MilitiaMan and Crew: Iraq Dinar- Oil & Salary file-Electronic Payments-Reduce note count

MilitiaMan and Crew:  Iraq Dinar- Oil & Salary file-Electronic Payments-Reduce note count

7-1-2025

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

BREAKTHROUGH IN IRAQ: Oil and Salary Agreements Between Baghdad and Kurdistan

In today's video, we delve into a significant development in Iraq's economic landscape as Baghdad and the Kurdistan region reach a breakthrough on the pressing oil and regional salary issues.

This landmark agreement marks a turning point in the relationship between the central government and the Kurdistan Regional Government, paving the way for greater financial stability and cooperation.

Adoption of Electronic Payments We explore the new move towards electronic payments aimed at reducing cash transactions. This shift not only modernizes the payment system but also enhances transparency and efficiency in financial dealings.

 Comprehensive Banking Reforms Additionally, we discuss the comprehensive banking reforms being implemented, which signal potential changes in Iraq's currency, including revaluation and or a redenomination. These reforms reflect Iraq's commitment to strengthening its economy and improving the financial well-being of its citizens.

 Join us as we analyze the implications of these developments for Iraq's economy, its citizens, and the broader Middle Eastern region.

Join us for an insightful discussion and expert analysis on these pressing issues.

https://www.youtube.com/watch?v=H5A_h0X4mCI

Iraq Economic News and Points To Ponder Tuesday Afternoon 7-1-25

Central Bank Of Iraq: Foreign Exchange Reserves Sufficient To Cover 13 Months Of Imports
 
Money and Business  The Central Bank revealed on Wednesday that  Iraq's foreign currency reserves are sufficient to cover 13 months of imports.  The bank said in a report that "import coverage is often viewed as a measure of the number of months that imports could be sustained if all foreign currency inflows were to cease," noting that  "the global standard used is for reserves to cover all imports for six months."

He added,  "The ratio of foreign reserves to imports has  decreased from 16 months at the beginning of 2024   to 13 months at the beginning of 2025," indicating that"despite the decrease in the ratio, Iraq's reserves will still cover imports for 13 months if Iraq does not receive foreign currency revenues."
 
views 1537     Added 06/25/2025 - 3:59 PM   https://economy-news.net/content.php?id=56631

A Loophole: Iraq's Dollar Is Being Drained By Inflated Import Invoices From Three Countries.
 
Energy and Business  2025-06-30 05:37  Shafaq News – Baghdad  The head of the Iraq Future Foundation, Manar al-Obaidi,   revealed on Monday that there is an inflated invoice for importing goods to the Iraqi market from countries such as  China,  Turkey, and the  UAE.
 
This is a drain on the dollar by exploiting the difference between the
     official exchange rate and the
     parallel market. He emphasized the
 
need to reform the transfer and import mechanisms.
 
Al-Obaidi said in a statement received by Shafaq News Agency,
 
"When reviewing the export data of a number of countries to Iraq, such as China, Turkey, and the UAE,
 
it becomes clear that there is a clear discrepancy in the values ​​of some exported goods,
as these values ​​do not correspond to the actual prices of the goods,
 
and the quantities exported often far exceed the actual needs of the Iraqi market."  He continued:
 
"For example, the
 
     value of Iraq's imports of Chinese shoes during the first five months of this year amounted to approximately $170 million,
 
     while clothing imports amounted to approximately $600 million during the same period."

He explained that "these figures do not reflect either the   true volume of demand in Iraq or the  global prices of these goods,which strongly suggests that there are inflated invoices,   both in terms of quantity and value." 

He pointed out that  "some parties exploited the difference in the official exchange rate versus the parallel market  to conduct large-scale transfers by inflating import invoices,
 
allowing them to bypass all levels of scrutiny originally put in place to  control transfers and
     ensure they reach the legitimate recipients."  Al-Obaidi explained that,
 
"Despite the stringent measures taken by the Central Bank of Iraq,  including expanded auditing,
the current mechanism has proven in practice to be unsuccessful.
 
This is evident not only in countries' export data, but also in the decline in customs revenues,
which remain very modest compared to the volume of goods declared as imported." 

He explained that  "it is necessary to adopt a new mechanism aimed at reducing currency leakage
 
     by linking bank transfers directly to the customs duty collection process, and  not allowing transfers at the official rate until the  customs duties due based on the value of the transfer have been paid."  He emphasized that "this approach will achieve two main goals:
 
     strengthening oversight of transfers conducted at the official rate, and
     increasing the state's customs revenues by pricing goods in line with their true value."  He pointed out that  "this proposal may raise some reservations,
 
particularly from the
     perspective of fears of a rise in the exchange rate in the parallel market as a result of tightening transfers, and the
     view that such measures fall within the purview of fiscal policy, not monetary policy." 

 He stated that, "Despite the validity of these reservations, the  significant foreign currency outflow and
     declining reserves Iraq is currently experiencing as a result of uncontrolled import expansion
require exceptional measures, even if they have side effects."   

He pointed out that "economic policies, by their very nature, do not produce purely positive effects, but 
success lies in achieving balance and outweighing the benefits over the harms.

 Therefore, reforming the transfer and import mechanism is no longer an option,  but rather an urgent necessity to
     ensure economic stability and protect Iraq's foreign currency reserves."    
  
https://shafaq.com/ar/اقتصـاد/ثغرة-دولار-العراق-ي-ستنزف-عبر-تضخيم-فواتير-الاستيراد-من-3-دول 

The Integrity Commission Announces Iraq's Accession To The "Beijing Initiative To Build A Clean Silk Road."
 
