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TNT
Tishwash:
The Central Bank confirms its vaults are full of Iraqi dinars.
The Director General of the Statistics and Research Department at the Central Bank of Iraq, Samir Fakhri Naama, confirmed on Tuesday that the Central Bank’s vaults are full of dinars.
Naama said in a statement followed by (Al-Mada), “The vaults of the Central Bank of Iraq are currently full of dinars,” noting that “at no time has it been permissible to say that the Central Bank of Iraq does not have dinars.”
He added that “there is an impact on the poor from the change in the exchange rate, but not with the expected impact because the state will subsidize a range of goods,” noting that “prices will rise by a much smaller percentage compared to the amount of the change in the exchange rate.”
He added that “the bank’s reserves are in a comfortable position,” calling for dealing in dinars to reduce dependence on the dollar. (LINK)
Central Bank: Our responsibility is to maintain the value of the dinar against foreign currencies
The Central Bank of Iraq confirmed on Tuesday that its current mission is to maintain the value of the Iraqi dinar against foreign currencies.
The representative of the Governor of the Central Bank of Iraq, Samir Fakhri, said at the Middle East Forum for Research and Peace (MERI), held in Erbil, and attended by a correspondent from the Iraqi News Agency (INA): “The issue of the exchange rate and its relative importance differs from one country to another,” explaining that “the exchange rate is important for Iraq, because the Iraqi economy is rentier in nature and depends on dollar revenues.”
He added that “Iraq’s sources of income depend on external demand, and the most important equation in the Iraqi economy is government spending in dinars.” He pointed out that “the use of the dinar as a means of government spending is a fundamental driver, representing a component of aggregate demand, which is linked to oil revenues, and the exchange rate is the link to all of this.”
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He added that “the central bank’s mission is to maintain the value of the local currency against foreign currencies,” explaining that “growth in the private sector boosts GDP and reduces demand for the dollar.”
He stressed that “every dinar spent by the general budget generates a demand for dollars through the central bank, given the limited contribution of local economic sectors to the gross domestic product.”
He stressed “the importance of working to develop the private sector and enhance its actual contribution to the gross domestic product, which will contribute to reducing the demand for the dollar,” noting that 60 to 70% of the dinars spent are returned in the form of demand for the dollar, while the remaining part accumulates within the central bank’s reserves.
He explained that “the Central Bank’s reserves are owned by the state, and the government represents the equivalent of the dinars that were spent through the exchange rate mechanism,” stressing that “Iraqi exports depend on crude oil by 98%, while oil revenues constitute more than 93% of total public revenues.” (LINK)
90% of the vacant ministerial positions have been filled
Political dialogues continue to complete the cabinet, amid parliamentary assurances that the remaining portfolios will soon be decided.
MP Badr Al-Fahhal explained to Al-Sabah that the disagreements are concentrated among the parties of the “Sunni Political Council” over the candidate for the Ministry of Culture, while the Ministry of Defense is witnessing the circulation of the names of Nayef Al-Shammari, Ali Al-Araji and Talal Al-Jubouri, and the (Al-Azm) bloc nominated Muhammad Ali for Planning.
For his part, MP Ahmed al-Khazali told Al-Sabah that Nayef al-Shammari is the most likely candidate for the Ministry of Defense, alongside Jumaa Anad. He confirmed progress in the Interior Ministry file after replacing Qasim Atta with MP Yasser al-Maliki, and indicated that the cabinet formation is nearing completion. (90%).
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For his part, MP Ahmed Al-Saadi told Al-Sabah that the Ministry of Labor was decided for Mohammed Al-Moussawi (Sadiqun) and the Ministry of Youth for Safaa Al-Kinani (State Forces), and Ali Al-Dakhil was proposed for Tourism and Dr. Haider Bahaa for Higher Education, and the names of Ribaz Hamlan and Banaz Doski were circulated for Housing.
Member of the Parliamentary Security and Defense Committee, Mahdi Taqi Al-Amirli, told Al-Sabah that the issue is expected to be resolved next week. (LINK)
Iraqi blocs agree on Thursday vote to finalize cabinet
Iraq’s political blocs and Prime Minister Ali al-Zaidi agreed on Monday to hold a parliamentary session on Thursday, October 15, to vote on the remaining cabinet appointments and a proposal to have four deputy prime ministers, an informed political source told Shafaq News.
