design, as a result of administrative shortcomings, or due to corruption,” leaving the economy exposed to shocks and vulnerable to any rumor or crisis.
Widespread criticism after the "SuperKey" app crashed during Black Friday sales.
The “Super Key” app was subjected to a barrage of criticism after its sudden shutdown in the early hours of Friday morning, coinciding with the announcement of Black Friday offers that the app had been promoting for days, which included buying credit from Asiacell and Zain worth 25,000 dinars for only 2,000 dinars, from 12 at night until 2 am.
Despite the large advertising campaign that preceded the event, users were surprised that the application was unable to work or complete purchases, which sparked a widespread wave of discontent on social media.
One angry subscriber commented: “So, when the offers started, the app stopped working… Where did you find this?”
Another said: “They open shows and then disrupt the program!”
Others said: “They should all file a complaint against them on the grounds of fraud and deception.”
Another subscriber suggested: “Uncle, activate the application… we want this service!”
Some users are demanding that the company operating the application explain the reasons for the outage and fix the problem, especially since the outage came at the peak of the minutes when subscribers were waiting to take advantage of the “tempting offer” that caused a stir before its launch.
Mark Savaya receives new orders from Trump before heading to Iraq
Mark Savaya, the US special envoy to Iraq, announced that he received direct instructions from US President Donald Trump, who serves as commander-in-chief of the armed forces, during a meeting they had on the occasion of Thanksgiving Day.
Savaya, who was appointed by Trump last October, did not disclose details of the orders he received, only posting a brief statement on the “X” platform (formerly Twitter).
Savaya is the third US envoy to Iraq, following Paul Bremer in 2003 and Brett McGurk during the war against ISIS in 2014.
The envoy explained earlier that the focus of his mission is on "rebuilding trust" and strengthening the strategic partnership between Washington and Baghdad, stressing that the current stage of bilateral relations requires "direct and honest" communication that serves the interests of both peoples.
Savaya after meeting Trump: I received my instructions from the Commander-in-Chief regarding Iraq
US envoy to Iraq Mark Savaya said on Friday that he had received orders from Trump regarding Iraq.
In a post on the X platform, which was monitored by Dijlah News, Savaya stated, “I received orders from the Commander-in-Chief of the Armed Forces regarding Iraq, and it was great to see you and the wonderful way you spent Thanksgiving Day.” He did not elaborate further.
Last October, US President Donald Trump decided to appoint Mark Savaya as special envoy to Iraq.
Mark Savaya is the third US envoy to Iraq since Paul Bremer in 2003, and after Brett McGurk, during the war against ISIS in 2014.
Trump's envoy receives presidential directives regarding the Iraq file
US President Donald Trump's envoy to Iraq, Mark Savaya, announced that he had received presidential directives regarding the Iraq file, during the Thanksgiving celebration.
"I was honored to receive the directives for the Iraq mission from the Commander-in-Chief," Savaya said in a post on the X platform on Friday, November 28, 2025.
He added, "It was a pleasure meeting you, Mr. President, and it was truly an exceptional way to celebrate Thanksgiving."
Mark Savaya, President Donald Trump’s envoy to Iraq, vowed to pursue and hold accountable the armed groups that targeted the Kor Mor gas field, describing them as tools of “hostile foreign agendas,” in the first firm response from the Trump administration to the attack.
In a post on the “X” platform (formerly Twitter), Savaya commented on last night’s attack, saying: “Armed groups operating illegally and driven by hostile foreign agendas carried out the attack on the Kormor field,” demanding that the Iraqi government “identify the perpetrators and bring them to justice immediately.”
A message that is "unequivocal"
President Trump's envoy issued a stern warning to the armed factions, saying: "Let me be clear and unequivocal: there is no place for such armed groups in a fully sovereign Iraq," adding a direct American pledge: "The United States will fully support these efforts... Every illegal armed group and those who support it will be pursued, confronted, and held accountable."
Strong support for Kurdistan
Savaya stressed the firm American position towards the region, affirming that "Washington supports a strong Kurdistan within a unified and stable Iraq."
The US official urged Baghdad and Erbil to "deepen security cooperation and work closely to protect vital economic and energy infrastructure."
