Iraq Economic News and Points To Ponder Sunday Morning 8-9-26
"Without Prior Notice"... 118 Trillion Dinars Withdrawn To Finance Salaries And Projects Revealed
2026-08-08 05:05 Shafaq News - Baghdad An informed source revealed on Saturday the amounts of money that were withdrawn from government banks during the previous government, indicating that they are estimated at trillions of dinars, which are high amounts that exceeded the legal limit allowed for each bank, especially government banks.
The source told Shafaq News Agency that the withdrawal process came in light of the financial crisis that the government faced at the time, but the size of the amounts withdrawn and the way in which the balances and reserves of government banks were dealt with raise serious questions about the legal basis and procedures followed in carrying out those operations, indicating that the funds were used to finance the salaries of state employees during the period of the financial crisis.
He added that using bank reserves and balances to finance government expenditures without official approvals is a violation of the applicable regulations and laws, and requires an official investigation by the competent regulatory authorities, and the determination of legal and administrative responsibilities for any violations that may have accompanied those procedures.
The source pointed out "the importance of subjecting the file to a comprehensive financial and legal audit, to reveal the amount of money that was withdrawn, the entities that benefited from it, the legal basis for the withdrawals, as well as identifying those responsible for making the relevant decisions."
He explained that resolving this issue requires announcing the official results of the audit and investigation to the public, away from unsubstantiated estimates or accusations, and in a way that ensures the protection of public funds and enhances oversight of the management of government resources and assets.
In a related development, former MP Amir Al-Maamouri revealed earlier in televised statements shocking figures regarding the amount of money spent by departments and institutions, indicating that about 118 trillion dinars were withdrawn to implement projects or activities, without any documentation or paperwork to provide statements for settling the amount.
Al-Maamouri said that large sums of money were withdrawn from departments and institutions to implement projects or activities, but that these funds were not provided with any official documents or records that would allow for the financial settlements to be made for them, which raises questions about the fate of these funds, how they were spent, and who is responsible for spending them.
This comes at a time when the issue of state-owned banks’ funds raises additional questions about the extent to which liquidity withdrawals are related to the restructuring of state-owned banks, and whether the restructuring was used as a justification for withdrawing the liquidity of these banks, as well as questions about the mechanisms used to protect depositors’ funds and ensure that they are not touched during any financial or administrative operations related to the restructuring.
According to the information presented, the file calls for a comprehensive financial and legal audit to determine the amount of funds withdrawn, how they were spent, and the beneficiaries, as well as to disclose the relevant documents and evidence, and to determine the legality of the procedures followed in the withdrawal and settlement operations.
https://www.shafaq.com/ar/اقتصـاد/دون-وليات-الكشف-عن-سحب-118-تريليون-دينار-لتمويل-الرواتب-والمشاريع
Money And Gold Seized... Details Revealed About The Raid On The Sudanese Man's Brother's House
2026-08-08 Shafaq News - Baghdad A security source reported on Saturday that the house of the brother of former Prime Minister Mohammed Shia al-Sudani in Baghdad was raided, and pieces of gold and money were found.
The source told Shafaq News Agency that "the force holding the ground in the Kadhimiya area, in cooperation with the intelligence of the Second Division and the Federal Intelligence and Investigations Agency, raided the house of Abbas Shia Al-Sudani."
He added, "In the house, 29 pieces of gold or silver were found, 24 pieces of various prayer beads of unknown type, 5 various watches of unknown type, one tablet (iPad), a used phone, and an amount of ten million Iraqi dinars only."
He explained that "the force withdrew without any incident, and the seized items were handed over to the Kadhimiya police station. Currently, a detachment of the Federal Police is present at the house, until the house is taken over by the Federal Integrity Commission."
The Federal Integrity Commission denied this morning that it had raided the home of the brother of a former prime minister in Kadhimiya.
In a statement, the commission said, "We deny what has been circulating on some social media sites regarding a team affiliated with us inspecting the house of the brother of the former Iraqi Prime Minister in the Kadhimiya area
https://www.shafaq.com/ar/أمـن/ضبط-موال-وذهب-الكشف-عن-تفاصيل-مداهمة-منزل-شقيق-السوداني
Parliamentary Committee: Parliament Intends To Pass 50 Laws In The Current Legislative Session.
