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KTFA
Frank26 » March 2nd, 2025
“PROOF THAT THEY WORK THROUGH RAMADAN”……F26
Parliament will not be suspended” .. Parliamentary Legal Committee reveals the plan for sessions during Ramadan
2/27/2025
A member of the Parliamentary Legal Committee, Mohammed Anouz, confirmed on Thursday that the Iraqi Parliament will not be suspended early due to the upcoming legislative e*******s, stressing that the Council has a moral and constitutional responsibility to continue holding its sessions and approving the remaining laws.
Anouz added to Shafaq News Agency that the first and second legislative chapters are sufficient to complete the reading, discussion and voting on many laws, stressing that the Council will resume its sessions next week.
He pointed out that Parliament sessions during the month of Ramadan will be in the evening, i.e. after breakfast, to ensure the continuation of legislative work before the end of the current session.
It is noteworthy that the current session of the Iraqi Council of Representatives began on January 9, 2022, and is scheduled to continue for four years, which means that it will end on January 8, 2026.
According to the amended E*******l Law No. 12 of 2018, legislative e*******s must be held 45 days before the end of the parliamentary term.
Accordingly, the next e*******s are expected to be held in late November 2025.
Recently, the Independent High E*******l Commission began its technical and logistical preparations to ensure that the e*******s are held on the scheduled date, in coordination with the Prime Minister’s Office. LINK
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“ONCE AGAIN CBI REACHED TO THE INTERNATIONAL THEATER, NOT AT 1310!!!”…..F26
CBI Governor announces integration of Iraq’s e-payment system with global networks
2/26/2025 BAGHDAD
The Governor of the Central Bank of Iraq, Ali Al-Alaq, announced on Wednesday the details of electronic payment in all of Iraq, he pointed out that the financial inclusion rate has increased to more than 40 percent, he emphasized that the bank has achieved international integration by linking the Iraqi electronic payment system to global networks
Al-Alaq said in a speech during the ninth annual exhibition and conference for finance and banking services in Iraq, which was attended by a reporter of the Iraqi News Agency (INA): “There is a complete roadmap for the digitization of banking services through electronic payment as a key tool for digital transformation, as the number of devices reached 63 thousand devices in the governorates of Iraq.”
“The number of ATMs has reached more than 4,000 devices and the number of bank cards is about 17 million,” he added.
“The Central Bank supported the licensing and operation of mobile e-wallets that allow charging, transferring and paying bills, which raised the rate of financial inclusion to more than 40% compared to 20% three years ago,” he said.
“The number of permanent wallets has reached one million and 200 thousand wallets, and we have achieved international integration by linking the Iraqi electronic payment system to global payment networks, allowing the transformation of the acceptance of foreign cards locally and expanding the acceptance of Iraqi cards internationally,” he said.
“The achievements in the field of information technology and electronic payments at the Central Bank are a fundamental shift in the financial system,” he said. LINK
“NORTHERN IRAQ OIL FIELDS WELCOME RUSSIA”…..F26
Russia announces imminent resumption of oil projects in Kurdistan Region
2/27/2025
The Russian Ministry of Energy announced, on Thursday, the imminent resumption of oil projects in the Kurdistan Region.
The Russian news agency TASS quoted Russian Energy Minister Sergei Tsevilev as saying that the Kurdistan Region of Iraq and the Iraqi government had reached a settlement to their disputes over oil, which would allow Russian companies to resume their projects in the region.
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Among the companies that suspended operations in the region is Rosneft, Russia’s largest oil producer.
The company has suspended some operations for security reasons while carrying out work near the border with Syria.
Last Monday, Iraqi Oil Minister Hayan Abdul Ghani said that Iraq is waiting for Türkiye’s approval to resume oil flows from the Kurdistan Region of Iraq, hoping to resume them within two days.
According to TASS, the Russian Energy Minister said he had received information about resolving the differences between the region and the federal government. LINK
“DIGITAL CURRENCY IS SO HARD TO STEAL… ISN’T IT PARLIAMENT?”…..F26
The digital currency to be launched in Iraq.. between economic opportunities and potential risks
2/26/2025 Baghdad
Today, Wednesday (February 26, 2025), the expert in international economic affairs, Nawar Al-Saadi, revealed the importance of the Central Bank of Iraq launching its own digital currency.
Al-Saadi told Baghdad Today, “From an economic standpoint, this step has great benefits, but at the same time it involves challenges and risks that must be dealt with carefully.”
He explained that “the importance of this step lies in several aspects, most notably that it provides a more efficient and transparent means of electronic payment, which reduces reliance on paper money and limits the informal economy,” adding: “It also contributes to enhancing financial inclusion by facilitating digital transactions, especially in a country like Iraq where a large percentage of the population is still outside the formal banking system.”
