Episodi
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Vice President of the American Chamber of Commerce: The Treasury Department will play a role in developing the Iraqi economy.
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The Vice President of the U.S. Chamber of Commerce, Steve Lutes, confirmed on Wednesday that the Treasury Department will play a role in developing the Iraqi economy. Meanwhile, the head of the Iraqi Economic Council stated that the country is much better off economically today than in previous years."Our visit to Iraq is the largest visit by businessmen from various sectors from the United States of America," Lotus said during a press conference attended by a Shafaq News Agency correspondent.
He added, " Iraqi Prime Minister Mohammed Shia al-Sudani is working to establish partnerships between Iraqi and American companies to develop Iraq's industrial and economic sectors."
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Private banks continue to monopolize foreign remittances, without providing any tangible banking services!
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See the entire article that is the basis for the podcast at:
https://www.myfxbuddies.com/2025/04/the-treasury-department-will-play-role.html
Many economic experts believe that foreign and local banks with foreign management, such as the Jordanian-run National Bank of Iraq, monopolize bank transfers in Iraq and deprive local banks of these services, without providing any tangible banking services to Iraqis. The Iraqi banking system is collapsing because most Iraqi banks are subject to US sanctions. This has prompted foreign and local banks with foreign management to monopolize bank transfers in Iraq and deprive local banks of these services, without providing any tangible banking services.
This was done with the approval of the Central Bank of Iraq, despite the fact that these banks, including the Jordan National Bank, lacked any competitive advantage. However, they were guaranteed by the Americans and had accounts opened for them at Citibank and JPMorgan Chase in the United States, solely because they were owned by foreign investors affiliated with banks in Jordan and the Gulf.
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Economist: The dollar in Iraq will not be affected by any international changes
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If you 'd like to support My FX Buddies:https://www.paypal.com/paypalme/tishwashGet a free transcript at https://rss.com/podcasts/myfxbuddies/Economic expert Duraid Al Anzi confirmed that the stability of the dollar exchange rate in Iraq and the slight downward trend are due to local factors, explaining that the dollar in the country will not be affected by any international changes at the moment.
Al-Anzi told Al-Furat News Agency that "the current exchange rate situation reflects that black market traders have stopped manipulating currency prices, relying heavily on sales from the Central Bank of Iraq."
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Iraqi PM Launches Ambitious Banking Sector Reform
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If you 'd like to support My FX Buddies: https://buymeacoffee.com/tishwashGet a free transcript at https://rss.com/podcasts/myfxbuddies/Prime Minister Mohammed Shia' Al-Sudani addressed the Conference on Reforming the Iraqi Banking Sector on Monday, outlining an ambitious agenda to modernise Iraq's financial infrastructure and promote sustainable economic development.
Key initiatives and achievements highlighted in the Prime Minister's address include:
Implementation of a three-year national budget, enabling long-term planning and strategic investment in health, education, and infrastructure.Efforts to diversify revenue sources by automating customs with the Automated System for Customs Data (ASYCUDA) system and improving tax systems, resulting in a 128% increase in customs revenues and 22% rise in tax revenues.Structural reforms of Rafidain, Rasheed, Industrial, and Agricultural Banks, supported by an international consultancy firm. -
Al-Sudani's advisor talks about a "new chapter" with Washington and the agenda of a US delegation in Iraq soon.
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Farhad Alaaldin, the Iraqi Prime Minister's advisor for foreign affairs, spoke about a "new chapter in the Iraqi-American partnership." He also touched on a "promising" opportunity for American companies specializing in the manufacture of floating platforms and the supply of liquefied natural gas to participate effectively in Iraq. He also revealed the agendas of a "high-level" American delegation visiting Iraq this month. -
The Impact of New US Policies on the National Economylink to My FX Buddies Blog
If you 'd like to support My FX Buddies:https://cash.app/$tishwashGet a free transcript:https://rss.com/podcasts/myfxbuddies/ Most countries around the world have been affected by these repercussions, which have had a profound impact on the Iraqi economy. What concerns us is the results of these repercussions and the expected impacts and implications for the economic reality in Iraq in the coming years and until 2030.