The Parliamentary Legal Committee revealed on Saturday that the number of laws it intends to pass in the current parliamentary session amounts to about fifty laws, noting that it has completed the first reading of thirty of them.
Thaer Jassim Al-Kaabi, a member of the Parliamentary Legal Committee, told Al-Maalouma News Agency that “the number of laws that the Parliamentary Legal Committee intends to present for the first and second readings, and then vote on during the current parliamentary session, amounts to fifty laws,” indicating that “his committee has completed the first reading of about 30 laws so far.”
He added that "Parliament has not yet been able to vote on any law due to the formation of the government, as well as the political problems and circumstances and the financial crisis that Iraq is going through," expecting that "the parliamentary session will witness the passage of the largest number of draft laws and proposals."
Liquidity Crisis Puts Pressure On The Government... Prime Minister's Advisor Reveals Options For Securing Salaries
The Information/Baghdad... The Prime Minister's financial advisor, Mazhar Muhammad Salih, confirmed on Saturday that the government is facing a critical situation regarding securing salaries for employees and retirees, relying on collecting available resources on a monthly basis. He described the proposal to resort to a "digital dinar" to address the crisis as unrealistic.
Salih told Al-Maalouma, "The government and the Ministry of Finance cannot secure salaries through internal borrowing or direct withdrawals from the country's cash reserves."
He explained that "this contradicts Central Bank Law No. (56), particularly Article (26), which prohibits the government from withdrawing or borrowing."
He added that "the only viable solutions currently available may push towards external borrowing, which is a very costly option and will impose additional financial burdens on the state due to the high interest rates imposed on loans."
Salih clarified that "current political and security indicators and realities point to an imminent breakthrough regarding the resumption of regular oil exports through the Strait of Hormuz, which may contribute to alleviating the severity of the current financial crisis."
Saad al-Awadi, deputy head of the National Approach parliamentary bloc, had proposed securing salaries for employees and retirees through a "digital dinar," aiming to address the cash liquidity crisis in Iraq. End/25
Apple Pay Coming Soon To Iraq As Digital Payments Expand
Credit Bank of Iraq says Apple Pay will soon be available in Iraq, adding an international digital-payment option as the country modernizes its banking sector.
2026-08-07 11:37 U.S. Treasury Department Apple Pay in Iraq Credit Bank of Iraq NBK Banking Reform in Iraq
ERBIL (Kurdistan24) - Apple Pay will soon be available in Iraq, Credit Bank of Iraq announced Friday via its website, opening the prospect of contactless payments through compatible Apple devices as the country's financial sector moves toward wider use of digital banking services.
The announcement means customers will be able to register eligible NBK cards on Apple devices and use them for electronic purchases where Apple Pay is supported. Credit Bank of Iraq, an Iraqi subsidiary of National Bank of Kuwait (NBK), operates branches in Baghdad, Basra and Erbil.
NBK already offers Apple Pay in markets including Kuwait and Bahrain.
The bank did not provide a specific launch date or details on participating cards, merchants, fees or transaction limits, so the announcement should not be understood as confirmation that Apple Pay is already operational nationwide.
Apple Pay Comes to Iraq
For Iraqi consumers, the planned introduction would bring an internationally established digital-payment platform into the country's increasingly evolving electronic payments environment.
The development also places Credit Bank of Iraq, which is majority-owned by NBK, at the center of a shift toward payment services that rely less on physical cash and more on digital transactions.
The announcement itself, however, does not establish a direct connection between Apple Pay and the broader U.S.-backed banking reform process.
Instead, the two developments illustrate different aspects of Iraq's financial modernization: the expansion of digital services for consumers and efforts to strengthen the regulatory and institutional foundations of the banking system.
Banking Reform Underway
The broader banking sector is undergoing a lengthy reform process led by the Central Bank of Iraq, with compliance, governance and transparency becoming increasingly important to international financial relationships.