Money and Business  Economy News – Baghdad  The Integrity Commission announced on Tuesday that
Iraq has joined Beijing's Clean Silk Road Initiative.  The Authority stated, in a statement received by "Al-Eqtisad News", that  "Iraq has joined the "Beijing Clean Silk Road Initiative", indicating that
 
"this comes in implementation of the text of Article (3/6) of the Memorandum of Understanding concluded between the Authority and the National Supervisory Commission in the People's Republic of China."  She added that
 
"the cooperation and coordination between the Commission and the Embassy of the People's Republic of China in Baghdad culminated in joining the initiative after completing the procedures," explaining that
 
"this will contribute to strengthening international relations and highlight the Commission's efforts, endeavors, activities, and achievements in the field of combating corruption."  She noted that
 
"the National Supervisory Commission of the People's Republic of China affirmed its readiness to enhance cooperation and joint work with the Authority in the field of anti-corruption and law enforcement, to build a clean Silk Road."  She noted the committee's welcome and announcement that
 
"Iraq has become the eighteenth country to join the initiative,
which aims to
     enhance transparency, financial and intellectual cooperation,
     develop governance and laws, and
     enhance oversight and legal awareness, in addition to
     establishing a closer network for cooperation in the field of justice and law enforcement,
     exchanging expertise and information,
     developing human resources,
     pursuing fugitives, and
     rejecting safe havens for fugitives and illicit assets."  She continued,
 
"The initiative calls for the  signing of bilateral treaties on extradition and mutual legal assistance, based on international agreements, and the   exchange of information and expertise between relevant anti-corruption agencies. It also calls for  launching highly effective cooperation in the field of combating corruption, enhancing self-discipline, legal awareness, and a sense of responsibility, and  establishing laws to combat corruption and combat bribery, with the aim of creating a sound relationship between governments and companies."  views 1647   https://economy-news.net/content.php?id=56569

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 7-1-25

Good Afternoon Dinar Recaps,

BRICS To Discuss Rare Earth Supply & Exports at 2025 Summit

The BRICS alliance will place rare earth elements (REEs) front and center at its upcoming 17th summit, scheduled for July 6–7, 2025, in Rio de Janeiro, Brazil. For the first time, the 10-member bloc will be joined by 14 partner countries to engage in a pivotal dialogue on the future of global trade, currency settlements, and strategic resource management.

China Controls the Global REE Chain

BRICS member China currently dominates the rare earth sector, controlling:

• 70% of the global REE supply, and

• 90% of the world’s refining and processing capacity.

In a bold move this year, China imposed export curbs on rare earth magnets on April 4, 2025, in direct response to U.S. tariffs imposed under President Trump.

The freeze on global supplies has significantly tightened REE markets, sparking growing international demand — and positioning China as the most influential voice heading into the BRICS summit.

Strategic Talks to Rewrite Rare Earth Trade Framework

Brazil’s BRICS Ambassador Kenneth Nobrega confirmed the summit will include REE discussions, led by China. He emphasized:

“You have to be mindful that BRICS countries together contribute a huge chunk to the world’s REEs. This has to be discussed because this is a result of trade tensions not created by BRICS countries.”

While formal negotiations have not yet begun, the talks signal BRICS’ growing strategic influence over critical global supply chains, particularly as the alliance expands its coordination across trade, energy, and currency systems.

U.S. Faces Strategic Setback Amid Trade Wars

With BRICS already controlling 42% of the world’s oil and gas, the bloc’s influence over 70% of rare earth exports underscores a major geopolitical shift. China’s expected leadership at the summit aims to empower member nations to trade REEs without relying on U.S.-centric systems — potentially deepening the global divide over trade norms.

The United States, already impacted by export freezes and retaliatory tariffs, now risks falling behind in the rare earth supply race — a sector crucial for defense, electronics, EVs, and renewable energy.

As tensions rise, the Rio summit could redefine the global power balance over the minerals that power the modern world.

@ Newshounds News™
Source: Watcher.Guru

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BRICS SUMMIT 2025 Launches Plans to Redraw Global Power

BRICS SUMMIT 2025 Launches Plans to Redraw Global Power

Taylor Kenny:  7-1-2025

At the 2025 BRICS summit, a post-dollar system is being quietly constructed—one where gold, not the Fed, sits at the center.

 If you're holding U.S. assets, this isn't background noise.

 It’s a global reset in motion.

CHAPTERS:

0:00 BRICS

1:36 17th Annual BRICS Summit

2:55 BRICS Expansion

3:25 New World Order

 6:10 De-Dollarization

8:09 Dollar Collapse

https://www.youtube.com/watch?v=ig_hYntwJuY

Iraq Economic News and Points To Ponder Tuesday Morning 7-1-25

Oil Negotiations Between Baghdad And Erbil Are Nearing A Final Settlement: Resumption Of Exports Is Imminent – Urgent

 Economy Yesterday, | 549  Baghdad Today – Baghdad  The energy advisor at the Patriotic Union of Kurdistan's media office, Bahjat Ahmed, revealed on Monday (June 30, 2025)   significant progress in the ongoing negotiations between the Baghdad and Erbil governments regarding the Kurdistan Region's oil exports, indicating that an agreement is very close.

Details of the expected agreement

Ahmed told Baghdad Today that  the federal government's technical delegation had returned to Baghdad, while another delegation from the Kurdistan Regional Government,  including the chief of staff of the regional government and the Minister of Natural Resources,  headed to the capital for an expanded meeting with Oil Minister Hayan Abdul Ghani.

