Reset Intelligence: Dollars Before the Barrels.

Emailed to Recaps (Thank you David)

Reset Intelligence: Dollars Before the Barrels.

By Reset Intelligence | @EXIT_FIAT

A US supermajor just agreed to pay Iraq for its oil before the oil ships.

You prepay only the supplier you trust to deliver. For 20 years, nobody prepaid Iraq. This week that changed.

The deal the cabinet just signed

Iraq's cabinet authorized the Oil Ministry on Tuesday to sign three agreements with Chevron. One of them is an advance-payment arrangement: dollars into the treasury before the crude is delivered. That is not an exploration deal, it is a funding arrangement, and it formalizes the roughly $200 billion in US energy commitments Iraq secured in Washington in July. A company pays up front only when it trusts the barrels will arrive.

The rest of the session pointed the same way

The same cabinet meeting stopped all foreign travel for state employees, cut delegation budgets 60%, and extended Iraq's emergency crude-export mechanism until the Strait of Hormuz reopens. Expenses cut, export rules locked, 6 days before the 2027 budget draft reaches the same table on September 15, the first complete fiscal plan Iraq has produced since 2023.

Everyone is defending their money

Washington doubled its long-end debt buybacks this week. Beijing added to its gold reserves for the 22nd straight month. And next door, the US Treasury grounded every remaining Iranian airline while Tehran doubled fuel prices and met its own people with security forces.

• Chevron - advance payment, crude supply, and technical consulting agreements authorized September 8

• Austerity - all state foreign travel stopped, delegation budgets cut 60%

• Budget - 2027 draft due at the cabinet September 15, first full plan since 2023

• Iran - 36 aviation targets sanctioned including every remaining active airline, fuel prices doubled

That is the short version, the public moves. The daily briefing is where we connect them: what an advance payment tells you about how close Iraq is, what number the budget carries, and why the money, not the politicians, is giving the verdict.

Read the full daily briefing free for 5 days. Sign up here: resetintelligence.com

Want it straight from the horse's mouth? The CBI Rate Alert pings you the moment the Central Bank of Iraq moves the official rate. The number itself, not a rumour about it. It comes with our free resource library and the daily breakdown of what is actually moving in Iraq. Sign up free: resetintelligence.com/rate-alert

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Emailed to Dinar Recaps

Seeds of Wisdom RV and Economics Updates Wednesday Morning 9-9-26

OIL BREAKS $100: MIDDLE EAST ESCALATION PUSHES INFLATION, BOND YIELDS AND GLOBAL FINANCIAL RISK HIGHER

Brent crude has crossed $100 a barrel as the Middle East conflict intensifies, creating a new inflation shock that could keep interest rates, borrowing costs and global financial stress elevated.

OVERVIEW

• Brent crude has moved above $100 a barrel as the widening Middle East conflict threatens oil production, shipping routes and energy supplies.

• The oil shock is already feeding into higher inflation expectations and elevated bond yields, increasing pressure on central banks to keep monetary policy tighter for longer.

• For the global financial system, the danger is the combination of higher energy costs, expensive debt and tighter financial conditions arriving at the same time.

KEY DEVELOPMENTS

1. Brent Crude Breaks Above $100

Brent crude futures rose above $100 a barrel on September 9, reaching about $100.69, while U.S. West Texas Intermediate crude climbed to roughly $95.21.

The move followed further escalation in the Middle East, including attacks by Iran-backed Houthis on Saudi energy facilities and continued military confrontation involving Iran, the United States and regional shipping.

The significance goes beyond the price of gasoline.

When oil rises sharply because of a supply disruption, it can raise transportation, manufacturing, electricity and production costs throughout the global economy.

That creates an inflation shock originating from the energy system.

2. The Strait of Hormuz Is Becoming a Larger Financial Risk

The energy threat is particularly important because shipping through the Strait of Hormuz remains severely disrupted.

Reuters reported that only six commodity vessels passed through the strait on Tuesday, compared with a 10-day average of 12. Historically, the waterway has carried roughly 20% of global oil and LNG supplies.

That means the financial market is no longer simply pricing higher oil.

It is increasingly pricing the possibility of prolonged disruption to a critical artery of global energy trade.

If the disruption persists, the effect could spread from oil into natural gas, refined fuels, transportation costs and broader inflation.

3. Higher Oil Is Putting Pressure on Bond Markets

The oil shock is arriving at a particularly sensitive moment for global bond markets.

