Iraq Economic News and Points To Ponder Thursday Afternoon 7-30-26
Iraqi Banks Accelerate US Compliance Measures
2026-07-30 Shafaq News- Baghdad Iraqi private banks have begun implementing urgent compliance measures tied to lifting restrictions on several lenders, banking sources told Shafaq News on Thursday.
The Central Bank of Iraq (CBI) instructions require stronger anti-money laundering and counter-terrorist financing controls, tighter governance, closer monitoring of dollar movements, and measures to prevent smuggling and illicit transfers, the sources explained, adding that banks were given deadlines to complete the procedures, with failure potentially limiting access to international banking services.
Employees at several private lenders separately told Shafaq News that management had intensified work, with some staff working about 12 hours daily and reporting severe exhaustion and fainting cases.
On July 18, Prime Minister Ali Al-Zaidi’s Media Office said CBI Governor Nizar Nasser Hussein held high-level meetings with US Treasury officials that produced an understanding to return restricted Iraqi banks to foreign correspondent channels in currencies other than the US dollar.
Read more: Iraq’s PM al-Zaidi offers Tehran and Washington a corridor, not a battlefield
Hussein said seven banks are currently eligible to resume non-dollar correspondent banking and may later qualify for dollar transactions after completing further compliance and governance requirements.
https://www.shafaq.com/en/Economy/Iraqi-banks-accelerate-US-compliance-measures
Parliamentary Finance Committee Warns Of The Risks Of Borrowing On The Iraqi Economy
Today Information/Baghdad... Member of the Parliamentary Finance Committee, Basim al-Gharabi, warned on Saturday of a potential economic crisis facing Iraq in the coming period, calling on the government to take urgent measures to address financial challenges and seek genuine alternatives to boost public revenues.
Al-Gharabi told the Information Agency that "continued reliance on oil revenues makes the Iraqi economy vulnerable to fluctuations and crises, which necessitates accelerating the diversification of national income sources and maximizing non-oil revenues."
He added that "resorting to internal and external borrowing to address the economic crisis carries significant risks and may increase the financial burdens on the state in the coming years, requiring the adoption of sustainable economic solutions instead of resorting to debt."
He emphasized that "the current stage requires genuine economic reforms, support for productive sectors, encouragement of investment, and revitalization of industry and agriculture, which will contribute to reducing dependence on oil as the primary source of budget revenues."
Al-Gharabi called on the government to "develop long-term economic plans that ensure the diversification of income sources, enhance the Iraqi economy's ability to confront financial crises, and achieve economic stability, independent of fluctuations in global oil markets." End/25
https://almaalomah.me/news/139765/economy/المالية-النيابية-تحذر-من-مخاطر-الاقتراض-على-اقتصاد-العراق
The Ministry Of Finance Breaks Its Silence And Explains The Reasons For The Delay In Disbursing Salaries To Employees And Retirees.
Baghdad Today - Baghdad: MP Haider Mohammed Kazem Al-Mutairi revealed today, Thursday (July 30, 2026), details of a meeting he had with Finance Minister Faleh Al-Sari, which addressed a number of financial and administrative issues, most notably the crisis of delayed salary payments for employees, the entitlements of holders of higher degrees and top graduates, in addition to files on appointments, taxes, and electronic automation.
Al-Mutairi said in a statement received by “Baghdad Today” that he “went to the Ministry of Finance after finishing his work at the Administrative Court, wishing Finance Minister Falih Al-Sari success in performing his duties to serve the country,” indicating that “the meeting included a discussion of a number of important files.”
He explained that "the Minister of Finance confirmed the existence of a real deficit in funds," noting that "the total monthly salaries for employees, retirees and social welfare beneficiaries amount to 7 trillion and 800 billion dinars."
