Fri. AM KTFA News Articles from Iraq 5-8-26

KTFA

Clare » May 8th, 2026

A leader in reconstruction and development: Al-Zidi enjoys a margin of freedom in choosing his ministers, and an agreement to pass the government is imminent.

5/7/2026

A leader in the Reconstruction and Development Alliance confirmed that Prime Minister-designate Ali al-Zidi enjoys a large margin of freedom in forming his government, in light of the remarkable flexibility shown by the political forces.

He explained that Al-Zaydi asked the blocs to grant him the authority to choose the Ministers of Finance and Interior away from the quota system, in a move that reflects a trend towards strengthening the independence of government decision-making.

He added that the distribution of ministries will remain subject to a points system during the negotiations, ensuring that each bloc receives its e*******l entitlement, without this conflicting with Al-Zaydi’s efforts to choose a team capable of facing the challenges. (LINK)

The Ministry of Oil announces an oil discovery in Najaf within the “Al-Qarnayn” exploration area with reserves of 8.8 billion barrels.

5/7/2026

The Iraqi Ministry of Oil announced a new oil discovery within the “Qarnayn” exploration block, with reserves estimated at about 8.8 billion barrels, in a move that supports Iraq’s plans to increase its oil production capacity in the coming years.

The announcement came during Oil Minister Hayyan Abdul Ghani’s reception of a delegation from the Chinese company Zhenhua, where the two sides discussed developments in the work in the “Al-Qarnayn” exploration block, in addition to the East Baghdad South field.

Abdul-Ghani confirmed that the discovery was made within the Al-Qarnayn block, which was awarded to the Chinese company as part of the fifth supplementary and sixth licensing rounds in 2024.

He stressed the importance of accelerating work to complete oil projects and maximize the utilization of associated gas, thus ensuring the sustainability of crude oil production. He added that the Al-Qarnayn block is the first exploration block to record an oil discovery within the blocks offered in the fifth supplementary and sixth licensing rounds, reflecting the significant potential of undeveloped areas in Iraq, particularly border regions. (LINK)

Iraq between international oversight and the dollar… a banking system under pressure from “stricter compliance”

Independent/-

At a time when questions are mounting about the future flow of dollars into Iraq, banking officials confirm that the Iraqi financial system has entered a phase of “strict international oversight” that has redrawn the mechanism for managing foreign transfers and directly affected the movement of the money market.

According to officials at the Central Bank who confirmed to Al-Mustaqilla on Thursday, modern regulatory procedures and coordination with international financial and security bodies have led to tighter control over transfer routes and reduced the margin of movement outside official channels, within the framework of what is described as a global war on “phantom trade” and the financing of i*****l activities.

But these transformations, according to economic analyses, did not come without an internal cost, as observers point out that the tightening of financial compliance was accompanied by clear pressure on dollar liquidity within the local market, and fluctuations in monetary stability, amid increasing reliance on electronic platforms for passing external transfers.

Banking sources confirm that the new auditing systems, supported by data analysis and artificial intelligence technologies , are now able to track financial movements with high accuracy, including commercial invoices and import-related transactions, which some have considered a “complete re-engineering” of the dollar market in Iraq.

In contrast, experts believe that this shift reflects Iraq’s transition from an economy dependent on direct liquidity to an economy subject to indirect external control, through international compliance networks that control the flow of dollars before they reach the local market.

These developments come amid growing controversy over the halt or slowdown of some foreign currency shipments and the increasing reliance on digital channels, which has opened the door to questions about the future of monetary stability and the limits of financial sovereignty in managing the dollar issue.

Between tightening international oversight and local market pressure, the Iraqi banking sector remains at the heart of a delicate equation that combines financial reform on one hand, and economic and political challenges on the other. (LINK)

Source: Dinar Recaps

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