The U.S. 10-year Treasury yield has been hovering near 4.8%, close to multi-year highs, while markets are increasingly concerned that renewed inflation could prevent central banks from easing monetary policy as quickly as previously expected.

Higher yields matter because they increase the cost of borrowing for governments, businesses and households.

The result can become a reinforcing cycle:

Higher oil → higher inflation → higher rates → higher bond yields → higher debt-service costs.

For heavily indebted governments, that can become particularly significant.

4. Central Banks Face a Difficult Inflation Trade-Off

Central banks are now confronting a difficult combination of persistent inflation pressure and geopolitical supply disruption.

The European Central Bank is expected to raise rates this week, while expectations for tighter policy from the Bank of Japan have also increased.

In the United States, markets are watching upcoming inflation data closely as they reassess the Federal Reserve's next move.

The problem for policymakers is that higher interest rates can suppress demand, but they cannot directly produce more oil.

That makes an energy-driven inflation shock particularly difficult to manage.

Central banks can slow the economy to reduce demand, but doing so while governments are already carrying heavy debt loads creates another financial risk.

5. The Financial-Reset Implication Is Becoming Larger

The most important development is the interaction between energy, inflation, debt and financial markets.

The world was already dealing with elevated government debt, higher long-term borrowing costs and questions about the future role of traditional safe-haven assets.

Now an external energy shock is adding another layer of pressure.

If oil remains above $100 for an extended period, governments could face higher inflation, higher interest costs and weaker economic growth simultaneously.

That combination would make the global financial system more sensitive to additional shocks.

WHY IT MATTERS

Economy: Higher energy costs can raise production and transportation expenses while reducing household purchasing power.

Markets: Rising oil prices are increasing inflation concerns and putting pressure on stocks and bonds.

Policy: Central banks may have less freedom to cut rates if energy prices keep pushing inflation higher.

Global System: A prolonged energy shock can increase borrowing costs at the same time governments are already managing historically large debt burdens.

WHY IT MATTERS TO FOREIGN CURRENCY HOLDERS

Higher oil prices can create major differences between currencies depending on whether a country is an energy exporter or importer.

Energy exporters can receive stronger foreign-currency revenues when oil prices rise, while major importers may experience larger trade deficits and greater pressure on their currencies.

India is already an example of this pressure: Reuters reported today that the rupee fell through 95 per dollar as oil approached and then moved above $100, prompting the Reserve Bank of India to intervene through dollar sales and foreign-exchange swaps.

For foreign-currency holders, this means the current oil shock could create greater divergence between currencies, rather than simply causing a uniform decline in the dollar or rise in foreign currencies.

IMPLICATIONS FOR THE GLOBAL RESET

• Pillar 1: Energy — Energy Becomes a Financial Weapon

The movement of oil above $100 demonstrates how disruption to a relatively small number of critical energy routes can affect inflation, currencies, interest rates and global capital flows.

Energy security is therefore becoming increasingly intertwined with financial security.

• Pillar 2: Debt — Higher Inflation Can Keep Borrowing Costs Elevated

The greatest financial risk is not simply expensive oil.

It is the possibility that higher oil keeps inflation elevated while governments continue borrowing heavily.

That combination could keep long-term bond yields higher and make debt increasingly expensive to refinance.

CONCLUSION

The move above $100 is an important threshold because it changes the nature of the current Middle East conflict from primarily a geopolitical crisis into an increasingly visible global financial shock.

Oil is now pushing directly into the inflation outlook, bond market and monetary-policy debate.

If the disruption remains temporary, some of these pressures could ease as energy markets stabilize.

But if the conflict continues to impair major shipping routes and energy infrastructure, the world could face a more persistent combination of higher inflation, higher interest rates and higher debt-service costs.

For the global financial system, that is the critical connection.

The next financial shock may not begin in a bank or a bond market — it may begin with the price of energy and then travel through every layer of the global economy.

Seeds of Wisdom TeamNewshounds News™ Exclusive

SOURCES

1. Reuters — Brent crude rises above $100 a barrel as Middle East conflict intensifies

2. Reuters — Oil tops $100, European stocks drop on fresh Gulf attacks
   

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GLOBAL RESET? Gold-Backed “Unit” Tested to Challenge Dollar in BRICS Trade | Andy Schectman

GLOBAL RESET? Gold-Backed “Unit” Tested to Challenge Dollar in BRICS Trade | Andy Schectman

Liberty and Finance: 9-8-2026

Andy Schectman joins Liberty & Finance with a stark warning that global investors are increasingly losing confidence in U.S.
Treasuries while central banks continue accumulating physical gold. He argues that inflation, monetary expansion, soaring energy costs and persistent bond-market weakness are creating conditions that could drive substantially higher prices into late 2026 and 2027.

