The upcoming arsenal of sanctions
Trump's fortune teller promises Iraqis "days they have never seen before," and the factions respond from parliament: "Welcome to death!"
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As the Iraqi parliament held its first session, electing a deputy speaker affiliated with the factions, Washington was simultaneously outlining an unprecedented punitive strategy. Former Trump advisor Gabriel Souma, described as an "expert on the inner workings of the White House and Trump's policies," went so far as to warn of a potential moment when Iraqis might find themselves buying the equivalent of one dollar for "five bags" of Iraqi dinars. Between this catastrophic scenario and a parliament where a member of Kataib Hezbollah declared his "loyalty to the Popular Mobilization Forces" and vowed to pass the PMF law despite Washington's opposition, Iraq appears to be heading toward a difficult test: an economy beholden to the dollar and a legislative body openly defying American demands.
Gabriel Souma: The prophecy of sanctions and the potential "night of collapse"
Gabriel Souma is not merely a political commentator; he has long been presented as a professor of international law and an expert on Middle Eastern affairs. He served on President Donald Trump's advisory team during the previous term and participated in sensitive discussions concerning the legality of US strikes in Iraq and Iran, as well as Washington's financial and punitive policies in the region. When he speaks today in such definitive terms about "unprecedented measures" that Iraq will face if Mark Savaya fails to implement Trump's demands in Baghdad, he is reflecting the prevailing mood within the president's inner circle more than offering a cold, academic analysis.
When Souma says that Savaya "represents Trump 100%, and 99% is unacceptable," he is outlining the limits of his mandate: a special envoy with no room to maneuver outside the rigid script, at a time when the White House is brandishing options ranging from strangling dollar channels through the Federal Reserve, to broader restrictions on the banking and energy sectors, culminating in a near-siege if Baghdad decides to fully align itself with the factions. This posturing is consistent with the general trajectory of Trump's current strategy toward Iraq and Iran, which relies on escalating sanctions and financial pressure rather than large-scale military engagement, while using the threat of cutting aid and reconsidering oil waivers as a continuous bargaining chip.
In this context, the image of “Iraqis buying one dollar for five bags of Iraqi currency” is not so much a literal economic prediction as it is a crude metaphor for the possibility of an exchange rate spiral out of control and a collapse in purchasing power, if Washington decides to use its entire arsenal of financial pressure all at once against a country that depends almost entirely on the dollar to finance its trade and banking system.
Mark Savaya: Envoy of the tough deal between the White House and Baghdad
Mark Savaya himself is not a traditional diplomat. An Iraqi-American businessman of Chaldean descent, he rose from the retail and medical cannabis industries in Michigan to become Trump's special envoy to Iraq in October 2015, a move widely interpreted as a shift by the president toward "deal-making diplomacy" rather than classical diplomatic hierarchy. His writings and public pronouncements reveal a clear inclination to use economic and financial tools to reshape the relationship with Baghdad: encouraging investment and infrastructure development on the one hand, and linking any concessions or exemptions to Iraq's commitment to curbing the influence of Iran and its armed factions on the other.
From this perspective, Savaya becomes a dangerous link: if he succeeds in persuading Iraqi political forces—especially the Shia ones—to accept a "settlement" that subjects the factions to state authority and freezes any move to legally enshrine them as a parallel power, the specter of maximum sanctions may recede. However, if he fails, as Souma warns, the very mandate he carries from Trump could easily be transformed into an indictment against Baghdad before the American sanctions machine.
A parliament with a declared populist bias... when the logic of defiance prevails
In contrast, the factional forces are acting as if they are seizing a moment of power within the new parliament. The election of a first deputy speaker from one of the Shiite armed groups, classified by the US as an "Iranian-backed group," has raised clear concerns in Western analyses, which saw this move as a message that the Baghdad legislature is leaning more towards the Popular Mobilization Forces camp, at a time when US pressure is mounting on the issue of the Popular Mobilization Forces and its laws.
