Afleveringen
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The future begins now with the transition to comprehensive digital transformation
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If you'd like to support My FX Buddies: https://www.paypal.com/paypalme/tishwashDuring the past two years, cooperation between the Central Bank and the government, with the personal support and follow-up of the Prime Minister and the chairmanship of the Digital Transformation Committee, was an essential step to activate and accelerate the transformation to digital government and the transition from a cash economy to a digital economy, focusing on developing payments within Iraq and using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, and using modern technologies in loans, compliance, risk management, combating money laundering and terrorist financing, and combating banking fraud.
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Final warning and "immediate implementation".. Washington draws red lines for Baghdad: No more leniencylink to My FX Buddies Blog If you'd like to support My FX Buddies: https://www.paypal.com/paypalme/tishwashBetween Pressure and Balance: Iraq's Difficult ChoicesIn light of these developments, Iraq finds itself facing a difficult equation: fully adhering to American conditions may drag it into an internal crisis with some political forces allied with Iran, while ignoring these pressures may expose it to harsh sanctions that will affect its economy and security.Iraqi political analyst Ihsan Al-Shammari said in a press interview that "Al-Sudani faces a real test: either take bold decisions that sever Iraq's ties with regional issues that bother Washington, or face unprecedented economic and security pressures."
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Zijn er afleveringen die ontbreken?
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Central Bank: Achieved international integration by linking the Iraqi electronic payment system to global networks
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The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced today, Wednesday, that the financial inclusion rate has risen to more than 40 % , noting that the bank has achieved international integration by linking the Iraqi electronic payment system to global networks.
He pointed out that "the number of permanent wallets reached 1.2 million wallets, and we achieved international integration by linking the Iraqi electronic payment system to global payment networks, which allows the transformation of accepting foreign cards locally and expanding the acceptance of Iraqi cards internationally," adding that "the achievements made in the field of information technology and electronic payments in the Central Bank represent a fundamental shift in the financial system."
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After a "difficult labor", the 2025 budget tables finally find their way to the Council of Ministers.
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In summary, the Iraqi Parliament voted in June 2023 on the draft general budget law for the fiscal years (2023, 2024, 2025), to approve special budget tables for those years, which will be sent by the Iraqi government to Parliament for voting.The government source told Shafaq News Agency, "The Ministry of Finance has been working for some time on preparing the general budget tables for the year 2025, in order to send them to the Council of Ministers for approval."
He pointed out that "the Ministry of Finance will finish preparing the tables and send them to the Council of Ministers for voting on them in the middle of next month," noting that "the Council of Ministers will vote on the tables without delay and then send them to the House of Representatives for voting on them."
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APICORP: Ready to resume Kurdistan oil exports but want written agreement to guarantee payment
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If you'd like to support My FX Buddies: https://www.paypal.com/paypalme/tishwashBelow is Apicor’s post on the “x” platform:
As we have always stressed, APICORP member companies are ready to resume oil exports via the Iraq-Türkiye pipeline, after reaching agreements that support the current contractual, commercial and economic terms of the member companies.
We look forward to entering into written sales and lifting agreements with the Government of Iraq and the Kurdistan Regional Government, providing transparency and assurance of payment without political interference.
Apicor member companies remain focused on working with all stakeholders to secure a rapid and mutually beneficial solution.
We agree with Iraqi Prime Minister Mohammed Shia al-Sudani’s statement that accelerating oil exports through ITP will boost Iraq’s economy and meet the needs of its citizens.
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Deputy Speaker of Parliament: New US decisions may be issued regarding Iraqlink to My FX Buddies Blog
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Abdullah confirmed that the Iraqi parliament has reactivated the Article 140 Committee, in a move aimed at abolishing the legacy of the Baath regime and addressing the changes that have occurred in the demographic composition of the areas covered by this article.
He also referred to his recent visit to the United States of America, where he returned to Iraq this morning. He explained that during the visit, he discussed the issue of Kirkuk and the disputed areas with the US Assistant Secretary of State and the head of the religious authority in the United States, noting that the American side views these areas with great importance.
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Nechirvan Barzani receives a written message from Trump
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Today, Thursday (February 20, 2025), the President of the Kurdistan Region, Nechirvan Barzani, received a written letter from US President Donald Trump, in response to a previous letter addressed to him by Barzani.
A statement by the presidency of the region, received by "Baghdad Today", stated that Trump thanked Barzani in his message "for his message", stressing "joint work and cooperation and strengthening common values with the Kurdistan Region.