He added, “The central bank’s digital currency could help reduce the costs of printing and managing paper currency, and improve control over cash flows, which would help combat c********n and money laundering.”
“However, this step is not without risks, especially in light of the challenges facing the Iraqi financial system,” he added, indicating that “the most prominent concerns are the possibility of using digital currency in smuggling operations, especially if there are no strict mechanisms to monitor digital transactions. Iraq already suffers from challenges in controlling money transfers through informal channels, and any weakness in managing digital currency could lead to its exploitation by i*****l networks.”
Al-Saadi also warned that “there are risks related to monetary stability, as the rapid transition to digital currency may lead to pressures on the traditional banking system, especially if banks are not technically and practically prepared for this change.” Moreover, any security or technical flaw in the digital infrastructure may make the financial system more vulnerable to cyber attacks or hacking.”
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The international economic affairs expert pointed out that “in order to ensure the success of this step, it is necessary for the Central Bank to follow a well-thought-out policy to implement it gradually, with a clear legal framework to regulate the use of digital currency,” stressing “the need to strengthen the digital banking infrastructure and ensure the readiness of the financial system to accommodate this transformation without affecting economic stability.” If this policy is implemented with caution and transparency, the Central Bank’s digital currency can be an effective tool to strengthen the Iraqi economy and push it towards more modernity and financial openness.”
Earlier on Wednesday, the Central Bank Governor, Ali Al-Alaq, revealed the intention to create a digital banking currency to replace paper currencies.
Al-Alaq said, in a speech during the Ninth Finance and Banking Services Conference and Exhibition, which was followed by “Baghdad Today”, that “the financial and banking system will witness fundamental transformations, including the decline of paper currencies to be replaced by digital payments for central banks.”
He added that “the Central Bank is moving to create its own digital currency, to gradually replace the paper process as is happening in some central banks in the world,” indicating that “we are seriously considering establishing a data center in Iraq, and the bank has begun to move on this issue as part of the digital transformation steps.” LINK
“MIGA!!!”……Make Iraq Great Again!! .F26
After calling for cutting funding to Baghdad, US representative: Let’s make Iraq great again
2/28/2025
US Republican Representative Joe Wilson called for “making Iraq great again” and stopping Iran’s control over it, after his previous calls to stop funding Iraq, according to the American Fox News channel.
The American report, which was translated by Shafaq News Agency, explained that Wilson, who is also a member of the Foreign Affairs Committee in the US House of Representatives, published a tweet on the “X” platform, in which he said, “Make Iraq great again,” accompanied by a picture of the Iraqi flag.
The report noted that many people commented on Representative Wilson’s tweet, including one who wrote to him saying, “America first? ” , while another commented saying, “Forget Iraq and worry about the Americans.”
The report indicated that “Representative Wilson spoke publicly on social media about various foreign countries, including Iraq and Iran, where he criticized Tehran’s control over Baghdad, and repeatedly used the phrase “liberate Iraq from Iran.”
The report quoted Wilson as saying in previous positions, “Iran runs the Iraqi government, as well as the army, judiciary, police and banks.”
In a previous post, Wilson said that “the great people of Iraq, of all religions and ethnicities, are the heirs of a great civilization, and deserve better than to be ruled by a t*******t regime in Iran,” criticizing the former J*******n administration’s abandonment of the non-sectarian protest movement in Iraq, adding that “we must empower the Iraqi people to make Iraq great again and liberate Iraq from Iran.”
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The report also mentioned Wilson’s previous publications, in which he called for “stopping funding for Iraq” and “cutting off all aid to Iraq as long as Iran runs it.” LINK
“MONETARY REFORM TEACHES… FROM THE RV TO THE RI.”……F26
Analysis detailing the reasons for the fluctuations in the exchange rate of the Iraqi dinar against the dollar over 21 years
2/28/2025
The “Iraq Al-Mustaqbal” Foundation for Economic Studies and Consultations attributed, on Friday, the reasons for the fluctuations in the exchange rate of the dinar against the US dollar in the parallel market over more than two decades in the country to internal and external factors.
This came according to an analysis issued by the institution, in which it explained these fluctuations from 2005 until 2024.
The institution stated in its analysis that “the exchange rate of the Iraqi dinar against the US dollar in the parallel market witnessed noticeable fluctuations over the course of 21 years, as it was affected by a group of factors ranging from political, legislative and economic.”