 Schectman also highlights a deeply negative one-year silver swap spread, suggesting that physical silver is becoming increasingly expensive to borrow as holders become reluctant to part with their metal.

 Meanwhile, he points to BRICS infrastructure, China’s expansion of physical gold settlement and the reported pilot use of the BRICS “Unit” to settle UAE-India oil trade without the dollar as evidence of a gradual shift toward parallel financial systems.

As the world quietly repositions around gold, silver and alternative settlement mechanisms, Schectman says investors need to look beyond short-term price movements and recognize the much larger monetary transformation underway.

INTERVIEW TIMELINE:

0:00 Intro

1:40 Counterintuitive gold market

18:30 Dollar destruction

24:50 Diesel price shock

35:45 BRICS Unit

https://www.youtube.com/watch?v=Qkp0rFcQp2Y

Wed. Iraq News Posted by Tishwash at TNT 9-9-2026

TNT:

Tishwash:  With an increase of one ton, Iraq strengthens its gold reserves and continues its global progress.

Data from the World Gold Council for August 2026 showed that Iraq maintained its position among the world's largest gold holders, with an increase in its holdings compared to its last data.

According to data seen by Shafaq News Agency, Iraq’s gold reserves amounted to 175.6 tons, ranking it 28th globally, with gold constituting about 24.8% of its total reserves. The latest data for Iraq dates back to May 2026.

Compared to previous data, Iraq’s holdings increased from 174.6 tons to 175.6 tons, an increase of one ton.

Iraq comes in third place in the Arab world in terms of gold holdings, after Saudi Arabia, which has 323.1 tons, and Algeria, with 173.6 tons.

Globally, the United States topped the list with reserves of 8,133.5 tons, followed by Germany with 3,349.5 tons, then the International Monetary Fund with 2,814 tons, Italy with 2,451.8 tons, and France with 2,437 tons.  link'

**

Tishwash:  Baghdad and Erbil on the table for a decisive meeting... Kurdistan delegation aims to resolve the oil, salaries, and budget issues by 2027

On Tuesday (September 8, 2026), Wafa Muhammad Karim, a member of the Kurdistan Democratic Party, revealed details of a visit by a high-level delegation from the Kurdistan Regional Government to Baghdad, indicating that the visit aimed to hold comprehensive talks to resolve the issues of the budget, oil, and salaries.

Karim told Baghdad Today that the delegation will primarily discuss reaching understandings regarding the 2027 federal general budget law, securing financial allocations for the salaries of the region's employees, as well as Kurdistan's share of investment projects and the operational budget. 

He explained that the talks will also address the draft oil and gas law and the outstanding issues between the two sides, stressing that "the goal is to move from the stage of managing disputes to finding legal, technical and sustainable solutions under the umbrella of the constitution."

Karim added that the regional government views the 2027 budget discussions as a real opportunity to address the accumulated issues in order to prevent a recurrence of financial crises, indicating that the delegation seeks to bring viewpoints closer and reach practical agreements that guarantee the stability of the financial and oil relationship between Baghdad and Erbil  link

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Tishwash:  After two decades of stagnation, the oil and gas law has a chance to be resolved.

 Parliamentary assurances to proceed with the enactment of the oil and gas law during the current session have clearly expanded, coinciding with the inclusion of the file among the priorities of the legislative and executive authorities, and the existence of serious political intentions to end the disputes that have hindered its legislation since 2007, thus opening the door to regulating the management of oil wealth, defining powers and obligations, and controlling production, sale, and export operations.

These assurances come after the “Coalition for State Administration,” during its last meeting, stressed the need to discuss a draft version of the Oil and Gas Law in preparation for sending it to the House of Representatives, in a step that brings the law back to the forefront of legislative work after years of disruption, amid hopes that its approval will contribute to addressing the existing problems between the federal government, the Kurdistan Region and the producing governorates, and end the multiplicity of interpretations in managing the oil sector.

Parliamentary efforts

Zainab Al-Tamimi, a member of the Parliamentary Oil, Gas and Natural Resources Committee, told Al-Sabah: “The Speaker of Parliament, the head of the committee and its members give great importance to the oil and gas law,” indicating that “the previous session witnessed serious work to finalize the law, but it did not reach the expected result.”