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A burning economic debate.. Is raising the exchange rate the magic solution for the Iraqi economy?link to My FX Buddies Blog
If you'd like to support me: https://www.paypal.com/paypalme/tishwashAn ongoing debate among economists in Iraq about the effects of adjusting the exchange rate of the Iraqi dinar against the US dollar on the national economy, especially in the fields of agriculture and industry.
The opinions of experts and officials vary between supporters and opponents of changing the exchange rate, with a focus on how this will affect the productive sectors and the overall economy. -
Federal Reserve Praises Development of US Dollar Cash Distribution System in Iraqlink to My FX Buddies Blog
The Central Bank announced, today, Sunday, the details of its meetings with the US Treasury and the US Federal Reserve.
The Central Bank stated in a statement received by / Al-Maalouma / agency, that “the first quarterly meetings for the year 2025 with the US Treasury and the US Federal Reserve, which were held in Dubai with the participation of international auditing and consulting firms (EY, K2 Integrity, Oliver Wyman), ended and the meetings were crowned with praise for the steps taken by the Central Bank of Iraq and the Iraqi government to reform the banking sector.”
He added that "the most important steps that have been taken are the development of the cash distribution system for the US dollar in Iraq, which they considered the most controlled and controlled system in the world, which limits manipulation and smuggling of the US dollar." -
Iraq’s market turns away from “old US Dollar”
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Deeply entrenched since the 2003 US invasion, the dollar has become a cornerstone of Iraq’s economy, fueling oil exports, trade, and daily transactions, effectively operating as a parallel currency. However, older banknotes, especially pre-2003 issues, face growing rejection from traders and exchange offices.Dollar in Iraqi Economy
The US dollar holds a significant position in Iraq's economy, functioning almost as a secondary currency. This prominence is rooted in the economic restructuring that followed the 2003 US invasion, during which the United States assisted in establishing the Central Bank of Iraq. Consequently, the dollar became deeply integrated into Iraq's financial system, especially given the country's substantial informal economy that relies heavily on cash transactions.
Iraq's oil industry, accounting for nearly 99% of the country’s exports, operates primarily in US dollars. This reliance reinforces the dollar’s dominance while closely linking Iraq’s economic stability to fluctuations in the US currency.
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America stops the dollar cash to Iraq: Will the dollar rise against the dinar?
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I'd like to see these reports
If you'd like to support me: https://www.paypal.com/paypalme/tishwashIn a surprising move, reports indicate that the United States has decided to stop sending cash dollars to Iraq, a decision that could have profound effects on the Iraqi economy and its financial market. This shift raises many questions about its impact on the value of the Iraqi dinar, currency markets, and the local banking sector.
What is a cash dollar?Cash dollars refer to money that is physically sent to Iraq by the United States, usually through banks or other economic mechanisms. This cash flow has played an important role in supporting the Iraqi economy, especially in light of the economic challenges facing the country.
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Controversy over the dollar in Iraq.. Expectations of a price increase and the government reassures!
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If you'd like to support me: https://www.paypal.com/paypalme/tishwashThe exchange rate is volatile and the dollar is rising against the dinar, which is putting the Iraqi economy in great challenges, raising fears of a possible financial crisis. While the government confirms the stability of monetary policy, experts warn of the impact of financial restrictions and increased spending on market stability, stressing the need for urgent reforms to ensure the sustainability of the economy. The advisor to the Iraqi Prime Minister, Dr. Mazhar Muhammad Salih, said that "the government is not currently considering amending the exchange rate equation or what is known as "monetary adjustment", denying the speculations circulating in this regard. Salih explained, in an interview with (Al-Mada), that these rumors are not based on realistic foundations within the current monetary policy, stressing that the monetary sector in Iraq enjoys clear stability.
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In light of the liquidity crisis... Why doesn't Iraq resort to printing more currency?
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If you'd like to support me: https://www.paypal.com/paypalme/tishwashIraq is facing increasing challenges due to the scarcity of cash liquidity, which negatively affects the markets and daily financial transactions. While some are looking for quick solutions to overcome this crisis, the option of printing more local currency remains controversial, given the serious economic repercussions that may result from it.
The Iraqi government faces challenges in managing cash liquidity in dinars, as it suffers from a chronic shortage of this currency, which affects its ability to meet its financial obligations to pay employee salaries, repay debts, and finance projects.