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Iraq is recovering... an important message from Grand Ayatollah Sistani to the Iraqi peoplelink to My FX Buddies BlogIf you 'd like to support My FX Buddies:https://cash.app/$tishwash
Get a free transcript:https://rss.com/podcasts/myfxbuddies/In a message conveyed by one of his representatives and monitored by the Video News Agency, Ayatollah Sistani said, "The country is moving toward recovery and stability," calling on everyone to "not fear and to cling to hope for a better future."also ... An interview
They talk about:
What it takes to succeed in frontier markets like IraqHow the Iraqi diaspora is returning to build the countryWhy the future of tech in Iraq is brighter than you thinkReal estate, startup exits, and investing in one of the most misunderstood economies on earth -
Iraq Central Bank: We will launch a major initiative to finance industrial projects
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If you 'd like to support My FX Buddies:https://www.paypal.com/paypalme/tishwashHe added, "This initiative was recently proposed by the Cabinet as part of the government's banking sector reform program and government measures with the Central Bank," noting that "the Cabinet agreed to cooperate between government banks with a financial surplus to finance a package of industrial projects through the Industrial Bank."
He explained that "all other projects are funded according to their sectoral channels, as part of the government's general approach to supporting industrial, agricultural, housing, education, health, investment, and other projects."
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Iraq prepares to receive a delegation representing 50 American companies.link to My FX Buddies Blog
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he Iraqi Embassy in the United States announced on Saturday arrangements to receive a delegation representing 50 American companies specializing in energy, healthcare, education, and other sectors.
A statement published by the Iraqi Embassy in Washington, followed by "Ultra Iraq," stated that "Iraqi Ambassador Nizar Al-Khairallah met with Steve Lutes, Vice President of the U.S. Chamber of Commerce and President of the U.S.-Iraq Business Council, along with his deputies.
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Rafidain Bank begins distributing April salaries to retireeslink to My FX Buddies Blog
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The month of April.
The bank said in a statement monitored by Al-Masry, "Rafidain Bank announces the commencement of distributing the salaries of civilian and military retirees for the month of April through electronic payment methods."
He pointed out that "retirees who receive text messages can go and collect their salaries from wherever they are."
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Iraqi PM: Restrictions are useful, and I asked the Americans about their silence on the dollar chaos before me!
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After assuming the premiership, I faced the issue of the agreements between the previous government, the Treasury, and the US Federal Reserve, which were two years old at the time, regarding a roadmap for Iraq to enter the global financial compliance circle. However, the previous government did not implement any of them, and the deadline expired at the beginning of my government.
My government was able to transform the challenge and commitment to the U.S. Treasury and the Federal Reserve into an opportunity to reform the Iraqi financial and banking system. This came at a social and political cost, which our opponents exploited. However, we leveraged the issue to end the anomalous situation of dollar-selling shops, which we all complained about, and we were able to implement the imposed obligations.
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Al-Nusairi: 2025 indicators: a strong economy, a recovering dinar, and developing banks.
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If you 'd like to support My FX Buddies:https://cash.app/$tishwashAl-Nusairi said in an interview with Al-Eqtisad News that the local currency issued amounted to approximately 100 trillion dinars, and our dinar is recovering and gradually returning towards an exchange rate against the US dollar towards the equilibrium price targeted by the Central Bank. Our banks are developing and proceeding at a steady pace in accordance with the Central Bank’s strategy for reform, development, digital transformation and compliance with international standards. The number of Iraqi banks that have banking relations and accounts in solid international correspondent banks and deal with them directly in foreign transfers has reached approximately 20 banks and deal in multiple foreign currencies at the end of 2024.
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Al-Sudani: Iraq is witnessing a state of recovery, growth, progress, and prosperity.
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Prime Minister Mohammed Shia al-Sudani affirmed on Tuesday that Iraq is witnessing a clear state of recovery, growth, progress, and prosperity, and that we are working to advance this process. He emphasized that establishing security and stability will enable the state to provide services and implement development and economic projects.The Prime Minister's Media Office said in a statement, seen by Al-Eqtisad News, that "Commander-in-Chief of the Armed Forces, Prime Minister Mohammed Shia al-Sudani, joined officers and fighters of the Land Forces Command for a Ramadan iftar meal."