At the heart of this mood comes the statement by MP Hussein Mounes, leader of the "Rights" movement, which is close to Kataib Hezbollah, who frankly declared that "Parliament is biased towards the Popular Mobilization Forces" (PMF), and that the PMF law will be passed this time despite American reservations. This is a reference to the law that Washington sought to obstruct in the previous parliamentary session through direct pressure on the Prime Minister and the leaders of influential Shiite blocs. Hussein Mounes himself is not an ordinary name; he has been presented for years as the political face of Kataib Hezbollah and a contender within the Shiite political establishment for the representation of a "resistance" that sees its full institutional integration within the state as a guarantee for the continuation of its armed-political project.
The most vehement pronouncements come from within other alliances close to the factions, where Badr Organization MP Abu Turab al-Tamimi declares, "We are not concerned with pressure. We are 90 MPs, and we don't care about America or what it wants. If it threatens us with death, then so be it." This rhetoric, with its defiant tone, expresses a firm conviction among a segment of the political class that any retreat on the issue of the Popular Mobilization Forces (PMF) would constitute a strategic concession to both Washington and Tehran, weakening these forces' ability to assert their share in both the state and the economy.
The crowd control law: between Marco Rubio's message and the new "pass promise"
The clash over the Popular Mobilization Forces (PMF) law is not new, but its current level is different. When the draft "Law on Service and Retirement for the Mujahideen of the Popular Mobilization Forces" was introduced in 2025, along with subsequent proposals to regulate the PMF, the issue became one of the most sensitive between Baghdad and Washington. Leaked US messages and phone calls revealed direct warnings from Secretary of State and National Security Advisor Marco Rubio to Prime Minister Mohammed Shia al-Sudani, stating that passing the law would be interpreted in Washington as "formally enshrining the influence of Iran and its factions" within the state structure, with the threat of sanctions targeting the energy and security sectors and potentially a review of military and financial aid.
Under this pressure, and with internal division even within the Shiite bloc regarding the timing and form of the law, the government withdrew the draft from the parliament’s agenda at the end of the summer of 2025, after weeks of postponed sessions and sharp disagreements, in a scene that looked like at least a tactical American victory, and a postponement of the final clash rather than a real settlement.
Today, when a member of parliament close to Kataib Hezbollah declares that parliament, given its current leanings, "will pass the Popular Mobilization Forces (PMF) law," he is effectively pledging to reopen the same issue, but from a position of numerical strength within parliament and with political momentum stemming from the election of a new president and a shift in the balance of power within Shia alliances. This pledge is not interpreted in Washington as a technical legal dispute, but rather as a direct test of the seriousness of Trump and his team's threats, just as it leaves his envoy, Savaya, a narrow margin for negotiation before these "pressure tactics" become a reality.
The potential dollar war: from the weapon of sanctions to the nightmare of the street
What Soma is threatening in terms of "unprecedented measures" does not come out of thin air. Over the past few months, Washington has sent more than one indication of its readiness to use the economic weapon gradually and extensively against Iraq: issuing warnings about mixing Iranian funds with the Iraqi financial cycle, talking about a series of escalating sanctions on factions, figures and banks under the umbrella of a new presidential memorandum, and threatening to restrict Iraq's access to the dollar if it continues to harbor groups that Washington classifies as "terrorist organizations" or "arms of the Revolutionary Guard".
In a worst-case scenario, one can imagine a package of measures beginning with tightening restrictions on the currency auction and correspondent banking transfers, moving through the inclusion of new Iraqi banks on sanctions lists, and culminating in reducing exemptions for importing gas and electricity from Iran, and perhaps even reopening the file on "partial sanctions" on specific sectors—a modified version of the 1990s experience, but with more precise and less publicized financial tools. In such a scenario, the image of "five bags of Iraqi dinars for one dollar" becomes an exaggerated expression of a possible reality: a sharp collapse in the value of the dinar, inflation that devours salaries, and a middle class that vanishes within a few months.