The analysis added that “supply and demand were the most influential, as the patterns of exchange rate changes differed according to the months of the year as a result of internal and external factors, such as the timing of the launch of the general budget and official holidays in major countries exporting goods to Iraq, such as China and Iran.”
He pointed out that “by analyzing the exchange rate data in the parallel market from 2005 to 2024, there appears to be a recurring pattern that reflects the dinar’s value being affected by specific months more than others.”
According to the institution, “December was the month with the most frequent increase in the value of the dinar, as it witnessed a decline in 13 years out of 21 years, followed by: August and June with increases in the value of the dinar against the dollar in 11 years, then April 10 times, while October and November witnessed an increase 9 times, and March 8 times.”
May was the month with the least frequent decline in the value of the dinar, as its value rose only 4 times during the period studied, which gives a semi-impression that the prices of the dinar against the dollar rise in the months of February, March and April, then decline again against the dollar in May as a result of the strong return of demand in May.
The institution warned in its analysis that “despite this clear seasonal impact on the exchange rate, there are other factors that cannot be ignored, such as the levels of dollar sales by the Central Bank of Iraq, which directly affect the size of the money supply in the market, as well as political and financial factors such as the timing of the release of general budget funds, in addition to geopolitical situations that may cause sudden disturbances in the demand for foreign currency.”
The analysis concluded that “the seasonal effect remains one of the main elements in determining the exchange rate trends in Iraq, as a recurring pattern appears at the end of the year and the beginning of the fiscal year, in addition to being affected by official holiday periods in countries exporting goods to Iraq. However, other factors, such as monetary policies and political and economic developments, remain a direct influence on the parallel market, which makes it necessary to monitor all these variables to understand exchange rate changes more accurately.” LINK
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“DIGITAL CURRENCY IS SAFER THAN PAPER… SECURITY & STABILITY!!!”……..F26
“From Safe Internet to Smart Systems” Iraq Enters the Digital Revolution Era with Steady Steps
2/28/2025
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that Iraq is moving steadily towards achieving a major digital renaissance, based on a set of foundations that support this trend.
Saleh explained to {Euphrates News} agency, “The most prominent of these foundations is the progress achieved in two types of infrastructure.”
He explained that “the first category is represented by the advanced technological infrastructure, whether through secure and strong internet networks or digital payment systems that work effectively and efficiently in parallel with each other.”
Saleh continued, “As for the other category, it is the advanced legal infrastructure that provides protection for the rights of users, operators, and the public right against electronic and financial c****s arising from the digital transformation.”
He pointed out “the importance of having the ability to keep pace with the developments of digital technology in the virtual world on an ongoing basis,” indicating that “the advisory team in the General Secretariat and all relevant Iraqi state institutions are keen to achieve this to ensure that Iraq enters the new digital age.” Raghad LINK
“APIKUR WANTS TO GET PAID…BECAUSE THEY TOO WAIT FOR THE NEW EXCHANGE RATE.”….F26
‘IOCs Demand Written Agreements, Payment Surety’, APIKUR Spokesperson
3/1/2025 ERBIL –
As discussions continue over the resumption of oil exports from the Kurdistan Region, Colonel Myles B. Caggins III, spokesperson for the Association of the Petroleum Industry of Kurdistan (APIKUR), has emphasized the necessity of formal agreements before any further steps are taken.
Speaking exclusively to Kurdistan 24, Caggins laid out APIKUR’s conditions, stressing that without clear, binding agreements, international oil companies (IOCs) will not proceed with production and exports.
APIKUR’s Stance on Oil Exports
Caggins explained that APIKUR, which represents eight companies operating in the Kurdistan Region, collectively produces over 60% of the region’s oil.
He clarified that while APIKUR welcomes the Iraqi Oil Minister’s statement regarding the resumption of oil exports, the reality is that no formal agreements are currently in place. According to him, the lack of written contracts is a fundamental obstacle preventing exports from moving forward.
“We need agreements in writing. These are called sales agreements and lifting agreements. Our companies need to know that when they produce oil, they will get payment and the path for payment,” Caggins stated.
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He emphasized that across the global oil industry, including in federal Iraq, such agreements are standard practice, ensuring both producers and buyers have a clear understanding of their obligations. Without these legal documents, APIKUR companies remain hesitant to restart production.
Caggins illustrated the issue with a simple analogy: “I was at a restaurant in Zakho a couple of days ago, and I had breakfast. The restaurant owner understood that if he gave me chai, I was going to pay him in Iraqi dinar. It’s the same concept. If our companies are producing oil, they need to know how and when they will get paid.”
Aligning Payments with the Iraqi Budget Law
Another major concern raised by APIKUR is ensuring that payments to oil companies align with the Iraqi Budget Law.