Ahmed explained that "the results of the negotiations are very positive, and   an agreement is imminent.
 
The issue of resuming Kurdistan's oil exports may be resolved within the current week."

He added,  "The agreement includes Baghdad assuming the debts of foreign oil companies from October 2022 until the date oil exports cease, amounting to $1.2 billion,  in exchange for the regional government delivering 300,000 barrels of oil per day to Baghdad." Ahmed continued,
 
OPEC meeting and increasing Iraq's share
 
"The OPEC meeting scheduled for next month will discuss increasing oil quotas,
including Iraq's, which will allow the region to benefit from its 300,000 barrels per day share."
 
It's worth noting that the Kurdistan Region's oil exports via the Turkish-Ceyhan pipeline were halted in March 2023, following a ruling by the International Court of Arbitration of the International Chamber of Commerce in Paris, which upheld the Iraqi federal government's position as the sole authority  uthorized to manage oil exports.
 
Since then, Baghdad and Erbil have engaged in a series of negotiations aimed at reaching a new agreement that would guarantee the resumption of exports in a legal and orderly manner,
amidst the significant financial losses the region has incurred as a result of the suspension of oil revenues.
 
Political parties hope to capitalize on this opportunity to reach a comprehensive solution,
especially with anticipation of the next OPEC meeting,
which may approve an increase in production quotas,
opening a window to reap the benefits of the region's export capacity.     https://baghdadtoday.news/277481-.html 

“Development Road"... The First Direct Freight Transport Through Iraq
 
Economy    2025-06-28 | Source:  Russia Today   8,755 views Istanbul, Turkey, hosted a ceremony to launch truck transport operations between Turkey, Iraq, Kuwait, Germany, and Jordan.

The ceremony was held on the sidelines of the Global Transport Corridors Forum,
held at the Istanbul Congress Center.  Agency reported Anadolu that  the transit route through Iraq had been closed to transportation since 2003,preventing transit through Iraq.

 She added that with Baghdad implementing the truck system, the transit route was opened,
with three vehicles departing on June 25 to transport goods to Kuwait via Iraq,
marking the first direct shipment to Kuwait in 22 years.
 
Since the transit route through Syria has been closed since 2011,
direct land transport to Jordan has not been possible.

The agency noted that on June 27, 2025, a vehicle carrying goods from Germany was transported to Jordan via the Turkey-Iraq route,  marking the first direct land transport to Jordan in 14 years.
 
Speaking at the ceremony,
Turkish Minister of Transport and Infrastructure Abdulkadir Oraloğlu said
 
they want trucks to travel by land     from Turkey to Iraq,     then Kuwait and Jordan
as the first stage of the "development road."

He added,  "We have made a preliminary start.
This is a rehearsal for the development path.
 
We will have implemented the initial project to maintain the vitality of the corridors.
 
We will track the trucks departing from Türkiye."
 
For his part, Nasser Al-Asadi, advisor the Iraqi Prime Minister's on transportation,
said his country seeks to connect the East and West through its territory. He added,
 
"We fully support the development path and congratulate Türkiye.]

This is the first step, and we await the next steps."
 
The "Development Road" is a land and railway route extending from Iraq to Turkey and its ports.
 
It   is 1,200 km long inside Iraq and
     aims to transport goods between Europe and the Arab Gulf states.     
  
https://www.alsumaria.tv/news/economy/531639/طريق-التنمية-أول-نقل-مباشر-للبضائع-عبر-العراق  

Popular Satisfaction
 
Economic 06/30/2025  Yasser Al-Mutawali  It seems that the agricultural policy in Iraq has achieved good results in the field of providing agricultural crops, especially vegetables, in good abundance and at prices suitable for all segments.
 
This is what I have witnessed with my own eyes and touch as I observe and look on my way to the fruit and vegetable markets, and I see satisfaction on the faces of shoppers regarding the    products and   prices  in the conversations of men and women during the current season,  despite some variation in prices between one seller and another.

However, overall, the prices are acceptable to the consumer on average.
 
It is noteworthy that the
limited-income segments are happy with this achievement when shopping and
they see an increase in the level of shopping on their part.
 
Instead of buying half a kilo of tomatoes, cucumbers, or eggplant,
the purchase has increased to more than a kilo,
which indicates the possibility of purchasing power in the family budget.
 
To get more items.
 
It confirms the truth of what I have gone to, that there is relief
 
Drawn on faces
 
My focus here is on low-income groups, as they are the true indicator of the level of satisfaction with prices.
 
This is because the demands of well-off families remain in acquiring a surplus of what they need,
according to their purchasing power, and this is the reality.
 
This phenomenon indicates the Sudanese people's support and interest in the agricultural sector, as
they are from this class decline first, and
then their specialization as agricultural engineers and their reliance on expert advice.

Veteran Farming.
 
On the other hand, the government's wise policy in dealing with the water issue with neighboring Türkiye has achieved  a somewhat acceptable water level to cover the farmers' water quotas.
 
In addition to the unlimited support for the agricultural sector, both agricultural and irrigation,  
it has had a positive impact on the country's agricultural policy in achieving a balance between imports and local production.
 
We expect agriculture to have a bright future if it continues to achieve this balance,
achieving reasonable prices for consumers, producers, and intermediary sellers.
 
Perhaps one of the results of the development in agricultural policies,
which is a reflection of the unlimited support from the government,
is the increase in the rate of production of strategic crops (wheat, barley, corn, and other crops).
 
Fodder and barley.
 
It must be noted that this support has also been reflected in
     encouraging farmers and agriculturalists to adopt modern irrigation techniques, as well as
     agricultural mechanization,
which the government has supported the provision and importation of,
along with ongoing guidance programs on their uses.
 