Conversely, the Popular Mobilization Forces and their allies are betting that Washington cannot go so far as to impose a complete blockade, because Iraq remains essential to global energy markets and regional stability, and any total collapse would create a vacuum that would be exploited by powers rivaling the United States, from Iran to China and Russia. However, this bet, while containing a degree of geopolitical realism, overlooks the fact that what the Trump administration is currently threatening are sanctions "broad enough to discipline Baghdad, without reaching the point of its complete collapse"—a level that alone would be sufficient to cause an unprecedented social and economic shock in a country that has barely emerged from the currency crises of recent years.
From the slogan "Welcome to death" to the question: Who pays the price?
In the end, the scene as it appears today looks like a race towards the brink. A Trump advisor is waving before the Iraqis the image of an economy collapsing overnight if the factions are not disarmed according to American conditions, a special envoy has a full mandate to conclude a harsh "deal" with Baghdad, a new parliament whose leaders boast that their "inclination is towards the Popular Mobilization Forces" and that they are ready to pass the Popular Mobilization Forces law defying Washington's pressure, and a deputy sums up the mood with a speech: "We don't care about America... If they threaten us with death, then welcome death."
Amid these slogans and threats, the voice of the only party that has no real choice is absent: the Iraqi citizen who will wake up, in the worst-case scenario, to eroding salaries, collapsing purchasing power, a frozen labor market, a country caught between Washington and Tehran, and a parliament negotiating the future of weapons while the currency plummets.
The question that arises here is not only: Will Trump really dare to push Iraq to the brink of economic collapse if Parliament deliberately enshrines the Popular Mobilization Forces by force of law? But also: Do the “Popular Mobilization Forces” within the Parliament realize that their bet on challenging Washington to the end may make the slogan “Welcome to death” approach people’s daily lives, not as a choice of resistance, but as a reality of poverty, deprivation, and a dead end?
At a moment like this, it seems that Iraq is indeed standing on a sharp dividing line between the “dollar war” and the “war of laws,” where a single signature in the White House, or a single vote under the dome of Parliament, may determine the course that the coming years will take: a difficult and painful path of settlement, or an open path of confrontation, the price of which will be paid first and foremost by the Iraqi street.
Experts stress the importance of digital banking transformation
Economic experts have urged the need to redouble efforts in digital transformation of banking transactions, stressing that this step is capable of producing a package of positive results, including absorbing cash liquidity and eliminating bureaucracy, as well as enhancing financial inclusion and keeping pace with global competition.
Digital transformation in banking transactions is also a key factor in providing integrated banking services without the need for direct interaction in all banking operations, as well as its role in creating greater value for customers and achieving strategic goals for banks.
Economic expert Dr. Mahmoud Dagher believes that the current stage requires a serious shift from traditional methods to adopting advanced banking applications that encompass all operations and services without exception. He emphasized that it is no longer worthwhile to continue working with the current core banking systems in their old forms; rather, it is necessary to upgrade them and move to newer “Tier One” systems capable of keeping pace with rapid developments. In the banking sector.
Integrated banking services
Dagher added to Al-Sabah that this transformation requires competent human resources who possess the technical expertise and ability to manage and operate systems and applications with high efficiency, noting that achieving these requirements will open the way for providing integrated banking services without the need for direct contact, in line with the nature of modern banking products, whether Islamic or traditional, which are managed today via mobile phone or computer, and contribute to improving the quality of services and enhancing the confidence of customers in the banking sector.
Key pillars of transformation
For his part, banking expert Dr. Nabil Rahim Al-Abadi questioned whether updating traditional systems was sufficient to create a genuine financial future. He pointed out that banks suddenly found themselves in a race against time and against evolving customer expectations.
Their lives have been completely digitized.
Al-Abadi answers his own question, in an interview with Al-Sabah, by saying that technical upgrades alone will not create a miracle, pointing out that what we need at this critical juncture consists of three basic pillars.
He explained that what banks need is a smart infrastructure, not just an electronic one, noting that the goal is not merely to digitize current transactions, but to build flexible and interoperable systems capable of anticipating customer behavior, providing proactive financial solutions, and seamlessly integrating with the broader digital economy (including e-commerce).
Towards smart cities). Furthermore, investing in secure cloud infrastructure and big data systems and their analysis is the backbone. This stage.
