Iraq Economic News and Points To Ponder Saturday Morning 12-6-25
Samir Al-Nassiri: The Banking Reform Plan Is Being Implemented Successfully According To Its Timetable
Banks Economy News – Baghdad Banking consultant and expert Samir Al-Nassiri confirmed that the Central Bank, Oliver Wyman, and other banks are continuing to implement the standards of the banking reform plan in partnership and daily coordination, according to the plan's timeline, which was launched on April 7, 2025.
The Central Bank published the project implementation mechanisms and the banks signed an agreement to comply with the plan. Preparations are now underway to launch the first evaluation cycle during the first quarter of 2026.
The procedures and efforts undertaken by the Central Bank of Iraq, in cooperation and consultation with the consulting firm and private banks, have resulted in tangible steps during the current quarter in facilitating the implementation of the objectives, programs, mechanisms and standards of the comprehensive banking reform project, within the framework of implementing the Central Bank’s third strategy.
He explained that the main objective of this project is to build a sound, modern, comprehensive and flexible banking sector that contributes to achieving rapid growth in the national economy, a cumulative increase in GDP, and enhancing the market value of the banking sector.
Al-Nassiri pointed out that economic reform begins with banking reform, explaining that the challenges facing the Iraqi economy simultaneously present significant opportunities to reform and develop the banking and financial sector, in line with the government's program and the Central Bank's future vision.
He added that the banking sector will play a pivotal role in achieving sustainable development and attracting investments, as well as supporting ongoing efforts to activate non-oil productive sectors with the aim of diversifying national income sources and ensuring financial sustainability and balanced economic growth.
Al-Nassiri explained that the role of the Central Bank is also embodied in regulating the financing of foreign trade and implementing infrastructure projects related to comprehensive digital transformation, in addition to expanding the use of electronic payment tools in a way that enhances the achievement of financial inclusion.
He stressed that these efforts will contribute to providing real opportunities for reforming, developing and empowering the private banking sector during the period 2025–2028, through a set of key objectives, most notably:
* Developing the Iraqi banking system to keep pace with internationally approved banking and accounting standards.
* Building a sound, modern, comprehensive and flexible banking sector capable of adapting to economic changes.
* To enhance citizens' confidence in the local banking sector and achieve international recognition of its transparency, progress, and commitment to international standards, thereby strengthening the confidence of global correspondent banks in dealing with it.
* Rehabilitating restricted or weakly active banks to enable them to return to the banking market with their full internal and external activities.
* Refocusing the role of banks on their core function of financing and lending for development, while promoting financial inclusion and increasing its rate in accordance with the established plans.
* To promote the transition from a cash economy to a digital economy by attracting funds circulating outside the banking system, which represent about 90% of the money supply, and bringing them into the formal banking cycle.
Al-Nassiri explained that although the period specified for their implementation according to the banking reform project and the Central Bank’s strategy extends to three years, what was achieved during the years 2023, 2024 and 2025 is considered an important achievement, as solid foundations and rules were built that formed the main pillar for the desired reform path.
He added that these achievements will contribute to the process of evaluating and classifying Iraqi banks based on the extent to which they achieve the goals set within the banking reform project, in accordance with the approved international standards and criteria. https://economy-news.net/content.php?id=63036
ASYCUDA… The System That Will Turn The Balance Of Trade In Iraq Around: From Worn-Out Paper To A Smart State
Economy News – Baghdad Lawyer Noor Jawad Al-Dulaimi
Trade in a country the size of Iraq can no longer continue on worn-out paperwork and files that pass from hand to hand, nor through isolated local programs whose data fate is unknown. In a world where technology drives the economy, not the other way around, the need arose for a modern system, like the electronic arteries that pump life into the body of the state.
This is where the ASYCUDA system emerged as one of the most significant technological transformations Iraq has witnessed in decades—a transformation that will not only change customs clearance methods but will also reshape the landscape of trade, the economy, and the law.
Prior to 2022, most Iraqi customs operations were managed manually, with the exception of some basic local programs for accounting, declarations, and human resources. These systems were disconnected from one another; each operated in isolation, lacking integration and the ability to prevent manipulation or comprehensively monitor the movement of goods.