Under the current arrangement, the Iraqi central government provides payments to the KRG based on total oil production in the Kurdistan Region. These funds are then allocated among oil companies based on production volumes.
Caggins highlighted the importance of ensuring that APIKUR companies receive payments consistent with their contracts with the KRG and in accordance with Iraq’s budget law.
He further stressed that the Iraqi Prime Minister has publicly expressed the need to resume oil exports for the benefit of all Iraqis.
The U.S. government, including Secretary of State Marco Rubio, has also voiced support for the continuation of Kurdistan’s oil exports, recognizing the economic benefits it brings to Iraq as a whole.
Caggins emphasized that honoring contracts with oil companies would enhance Iraq’s attractiveness to foreign investors across multiple industries.
Addressing Outstanding Payments and Future Export Volumes
Before resuming exports, APIKUR insists that there must be a structured plan to address outstanding payments. Caggins revealed that international oil companies operating in Kurdistan were not paid for the oil they produced between October 2022 and March 2023, resulting in over one billion dollars in arrears.
He stressed that before production resumes, there must be a written plan outlining how these arrears will be repaid.
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“We just need to know that there is a plan in writing for us to get the money. That plan needs to be written on paper and agreed to for how the companies will get repaid and when they will get repaid,” he said, acknowledging that different companies may have their own individual decisions to make but stressing the need for a clear financial roadmap.
Furthermore, APIKUR seeks assurances regarding future oil export volumes. Decisions about how much oil will be exported and at what rates must also be specified in formal agreements.
“You see, it all comes back to these written agreements,” Caggins reiterated. “We cannot do business based on press statements and tweets. We need agreements on paper.”
As Baghdad and Erbil continue negotiations on the future of Kurdistan’s oil sector, APIKUR remains firm in its position that transparency and contractual certainty are non-negotiable.
With ongoing discussions between the KRG, Baghdad, and international stakeholders, the coming weeks will be crucial in determining whether an agreement can be reached that satisfies all parties.
Caggins concluded by reaffirming APIKUR’s commitment to its investments in Kurdistan and willingness to cooperate in securing a sustainable future for oil production in the region.
However, he made it clear that without written agreements, the resumption of Kurdistan’s oil exports remains uncertain. LINK
Source: Dinar Recaps
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Clare » March 2nd, 2025
The Central Bank invites the Ministry of Culture to receive gold artifacts deposited in its vaults
In light of Baghdad being chosen as the Arab Tourism Capital for 2025 by the Arab Tourism Organization, and in order to provide Iraqi museums with original antiquities to be a tourist destination that attracts tourists from all over the world, the Central Bank of Iraq confirms the existence of about 23 boxes containing golden and historical antiquities, such as the Nimrud antiquities, which were deposited in the vaults of the Central Bank of Iraq in previous years to preserve them.
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The Central Bank called on the Ministry of Culture to receive these deposits, to enhance the contents of the Iraqi National Museum and other museums.
Central Bank of Iraq
Media Office
March 1, 2025
https://cbi.iq/news/view/2809
Central Bank: Gold reserves grow by 45.1%
3/2/2025
The Central Bank announced, today, Sunday, that gold reserves grew by 45.1% in the fourth quarter of 2024 compared to the same quarter of the previous year.
The bank’s media stated in a statement received by {Al Furat News} that “gold reserves increased from 12.29 trillion dinars in the fourth quarter of 2023 to 17.83 trillion dinars in the same quarter of 2024,” explaining that this growth is due to the increase in the amount of gold and global gold prices.
The statement added that “the growth of reserves has great benefits, as it enhances economic and financial stability and protects against risks, and is considered an important tool for intervening in the foreign exchange market.” LINK
Iraqi dinar hits nine-month high against US dollar
3/2/2025 ERBIL –
The Iraqi Dinar exchange rate has reached its highest level in the past nine months, with the currency strengthening against the US Dollar in both the Iraqi and Kurdistan Region markets.
On Sunday, the US Dollar was trading at 147,750 dinars, but it has since appreciated to 145,950 dinars, signaling a positive shift in the national currency’s value.
This significant improvement is largely attributed to the effective measures implemented by the Central Bank of Iraq. The bank’s consistent efforts in maintaining a steady supply of dollars, coupled with a decrease in demand for the US currency, have played a key role in strengthening the dinar.
Despite rumors surrounding potential sanctions on Iraqi banks, the exchange rate has remained stable, providing further confidence in the resilience of the Iraqi economy. LINK
Dollar prices decline “gradually” in Baghdad and Erbil
3/2/2025
The markets of the Iraqi capital, Baghdad, and Erbil, the capital of the Kurdistan Region, are witnessing a gradual decline in the exchange rates of the US dollar today, Sunday.