Staff rehabilitation
The expert added that the second pillar is the existence of a digital mindset before digital applications, explaining that the biggest challenge is the corporate culture and human affairs, as the banking system needs a new generation of leaders who think like tech-first companies, and radical development programs to rehabilitate the current staff, as the transformation is a transformation in organizational thought and behavior, and not in the programming code alone.
The banking expert identified the third pillar as contingent upon the availability of a legislative framework and national coordination, emphasizing that banks cannot operate in isolation. He stressed the need for flexible and rapidly evolving legislation that regulates digital payments, financial data, and cybersecurity, and keeps pace with innovations such as open banking. Furthermore, coordination between the central bank and other government entities (such as tax and trade authorities) is crucial for breaking down barriers and creating a unified experience. For the citizen.
The option... a big leap
Al-Abadi stated that the path forward is not about upgrading outdated systems, but rather a radical redesign of the value proposition. He emphasized that the banks that will survive and thrive are those that understand they are transforming from places you go to into services available everywhere, at all times, and in a personalized way. This is the essence of the transformation we are waiting for. Time waits for no one, and the only option is a giant leap, not small steps.
Rapid transformations
It is noted that Iraq is witnessing an accelerated digital transformation in the banking sector, led by the Central Bank, with the aim of enhancing financial inclusion and reducing reliance on cash through the launch of projects such as the instant payment system and local cards, the establishment of new digital banks, and the development of infrastructure, with a focus on cybersecurity and raising community awareness to meet the growing challenges of financial technology in order to achieve a more transparent and efficient economy.
Saleh's appearance: The revenue improvement is temporary, and the solution lies in diversifying the economy and boosting productive spending.
Saleh explained in his interview with Al-Furat News Agency that "this reality constantly calls for a move towards financial strengthening as a preventive option, which is based in essence on examining public spending, analyzing the structure of expenditures, and raising their efficiency to the highest possible level, before thinking about resorting to financing through borrowing."
He explained that “the steps taken to diversify the sources of national income cannot bear fruit through isolated or circumstantial financial measures, but rather require a comprehensive strategy based on an investment budget guided by results and economic impact, not by being satisfied with the logic of allocations, and the transformation from a spending state to a production state, in which public resources are employed to generate sustainable added value, in addition to linking the financial policy with a clear industrial and commercial policy, capable of stimulating the productive sectors and enhancing the competitiveness of the national economy.”
He concluded by saying that "the general budget will remain, otherwise, hostage to the cycle of a single resource, no matter how much its management tools improve in the short term, and no matter how high the level of situational financial discipline."
Iraq’s delicate maneuver: Boosting revenue without crushing consumer power
Iraq is facing increasing economic pressure as the government seeks to expand non-oil revenues while safeguarding citizens’ purchasing power. Public spending continues to climb, and the country’s heavy reliance on oil income leaves the budget exposed to swings in global energy prices.
Non-oil tax revenues remain modest at around 3.7 trillion Iraqi dinars ($2.5B), compared with total public spending exceeding 150 trillion dinars ($101B), a gap that underscores Iraq’s continued dependence on oil as the main source of state financing.
Within the government’s response, economic experts describe the strategy as centered on improving tax collection and limiting evasion rather than imposing new direct levies. The approach includes incorporating previously unregistered economic activities into the formal system and widening the use of electronic taxation.
Even without new taxes, some measures are expected to affect citizens indirectly. Freelancers and small traders, in particular, may face higher obligations than in past years, reflecting the challenge of boosting state income without eroding Iraqis’ purchasing power.
The Oil Breakup
Mouin Al-Kadhimi, a former member of the parliamentary Finance Committee, told Shafaq News that the government has been preparing tax reforms for more than a year to strengthen non-oil revenue streams. “At present, about 90% of Iraq’s income comes from oil,” he noted. “Non-oil revenues must increase gradually to avoid shocks if oil prices decline.”
He referred to the tax authority’s transition to a new automated system, arguing that it must carry out its mandate professionally while avoiding undue pressure on taxpayers in Baghdad and other provinces.