The source said leaders of the ruling Shiite Coordination Framework reached the agreement with al-Zaidi and other political blocs during talks on Monday.
Parliament approved al-Zaidi’s government and 14 ministers on May 14, leaving nine cabinet posts unfilled amid disagreements over nominees. The outstanding portfolios include defense, interior, planning and higher education. (LINK)
Al-Zaidi discusses with Total Energies and ConocoPhillips increasing oil and gas production in Basra
Prime Minister Ali Faleh al-Zaidi discussed on Sunday with delegations from the French company Total Energies and ConocoPhillips the mechanisms for investing in oil and associated gas in the Ibn Omar field in Basra Governorate, and setting time limits for increasing production in the field and the rest of the fields.
The Prime Minister’s Media Office stated in a statement that Al-Zaidi received the CEO of Total Energies, Patrick Pouyanné, and the CEO of ConocoPhillips, Andy O’Brien, and their accompanying delegations.
Al-Zaydi stressed the importance of investing in associated gas, noting that Iraq has great potential in this sector, while emphasizing that the government seeks to make full use of the produced gas and stop importing it completely within the next few years.
For their part, the two companies’ executive directors expressed their willingness to make further efforts to adhere to the set timelines and increase production rates, according to the statement. (LINK)
Washington announces a shift in its relations with Baghdad: from security partnership to economic cooperation and shared interests.
The US President’s Special Envoy to Iraq and Syria, Tom B*****k, confirmed on Monday, October 12, 2026, that relations between the United States and Iraq are entering a new phase, characterized by a shift from a partnership that focused for years on security and military issues to broader economic cooperation based on the common interests of the two countries.
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Barak said in a post published on the “X” platform, following his meeting with the US Chargé d’Affaires in Iraq, Steve Fagin, that Washington views the current stage as a pivotal point in the course of bilateral relations, noting the importance of having diplomatic leadership capable of advancing the priorities of the US administration and strengthening cooperation with Baghdad.
Barak praised Fagin’s expertise in Iraqi and regional affairs, stressing that his deep knowledge of Iraq and the region makes him qualified to contribute to the implementation of US President Donald Trump’s policies in the coming period.
He explained that Iraqi-American relations are witnessing a shift towards a more comprehensive partnership, not limited to security cooperation, but extending to economic fields and the strengthening of mutual interests, in a sign of Washington’s intention to redefine the priorities of its presence and relations with Iraq.
This American stance comes at a time when Iraq is facing increasing economic and financial challenges, coinciding with regional developments that are casting a shadow on energy, investment and trade markets, which gives the file of economic cooperation between Baghdad and Washington additional importance during the next stage.
Observers believe that moving towards a broader economic partnership could open the door to increased American investments in the energy, electricity, infrastructure and financial services sectors, in addition to expanding opportunities for trade cooperation and technology transfer. However, achieving these goals will remain linked to the nature of the agreements that the two sides may reach and the availability of a suitable investment environment.
The new American approach also raises questions about the future of strategic relations between the two countries, especially with the transformations taking place in the American military presence in Iraq, and Baghdad’s efforts to build balanced foreign relations that preserve its sovereignty and support its economic interests.
Iraqi Foreign Minister Fuad Hussein discussed with Barak, in Istanbul last Saturday, the future of bilateral cooperation, political, security and economic developments, as well as the Iraqi financial situation and changes related to the exchange rate of the dinar, in a meeting that addressed the prospects for relations between the two countries after the end of the mission of the international coalition forces in Iraq.
Barak’s statements carry political and economic implications regarding the nature of the role the United States seeks to play in Iraq, as they suggest a desire to expand the bilateral relationship beyond counter-terrorism and military coordination, towards long-term economic and investment partnerships.
However, the US envoy’s statements did not include the announcement of new economic agreements or the determination of the size of anticipated investments, which makes the announced shift a political direction that needs clear executive steps to translate it into tangible projects.
These developments present the Iraqi government with an opportunity to revitalize its economic relations with Washington and attract new investments, given the need to diversify income sources, reduce dependence on oil revenues, and enhance financial stability.
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It appears that the next phase may witness greater attention to the economic file in Iraqi-American relations, amid anticipation of what the consultations between Baghdad and Washington will produce in terms of practical understandings that will determine the future of the partnership between the two countries, and the extent of its impact on the Iraqi economy and regional stability. (LINK)
Source: Dinar Recaps
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