Shafaq News Agency correspondent reported that the dollar prices decreased in Al-Kifah and Al-Harithiya stock exchanges in Baghdad, where the exchange rate at one o’clock in the afternoon recorded 147,100 dinars for every 100 dollars, after it was 147,800 dinars this morning.
In the local markets in the capital, exchange rates declined at exchange offices, with the selling price reaching 148,000 dinars for every 100 dollars, while the buying price reached 146,000 dinars.
In Erbil, the dollar recorded a similar decline, with the selling price reaching 146,400 dinars per 100 dollars, while the buying price reached 146,300 dinars. LINK
Financial and Economic Measures.. Iraqi Finance Ministry Announces Results of its Meeting with the International Monetary Fund
3/2/2025
The Iraqi Ministry of Finance announced, on Sunday, the results of its meetings with the International Monetary Fund, indicating an agreement to intensify efforts to expand cooperation with foreign correspondent banks, while the IMF stressed the importance of developing the banking sector.
The ministry stated in a statement received by Shafaq News Agency, “The Iraqi delegation concluded its meetings with the International Monetary Fund in Amman during the period from February 24 to 26, 2025, with the participation of the Minister of Finance, Taif Sami Muhammad, and the Governor of the Central Bank of Iraq. Iraq’s economic performance and prospects for sustainable growth were discussed, amid appreciation for the progress made.”
He explained that “the discussions, in which experts from the Ministries of Finance, Planning, Oil, Electricity and the Central Bank participated, focused on macroeconomic indicators, where a remarkable growth in non-oil GDP was recorded at 5% for 2024, driven by the expansion of the agricultural sector and increased public spending, with growth expected to continue at 3.5% in 2025.
The mission confirmed that these figures reflect an improvement in economic diversification and a reduction in dependence on oil, which enhances the stability of the national economy, in addition to reviewing actual expenditures and expected revenues for 2024 and expectations for 2025 and how to finance the deficit.”
The statement added, “The meeting also discussed updating the public debt strategy with mechanisms that ensure public financial sustainability and enhance investor confidence in government bonds. The IMF also stressed the importance of developing the banking sector to support investments and attract foreign capital, which contributes to creating a more stable financial environment.”
The International Monetary Fund confirmed, according to the statement, “its support for Iraq in developing financial policies by providing advisors and experts to help the Ministry of Finance manage public debt and improve the tax system in line with the requirements of economic growth.”
The statement continued, “Within the framework of enhancing financial stability, it was agreed to intensify efforts to expand cooperation with foreign correspondent banks, which facilitates foreign trade financing operations, in addition to enhancing the use of the Iraqi dinar in major transactions, which enhances the strength of the national currency.”
The statement concluded by saying, “The meetings emphasized the continued progress in financial and economic reforms, which reflects the Iraqi government’s commitment to achieving financial sustainability that supports development and stimulates investment, in light of an ongoing strategic partnership with the International Monetary Fund.”
On February 26, Iraqi Finance Minister Taif Sami discussed with the International Monetary Fund financial and banking reforms to support the Iraqi economy, during periodic meetings held in the Jordanian capital, Amman. LINK
Kurdish delegation holds meeting in Baghdad to decide on resuming oil exports
3/2/2025
Informed sources reported on Sunday that a delegation from the Kurdistan Regional Government arrived in the capital, Baghdad, to put the final touches on the file of resuming oil exports via the Turkish Ceyhan pipeline.
A source told Shafaq News Agency, “A delegation from the Ministry of Energy and Natural Resources of the Kurdistan Regional Government is currently holding a meeting with officials at the headquarters of the Federal Ministry of Oil, to resolve matters related to resuming oil exports from the region’s fields, and other issues related to the work of companies.”
Another source told the agency, “This meeting was scheduled to be held next Tuesday, but developments in the file prompted the date to be brought forward,” without mentioning further details.
Yesterday, Saturday, the Federal Ministry of Oil invited international oil companies under the umbrella of “APICOR” and contracted with the Kurdistan Regional Government, in addition to the Ministry of Natural Resources in the region, to attend a meeting in Baghdad next Tuesday, March 4, 2025.
Last Friday, eight international oil companies operating in the Kurdistan Region announced that they would not resume oil exports through the Turkish port of Ceyhan, despite Baghdad’s announcement of the imminent resumption of exports.
Before that, Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul Ghani announced the resumption of Kurdistan Region oil exports via the Turkish port of Ceyhan within the coming hours. LINK
Source: Dinar Recaps
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