Al-Kadhimi projected annual tax revenues of no less than 5 trillion dinars ($3.4B), in addition to 5 trillion dinars ($3.4B) from customs, 2 trillion dinars ($1.3B) from the media and communications authority, and further income from electricity, water, and other ministries. Combined, he estimated total annual revenue at roughly 20 trillion dinars ($13.5B).
At the same time, he cautioned that these steps could be felt by consumers, particularly through import-related charges linked to trade volumes of about $70B a year, noting that stronger state revenues could translate into higher prices in local markets.
Equity over Revenue
Economist Basim Jamil Antoun framed taxes, alongside fees and customs duties, as a core pillar of public finance that also connects citizens to the functioning of the state.
He explained to Shafaq News that greater public understanding of how taxes support services, salaries, and pensions is essential for maintaining fairness and trust in the system, stressing that moderate taxes aligned with income levels allow the state to operate effectively.
Impact on Citizens
Economist Ahmed Abdul-Rabbie observed that the government has opted to activate deferred levies while tightening enforcement and broadening the tax base.
He assessed that measures such as formalizing unregistered activities and expanding electronic taxation could lift revenues by 10–20% without placing excessive strain on citizens.
Still, Abdul-Rabbie pointed out that freelancers and small traders are likely to shoulder heavier obligations than before, noting that proposals for wealth taxes or major restructuring of the income tax system remain suspended because of their social and economic sensitivity.
“2026 is expected to center on stabilizing Iraq’s tax framework,’’ he concluded, stressing that collection efforts must be matched by visible improvements in services to support economic stability and reduce exposure to oil price volatility.
Deputy Speaker Atrushi backs reform as Iraq moves to next phase
On Tuesday, newly elected second deputy speaker Farhad Atrushi voiced optimism that recent political understandings would support Iraq’s upcoming constitutional steps, including the election of a president and the formation of a new government.
In his first comments after taking office, Atrushi, from the Kurdistan Democratic Party (KDP), told Shafaq News that Iraq’s legislative framework is “outdated,” calling for reform-oriented changes to legislation and decisions over the next four years.
His remarks followed Parliament’s opening of presidential nominations and the scheduling of its next session for January 5, 2026, after the completion of leadership elections.
On Monday, lawmakers elected Haibet Al-Halbousi, a Sunni Arab from the Taqaddum (Progress) Party, as speaker, alongside Adnan Fayhan of the Sadiqoun bloc as first deputy speaker. Two rounds of voting to select the second deputy speaker failed to produce a result, prompting a third round earlier today, which saw Farhad elected to complete the parliamentary structure.
According to the constitutional timetable, Parliament must elect a president within 30 days of its first session. The elected president is then required to designate a prime minister within 15 days, with the new cabinet to be formed within 30 days of that designation
Forming the government and the 2026 budget are the top priorities for parliament.
Since its first session on Monday, the House of Representatives, in its sixth electoral term, appeared poised to resolve crucial issues, foremost among them the general budget and the formation of a government. This move aimed to reset the political process and usher in a new legislative phase directly linked to the country's economic and service stability. The session was not viewed as a routine constitutional procedure, but rather as a practical step to end the political deadlock and shift to a priority agenda focused on laws with a direct impact on citizens' lives. Parliamentarians affirmed that this session would be different in the nature and priorities of its legislation.
2026 Budget
In this context, the Patriotic Union of Kurdistan bloc affirmed that the sixth electoral cycle represents a pivotal moment in the political process, stressing that forming a government is a top priority, as it is the foundation upon which the rest of the legislative entitlements are built.
And the executive branch.
MP Sarwa Mohammed Rashid told Al-Sabah: “The laws related to the formation of the government and the general budget for 2026 are of particular importance to the members of the House of Representatives,” noting “the need for the budget to be ready for voting during the first sessions, due to its connection with financial allocations related to important service projects, as well as its role in supporting the health, service and economic sectors.”