We hope to maintain this happy model that   achieves food security and  brings joy to low-income groups in obtaining it. On her daily sustenance easily.      https://alsabaah.iq/116712-.html  

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com

Seeds of Wisdom RV and Economic Updates Tuesday Morning 7-1-25

Good Morning Dinar Recaps,

Texas Declares Gold and Silver Legal Tender Starting 2027

In a bold legislative move, Texas will officially recognize gold and silver as legal tender for day-to-day transactions beginning May 1, 2027, following the signing of House Bill 1056 by Governor Greg Abbott.

Precious Metals Return to the Marketplace

Governor Abbott announced on X (formerly Twitter) that he had signed HB 1056 into law, which amends the Texas Government Code to include gold and silver as recognized legal tender, with their transactional value to be set by the state comptroller at the time of exchange.

“No state shall make any thing but gold and silver coin a tender in payment of debts.”
— U.S. Constitution, Article I, Section 10, cited by Governor Abbott.

Importantly, the new law does not eliminate or prohibit the use of Federal Reserve notes or U.S. dollars, nor does it require individuals or businesses to accept gold or silver for payments or deposits.

Digital Gold, Bitcoin, and Broader Monetary Shifts

The passage of HB 1056 was part of a larger package of financial reforms in Texas. On the same day, Abbott also signed legislation approving the creation of a strategic Bitcoin (BTC) reserve for the state, further positioning Texas at the forefront of alternative currency policy in the United States.

The move comes as several Republican-led efforts in the state push for monetary diversification, from physical precious metals to digital assets like cryptocurrency and potentially even gold-backed digital currencies.

Public Skepticism and Practical Hurdles Remain

While some Texans support the return of gold and silver to daily commerce, others have expressed concern about the practicality and authenticity of such transactions.

“How is the retailer going to protect themselves and ensure the gold or silver coin is authentic and not counterfeit?”  — Reddit user “the_shootist” in response to a similar 2015 proposal

Questions remain around retail compliance, valuation mechanisms, and the logistics of physical asset verification in modern commerce.

Legal and Historical Context

The United States abandoned the gold standard in 1933, when President Franklin D. Roosevelt ordered the return of all privately held gold to the Federal Reserve. Under current constitutional constraints, individual states cannot issue their own currency, but they can recognize precious metals as legal tender—as long as their use remains voluntary.

Texas now joins a growing number of states acknowledging gold and silver in law, though none require businesses to accept them. Some local economies have experimented with “Goldbacks”—privately issued gold-foil notes used in select transactions—though these are not backed by any state or federal entity.

Looking Ahead

While HB 1056 won’t take effect until 2027, it signals a growing push in the U.S. toward currency alternatives, both physical and digital. With Texas now recognizing precious metals as transactional assets and exploring Bitcoin reserves, the state is staking its claim as a leader in monetary innovation.

Whether this movement gains broader traction—or remains symbolic—will depend on implementation, retailer adoption, and the public’s willingness to embrace hard assets in a digital-first world.

@ Newshounds News™
Source: Cointelegraph   

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Ripple Launches XRPL EVM Sidechain, Bringing XRP to Ethereum dApps

In a major step toward blockchain interoperability, Ripple’s XRP Ledger (XRPL) has launched its long-anticipated Ethereum Virtual Machine (EVM)-compatible sidechain, enabling XRP to integrate with Ethereum decentralized applications (dApps) and use XRP as gas.

The launch, announced on June 30, was developed in partnership with blockchain infrastructure firm Peersyst, and marks a strategic move to position XRP at the center of Ethereum’s vast and active DeFi ecosystem.

Multichain Interoperability Begins

“With the launch of XRPL EVM, we’re unlocking a new era for XRP — one where it can flow seamlessly across the multichain world. This isn’t the finish line; it’s Day 1 of a much bigger journey toward interoperability, programmability, and utility at scale.”
— Ferran Prat, Peersyst

The new EVM sidechain allows developers to deploy Ethereum-compatible smart contracts while maintaining the performance and efficiency of the XRP Ledger. It brings faster transaction speeds and lower costs compared to Ethereum—benefits that make it especially attractive for high-volume dApps.

Ripple CTO: A Bridge Between Two Ecosystems

Ripple CTO and XRP Ledger co-creator David Schwartz praised the initiative as a bridge between two powerful ecosystems:

“The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to the XRPL’s efficiency. It extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable.”

With this move, Ripple aims to expand the utility and developer base of the XRP Ledger, tapping into the broader EVM ecosystem, which includes thousands of existing Ethereum dApps and smart contract developers.

Cross-Chain Infrastructure via Axelar

The new sidechain is connected to the main XRP Ledger via the Axelar bridge, a secure interoperability layer designed for enterprise-grade applications. This integration enables seamless cross-chain operations between XRP and Ethereum-compatible networks.

“Crypto is entering an exciting phase as institutions and enterprises are pursuing compelling new use cases. The XRP Ledger EVM Sidechain is positioned to capture this rising demand, and Axelar is the secure, institutional-grade connector that will make it possible.” — Georgios Vlachos, Axelar Foundation

Institutional and Enterprise Use Cases in Focus

The launch of the XRPL EVM Sidechain is part of Ripple’s broader strategy to attract institutional and enterprise clients, many of whom are exploring multichain solutions to optimize speed, cost, and scalability in blockchain infrastructure.

With XRP now integrated into Ethereum’s DeFi landscape, Ripple aims to position itself as a leading player in cross-chain finance, offering tools that combine the reliability of XRPL with the programmability of Ethereum.

