Iraq enters the era of digital services... How has electronic payment changed the lives of citizens?
Prepared by : Mohammed Hussein Al-Abousi – President of the Arab Youth Organization
The video for this My FX Buddies Blog is below here:
Cash transactions are no longer the preferred method of transportation in Iraq, as digital services, particularly electronic payments , have begun to rapidly transform citizens' daily lives. With the expansion of e-wallet networks and digital banks, Iraq is effectively entering the era of the digital economy , a move considered a historic shift in the country's economic and social structure.
From salaries to bills, everything has gone digital.
Data from the Central Bank of Iraq indicates a significant increase in the number of e-wallet users over the past two years, with companies like Zain Cash , Asiacell Money , and KeyCard expanding their electronic payment and transfer services across all governorates. Employees can now receive their salaries through digital applications and pay their electricity and internet bills without needing to visit government offices, saving time and effort and reducing traditional cash transactions that previously burdened citizens.
A national project to change financial culture
In this context, the Arab Youth Organization implemented a year-long national project to promote a culture of electronic payments . This included organizing training workshops in ten Iraqi governorates , with the participation of hundreds of young people from civil society organizations. The project aimed to enhance financial literacy and encourage citizens to use digital tools in their daily lives, thus contributing to the creation of a new generation better equipped to engage with modern financial technology.
Electronic payment reduces corruption and increases transparency
Economists believe that the shift towards electronic payments not only facilitates transactions but is also a crucial step in combating corruption and reducing the informal economy. Tracking financial transactions electronically limits financial manipulation and strengthens trust between citizens and government institutions. Furthermore, the digitization of financial transactions opens the door to investment in financial technology (FinTech) and encourages banks to adopt innovative solutions that keep pace with global developments.
broad social impact
The effects of this transformation were not limited to the economy alone, but were also reflected in society. With the increasing use of electronic payments among young people, women, and students, a new culture emerged based on financial independence and personal budgeting, in addition to creating job opportunities in the fields of technology, customer service, and digital marketing.
Basrawi website opinion
Basrawi.com believes that Iraq is currently experiencing the beginnings of a true digital era, and that the widespread adoption of electronic payments among citizens paves the way for building a comprehensive knowledge-based economy . It emphasizes that the continuation of this transformation requires governmental and legislative support on one hand, and the ongoing initiatives of civil society, such as the Arab Youth Organization project, on the other, to ensure that digital services reach all segments of society.
Following the conclusion of the special voting, the Sudanese government stated: "Our national duty compels us to ensure a safe and stable electoral environment."
Prime Minister Mohammed Shia al-Sudani congratulated the security and military forces on Sunday for exercising their constitutional right and their active and conscious participation in the special voting for the parliamentary elections .
In a statement received by Mail, Al-Sudani said: “Brothers and sisters from our brave security and military forces, we first congratulate you on exercising your constitutional right and your active and conscious participation in the elections, and your choice of your representatives in the upcoming House of Representatives .”
He continued: “At this crucial moment, we affirm that our national duty compels us to ensure a safe and stable electoral environment, and to protect the electoral process from any breach or influence, because the security and stability achieved today is the fruit of your awareness, discipline, and sacrifices, which has made our forces an exemplary model .”
He added: “Let us be worthy of the trust that our people have given us, and let us make election day a day that expresses the awareness of our security personnel and their loyalty to their homeland, and let us make these elections a model to be emulated in discipline, commitment, awareness, and defending the right of citizens to exercise their constitutional entitlement. May God protect our armed and security forces in all their branches, and may God have mercy on our righteous martyrs, heal our wounded, and protect Iraq and its people from all harm .”
GC approves plan to remove four zeros from Iran's rial
Speaking at a press briefing in Tehran on Saturday, Tahan Nazif said the vetting body Guardian Council had reviewed a bill passed by the Iranian Parliament to reform the rial by removing four zeros.
Following amendments made by Parliament, the Council determined that the bill “is not inconsistent with Sharia law or the Constitution,” he stated.
According to the spokesperson, once the bill is enacted, the process of redenominating the national currency will begin. The law will be implemented gradually over a transition period of several years to ensure that all necessary preparations are made, he added.
The idea of removing zeros from the rial was first proposed 34 years ago and has been discussed under several administrations but never fully pursued.
A bill on the initiative was first approved by the government in 2019, and its general outlines were endorsed by Parliament the same year.
In early August this year, Parliament’s Economic Committee approved the bill after introducing new amendments, and on October 5, it was finally passed by the full Parliament. The measure is part of broader efforts to curb inflation, stabilize the rial’s declining value, and simplify financial transactions.