Important laws
For his part, Ahmed Shaheed, a member of the "Abshir Ya Iraq" bloc, told Al-Sabah newspaper: "The start of the sixth parliamentary session will bring with it a clear legislative momentum, represented by the passage of a set of important laws that directly affect the lives of citizens," stressing that "these laws were designed to meet the requirements of the current stage and enhance stability."
"Community".
He explained that "this parliamentary session will be different from its predecessors in terms of the nature of the proposed laws and their priorities, as more space will be given to legislation of a social and economic nature, which will contribute to supporting the different groups within society, stimulating the economy, and addressing the living challenges facing a wide segment of citizens."
Shahid added that "the House of Representatives is about to enter a phase of intensive legislative work, in parallel with activating the oversight role, in order to ensure the application of laws in a fair manner and in accordance with the constitution, and to reflect the aspirations of the Iraqi public towards real and sustainable reforms."
He explained that "parliamentary blocs are called upon to prioritize the public interest and work with a spirit of national responsibility to make this session a success, and to make it an effective legislative milestone that contributes to strengthening trust between the citizen and the legislative institution."
government formation
In a related context, members of the House of Representatives indicated that the formation of the government is one of the fundamentals of the political process, and represents the launch of an important stage to provide the best services to citizens, by focusing on laws related to the health, education and services sectors, in addition to laws related to combating corruption, which were placed among the priorities of the next stage.
They stressed that among the urgent goals is working to complete a large number of laws carried over from the previous session, especially those related to services and citizens’ concerns, emphasizing that the commitment of MPs to attend and participate in the sessions of the House of Representatives, discuss and vote on laws will be an important factor in gaining the public’s trust during the next stage.
For his part, Raad Al-Dahlaki, a member of the “Al-Azm” coalition, told Al-Sabah: “The council places at the forefront of its priorities the enactment of laws that would stimulate economic growth and revitalize productive sectors, in line with the requirements of the current stage and the country’s need for sustainable economic stability.”
Al-Dahlaki explained that “the Council will pay special attention to laws that support society, foremost among them social welfare and protection legislation, in order to ensure the promotion of social justice and the alleviation of living burdens on broad segments of citizens,” stressing that “the next stage requires concerted political efforts to support any legislation that serves the public interest and enhances the path of comprehensive development.”
The President of the Republic: The House of Representatives has fulfilled its first constitutional obligation on schedule.
President Abdul Latif Jamal Rashid affirmed on Tuesday that the Council of Representatives fulfilled its first constitutional obligation on schedule, demonstrating the strong sense of national responsibility felt by the leaders of the political blocs and the representatives.
In a congratulatory message to the Speaker of Parliament and his two deputies, the President stated: "Speaker of Parliament, Haibat al-Halbousi, we congratulate you on your election as Speaker of the Council of Representatives for its sixth session. We also extend our congratulations to Adnan Faihan, First Deputy Speaker, and Farhad al-Atroushi, Second Deputy Speaker, wishing you and all members of Parliament success in fulfilling your duties in service to the Iraqi people in all their diversity."
He added, "The Council of Representatives has fulfilled its first constitutional obligation today on schedule, which confirms the strong sense of national responsibility felt by the leaders of the political blocs and the representatives. In this context, we remind you of the weighty task awaiting your esteemed Council in enacting laws that affect the lives of the people, who demonstrated their loyalty to the nation by turning out in large numbers to vote for their representatives in Parliament."
He emphasized that "the oversight role of your esteemed council will be no less important than its legislative role, as the people expect you to exercise your oversight role optimally. A parliamentary system and a genuine democratic experience are impossible without a parliament capable of monitoring the performance of the executive branch, identifying shortcomings, and holding violators accountable."
He concluded by saying, "We wish your esteemed council every success in fulfilling the remaining constitutional obligations on schedule."
Iraqi parliament completes leadership election, opening nomination for presidency
This is from Chinese news
The Iraqi parliament on Tuesday elected Farhad Atrushi of the Kurdistan Democratic Party as second deputy speaker, completing the election of its leadership and paving the way for the election of the country's president.
The vote followed the election of Haibet al-Halbousi as parliament speaker and Adnan Fihan as first deputy speaker on Monday. The completion of the parliamentary leadership is a crucial step that triggers the next phase of the constitutional timeline for appointing the nation's leadership.