The U.S. Treasury's Office of Terrorism and Financial Intelligence said in July that Iraqi banks could become eligible for reintegration into non-U.S.-dollar correspondent banking channels after completing the first phase of the Central Bank's reform program and meeting required compliance and governance standards.
Treasury said banks seeking eventual access to U.S.-dollar transactions would face additional requirements, including a satisfactory third-party compliance audit, a qualified institutional investor and international "fit and proper" standards.
The reforms are intended to improve the integrity and international connectivity of Iraq's banking sector, according to Treasury. They also reflect concerns that have prompted U.S. action against individual Iraqi banks and financial executives.
Why Some Iraqi Banks Faced U.S. Restrictions
The U.S. measures have targeted specific institutions and individuals that Washington says were involved in money laundering, sanctions evasion or financing Iran-aligned armed groups, rather than imposing a blanket restriction on Iraq's banking sector.
In January 2024, the U.S. Treasury identified Al-Huda Bank as a "primary money laundering concern," alleging that the institution had been used by Iran and its proxy groups to move funds and support terrorist organizations. Treasury said the bank's activities could divert resources away from legitimate Iraqi commerce and undermine the country's financial system.
Treasury has also accused Iraqi banking executives of using their positions to generate revenue and launder money for Iran's Islamic Revolutionary Guard Corps-Quds Force and Iran-aligned Iraqi militias, including Kata'ib Hizballah and Asa'ib Ahl al-Haq.
In 2025, Treasury said those individuals had exploited several Iraqi commercial banks for such purposes.
The concerns have a longer history. In an earlier case, Treasury said Al-Bilad Islamic Bank had been used to facilitate the movement of funds from Iran's Quds Force to Hezbollah, resulting in U.S. sanctions against the bank and its chairman.
Reuters has likewise reported that U.S. and Iraqi authorities have restricted a number of Iraqi banks from conducting U.S.-dollar transactions amid efforts to combat money laundering, dollar smuggling and sanctions evasion, while those institutions remain able to operate in other currencies.
US-Iraq Financial Cooperation
Against that backdrop, Washington has increasingly linked access to international financial channels with stronger banking controls.
The Treasury said in July that its cooperation with Baghdad is aimed at improving transparency and integrity while combating money laundering and illicit finance.
It also said that banks authorized to conduct international-currency transactions would have an opportunity to establish correspondent relationships with international financial institutions after meeting the required standards.
Treasury Secretary Scott Bessent made the broader relationship explicit during his July 16 meeting with Iraqi Prime Minister Ali Al-Zaidi, reaffirming U.S. cooperation with Baghdad and the Central Bank of Iraq to combat illicit finance and strengthen the country's financial sector.
The planned arrival of Apple Pay is separate from those regulatory measures, but it comes at a time when Iraq's banking system is seeking greater integration with modern digital and international financial infrastructure.
For consumers, the immediate significance is straightforward: a major global digital-payment service is preparing to enter the Iraqi market.
For the banking sector, the announcement comes amid a broader effort to build institutions capable of supporting more secure, transparent and internationally connected financial services.
https://www.kurdistan24.net/en/story/930943/apple-pay-coming-soon-to-iraq-as-digital-payments-expand
Government Sources: Al-Zaydi Rejected A Proposal From Al-Humaidawi And Al-Kaabi To Freeze" The Factions' Weapons For Two Years To Buy Time
latest news Saturday, August 8, 2026 Baghdad - One News - Sources close to the Iraqi government said that the Hamidawi and Kaabi factions submitted a proposal to freeze weapons for two years in an attempt to buy time, but Prime Minister Ali al-Zaidi rejected this proposal and insisted on the date set for handing over weapons on September 30.
According to the sources, the proposal aims to stall until the end of US President Donald Trump’s term and the end of the US-Iranian conflict becomes clear.
However, the government considered any obstinacy in refusing to hand over weapons to be linked to an attempt to gain more political and economic advantages, especially since these two factions own companies and private banks, some of which are fronts for Iran, which means that targeting them means striking the economic nerve and the main center of funding for them.
https://1news-iq.net/مصادر-حكومية-الزيدي-رفض-مقترحاً-من-الح/