Friday Iraq News Posted by Tishwash at TNT 8-14-2026
TNT:
Tishwash: Iraq opens the file on public funds: striking at privileges and removing zeros
Amid the financial and economic pressures facing the Iraqi state, the files of public funds, privileges, double salaries, and reforming the monetary system are returning to the forefront of discussion within the House of Representatives, with a set of proposals aimed at rearranging government spending, tightening control over the wealth of officials, and strengthening the position of the Iraqi dinar.
The proposals put forward do not stop at amending one law, but open a wider discussion about the form of the state’s financial management, the size of spending on officials, and the extent to which regulatory institutions are able to uncover illicit funds, leading up to a controversial proposal related to removing zeros from the Iraqi currency.
At the forefront of the files is the proposal to amend the Integrity and Illicit Gains Authority Law, with the aim of tightening the procedures for disclosing financial assets and holding accountable those taxpayers who show a large and unjustified increase in their funds.
This issue is of particular importance in a country that has been suffering for years from the challenges of corruption and abuse of power, since combating illicit enrichment does not depend solely on penalties after the violation has occurred, but requires an effective system to monitor the growth of wealth and link financial declarations to banking, real estate and commercial information.
The proposals also aim to tighten procedures against those who refuse to submit financial disclosure statements, with violators being referred to the judiciary if illicit gains are proven.
The most politically and popularly sensitive issue is related to double salaries and financial privileges, where it was proposed to prevent one person from receiving more than one salary under any title, in addition to reorganizing a set of benefits that officials and employees in state institutions receive.
The idea here is based on a simple principle: Citizens cannot be asked to rationalize their spending while the doors of government privileges remain open without clear limits.
In the same context, one of the proposals includes setting a fixed monthly salary for a member of the House of Representatives worth five million dinars, while regulating allowances and privileges, reducing the number of employees, security personnel, escorts and advisors, in addition to controlling the use of government cars and aircraft and subjecting spending to the control of the competent authorities.
These measures, if they are turned into effective legislation and actually implemented, could provide significant sums for the treasury, but at the same time they will face a difficult political test, because reforming privileges often clashes with the interests of those who benefit from them.
In a parallel track, another proposal emerged concerning the reform of the financial and monetary system, which includes combating money laundering, restricting the movement of funds within official banking channels, recovering smuggled funds, and bringing informal capital into the economic cycle.
But the most controversial proposal is to remove zeros from the Iraqi dinar, or what is known as renaming the currency, as part of a broader strategy to reform the monetary system.
Here, a distinction must be made between removing zeros and increasing the real value of the currency. Removing three zeros, for example, does not automatically mean that citizens have become wealthier or that the purchasing power of the dinar has increased; the success of this step depends on economic stability, controlling inflation, managing the money supply, the strength of the banking system, and citizens' confidence in the currency.
Therefore, any project to rename the dinar needs careful study and a clear transition mechanism that ensures there is no confusion in prices, contracts, salaries, savings, and commercial transactions.
The Iraqi problem is not just in the form of the currency, but in an entire economic system that needs simultaneous reforms that include banks, non-oil revenues, government spending, tax evasion, money laundering, the exchange market, and the monetary economy.
Hence, removing zeros, if done alone, may be a mere arithmetic change, whereas if it comes as part of an integrated economic program, it may become part of a broader monetary reform process.
Ultimately, Iraq has an opportunity to reopen the public finance file from a different angle: reducing privileges, combating illicit gains, controlling double salaries, recovering smuggled funds, and reforming the monetary system.
But the success of these ideas will not be measured by the number of proposals that reach parliament, but rather by the state's ability to turn them into fair laws that apply to everyone without exception.
True financial reform does not begin with simply removing three zeros, nor with reducing an official's salary, but rather with building a state that knows where its money goes, who receives it, and how to protect it from waste and corruption.
The real battle is not with the zeros on the currency, but with the zeros in the accounts of oversight and accountability. link
************
Tishwash: Intensive efforts to join the World Trade Organization
Iraq has made significant progress in its bid to join the World Trade Organization, after completing a number of key files related to goods and services and responding to questions from member states, in preparation for holding the fourth meeting of the working group on Iraq’s accession to the organization.
The official spokesman for the Ministry of Trade, Mohammed Hanoun, said that a delegation from the ministry visited the headquarters of the World Trade Organization last July, and held a series of official meetings with officials of the organization, the secretariat, and the head of the working group on Iraq, in addition to representatives of a number of member states.