"The Council of Representatives has today completed the first constitutional step within the prescribed timeframe, reflecting a strong sense of national responsibility demonstrated by the leaders of the political blocs and the honorable members of parliament in carrying out the duties entrusted to them," Iraqi President Abdul Latif Rashid said in a statement.
Al-Halbousi also announced the opening of nominations for the presidency, according to a statement released by the Iraqi parliament on Tuesday.
Under Iraq's Constitution, parliament must elect a president within 30 days. The president will then have 15 days to task the nominee of the largest parliamentary bloc with forming a cabinet, which must be presented for a vote of confidence within 30 days.
Under Iraq's ethno-sectarian power-sharing system established after the 2003 U.S.-led invasion, the presidency is reserved for a Kurd, the parliamentary speaker's post for a Sunni Muslim, and the prime minister's office for a Shiite Muslim. ■
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Al-Karawi: 10 urgent laws awaiting a vote in the sixth parliamentary session
MP Mudhar al-Karawi confirmed on Tuesday that there are ten urgent laws that must be voted on during the sixth parliamentary session, given the economic and financial challenges facing the country.
Al-Karawi told Al-Maalouma that “the sixth parliamentary session faces significant tasks and responsibilities, especially with dozens of laws, some ready for a vote, that require progress in the coming period.” He pointed out that “there are ten urgent laws, foremost among them the salary scale law, in addition to other laws that require national consensus for their passage.”
He emphasized “the necessity of activating oversight and monitoring mechanisms within the legislative powers and pressing for a roadmap to address the economic situation.” He explained that “the financial and economic situation will constitute the most prominent challenges over the next four years, especially with the decline in oil prices and its repercussions on the state treasury, as well as the current financial crisis.”
Al-Karawi stressed “the importance of adopting bold solutions to support government measures in a way that contributes to strengthening the economy and providing more job opportunities.” He affirmed that “poverty rates in the country remain high, which necessitates swift legislative and governmental action to address these issues.”
Iran’s Central Bank denies governor resignation amid protests
On Monday, Iran’s Central Bank dismissed reports that its Governor Mohammad Reza Farzin had resigned, as protests spread in Tehran over the sharp fall of the rial and mounting economic pressure.
The denial followed reports by Iranian outlets, citing an official in President Masoud Pezeshkian’s office as saying Farzin had submitted his resignation.
The conflicting accounts emerged as protests by merchants and shop owners continued for a second day in parts of the capital. Hundreds of shops were closed in central Tehran, particularly around the Grand Bazaar, according to witnesses and videos circulating on social media.
Demonstrators called for urgent government action to halt the currency’s decline and stabilize prices.
Iran’s currency has fallen to record lows in the unofficial market, trading at around 1.4 million rials per US dollar and about 1.7 million rials per euro, according to market estimates. The depreciation has fueled inflation and driven up prices of basic goods, prompting some traders to suspend sales amid sharp daily price swings.
Iran’s economy has long been strained by Western sanctions, with pressure intensifying following the reimposition of international measures linked to Tehran’s nuclear program and the stalemate in talks with the United States. Regional tensions, including a 12-day conflict with Israel earlier this year, have added to the economic burden.
Pezeshkian has pledged to curb inflation and rising living costs, telling parliament during the presentation of the draft budget for next year that economic stability was a priority. Iran’s judiciary has meanwhile warned that holding foreign currency constitutes an “economic crime” and would be dealt with firmly.
Iran announces the release of $2 billion frozen in a "neighboring country".
Iran’s Fars News Agency revealed on Tuesday that more than $2 billion of frozen Iranian assets had been released by a neighboring country, likely Iraq.
The Iranian agency quoted an informed source confirming that "these funds are located in a neighboring country," without naming it.
This came after a statement made by an official in the Iranian Planning and Budget Organization on Monday evening, in which he indicated that "billions of dollars had entered the country," without providing further details at the time about the source of these funds or the mechanism for transferring them.