Trump's envoy concluded his post by renewing the commitment to help Iraq build its national forces, saying: "Together, we will continue to protect Iraq's resources, defend its sovereignty, and ensure the security and well-being of all its citizens."
The exchange rate dilemma: Government alternatives between deficit financing and economic stability
By Dr. Ahmed Hadhhal, Professor of Financial Economics
In light of the financial indicators for the 2026 budget, it appears that the exchange rate will be the focus of economic decision-making and the last line of defense against the widening deficit gap, which is expected to reach 70–90 trillion dinars. With the slowdown in non-oil revenues, the rise in current expenditures, and the decline in the ability to borrow domestically, fiscal policy enters a critical area that leaves the government with limited and difficult options.
The first logical solution is to rationalize spending and reduce non-salary operating expenses, and to control non-oil revenues through a strict automation and collection system, as well as reforming the state's financial management and reducing the spread of administrative and financial corruption. This can significantly reduce the deficit. Reducing privileges and imposing mandatory savings on senior officials can add a large amount to public finances, in addition to this measure being a gesture of goodwill to society so that it accepts the high costs of reform. Selling or investing part of the state's assets may provide between 10-15 trillion dinars, an amount that covers only a limited part of the gap. Even when these measures are applied together, the deficit remains high and cannot be fully financed through domestic borrowing without risking a large jump in domestic debt. Therefore, reform must be real through a structural "surgical operation" on spending and revenue items.
The exchange rate appears to be a short-term option, as the government recognizes that the resources generated by raising the exchange rate are the fastest and most effective way to bridge the financing gap. Trends and potential scenarios indicate that raising the rate from 1300 to 1500-2000 dinars would provide between 15 and 70 trillion dinars, depending on the level of the increase and the volume of dollar sales. This makes adjusting the exchange rate a readily available financial tool that the state resorts to when traditional methods fail to close the gap. I believe this policy represents a price the economy pays for maintaining the current monetary policy throughout the period of pegging.
Therefore, the government might consider integrating financing tools instead of relying on a single option:
1- A genuine reduction in operating expenses by 15-20%.
2- Reform of the spending system and financial oversight to ensure that artificial inflation in expenditures is not repeated.
3- Selling and investing specific highly liquid assets to secure quick resources.
A gradual and well-considered adjustment of the exchange rate towards 1500-1700 dinars as a starting point is advisable, with the risk of reaching 2000 if oil revenues do not improve.
Combining these tools together reduces the deficit pressure to limits that can be financed internally, and the central bank may pay for this adjustment through its reserves, given that most government spending is directed towards consumption and is considered a tool for effective aggregate demand directed towards imports financed and covered by the exchange rate.
An economic lesson for the next prime minister
After the Great Depression of 1932, which hit the world and America, US President Roosevelt, succeeding Herbert Hooper, issued a decision two days after taking office to declare a bank holiday and close all banks. This was on March 6, 1933.
Then he issued Executive Order No. 6102 on April 5, 1933, which is the most exceptional of executive orders, written in dry language and included.
I, Frank Delano Roosevelt... pronouncing the existence of patriotism... prohibit persons and principal partnerships within the United States... from hoarding gold water, gold bullion, and gold-backed securities... and I require consequently that all persons surrender on the first of May 1933 or earlier to any Federal Reserve Bank... or to any Reserve Reserve Member all gold coins, bullion, and legal tender securities in gold... and whoever willfully violates this Executive Order... shall be fined not more than ten thousand dollars... or imprisoned for a term not exceeding ten years.
In summary, the people must endure and accept the difficulty of the decision and hand over the gold to the government, otherwise they will be punished. For your information, this decision is political suicide for the following reasons.
1- Because it included a threat of imprisonment and a fine for those who violate it
2- Because the price of gold rose after this, it was a loss for people.
Finally
3- The citizen will refrain from electing him and his party for the next term.
America has succeeded in overcoming the crisis, therefore we need a prime minister in the next government who does not think about how to win votes in the upcoming elections, but rather focuses on the economic recovery of Iraq. Economic improvement means social, political, and security improvement.
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