He added, “The ministry paid 3 trillion dinars to some ministries a few days ago, while 1.5 trillion dinars are currently available at the Ministry of Finance, with work continuing to raise the amount to 1.65 trillion dinars for the purpose of paying the salaries of retirees, before seeking to provide the necessary funds to pay the salaries of the rest of the ministries and institutions,” noting that “the current deficit is estimated at about 3.3 trillion dinars.”
Al-Mutairi noted that "the meeting addressed the situation of the holders of higher degrees and the top students in the Ministry of Education who have not received their salaries for ten months," stressing that "the Minister of Finance directed the competent authority to resolve this issue."
He noted that he "discussed extensively with the minister a number of proposals related to absorbing graduates and providing job opportunities for them, especially graduates of the medical group, holders of higher degrees, top graduates and the rest of the graduates, through investing state resources in public clinics, universities and government hospitals, as well as holding private universities, colleges and hospitals accountable for completing their educational, health and functional staff with official contracts that guarantee the rights of the workers in them."
He explained that "the meeting also addressed the issue of the entitlements of scholarship students and their suspended salaries while they are outside the country, in addition to the need for the Ministry of Finance to audit the unpaid advances mentioned in the report of the Financial Control Bureau."
Al-Mutairi stressed that he “also raised the importance of collecting taxes owed by foreign companies, and working to recover the amounts included and referred to in the State Audit Bureau’s report, as well as discussing the issue of selling scrap iron and the need to cancel Cabinet Resolution No. 174 of 2025.”
He concluded by noting that "the meeting also addressed the electronic automation project," stressing "the importance of moving forward with it to prevent job duplication and preserve the rights of employees." https://baghdadtoday.news/304139-.html
Al-Rafidain Bank Directs Continued Operation On Friday And Saturday To Complete Salary Payments.
Baghdad Today - Baghdad Rafidain Bank directed on Wednesday (July 30, 2026) that official working hours continue in a number of its branches and departments responsible for settling salaries during the coming Friday and Saturday, in order to complete the procedures for raising and disbursing employee salaries within the scheduled times.
The bank stated in a statement received by "Baghdad Today" that "this directive comes within the framework of ensuring the smooth disbursement of salaries and harnessing human and technical capabilities to ensure speed of completion and enhance the readiness of branches to accommodate the volume of work."
He added that "banking staff will continue to work during the official holiday to complete all procedures related to raising and disbursing salaries according to the highest standards of efficiency, speed and accuracy, in order to reduce the pressure on branches and provide the best level of service to citizens."
The bank affirmed its commitment to strengthening its role in supporting the stability of the financial system and providing reliable banking services that contribute to facilitating the lives of employees. https://baghdadtoday.news/304144-.html
Multi-Million Dollar Fraud Probe Nets Dozens In Al-Diwaniyah
026-07-30 / Shafaq News- Baghdad Iraq’s Federal Commission of Integrity (CoI) on Thursday launched a major anti-corruption operation in Al-Diwaniyah, issuing nearly 30 arrest and search warrants for officials, employees, and contractors accused of embezzlement, bribery, and misuse of public funds.
The suspects include the current director of Al-Diwaniyah Municipality, five former directors, accounting and auditing officials, and other employees.
The investigation uncovered alleged financial violations tied to public contracts and procurement, including claims that some suppliers submitted inflated invoices and documentation for projects authorities described as “fictitious.”
Authorities also seized payment records worth more than 9 billion Iraqi dinars ($6.9M), along with official stamps belonging to auditing staff. Luxury vehicles and cash were confiscated.
The Commission filed the case under Articles 315, 319, and 340 of Iraq’s Penal Code, as well as amended Resolution 160 of 1983, before referring it to specialized integrity judges.
Last week, personnel from Al-Suqoor (Falcons) Intelligence Cell, accompanied by a team from the Federal Commission of Integrity, detained three Al-Diwaniyah Municipality officials as part of an expanding investigation into an alleged forgery network accused of fraudulently obtaining land, loans, and public funds.
Read more: Iraqi authorities detain 31 in weekly corruption cases