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Economic collapse vs. constitutional rights: Iraq's oil revenue dilemma
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A growing demand for direct pay-outs from Iraq’s oil revenues has sparked lawsuits and warnings from economists, with one expert cautioning that such a move could push the country to the brink of bankruptcy within a year.Economic expert Nabil Al-Marsoumi estimated Iraq’s 2024 oil revenues at $90 billion, while non-oil revenues stand at just $13 billion, barely enough to cover government spending on electricity, gas, and food rations.
He warned that using oil revenues for direct cash payments would deplete central bank reserves, forcing the government to borrow or print money to cover salaries and social benefits, which cost $70 billion annually.
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Distributing oil revenues to Iraqis: "Economic collapse inevitable within two years"
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Controversy is escalating in Iraq over lawsuits filed by citizens demanding their share of oil revenues. An expert has warned of the disastrous economic consequences of such demands, asserting that direct distribution of oil revenues would lead to the collapse of the Iraqi economy within just one year.
Oil revenues for 2024 are estimated at $90 billion, while non-oil revenues are estimated at only $13 billion, barely enough to cover the government's electricity, gas, and ration card purchases, expert Nabil al-Marsoumi told Shafaq News Agency.
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Iraq’s Al-Rafidain bank: New AML system deployedlink to My FX Buddies blog
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“This reflects our commitment to global AML and counter-terrorism financing standards,” the bank stated, noting the move aims to strengthen trust in Iraq’s banking sector.
The platform enables real-time surveillance of financial activity, centralized auditing via the AML Reporting Department, and improved detection of suspicious transactions.
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Rafidain Bank deploys five ATMs in Baghdad that provide 24/7, commission-free services.
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To facilitate withdrawal and deposit operations
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Rafidain Bank announced on Friday, as part of its financial inclusion initiative, the deployment of automated teller machines (ATMs) at several stations in Baghdad. These machines facilitate commission-free withdrawal and deposit transactions around the clock, without the need to visit traditional branches.
As part of its ongoing efforts to promote financial inclusion and facilitate access to banking services for various segments of society, Rafidain Bank has announced the deployment of automated teller machines (ATMs) at a number of stations. This allows customers to conduct withdrawals and deposits easily and securely around the clock, without any commission.
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Oil exports from Kurdistan Region set to resume next week, confirms Iraqi parliament official
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Speaking at a press conference, Halbousi highlighted the progress made in recent discussions, emphasizing that key amendments to the budget law and agreements on export routes through the port of Ceyhan are well underway.
In a significant development for Iraq’s energy sector, Haibat Halbousi, chairman of the Iraqi parliament's oil and gas committee, announced on Wednesday that oil exports from the Kurdistan Region will officially resume next week.
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Iraq confronts economic crises with the "digital dinar." The parallel market is threatened with "extinction."link to My FX Buddies Blog
The digital dinar is a digital currency issued by the central bank, officially part of a country's monetary system. It is similar in value to the traditional dinar, but is traded electronically via digital wallets or approved financial applications. It facilitates instant money transfers within the country or across borders, reduces the logistical burden of issuing paper or metal currency, and enables broader segments of society to access digital financial services. This project comes in light of the significant economic challenges facing Iraq, such as its heavy reliance on paper money and the phenomenon of hoarding. The digital dinar aims to address these challenges by providing a safe and effective digital alternative to paper money.
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To reduce speculation, a Sudanese advisor reveals a new monetary strategy.
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If you 'd like to support My FX Buddies:https://cash.app/$tishwashSaleh emphasized that "these steps coincide with enhancing the freedom of the foreign exchange process, with a high commitment to transparency and money governance in line with international standards."
He pointed out that "this strategy is being implemented in an organized and precise manner by the Iraqi banking system, and specifically targets large transfers, especially those related to financing wholesale trade." - Mostra di più