@ Newshounds News™
Source: Crypto.news   

~~~~~~~~~

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“Tidbits From TNT” Tuesday Morning 7-1-2025

TNT:

Tishwash:  Iraq suspends official work next Sunday

Sunday, July 6, 2025, is an official holiday for all ministries and government institutions, coinciding with the tenth of Muharram, the anniversary of the killing of Imam Hussein ibn Ali, the grandson of the Prophet Muhammad and his daughter Fatima al-Zahra, according to the official holidays in Iraq.

The Cabinet Affairs and Committees Department at the General Secretariat of the Cabinet clarified in a statement today, Tuesday, that the holiday came based on the provisions of Article (1/First/C) of the Official Holidays Law (12 of 2024).

Shia Muslims commemorate the martyrdom of Imam Hussein, his family, and his companions in the Karbala massacre, and the commemoration continues until the Arbaeen pilgrimage, forty days after the day of Ashura.  link

Tishwash:  After being withdrawn for security reasons, a portion of the US embassy staff in Baghdad has returned.

 A portion of the US embassy staff in Baghdad has returned to work after being temporarily evacuated due to security concerns surrounding the war between Israel and Iran.

 A video recording on Saturday showed two helicopters landing at the US embassy compound in the Green Zone in central Baghdad, with a number of employees disembarking from them.

On June 12, the day before the outbreak of the 12-day war between Israel and Iran, the US State Department ordered the withdrawal of non-essential staff from its embassy in Baghdad and its consulate in Erbil.

A US official confirmed that additional personnel were withdrawn later on June 21 and 22.

 On June 21, the US Embassy in Baghdad warned its citizens against traveling to Iraq for any reason.

She explained that both the embassy in Baghdad and the consulate in Erbil have temporarily suspended routine visa services, but remain open for consular services to US citizens.

Some news websites close to armed factions in Iraq had previously reported that all US embassy staff had left the embassy compound last Friday.  link

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Tishwash:  Erbil-Baghdad Salary Deal Nearing Finalization; Oil Export Mechanism Key to Agreement

KRG and Baghdad near deal to resume oil exports and release delayed salaries. A KRG delegation met with top Iraqi officials, including Oil Minister Abdul-Ghani. Baghdad may release May salaries this week; debt to oil firms and export terms remain key issues.

 The Kurdistan Regional Government (KRG) and the federal government in Baghdad are reportedly on the verge of reaching a pivotal agreement that could pave the way for the disbursement of delayed salaries to public sector employees in the Kurdistan Region as early as this week.

According to a well-informed source familiar with the high-level negotiations, a senior KRG delegation has been in Baghdad for three consecutive days holding crucial meetings with Iraqi government officials.

The source, speaking to Kurdistan24’s Dilan Barzan, stated: "A high-level KRG delegation has been in Baghdad for three days and has held a series of top-level meetings with Iraqi government officials. As of 1:00 PM today, Monday, June 30, 2025, the KRG delegation is scheduled to meet with Iraq’s Oil Minister, Hayan Abdul-Ghani, at the Council of Ministers."

One of the central issues under discussion is the mechanism for resuming oil exports from the Kurdistan Region, which were halted following a 2023 ruling by the Paris-based International Court of Arbitration.

The same source told Kurdistan24 that while "Erbil and Baghdad have reached a mechanism for exporting Kurdistan’s oil," several outstanding points of disagreement remain. Nonetheless, expectations are high that a comprehensive agreement will be reached during Monday’s meetings.

Under Iraq’s general budget law, the KRG is required to deliver 400,000 barrels of oil per day to Iraq’s state marketing company, SOMO. However, the current negotiations appear to have adjusted these terms.

The Kurdistan24 source noted: "About 280,000 barrels are to be delivered to SOMO daily, and the remaining 120,000 barrels are to be allocated for internal consumption by both Iraq and the Kurdistan Region."

A major hurdle yet to be resolved is the significant debt owed to oil-producing companies operating in the Kurdistan Region. This debt—estimated to be close to $1 billion—has become a critical issue following the aforementioned court ruling.

"This debt became a sticking point after a 2023 ruling by the Paris International Court. It is hoped that today’s meeting will also resolve this issue, as the companies are unwilling to resume oil exports without first being repaid," the source said.

Meanwhile, optimism remains high that the progress achieved thus far will translate into immediate economic relief for civil servants in the Kurdistan Region.

Sabah Sobhi, a member of the Iraqi Parliament’s Oil and Gas Committee, confirmed to Kurdistan24: "Tomorrow, Tuesday, July 1, 2025, the Iraqi Council of Ministers is scheduled to convene. It is expected that a decision will be made during the meeting to release the salaries of Kurdistan Region employees, with payment for the month of May to be issued by the end of this week."

The potential breakthrough comes after months of tension and repeated negotiations over oil revenue sharing, salary payments, and administrative control, which have strained relations between Erbil and Baghdad. If finalized, the agreement could mark a significant step forward in stabilizing financial relations between the two governments and alleviating public discontent in the Kurdistan Region.  link

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Tishwash:  Uptick in Iraq TIR operations injects fresh momentum into trade flows

Amid threats to transport and trade caused by geopolitical conflicts, IRU’s Secretary General put the spotlight on the continued, and expanding, success of the global TIR transit system at Türkiye’s Global Transport Connectivity Forum 2025.

Polish transport operator the Milton Group recently completed a roundtrip journey from Poland to the Gulf Cooperation Council (GCC) region, via Iraq’s newly operational TIR corridors, in 10 days, compared to 24 days for traditional maritime-based multimodal routes.