Under Iran’s Constitution, any bill ratified by Parliament must be reviewed by the Guardian Council to ensure its compliance with the Constitution and Islamic law, which form the foundation of the country’s legal system.
Iraq's domestic public debt is rising
The Central Bank of Iraq announced on Sunday that domestic public debt had increased by the end of September 2025.
The bank said in an official statistic seen by Shafaq News Agency that “Iraq’s internal public debt rose at the end of September of this year to reach 90 trillion and 615 billion dinars, an increase of 0.47% compared to August, which amounted to 90 trillion and 165 billion dinars, and also an increase of 9.11% compared to 2024, which amounted to 83.050 trillion dinars, and an increase of 28% compared to 2023, which amounted to 70.558 trillion dinars.”
The bank added that "the increase came as a result of an increase in discounted treasury transfers in favor of the Central Bank by one trillion dinars, to reach 50.486 trillion dinars after it was 49.486 trillion dinars."
He pointed out that “loans from financial institutions have decreased to 14.366 trillion dinars after being 14.416 trillion dinars, and the debts of the Ministry of Finance have decreased to 1.500 trillion dinars after being 2.030 trillion dinars.”
Want to Support My FX Buddies?
.png)
Support My FX Buddies Big or Small I appreciate it all
BuyMeACoffee CashApp:$tishwash
https://paypal.me/tishwash
.jpeg)
Iraqis to vote amid tension with Washington
As Iraq heads to the polls this Tuesday, voters are choosing leaders who could reshape the country’s relationship with the United States.
Many voters say Washington still controls key parts of their economy and politics, leaving the question of sovereignty unresolved more than two decades after the U.S. invasion.
In Iraq’s southern city of Basra, oil exports are booming. Tankers load millions of barrels of crude every day, bringing in billions of dollars. But this money does not go to the Central Bank in Baghdad.
Instead, it is sent to accounts at the U.S. Federal Reserve, where it remains under American supervision.
These revenues are deposited into what was once known as the Development Fund for Iraq (DFI), later restructured into the “Iraq 2 Account” at the Federal Reserve Bank of New York.
From there, funds are released to Iraq’s Ministry of Finance for government spending, but only after approval and clearance through the U.S. financial system. This setup allows Washington to monitor every dollar and, if necessary, delay or restrict Iraq’s access to its own oil income.
The system was first created in 2003 as a temporary safeguard after the fall of Saddam Hussein. It was meant to help Iraq manage its oil revenue transparently.
Yet 22 years later, it still exists. The U.S. presidents have renewed the arrangement every year, most recently in May 2025.
Critics say this has turned a short-term measure into long-term control. Officials in Baghdad estimate that between $80-$85 billion of Iraq’s oil revenues are now held in the U.S. Federal Reserve.
Washington says the setup helps prevent corruption and protects Iraq’s economy. But many Iraqi voters argue it gives the U.S. too much leverage.
That leverage became clear when U.S. regulators restricted dozens of Iraqi banks from using dollars. The decision reduced the flow of dollars into Iraq, weakening the dinar and raising prices for everyday goods. For shopkeepers and traders, the result has been higher costs and shrinking profits.
“The Americans say it’s about stability, but we’re the ones paying the price,” said Ahmed, a trader in Baghdad’s Karrada district. “Our money is controlled by another country.”
The U.S. also keeps military forces in Iraq, something many voters still view as an occupation. Together, these economic and military ties have become key issues in the November 11 election.
Several political blocs are promising to reclaim sovereignty by demanding control over Iraq’s oil and gas revenues and pushing for a faster and more transparent timeline to end the U.S. troop presence.
At a recent summit in Egypt, U.S. President Donald Trump told Iraqi Prime Minister Mohammed al-Sudani, “You have a lot of oil and you do not know how to handle it.”
His comment fueled debate in Iraq over whether the U.S. still sees itself as Iraq’s guardian, or its overseer.
The next government will face a difficult choice: maintain the current system for stability, try to renegotiate it, or cut the link entirely. Each option carries serious risks for Iraq’s economy and relations with Washington.
When Iraqis vote this week, they will decide more than who leads them. They will decide whether their country can finally stand on its own, or whether America will continue holding the financial and political levers that shape Iraq’s future.
ExxonMobil is optimistic about returning to Iraq: We need guarantees.
ExxonMobil CEO Darren Woods expressed optimism on Saturday about the company's return to Iraq after signing a preliminary agreement to manage, develop, and operate the Majnoon oil field in the south of the country.
Woods told Reuters that the company needs to ensure the investment is appropriate and to negotiate with the Iraqi government to ensure it is a mutually beneficial agreement, adding that the process is still in its early stages.