However, the Iraqi government's decision to proceed with automating the customs system in cooperation with UNCTAD (the United Nations Conference on Trade and Development) represented a major turning point, especially since customs automation is the backbone of any modern administration and the key to border control and revenue collection.
The ASYCUDA project spans three phases over approximately 84 months. It begins with the deployment of state-of-the-art IT systems for customs clearance and monitoring, then moves to automating control processes and risk analysis, culminating in the establishment of a single trade window that enables all stakeholders to submit data and receive approvals through a unified electronic platform. This model is implemented in most advanced economies worldwide because it minimizes human intervention and ensures tight control over data and customs duties.
Economically, ASYCUDA represents a significant leap in revenue because it closes loopholes that previously allowed public funds to be siphoned off through corruption, manipulation of commodity values, or the illegal importation of goods. Comprehensive electronic clearance means that every shipment passing through Iraq will be subject to the same standardized procedures, and fees will be calculated according to fixed criteria, not based on the whims of an employee or personal interpretation.
This has already resulted in a 60% decrease in smuggling since the partial implementation of the system.
Legally, the ASYCUDA system is a true embodiment of transparency and accountability, providing regulatory bodies with tamper-proof digital evidence and linking every step to a traceable electronic signature. It also aligns with Iraq's obligations under international trade facilitation agreements and creates a favorable legal environment for attracting foreign companies that consistently seek clear procedures free from regulatory chaos.
Because the system links all government agencies, from customs to taxes to the Ministry of Trade to banks, building a single window will shorten clearance time from weeks to days or hours, and provide a competitive environment that combats monopolies and gives companies greater confidence to enter the Iraqi market.
ASYCUDA is not just a technical program; it is a state project, and an indicator of Iraq’s transition from an economy based on personal relationships to an economy based on strict digital rules, and from a paper-based administration to a data-based administration.
When all its phases are fully implemented, we will see stronger customs, a more stable business environment, higher revenues, and less porous borders. It is the long-delayed digital future… but it is finally starting to move. https://economy-news.net/content.php?id=63039
Gold Prices Fall As Stock Markets Rise, Ahead Of The US Federal Reserve Meeting.
Thursday, December 4, 2025, 4:59 PM | Economy Number of views: 282 Baghdad/ NINA /Gold prices fell on Thursday as gains in Asian and European stock markets weighed on safe-haven demand, while investors awaited next week's Federal Reserve meeting for clues on the path of interest rates.
Spot gold fell 0.2 percent to $4,199.06 an ounce. U.S. gold futures for February delivery also declined 0.1 percent to $4,229 an ounce.
Among other precious metals, platinum fell 1.8 percent to $1,641.95, and palladium dropped 1.8 percent to $1,434. /End https://ninanews.com/Website/News/Details?key=1265203
Brent Crude Surpasses $63 Mark... Oil Prices Continue To Rise
Economy | 05:34 - 04/12/2025 Mawazin News - Follow-up: Oil prices in global markets rose significantly on Thursday amid concerns about supply disruptions due to escalating geopolitical tensions.
According to trading data, Brent crude futures climbed to $63.07 per barrel.
West Texas Intermediate (WTI) crude futures also rose, trading at $59.39 per barrel.
This increase is driven by continued concerns about global energy supplies following reports of attacks on oil infrastructure in Russia, as well as the stalled peace talks, which have heightened market anxiety about the stability of oil flows. https://www.mawazin.net/Details.aspx?jimare=271164
Dollar Prices Rise In Baghdad As The Weekly Stock Exchange Nears Its Closing.
Economy | 06:55 - 04/12/2025 Mawazin News – Baghdad: The Baghdad and Erbil markets witnessed a rise in the dollar exchange rate as the stock exchanges neared their closing at the end of the week.
The dollar reached 142,750 Iraqi dinars per 100 US dollars in the Al-Kifah and Al-Harithiya exchanges, compared to 142,600 dinars this morning.
In Baghdad's currency exchange offices, the selling price was 143,750 dinars per 100 US dollars, while the buying price was 141,750 dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=271168
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