TIR operations are also starting from departure points such as Mersin, Türkiye, to the GCC via the Iraqi seaport of Umm Qasr. With TIR, this journey is being completed securely in less than a week, which can take up to 26 days if the ship needs to reroute around Africa.

These are just some examples of what is now possible with TIR via Iraq.

Speaking at the Global Transport Connectivity Forum in Istanbul, IRU Secretary General Umberto de Pretto said, “We have seen a remarkable uptick in TIR transport operations through Iraq, connecting Türkiye with GCC countries, and increasingly, with Iran and beyond.

“The implementation of TIR in Iraq is more than a technical milestone, it is a strategic one. It signals Iraq’s determination to be not just a beneficiary of regional trade, but a key facilitator of it."

At the heart of this ambition is Iraq’s Development Road Project: a transformative initiative that will link the port of Al-Faw in the south to Türkiye and Europe via the north of the country.

“Iraq’s Development Road Project is a statement of intent. A message that Iraq is ready to resume its historical role as a crossroads of civilization, commerce and connectivity. It’s a message that Iraq is now open for business,” said Umberto de Pretto. 

“However, the success of this corridor depends not just on highways and other ‘hard’ infrastructure. It also depends on the ‘software’ of international road transport infrastructure, such as harmonised trade systems, smart borders, and efficient customs regimes. This is where TIR brings tremendous value,” he added.

Beyond the Development Road Project, IRU continues to support the Middle East and Central Asia in building more efficient and resilient transit corridors. IRU is actively promoting the digitalisation of TIR, supporting cross-border training and capacity building, and engaging with governments to simplify transport rules and procedures.

“Despite our progress, we must confront the reality that border bottlenecks, long waiting times, and high transit costs continue to burden trade across the region when TIR traffic is not prioritised. To address these issues, IRU strongly promotes the establishment of TIR-EPD Green Lanes at border crossings,” said Umberto de Pretto.

TIR-EPD Green Lanes use IRU’s electronic pre-declaration tool, TIR-EPD, enabling transport operators to submit cargo information electronically to customs prior to arrival. They have already been successfully implemented in Kyrgyzstan, Moldova, Romania, Saudi Arabia, Turkmenistan, the UAE, and Uzbekistan. TIR-EPD Green Lanes accelerate border crossings by up to 92%, reduce the workload for border officials, and provide greater predictability and security in transport planning.

“The TIR system is not a silver bullet; but it is a powerful enabler. When combined with bold initiatives like the Development Road Project and regional leadership from countries like Türkiye, it can unlock the true potential of global connectivity,” concluded Umberto de Pretto. “Let us work together, not just to move goods, but to move forward.”  link

Mot:  Finally!!! - A Day Off!!!  

Mot:  Ya Ever Wonder!!!??? 

MilitiaMan & Crew: Iraq Dinar-Government-Central Bank-Supreme Court-Budget-Oil-Salaries

MilitiaMan & Crew:  Iraq Dinar-Government-Central Bank-Supreme Court-Budget-Oil-Salaries

6-30-2025

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

In this insightful video, we delve into the current state of the Iraqi Dinar and the significant developments within Iraq's banking sector.

 Join us as we explore how the Central Bank of Iraq is actively working to strengthen the financial landscape, implementing robust anti-money laundering measures and enhancing transparency.

We'll also discuss the implications of the recent budget law, the anticipated release of funds, and its impact on various sectors, especially concerning salaries for Kurdistan employees.

 Additionally, we examine the critical role of oil exports, non-oil revenues in how they may be shaping Iraq's economy and how fluctuations in this sector can potentially influence the dinar's value.

Moreover, we take a closer look at the recent changes in the leadership of the Supreme Court and what this means for the rule of law and economic policies in Iraq.

Whether you're an investor, a student of economics, or simply interested in Iraqi affairs, this video provides a comprehensive overview of the challenges and opportunities facing the Iraqi economy today.

https://www.youtube.com/watch?v=Pq7-U7J0hNU

Iraq Economic News and Points To Ponder Monday Evening 6-30-25

Fitch Raises Its Forecast For Average Oil Prices By $5 In 2025.

Energy   Economy News - Follow-up  Fitch Ratings has raised its average oil price forecast for 2020 by $5 for both Brent and WTI, to $70 and $65 per barrel, respectively, amid rising geopolitical risks.

The agency also raised its Henry Hub natural gas price forecast for 2025-2027, reflecting increased exports and lower storage levels.  In contrast, Fitch made no changes to its medium-term and mid-cycle forecasts for European oil and gas prices.

The agency explained that the increase in its short-term oil price forecasts was a result of recent geopolitical events in the Middle East.  https://economy-news.net/content.php?id=56824

Oil Prices Fall As Tensions Ease In The Middle East

Time: 2025/06/30 08:56:19 Reading: 690 times  {Economic: Al Furat News} Oil prices fell 1% on Monday, as receding geopolitical risks in the Middle East and the possibility of another OPEC+ production increase in August boosted supply expectations.

Brent crude futures for August delivery fell 66 cents, or 0.97%, to $67.11 a barrel by 00:31 GMT, ahead of the contract's expiration later today. The more active September contract fell 83 cents to $65.97 a barrel.  US West Texas Intermediate crude fell 94 cents, or 1.43%, to $64.58 a barrel.  LINK

The Ministry Of Planning Discusses Progress On The Electronic Automation Project And The Electronic Payment Application.

Monday, June 30, 2025 14:15 | Economic Number of reads: 190  Baghdad / NINA / The Electronic Automation and Electronic Payment Committee at the Ministry of Planning held a consultative meeting on Monday to discuss the progress made in the field of automation and digital transformation, and the measures taken in this framework within the ministry's departments and formations.

A statement by the ministry said, "The meeting addressed the mechanisms for implementing the directives of the Prime Minister's Office regarding the implementation of the electronic payment system, in addition to reviewing the measures taken during the previous meeting with the ministry's formations, and the level of progress in their implementation."