He added that “oil and gas will play a crucial role for a long time to come,” and raised a question about how long they will continue to be used as fuel.
Woods noted that “technological developments may change the use of hydrocarbons in the future, but their use will continue for other purposes, such as the medical sector.”
The CEO of ExxonMobil concluded by saying, “Crude oil and hydrocarbons will play a pivotal role in everyone’s lives for a long time to come.”
On October 8th, the Iraqi government signed a Memorandum of Understanding (HOA) between the Ministry of Oil and the American company ExxonMobil.
Iraq currently produces about four million barrels of oil per day, and aims to exceed six million barrels per day by 2029.
The Majnoon oil field is located 60 kilometers from Basra in southern Iraq, and is one of the largest oil fields in the world, with estimated reserves of about 38 billion barrels.
Iraq is the fifth largest Gulf trading partner after exports to it grew by about 50%
Statistics issued by the Gulf Statistics Center showed that Iraq emerged as one of the most important trading partners of the Gulf Cooperation Council countries in 2024 after the value of Gulf exports to it jumped by 47.9%.
The report, which was reviewed by Shafaq News Agency, indicated that the value of Gulf exports to Iraq rose to $35.5 billion in 2024, compared to $24 billion in 2023, with Iraq replacing the United States of America in fifth place on the list of the most prominent trading partners of the Gulf Cooperation Council.
The Gulf Statistics Center explained that Gulf exports to Iraq included petroleum derivatives, plastics and plastic products, iron and metals, electrical and electronic machinery and equipment, in addition to food and building materials, reflecting the diversity of trade exchange and the broad base of economic cooperation between the two sides.
According to the data, China topped the list of Gulf trading partners, followed by India, Japan and South Korea, with Iraq in fifth place, accounting for 4.2% of total Gulf exports for 2024.
Rubio praises Nechirvan Barzani's efforts to resume oil exports from the region and strengthen the partnership with America.
US Secretary of State Marco Rubio on Sunday praised the efforts of Kurdistan Region President Nechirvan Barzani in reopening Kurdistan's oil export pipelines through Turkey, also appreciating his role in strengthening the partnership between the region and the United States.
A statement from the Kurdistan Region Presidency, received by Shafaq News Agency, stated that Barzani received a letter from the US Secretary of State praising Nechirvan Barzani’s role in reopening the Kurdistan Region’s oil export pipeline through Turkey, appreciating his efforts and endeavors in this regard.
In another part of the letter, he also expressed his continued appreciation for President Barzani’s efforts in facilitating dialogue between Turkey and the Kurdistan Workers’ Party (PKK ), noting his important role in supporting stability and peace in Syria.
Rubio emphasized that the partnership between the United States and the Kurdistan Region is based on solid foundations of stability and progress, and wrote to President Barzani, saying: "Your leadership and constructive partnership, and your sense of responsibility and wisdom, are pillars for promoting peace and cooperation."
In closing his message, Minister Rubio conveyed his greetings and appreciation to President Nechirvan Barzani, praising his continued efforts to strengthen the partnership and mutual understanding between the two sides.
He stressed that expanding economic cooperation between the United States and the Kurdistan Region is in the interest of both sides and strengthens their strategic partnership.
Constitutional timelines for forming the legislative and executive branches in Iraq: The judiciary reveals the date for the formation of the new Iraqi government.
The head of the Iraqi Supreme Judicial Council, Judge Faiq Zaidan, confirmed that the new Iraqi government could see the light within four months from the date of the announcement of the election results, according to the law, while pointing out at the same time that the new government could be formed in a shorter period not exceeding January 2025 if “the first day of each constitutional stage is utilized and not waited until the end of the maximum periods.”
In an article published on Sunday, November 9, 2025, on "The Constitutional Timelines for Forming the Legislative and Executive Authorities in Iraq," coinciding with the start of the special voting process for the parliamentary elections in Iraq, Zaidan said that "past experiences have proven that the appointment of the occupants of the three presidential positions, the Speaker of Parliament, the President of the Republic, and the Prime Minister, often exceeds the specified constitutional deadlines, which constitutes a clear violation of the constitution and a violation of the spirit of the democratic transfer of power." He attributed the continuation of this flaw to "the absence of a penalty or legal consequence resulting from this violation, as the constitution did not include a text that addresses this violation or determines its consequences, which allowed it to be repeated in more than one election cycle."
Zidan said: "We hope that this observation will be taken into consideration when making any future amendments to the constitution, in order to ensure respect for constitutional timelines and to impose specific penalties for violating them, in order to preserve the stability of the democratic system and to enshrine the rule of law and the principle of the peaceful transfer of power."