Hannon added that the visit saw the resolution of key files related to goods and services, as well as the completion of answers to the 175 questions from member states, in addition to other files related to the memorandum on the foreign trade system, agriculture, technical barriers to trade, health and phytosanitary procedures, and other technical files related to the requirements for accession.
He explained that the member states welcomed the achievement made by Iraq in submitting these files, noting that, in light of the meetings that continued for a full week at the organization’s headquarters, the files were adopted, officially circulated, and published on the World Trade Organization’s website, to allow member states to review them, make their comments, and negotiate them.
Hannon explained that work is currently underway to arrange an official visit by the Minister of Trade, who is also the head of the National Committee concerned with Iraq’s accession to the World Trade Organization, to the organization’s headquarters, with the aim of holding official meetings and discussions in preparation for holding the fourth meeting of the working group on Iraq’s accession in the coming period.
He pointed out that the upcoming meeting represents an important milestone in the course of negotiations, as it is hoped that it will contribute to resolving the remaining issues and negotiations and completing the required procedures leading to Iraq’s accession as a full member of the World Trade Organization.
In the same context, Hanoun pointed out that Baghdad is simultaneously witnessing the holding of a technical workshop with the participation of international experts, with the aim of fully preparing for the fourth meeting of the working group, as well as preparing the Iraqi negotiating team from a technical standpoint and enabling it to complete negotiations with the member states.
This development comes at a time when the Ministry of Trade and relevant government agencies are continuing to work on completing the technical and legislative requirements related to the accession process, which will enhance Iraq's integration into the global trading system and open the way for expanding its trade relations. With the member states. link
************
Tishwash: Iraqi Securities Commission: Investment awareness programs continue to promote financial literacy
Promoting investment culture is a key aspect of developing the capital market.
The head of the Iraqi Securities Commission, Faisal Al-Haimas, confirmed on Thursday (August 13, 2026) the continuation of implementing awareness programs and activities to spread investment culture and enhance financial awareness.
Al-Haims said in a statement, which Zagros reviewed: “The implementation of investment awareness programs and activities continues to spread investment culture and enhance financial awareness among investors and the public, which contributes to introducing the foundations of sound investment and the mechanisms of dealing in the stock market.”
He added that "promoting investment culture is one of the important pillars in developing the capital market, due to its role in raising awareness of risks and investment opportunities, encouraging investment practices, and reducing dealings with unlicensed entities or activities."
He added that "awareness work is witnessing a continuous diversification in its tools and content, in order to reach the largest possible segment of the public, and to take advantage of modern means of communication in delivering investment messages in a simple and clear manner."
He pointed out that "continuing these programs comes within the directions of developing the capital market, enhancing investor confidence, and supporting the building of a more conscious, transparent and sustainable investment environment." link
**************
Tishwash: Kurdistan Region to Halt Cash Salaries by August 31 Deadline
At a Glance
Cash-based payroll distribution in the Kurdistan Region concludes this month.
The MyAccount project urges 25,000 unregistered employees to expedite their enrollment.
The federal government and the KRG have agreed to terminate cash-based payrolls.
Cash salary distribution for public sector employees will be completely halted in the Kurdistan Region after August 31; approximately 150,000 public sector bank cards have not yet been collected by beneficiaries.
Key Statements and Focus Area
In an official statement, the MyAccount project warned public sector employees that cash salary distribution will no longer be available after August 31 of this year.
Any employee without a bank card will face difficulties receiving their financial dues.
In terms of logistical preparations and distribution status, the MyAccount project management stated that 80,000 finalized bank cards are currently stationed at state-run banks, calling on account holders to collect their respective cards before the end-of-month deadline.
Distribution updates and mandatory pickup schedules specifying the designated holding branch will be communicated exclusively to public sector employees through direct SMS notifications.
For beneficiaries who have not yet received this correspondence, project officials confirmed that automated text alerts will be dispatched incrementally over the next three weeks.
Furthermore, the specialized hotline 1991 has been fully activated as a dedicated customer support center tasked with handling inbound inquiries and resolving individual card issuance issues.
FYI
MyAccount, a digital payroll initiative, was launched by the Kurdistan Regional Government in September 2023 to transition public sector workers from cash payments to electronic bank deposits.
According to the agreement between Erbil and Baghdad, the salary distribution system is shifting, and cash will no longer be disbursed for payroll.
This marks the final deadline for approximately 25,000 employees who have not yet registered in the project.
The project emphasizes that collecting bank cards before August 31 is the only way to protect employees' salaries from being suspended by the federal government. link