The meeting also discussed the adoption of the government e-mail within the secure government network, to exchange official correspondence between the ministry's headquarters and its branches in the governorates, which contributes to accelerating procedures and enhancing information security.

The statement indicated that "the meeting discussed the procedures related to the central electronic mail system of the Ministry of Planning, which is supervised by the General Secretariat of the Council of Ministers, with the aim of developing and expanding it for use in all the ministry's departments and formations." /End   https://ninanews.com/Website/News/Details?key=1238288

Government Advisor: Local Medicines Will Cover 70% Of The Country's Needs Within Two Years

Money and Business  Economy News – Baghdad  Hamoudi Al-Lami, the Prime Minister's advisor for industry and development affairs, said on Monday that the pharmaceutical localization program is expected to cover 70% of local demand within two years. He also revealed plans to open three factories producing cancer and blood disease drugs this year.

Al-Lami said, "The local pharmaceutical industry is witnessing continuous growth and now covers 40% of the country's need for pharmaceutical products, including cancer-treatment drugs."

He added, "This year will witness the opening of several pharmaceutical factories currently under construction, including three factories specializing in the production of cancer and blood disease medications."

He pointed out that, "over the next two years, local factories' production is expected to cover 70% of the country's need for various types of medicines."

Al-Lami continued, "The volume of contracts for the purchase of local medicines with the Ministry of Health has increased to 600 billion dinars, in light of Prime Minister Mohammed Shia al-Sudani's continued emphasis on the importance of public-private partnerships in the pharmaceutical industry and production."  https://economy-news.net/content.php?id=56825

Find Out The Dollar Exchange Rate In Baghdad.

economy | 11:49 - 06/30/2025  Mawazine News - Baghdad -  The dollar exchange rate rose slightly on Monday at the Baghdad Stock Exchange and money exchanges.

The US dollar exchange rate was recorded at 141,350 dinars for every $100 in morning trading at the main stock exchange in the capital, Baghdad.

The exchange rate in local markets in Baghdad reached 142,500 dinars for sale, while the purchase price reached 140,500 dinars.   https://www.mawazin.net/Details.aspx?jimare=263268

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Iraq Economic News and Points To Ponder Monday Afternoon 6-30-25

US Embassy Staff Return To Baghdad After Security Improves

A number of US embassy staff in Baghdad resumed their duties after being temporarily evacuated amid security concerns surrounding the war between Israel and Iran.

A video on Saturday documented two helicopters landing inside the embassy compound in the Green Zone, where a number of staff disembarked, marking a gradual return to diplomatic activity.
The US State Department had ordered the withdrawal of non-essential staff from the embassy in Baghdad and the consulate in Erbil on June 12, a day before the outbreak of the 12-day war.

A US official later confirmed that an additional batch of staff was evacuated on June 21 and 22, at the height of tensions.

The US embassy had warned its citizens on June 21 against traveling to Iraq for any reason and temporarily suspended routine visa services, but it continued to provide consular services to American citizens.

Previous reports from sites close to armed factions in Iraq had spoken of a complete evacuation of the US embassy, ​​but these reports have proven false, with a number of staff now returning amid security reinforcements.   https://www.radionawa.com/all-detail.aspx?jimare=42139

Iraq Ranked Fourth In Economic Growth Among Arab Oil-Producing Countries By 2025.

Money and Business  Economy News – Baghdad   The International Monetary Fund reported on Sunday that Iraq ranked fourth among Arab oil-producing countries with the best economic growth in 2025.

The fund stated in statistics reviewed by Al-Eqtisad News that "Iraq came in fourth with a growth rate of 4.1%, up from 0.1% in 2024."

He explained that "Libya topped the list with economic growth of 13.7%, followed by the UAE with 5.1%, Saudi Arabia with 4.6%, and Algeria came in fifth with 4%."

The fund added that "Kuwait recorded a growth rate of 3.3%, ranking sixth, followed by Bahrain with 3.2%, then the Sultanate of Oman with 3.1%, and Qatar in ninth place with 1.9%." https://economy-news.net/content.php?id=56770

Iraq's Oil Exports To The US Have Declined.

Energy  Economy News - Follow-up  The US Energy Information Administration announced on Sunday that Iraq's oil exports to the US declined last week.

The administration stated in its statistics that "the average US crude oil imports during the past week from 10 major countries reached 5.236 million barrels per day, an increase of 272 thousand barrels per day from the previous week, which reached 4.964 million barrels per day."

She added, "Iraq's oil exports to the United States averaged 183,000 barrels per day, down 30,000 barrels per day from the previous week's average of 213,000 barrels per day."

The administration also noted that "the largest US oil revenues during the past week came from Canada, at a rate of 3.168 million barrels per day, followed by Mexico, at a rate of 397,000 barrels per day, Saudi Arabia, at an average of 346,000 barrels per day, Colombia, at a rate of 325,000 barrels per day, and Brazil, at a rate of 299,000 barrels per day."

According to the table, "US crude oil imports from Libya averaged 240,000 barrels per day, from Nigeria 209,000 barrels per day, from Venezuela 70,000 barrels, and from Ecuador 5,000 barrels per day."
207 views  Added 06/29/2025 - https://economy-news.net/content.php?id=56750

For Its Role In Credit And Anti-Money Laundering, Al-Ahli Bank Of Iraq Wins The "Fastest Growing Bank 2025" Award.

Banks  Economy News – Baghdad  The National Bank of Iraq announced that it has won the "Fastest Growing Corporate Bank in Iraq 2025" award from the International Finance Awards.