The following is the text of the article:
"The peaceful transfer of power through the ballot box every four years, according to the mechanisms outlined in the constitution, is one of the most important achievements that Iraq has made since 2003."
Because the political system in Iraq is a representative republic (parliamentary) according to Article One of the Constitution, the House of Representatives, which represents the legislative authority, is considered the “mother” from which the government, which represents the executive authority, is born. Members of the House of Representatives are elected by direct secret ballot, according to Article (49) of the Constitution.
The Constitution and the amended Independent High Electoral Commission Law No. (31) of 2019 have established clear foundations for organizing the electoral process by which the House of Representatives is formed, and through which we ensure the transfer of power in a constitutional and democratic manner that guarantees respect for the will of the people and the achievement of political stability.
Article 56/Second of the Constitution stipulates that elections for the new House of Representatives must be held no later than 45 days before the end of the current parliamentary term. Given that the current term began on January 9, 2022, and continues for four calendar years according to Article 56/First, the constitutionally mandated date for the elections should be November 24, 2025. Therefore, setting November 11, 2025, as the date for the parliamentary elections is a clear violation, as it is not based on any constitutional or legal provision.
Article (20) of the Independent High Electoral Commission Law stipulates that the period for appealing election results is (3 days) from the date of the results announcement. The Commission shall, within (7 days), prepare responses to the appeals and submit them to the Electoral Judicial Authority, which shall adjudicate them within (10 days) from the date of referral. After the expiry of these periods, the Commission shall send the final results to the Federal Court for ratification in accordance with Article (93/Seventh) of the Constitution. Following ratification, the Commission shall notify the President of the Republic, who shall then call upon the new Council of Representatives to convene by presidential decree within (15 days) from the date of ratification.
The new House of Representatives shall convene, presided over by the oldest member, to elect the Speaker and his two deputies in accordance with Article (55) of the Constitution. Then it shall elect the President of the Republic within (30 days) of the date of its convening in accordance with Article (72/First/B) of the Constitution. After his election, the President of the Republic shall assign the candidate of the largest parliamentary bloc to form the Council of Ministers within (15 days). The assignee shall be given a period of (30 days) to present his ministerial cabinet to the House of Representatives to obtain confidence in accordance with Article (76) of the Constitution.
Based on these constitutional timeframes, the total period required for the formation of the new government extends to approximately four months from the date the results are announced. However, the constitutional legislator used the phrase "within" in all these articles, a term that specifies the maximum timeframe and does not mandate waiting until its end, thus granting considerable flexibility to shorten these periods whenever the political will exists.
Accordingly, the four-month period for the formation of the government can be reduced to much less if the first day of each constitutional stage is invested and not waited until the end of the maximum periods. The convening of the House of Representatives on the first day of the invitation, the election of the Speaker of the House and the President of the Republic, and the appointment of the Prime Minister in the first days, would ensure that the new government would see the light at the beginning of January 2026 instead of March of the same year.
Past experience has shown that the appointment of those holding the three presidential positions—Speaker of Parliament, President of the Republic, and Prime Minister—often exceeds the constitutionally mandated terms, constituting a clear violation of the constitution and contravening the spirit of democratic power rotation. The persistence of this problem stems from the absence of any legal penalty or consequence for such violations, as the constitution lacks a provision addressing this transgression or defining its repercussions, thus allowing it to be repeated in multiple election cycles.
From this standpoint, we hope that this observation will be taken into consideration when making any future amendment to the constitution, in order to ensure respect for constitutional timelines and to establish specific penalties for violating them, in order to preserve the stability of the democratic system and to enshrine the rule of law and the principle of the peaceful transfer of power.
Controls
Regulations regarding the required qualifications for leadership positions in banks ... For more information , click hereit's a 17 page document in Arabic and not copy and pasteable except for the cover page
Date : 2025/11/9
ุงูู ุตุงุฑู ุงูู ุฌุงุฒุง CafeThe special orders are subject to the obligatory conditions for the employment of leadership positions in the exchanges
ุชุญูุฉ ุทูุจุฉAttached to our officials dated (30/4/9) and (281/2/9) and dated 2024/1/14 and 2021/8/25, referring to the decision of the Board of Directors of this bank number (241) In 2025, the competition requires special positions under the mandatory conditions for employment of leadership positions in the market.
For work you must start from the history of this book.. with appreciation.
Facilities
- Special positions according to the obligatory conditions for the employment of leadership positions in the exchanges.
A.D. Ammar Hamad Khalaf
Acting Deputy Governor
2025/11/
11/9/2
No comments:
Post a Comment