Since the 1990s, and specifically during the period of the economic blockade, Iraq has witnessed hyperinflation in its national currency (the dinar). This situation prompted the ruling regime at the time to take the decision to print the currency locally.
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Central Bank: Stimulating hoarded money in homes is one of the most important challenges of the stage
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An official at the Central Bank of Iraq said that “stimulating the money hoarded in homes and transferring it to the banking sector is one of the most important challenges facing the current stage.”
The representative of the Central Bank of Iraq at the Baghdad International Fair, Athraa Taha Juma, stated that "the government is working to develop regulatory frameworks that support the transition to a digital economy, especially in the field of electronic payment.
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Joint statement by the Sudani Office and the Central Bank on the modernization of the banking sector
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Joint statement from the Office of the Prime Minister and the Central Bank of Iraq,
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Banking reforms constitute an important pillar of the economic reform adopted in the government program. In order to complete the important steps that the government has started in this framework since it began its work, and in order to achieve a package of development targets that require banking development, the government, in cooperation with the Central Bank of Iraq, has embarked on a comprehensive initiative that includes a comprehensive strategic banking reform process that constitutes a turning point in the history of economic development in Iraq, and is consistent with the extent of commitment to raising the level of banking standards, enhancing financial flexibility, and supporting the competitiveness of the financial system.
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Iraqi traders: Our losses are huge.. What does the toman have to do with it?
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If you'd like to support me: https://www.paypal.com/paypalme/tishwashThe Iranian Toman currency witnessed a new deterioration after it collapsed under the weight of American sanctions and political and economic crises in Tehran, which burdens traders and those dealing with it, turning profits into concerns, and warnings into a bitter reality.A toman dealer named Dalir Hussein said, “The continuous decline in the value of the currency…IranianIt has greatly harmed traders and speculators in this currency,” he said, noting that “some people’s losses have exceeded $40,000 in a matter of weeks.” Hussein added, "The exchange market in Sulaymaniyah is one of the largest outlets for buying and selling Iranian tomans in Iraq." And imposeUSFor decades, economic, trade and military sanctions have been imposed againstIranBecause of its nuclear program, support for terrorist groups, and human rights violations.
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Today.. Baghdad International Fair kicks off with the participation of 20 countries and 1000 companies
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The 48th session of the Baghdad International Fair opens today, Saturday, with the participation of 20 countries and more than 1,000 local and international companies.Al-Ghariri stressed that "this edition will be distinguished by the diversity and size of the participation, as its activities will start today, Saturday, February 1, and will continue until the 7th, under the patronage of Prime Minister Mohammed Shia Al-Sudani and under the slogan "Investment - Development - Prosperity", with the participation of 20 Arab and international countries and more than 1,000 local and international companies.
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Economist: The country's financial situation is among the most prosperous years
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Economic expert Nabil Al-Marsoumi confirmed that “the country has large cash reserves, which are greater than 100 percent of the volume of the issued currency.”Al-Marsoumi promised in a statement seen by Al-Masry today, Thursday, that the percentage for a country like Iraq that maintains cash reserves equivalent to between 20 and 40 percent of the volume of the issued currency is positive, indicating that the financial situation is reassuring as it has exceeded 100 percent, and thus the cash reserves in the country are very large, pointing out the importance of the matter, as it represents a firewall in the face of crises that may occur, even if they are caused by a decrease in the price of oil.
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Governor of the Central Bank of Iraq meets an official delegation from the United States
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they tweeted this too
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His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received Mr. Steve Lutes, Vice President of the US Chamber of Commerce and Chairman of the US-Iraq Business Council, and his accompanying delegation in Baghdad.
During the meeting, they discussed banking and economic relations between the two countries and the upcoming visit of the Central Bank of Iraq delegation to Washington and their meeting with the US Chamber of Commerce and American companies next April.
The meeting discussed the desire of American companies to invest in the energy, infrastructure and modern technology sectors and to invest in the security stability witnessed by Iraq. -
President of the Republic reviews Iraq's long-term economic development plan in Davos
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Today’s session, entitled “Towards a more stable land through land reclamation,” focuses on a critical global challenge: land degradation.
40% of the world’s land has lost its fertility, threatening the stability of our economic and social environments. This phenomenon has caused a decline in agricultural productivity, pollution of waterways, and increasing and accelerating drought, putting economies and livelihoods around the world at risk. - Laat meer zien
