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KTFA
Committee member Mohammed Al-Fartousi told the official newspaper, as reported by “Al-Eqtisad News,” that “one of the committee’s priorities in this session is to pass the oil and gas law that regulates the fair distribution of oil wealth,” explaining that “this law is considered one of the important laws, especially since Iraq depends on oil for 90 percent of its revenues, so it is not logical that there is no law that regulates the relationship between the federal government and the region, and regulates this wealth, as well as regulating the sale process and the connection of oil to the central government.”
He added that “the committee is determined during this session to finalize the oil and gas law, and will consult with all parties as well as legal authorities to issue a draft law that ensures no party is wronged,” stressing that “the committee is serious about passing this law.”
Al-Fartousi pointed out that “the delay in resuming oil exports via the Ceyhan-Fishkhabur pipeline is due to technical reasons only,” noting that “the next government’s program must include coordination with the region regarding oil exports and its fields, and all of this is related to the oil and gas law.”
He added that “the committee will not start from scratch, but will rely on the previous draft and existing understandings to move towards legislating the law during the next stage.” (LINK)
Jackie » May 24th, 2026
IMHO – Most Powerful Statement in this entire article: “he added that the committee will NOT start from scratch, but will rely on the previous draft and existing understandings to move towards legislating the law during the next stage.” Most powerful comment made! Tremendous Progress, even greater speed here! IMHO
Clare » May 24th, 2026
Al-Alaq: Dollar reserves are secured and transfers are under control
5/21/2026
Baghdad: Hussein Thaghab
The Governor of the Central Bank of Iraq, Ali Al-Alaq, stressed that the bank’s involvement in preparing the federal budget is an “inevitable necessity” to achieve integration between fiscal and monetary policies, noting that this coordination contributes to preventing economic gaps and enhancing financial and monetary stability in the long term.
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Al-Alaq explained in an interview with Al-Sabah that the Central Bank possesses accurate indicators and readings related to cash liquidity, foreign reserves, and money supply levels, which makes it a key entity in shaping the state’s general economic policy, in addition to the fiscal policy undertaken by the government and the Ministry of Finance.
He explained that the lack of coordination between the two sides could lead to economic imbalances that affect monetary stability, the exchange rate and inflation levels, stressing that integration between the two institutions contributes to building a more realistic budget and the ability to cope with economic changes.
The Central Bank Governor pointed out the importance of the federal budget including clear economic and development goals, explaining that the bank had previously called for the adoption of a “program budget” instead of traditional formulas, in order to ensure increased spending efficiency and tangible economic results, but this proposal has not yet been implemented.
On the other hand, Al-Alaq affirmed that the Central Bank continues its efforts to support economic stability through managing foreign reserves and controlling liquidity levels, thereby enhancing the confidence of local markets and investors in the Iraqi economy. (Oil revenues)
He said that Iraqi oil revenues are deposited directly in dollars into the Ministry of Finance’s account at the Federal Reserve Bank of New York, explaining that they are transferred to the Central Bank of Iraq’s account within 24 hours. A balance is then maintained in the Central Bank’s account to meet the country’s needs, and the Central Bank manages these reserves by investing them in bonds, gold, and banks.
Other ways to generate profits.
exchange rate
Ali Al-Alaq denied the existence of any governmental or monetary intention to change the exchange rate of the Iraqi dinar against the US dollar, stressing that the current monetary policy focuses on maintaining financial and monetary stability in the country and enhancing confidence in the national economy.
Al-Alaq explained that the Central Bank continues to follow procedures aimed at supporting market stability and controlling liquidity and inflation levels, in order to ensure the stability of the exchange rate and protect the economic environment from financial fluctuations.
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Regarding the issue of salaries, Al-Alaq reassured citizens that salaries are “secured for the foreseeable future,” stressing that there are no concerns about the state’s ability to meet its financial obligations, despite the economic challenges facing the country.
He pointed out that Iraq has the potential to overcome the current economic conditions, through a package of financial measures and economic reforms that are being worked on, noting that monetary stability is one of the most prominent factors supporting the national economy and maintaining the confidence of local markets and investors.
The Central Bank Governor stressed the important role that the Financial Stability Board can play in preparing the federal budget, which contributes to achieving a positive economic impact and enhancing coordination between fiscal and monetary policies to ensure the sustainability of economic stability during
The next stage.
external borrowing
Regarding external borrowing, Al-Alaq explained that the need for external borrowing arises when the state’s local resources and savings are unable to finance the requirements of economic development, or to cover the financial deficit resulting from a decrease in revenues (such as the decline in oil prices), noting that the International Monetary Fund imposes conditions and structural reforms in exchange for granting loans.
Regarding the budget deficit, Dr. Al-Alaq emphasized that it was previously a numerical deficit, with the budget ending without a real deficit. However, the situation has changed, and there is now an actual deficit. He warned that the danger of this deficit stems from the fact that it is not a temporary issue but rather reflects a structural and chronic flaw in the economic system, meaning that state revenues…
Limited to the oil sector.
He pointed out that government spending in Iraq is not flexible but fixed and governing, such as salaries, wages, and essential obligations like food and medicine, noting that flexibility comes at the expense of the investment budget, and this affects the country’s economy.
Al-Alaq pointed out that in countries with deep financial markets, there is a possibility of covering the deficit through bonds and loans. However, in Iraq, we need to possess this depth. He reiterated that internal debts are concentrated in government banks and the central bank, and this requires a financial market with effective tools, as the lending capacity of government banks has reached its limit.
To high limits.
parallel market
The Central Bank Governor stressed the importance of converting expenditures into productivity and expanding its base in the country, adding that Iraq is a rich country with great wealth in its various regions.
Al-Alaq, who denied that the Central Bank had a problem in covering the market’s need for dollars, explained that all transfer operations are monitored by the Central Bank, stressing that talk of dollar smuggling is incorrect and that the price in the parallel market is normal in comparison to what is offered in the market.
Source: Dinar Recaps
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