“Tidbits From TNT” Thursday Morning 3-20-2025
TNT:
Tishwash: Spanish Fashion Chain to Open First Stores in Iraq
Spanish fashion retail chain Inditex has said it will launch its first stores in Iraq this year.
The announcement in the Group's FY 2024 results is part of a general worldwide expansion.
Inditex did not specify which brands will be introduced to Iraq, but the group includes Zara, Bershka, Massimo Dutti, Oysho, Pull&Bear and Stradivarius. link
Tishwash: Oil exports from Kurdistan Region set to resume next week, confirms Iraqi parliament official
Speaking at a press conference, Halbousi highlighted the progress made in recent discussions, emphasizing that key amendments to the budget law and agreements on export routes through the port of Ceyhan are well underway.
In a significant development for Iraq’s energy sector, Haibat Halbousi, chairman of the Iraqi parliament's oil and gas committee, announced on Wednesday that oil exports from the Kurdistan Region will officially resume next week.
Speaking at a press conference, Halbousi highlighted the progress made in recent discussions, emphasizing that key amendments to the budget law and agreements on export routes through the port of Ceyhan are well underway.
“Our meeting focused on amending the budget law and the resumption of oil exports from the Kurdistan Region through the port of Ceyhan. We will meet with the delegation next week,” he stated.
Officials from the Ministry of Oil, the State Organization for Marketing of Oil (SOMO), and the North Oil Company also confirmed the details, signaling a concrete step toward restoring oil exports from the region.
The Iraqi parliament convened on Wednesday to finalize the necessary measures, underscoring a collective commitment to economic stability and strengthening cooperation between the federal government and the Kurdistan Regional Government.
The long-anticipated resumption of oil exports is expected to bring positive economic impacts, reinforcing Iraq’s role as a key player in global energy markets. link
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Tishwash: Is the Kurdistan Region turning into a "money exchange" for money smuggled to neighboring countries?
Economic expert Farman Hussein commented on Wednesday (March 19, 2025) on the possibility that the Kurdistan Region could become a "money exchange" for funds smuggled to certain countries, such as Iran, in light of the increasing US economic sanctions on the latter.
"All banks and money transfer companies in the region are currently under the control of the Central Bank of Iraq and linked to the electronic platform, so smuggling from the region is impossible," Hussein told Baghdad Today.
He added, "Kurdistan's banks cannot be a reliable alternative to Iraqi banks, which are subject to US sanctions. These banks are affiliated with political figures and most are dubious and vulnerable to bankruptcy, closure, and sanctions." He emphasized that these banks are not reliable for safekeeping funds.
He pointed out that "smuggling hard currency from the region's banks is difficult, as they, too, are subject to the electronic platform, and money can only be transferred and smuggled to any country through a complex process."
He pointed out that "public money thieves in the region suffer from their inability to transfer funds abroad, forcing them to invest the money in housing projects, commercial buildings, and gas stations instead of depositing it in banks."
The Trump administration has reimposed a "maximum pressure" policy on Iran. The US government says it "seeks to isolate Iran from the global economy and cut off its oil export revenues in order to slow Tehran's development of a nuclear weapon."
Iraq, in turn, was affected by Washington's decision to refuse to renew the temporary waiver granted to Baghdad to purchase gas and electricity from Iran, amid concerns that the Iraqi banking system could be subject to US sanctions. link
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