This comes at a time when Tehran has witnessed protests against the sharp decline in the value of the Iranian rial (toman), with the price of the dollar exceeding 1.4 million rials (or 140,000 tomans).
It is worth noting that the Iranian economy is suffering from multiple pressures, including international sanctions, which contribute to the continued challenges to living standards and fluctuations in the exchange market.
Infiniti embarks on an unprecedented "global" move in the Iraqi car market, starting from Baghdad and Erbil.
Infiniti Iraq announced the opening of a showroom in Baghdad, considering it a step aimed at strengthening the brand's presence in the Iraqi market and providing an exceptional experience that reflects the concept of luxury and innovation for which Infiniti is known "globally".
The company said in a statement that "the opening of the new showroom comes as part of a strategy aimed at bringing the brand closer to its customers in Baghdad, and providing an integrated environment that keeps pace with the latest global Infiniti standards, both in terms of the interior design of the showrooms and the style of customer service."
In conjunction with the opening of the exhibition, the agency announced "special offers on a range of 2025/2026 Infiniti models, most notably the flagship QX80 , which include preferential prices for a limited time, long-term warranties, extended maintenance programs, and after-sales services according to the highest approved standards."
In a related context, Nissan-Al-Sour, the exclusive agent for the Nissan brand in Iraq, announced the launch of its new project (With you... and the difference is on us) in the federal capital, Baghdad, simultaneously with its launch in Erbil, the capital of the Kurdistan Region, as part of a series of official events attended by media representatives.
The “With You… and the Difference is on Us” project is an innovative price protection program that guarantees customers 100% full compensation for any official reduction in vehicle prices within one year of the purchase date, in an unprecedented move in the Iraqi car market.
The company explained that the compensation is done according to a clear mechanism that includes: 50% cash paid directly to the customer, 25% service vouchers to be used at Nissan Iraq - Al-Sour maintenance centers or Ziebart specialized services, and 25% a purchase voucher to acquire a new Nissan car for the customer, one of his relatives, or any person he nominates.
Nissan-Al-Sour confirmed that "launching the project in Baghdad and Erbil simultaneously reflects its commitment to implementing the initiative at the level of Iraq, establishing the principle of price fairness and enhancing customer confidence."
She explained that "the opening of the Infiniti showroom in Baghdad, along with the launch of the (With You... and the Difference is on Us) project, comes within the framework of a broader trend by the agents of Japanese brands in Iraq to expand their presence, raise the level of services, and provide integrated solutions that meet the needs of customers, whether in the luxury car category or family cars."
The two companies affirmed that "the next phase will witness more initiatives and services aimed at developing the automotive sector in Iraq and enhancing the customer experience in line with global standards."
Trump's envoy congratulates Iraqis on the New Year: It will be a year of change.
video in Arabic on the website
Mark Savaya, the US President Donald Trump’s envoy to Iraq, congratulated the Iraqi people on the New Year, wishing them a year of goodness, happiness, and change, through a video clip from inside the home of his friend in the United States, Ammar Matti, who posted the video.
Regarding the year of change, Savaya welcomed the decision to disarm the factions in Iraq a few days ago, considering the step an encouraging development that responds to the calls of the religious authority. However, he stressed at the same time that statements alone are not enough, calling for a comprehensive and irreversible disarmament, implemented within a binding national framework that enshrines the state’s exclusive right to bear arms, warning that Iraq today stands at a crucial crossroads between consolidating sovereignty and stability, or remaining in a spiral of disintegration and uncontrolled weapons.
Regarding Trump’s appointment of Savaya as envoy to Iraq, Iraqi Prime Minister Mohammed Shia al-Sudani said during a comprehensive interview with journalist Ghassan Ben Jeddou, editor-in-chief of Al-Mayadeen TV, which is close to the Lebanese Hezbollah: “We view the issue of appointing a special envoy to the US president in Iraq as a kind of interest in the bilateral relations between the United States and Iraq. When there is an additional window for existing official institutions, the embassy and others, it will certainly be beneficial, for the speed of delivering messages and more flexibility and coordination in positions.”
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