Fri. AM TNT Iraq News Articles 2-24-23



The Kurdistan region will suspend official working hours for six days to celebrate several occasions, including the birth of Barzani

The Kurdistan Regional Government decided to suspend official working hours for a period of six days during the month of March.

The government stated, in a statement followed by Mawazine News, that “the holidays are March 5, on the occasion of the anniversary of the uprising of the people of Kurdistan, and March 11, the anniversary of the announcement of the March 1970 statement, and March 14, the anniversary of the birth of Mustafa Barzani.”

And she pointed out, “The official working hours were suspended on March 21, 22, and 23, on the occasion of the Nowruz celebrations.”  link

In an attempt to control the markets of Iraq.. and in the presence of the Governor of the Central Bank..the Sudanese hold a meeting of the Federation of Chambers of Commerce..

Prime Minister Muhammad Shia Al-Sudani presided over the fourth meeting of the Federation of Chambers of Commerce and the Association of Iraqi Banks, in the presence of the Governor of the Central Bank and government financial agencies and departments. Taxes, customs, border crossings and trade fairs.

Al-Sudani stressed the continuation of the economic reforms adopted by the government in its ministerial platform, and the implementation of institutional reform as a starting point for comprehensive reforms in the structure of the state.

And he stressed the continuation of government measures aimed at achieving stability in the currency market, and pursuing speculators and manipulators who try to destabilize the market, as our security services continue to monitor them and hold them legally accountable.

The meeting witnessed a review of a number of recommendations related to improving the work environment, which will be presented next week to the Ministerial Council of Economy, deliberation on developments in the economic situation in Iraq, follow-up on laws, recommendations and directives issued, and the level of their implementation by the concerned institutions.

The electronic declaration and networking system project was reviewed in detail, and the directives that were implemented during the meeting chaired by the Prime Minister more than ten days ago were discussed with the team in charge of implementation, where he praised the project that will secure the work of border crossings and simplify the procedures that will be done electronically. It prevents manipulation and forgery, and limits money laundering and customs evasion.

The proposals included reducing the customs tariff for a number of raw materials for medicines, medical supplies, secondary packaging materials for medicines, medical supplies, machinery, production lines, and laboratory and medical devices, while raising the customs tariff on imported medicines that are similar to what is produced locally.

The meeting discussed the issue of joint operating contracts between private sector companies and the General Company for Iraqi Ports, and the most important steps that were taken in this regard, which included field visits to the company, and the process of auditing the fees and wages that are charged.   link



The regional government announces reaching a preliminary agreement with Baghdad regarding the oil file

On Friday, the Kurdistan Regional Government announced that it had reached a preliminary agreement with Baghdad regarding the oil file, while indicating that the talks would resume next Monday.  

The head of the Kurdistan Regional Government’s representative in Baghdad, Fares Issa, said in a statement to the media affiliated with the Presidency of the Government, followed by “NAS” (February 24, 2023), that “the delegation of the Kurdistan Regional Government will visit Baghdad on Monday (February 27, 2023), and will remain until the next day.” Thursday to continue the talks.  

Issa confirmed, “The government delegation will meet with the Iraqi Oil Ministry, and a preliminary agreement has been reached regarding the oil and gas law,” adding that “the previous meetings were very positive and reached a solution.”  link

Global praise for Baghdad’s adoption of the yuan currency in importing Chinese goods 

Today, Friday, economists praised the decision of the Central Bank of Iraq regarding the adoption of the Chinese yuan as an alternative to the US dollar in commercial transactions between the two countries, according to the Asian “Yakai Global” network. 

The network said, according to a report translated by (Baghdad Today), that “the specialists see in Baghdad’s decision a great opportunity to improve the conditions of the global oil market,” explaining that “the adoption of the yuan as a financial consideration for oil will give China a greater say in the affairs of its international market,” as they described. 


Experts confirmed, according to the network, that the Iraqi decision is an “unprecedented historical step,” announcing that “this is the first time in history that a Middle Eastern country sells its oil for the Chinese yuan,” expecting that “the Chinese currency will witness international popularity.”  

The director of analysts at the CITIC Center, Guay Tenchix, assured the network that “the Iraqi decision represents an unprecedented step for the globalization of the Chinese yen against the US dollar and gives Beijing the opportunity for it and its companies to be a force in the world of the oil market,” explaining that “the adoption of the yuan will reduce the risks of the exchange rate discrepancy between Baghdad And Beijing, especially since the latter is still very dependent on Iraq for its access to crude oil. 

It is noteworthy that the Central Bank of Iraq took a decision on the twenty-second of this month to adopt the Chinese yen as a substitute for the dollar in commercial transactions between the two countries, including the sale of oil and the import of goods and commodities, with the aim of reducing dependence on the dollar and obtaining stocks of other foreign currencies, as Iraq represents the third largest The countries of the world export oil to China at an import rate of 55 million tons, according to the network. 

The network also indicated the possibility of concluding a similar agreement with Saudi Arabia that guarantees the use of the yuan as an alternative to the dollar in economic and oil transactions between the two countries, prompted by the step taken by Iraq. link

Source: Dinar Recaps


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