Iraq Economic News and Points To Ponder Thursday Afternoon 7-10-25
The National Bank's Controversial Monopoly On Remittances: Profits For Jordan, While Iraqi Banks Are Excluded From The Scene.
Economy 2025-07-10 | 1,256 views Alsumaria News – Economic The issue of foreign remittances in Iraq has sparked widespread controversy in banking and economic circles, due to what experts describe as an "unprecedented monopoly" of money transfer operations by the National Bank of Iraq (NBI), which has prevented other Iraqi banks from entering the market.
This has, according to observers, deprived the country of significant financial resources and diverted remittance profits to the Jordanian budget, given that the bank is owned by Jordanian individuals.
Monopoly In The Remittance Market
experts confirmed Banking to Sumaria News that "the National Bank, with the support of influential parties, has obtained near-exclusive control over foreign remittances from Iraq to other countries, while the operations of a number of other private Iraqi banks have been restricted and prevented from accessing the electronic remittance platform, which is managed under the supervision of the Central Bank.
" They added that "the current situation does not reflect a healthy, competitive economy, but rather resembles a policy of systematic exclusion of some banks in favor of just one bank," warning that "this monopoly opens the door wide to corruption and strikes at the core of the principle of transparency."
Profits From Remittances Outside Iraq
In a significant development, informed banking sector sources revealed that "the profits earned by the National Bank from foreign remittance commissions are not recycled within Iraq.
Rather, a large percentage is transferred to Jordan, where they are added to the budgets of the parent companies that own the bank. This drains hard currency and harms the national economy."
A former government financial advisor confirmed to Sumaria News that "what is happening today amounts to a systematic transfer of hard currency from Iraq abroad, through seemingly legal means, but suspicious in terms of their sovereign and economic impact." He added that "Iraq is losing huge sums of dollars daily due to these policies."
Marginalization Of Iraqi Banks
Economists called for an urgent investigation into the remittance mechanism, specifically the reasons why reputable Iraqi banks are being prevented from directly dealing with this issue, despite their possession of the necessary technical infrastructure and expertise.
A source at one of the excluded Iraqi banks told Sumaria News, "The Central Bank does not explain the reasons, and requests from private banks are repeatedly ignored."
He asserted that the matter has gone beyond mere competition to become a systematic strangulation of national institutions.
Demands For A Parliamentary Investigation
For its part, the Parliamentary Finance Committee called for "a comprehensive parliamentary investigation into this matter," urging the government to "intervene urgently to halt this financial hemorrhage that is draining the state treasury." She stressed "the need for remittance policies to be transparent and serve the Iraqi economy, not the interests of individuals or foreign companies."
The Central Bank Is Under Question
Despite Sumaria News' attempts to obtain clarification from the Central Bank of Iraq, the relevant authorities declined to comment, raising further questions about the bank's role in managing this sensitive issue and whether there are plans to restructure the remittance system to ensure fairness and competitiveness.
The continuation of this situation puts the reputation of the Iraqi banking sector at risk at a time when the state is seeking to bolster confidence in national financial institutions and attract investment.
It appears that continuing to monopolize remittances, while transferring their profits abroad,
will not serve Iraq's economic or political interests.
This calls for urgent action by regulatory and legislative authorities to restore order and ensure equal opportunities for all banks. https://www.alsumaria.tv/news/economy/532986/احتكار-المصرف-الأهلي-للحوالات-المثير-للجدل-أرباح-للأردن-ومصارف-عراقية
Monetary Policy In Iraq, Monetary Stability Approach, And Digital Transformation
Samir Al-Nusairi The book
"Monetary Policy in Iraq, Monetary Stability Methodology, and Digital Transformation 2023-2025"
by Iraqi economic and banking advisor Samir Al-Nusairi was recently published by the Balit Center for Printing and Publishing in Baghdad.
Copies of the book were deposited at the National Library and Archives in Baghdad for the year 2025.
This is the author's thirteenth book during his twenty-year career in executive banking and as a consultant to the boards of directors of Iraqi private banks.
This is preceded by an accumulated economic background and experience of thirty years in governmental economic institutions and important participations in local, Arab and international conferences, during which he won dozens of awards and certificates of appreciation and honor.
He also published more than 700 specialized articles on economic and banking reform in Iraqi, Arab and international magazines and newspapers, and gave many lectures to Iraqi university students and participated in their annual scientific conferences.
In all his published books, the author has been keen to document and archive the
journey of challenges,
achievements,
policies,
procedures and
applications of monetary policy of the Central Bank of Iraq, especially for the period (2003-2025).
Dr. Governor of the Central Bank, Ali Mohsen Al-Alaq, reviewed the contents of the book and expressed his thanks and appreciation to Al-Nusairi, wishing him success and urging him to give more in serving the Iraqi economy and banking sector.
Professor Dr. Khalil Muhammad Hassan Al-Shamaa also evaluated and valued Al-Nusairi's scientific efforts and gave a detailed presentation of the chapters and topics of the book, including its narratives, proposals and solutions to the challenges and obstacles to achieving monetary and financial stability, as well as the achievements of the Central Bank, with government cooperation and support, in the transition from a cash economy to a digital economy during the years (2023-2025).
The evaluation praised the book's inclusion of the most important strategies and policies adopted by the Central Bank of Iraq, as it represents a precise scientific journey by Al-Nusairi that focused on economic and monetary developments in Iraq.
The new book includes
five chapters and
thirty-three sections.
All of these chapters emphasize that economic reform begins with banking reform.
In the first chapter, he was able to conduct a precise and comprehensive analysis of the
opportunities, challenges, and steps taken by the Central Bank of Iraq to pursue monetary stability,
while reviewing the foundations of monetary policy for the years (2023-2024), so that he can complete the banking reform process in 2025 in the new book.
The second chapter comprehensively covered electronic payments, linking digital ransformation with the development of electronic payment programs,along with activation projects.
It intelligently explored the relationship between current and future payment system development projects, and provided an assessment of the relationship between this effort and
information assessment,
cybersecurity, and
artificial intelligence.
In the third chapter, he focused his efforts on the Central Bank of Iraq's third strategy,
defining the strategy's objectives and reform methodology, and addressing key issues such as
regulating foreign trade financing,
lending strategy,
foreign reserve management and hedging policies,
improving investment, and
sources of monetary policy.
In this chapter, Al-Nusairi was able to link the many banking areas and activities addressed by the reform plan.
Chapter Four discusses how government support for the banking reform project can be provided,
as well as the International Monetary Fund's support for the reform plan, with a focus on
international economic relations and the
government and Central Bank of Iraq's vision for the comprehensive banking reform process.
In the fifth chapter, he addresses the causes of exchange rate fluctuations and recovery measures,
emphasizing the relationship between the exchange rate, the financial and banking reform process, the relationship between the official and parallel dollar exchange rates, government decisions, and
strategies for enhancing confidence in the banking sector.
Thus, the author was able to expertly compile a synthesis of contemporary topics.
At the end of the book's presentation, we wish Counselor Samir Al-Nassiri continued success in this successful academic journey. views 725 https://economy-news.net/content.php?id=57142
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