The bank said in a statement, "This win is in recognition of the bank's outstanding financial performance and successive achievements, as its total assets have reached approximately 5.2 trillion Iraqi dinars, supported by a strong capital base with a paid-up capital of 520 billion dinars, and recording continuous growth and an increasing market share.

" It indicated that "this honor also reflects the bank's success in achieving an increase in its total revenues and a rise in its net profits, which confirms its sound financial strategies and risk management."

He explained that "the bank excelled in providing a comprehensive suite of banking services and solutions specifically designed to meet the needs of companies and institutions, leading to a significant expansion of its credit facilities portfolio and a growing number of corporate clients.

Its efforts in digital transformation and modernizing its technological infrastructure, including the implementation of the Temenos T24 system and the activation of its anti-money laundering system, were also key factors in its evaluation of the award."

He explained that "the bank has a wide network of branches comprising 38 locations covering various Iraqi governorates, in addition to more than 350 ATMs. Today, it serves more than 400,000 individual and corporate customers, supported by a professional team and strategic partnerships with a number of local and international institutions."

Commenting on this achievement, Ayman Abu Dahim, Managing Director of the National Bank of Iraq, said, "Winning this prestigious award reflects the collective effort and meticulous planning we have adopted over recent years.

We have worked to build a strong foundation for corporate banking, supported by strong financial performance, expanding our network of relationships with the corporate sector, and developing financial solutions that meet their renewed aspirations."

Abu Dahim affirmed the National Bank of Iraq's commitment to continuing its distinguished performance by investing in banking technology, enhancing transparency and governance, and creating flexible and effective solutions that support sustainable growth for its customers and the Iraqi community.

He expressed his pride in the bank's position as one of the most prominent drivers of growth in the banking sector in Iraq and the region.

The National Bank of Iraq is a leading institution in retail banking and payroll services, serving both the public and private sectors. It also offers a comprehensive range of distinguished services designed to meet the needs of companies of all sizes and sectors, including, but not limited to, documentary credits, letters of guarantee, foreign transfers, banking facilities, and specialized cash centers.

To enhance the customer experience, the bank provides a 24/7 call center, in addition to a dedicated relationship manager to serve each customer individually, ensuring a prompt and effective response to all inquiries and needs.

It's worth noting that the bank has received strong financial ratings from internationally recognized agencies, including a BB rating from Capital Intelligence and a B3 rating from Moody's. Additionally, the Central Bank of Iraq has rated the National Bank of Iraq as "very good," confirming its operational excellence.

With a strong focus on international banking and trade finance, the bank has built an extensive network of correspondent banks, positioning it as a gateway for companies to connect to global markets.  367 views Added 06/29/2025 - https://economy-news.net/content.php?id=56765

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Monday Afternoon 6-30-25

Good Afternoon Dinar Recaps,

BRICS Aims To Topple US Dollar With a Currency That Doesn’t Exist

While headlines claim that a new BRICS currency is poised to dethrone the U.S. dollar, the reality tells a very different story: the currency doesn’t exist—at least not yet. What is being presented as a revolutionary step in de-dollarization is, for now, a political spectacle without substance.

A Currency Born From Hype—Not Policy

During the 16th BRICS summit in Kazan, Russian President Vladimir Putin unveiled what appeared to be a new BRICS banknote. The dramatic reveal sparked headlines and speculation about a fast-tracked effort to create a common currency for cross-border trade.

However, after inquiries from journalists, officials clarified that the bill was merely a mock-up, a publicity stunt with no real monetary backing. According to sources close to the event, the display was designed to “grab eyeballs,” rather than mark any true policy milestone.

In truth, no such BRICS currency exists—and no concrete development is underway.

India Confirms: Currency Talks Are Still in Infancy

Adding to the confusion, India’s BRICS Sherpa recently admitted that talks on a shared currency are still in “very early stages.” No drafts have been circulated. No frameworks have been agreed upon.

And more importantly, India has already signaled strong opposition to a shared banknote with China. Officials in New Delhi have expressed concerns that such an arrangement would serve Beijing’s interests disproportionately—undermining India’s own monetary autonomy and risking significant economic repercussions.

“India cannot support a currency that helps China undermine the U.S. dollar while harming its own economic base,” analysts noted.

Internal Friction Undermines BRICS Currency Ambition

Despite public declarations of unity, deep cracks within the BRICS bloc threaten the future of any shared currency:

▪️ India opposes China-led monetary dominance.
▪️ No operational design or reserve structure has been proposed.
▪️ National interests remain divided across economies that rely on USD-based trade.

Even if the BRICS currency materializes in the future, internal disunity could doom it from the start. Without alignment from key players like India, any such currency may lack credibility and liquidity in global markets.

Conclusion: BRICS Currency Remains a Phantom

The BRICS alliance may be vocal about challenging the U.S. dollar’s supremacy, but as of now, their most potent weapon—a shared currency—is purely fictional. The Kazan summit offered more theater than substance, and the much-hyped “BRICS banknote” remains a symbolic gesture rather than a real instrument of change.

For now, the BRICS currency is more myth than monetary threat.

@ Newshounds News™
Source: Watcher.Guru

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