She added that “the representatives of the current session, especially the representatives of Basra Governorate, emphasize the need to finalize the law during this session,” noting that there are “real and serious intentions to proceed with its legislation, as the law topped the list of the main topics discussed by the Oil and Gas Committee during its meetings.”

Al-Tamimi expressed her hope that “the law will see the light during the current session,” stressing that it “will address a number of obstacles and problems facing the oil sector, and provide a clear legal framework to regulate its work in general.”

Two decades of disruption

For his part, committee member MP Banas Al-Douski told Al-Sabah: “The oil and gas law should have been discussed and legislated since 2007, due to its importance in defining the rights, duties, obligations and general powers in the oil sector.”

He explained that "the Iraqi oil sector is facing a state of stagnation due to the absence of a federal law regulating its work, at a time when the old frameworks are no longer able to keep pace with the developments witnessed by the sector," noting that "the continued absence of the law has contributed to the exacerbation of a number of failures." 

"And the existing problems." Al-Douski stressed that "the current stage requires a genuine political will to enact the law, now that Iraq needs a federal framework that regulates the management of oil wealth and oil sales and export operations, and clearly defines the responsibilities and powers of the concerned parties."

Adel Al-Mahalawi, a member of the “Progress” bloc, had previously confirmed to Al-Sabah that there was a political agreement among the majority of blocs to proceed with the oil and gas law and put it on the table of the House of Representatives, as it is one of the most prominent economic legislations related to managing national wealth and regulating the relationship between the federal government and the producing governorates.

Al-Mahalawi pointed to “Prime Minister Ali Al-Zaidi’s readiness to cooperate with the House of Representatives in finalizing important legislation,” explaining that “the Oil and Gas Law is at the forefront of the package of economic and service laws that are expected to be worked on in coordination between the two authorities, given its importance in expanding the role of the governorates, regulating powers, and ending the disputes that have delayed its approval throughout the past years.”

Expert opinions

Economic expert Dr. Nabil Al-Abadi told Al-Sabah newspaper: “The oil and gas law is not just a passing piece of legislation, but rather the cornerstone for restructuring the Iraqi economy, which depends on oil revenues for up to 90% of its income.” He explained that “the obstruction of this law for years, since 2005, due to political disputes and the prioritization of narrow interests, has cost the public treasury enormous losses and kept the country in a state of…” 

“From financial instability.” He explained that “the enactment of this law will establish a clear and transparent legal framework to regulate the management of national wealth, which will enhance the confidence of international investors and open the door to major investment inflows that will increase production and boost the flow of hard currency to the Central Bank, directly supporting the dinar’s exchange rate.” He emphasized that “this law will end the state of conflicting constitutional interpretations and reliance on temporary understandings, and will establish fair mechanisms for distributing revenues between the federal government and the producing regions and governorates, thus preventing the duplication of oil policies and protecting the unity of national wealth.” Regarding the contentious clauses, Al-Abadi believes that “the optimal solution lies in adopting a consensus-based formulation that guarantees the producing governorates greater autonomy in managing their affairs, while the sovereign decision regarding contracting and marketing remains unified with the federal government.” 

Al-Abadi added, “Continuing to obstruct this law is not a strategic choice, but rather a sacrifice of Iraq’s future for immediate political gains. It is time for political forces to overcome their differences and put the national interest above all else, as passing this law is the true gateway to economic reform and financial stability.”

Essential step

Hadi Hindas, a member of the Baghdad Economic Forum, told Al-Sabah newspaper, “Enacting the oil and gas law is a fundamental step towards regulating the Iraqi oil sector and enhancing Iraq’s ability to manage one of its most important resources according to a clear and sustainable vision.”

Hindas explained that “Iraq possesses significant oil reserves, but the current stage requires a comprehensive legal framework that clearly defines the powers and responsibilities of the entities involved in managing the oil sector and regulates the relationship between the federal government and the governments of the producing regions and governorates, thus ensuring the protection of national wealth and achieving fairness in the distribution of financial revenues.”

He added that “the oil and gas law not only addresses existing administrative and legal issues but also plays a crucial role in strengthening the investment environment, as it provides investors and international companies with a clearer and more stable vision regarding the mechanisms for operating and investing in the oil and gas sector.”

He pointed out that “the legislation contributes to laying the strategic foundations for managing oil fields, investing in associated gas, and developing infrastructure, as well as regulating production and export plans in line with Iraq’s need to increase its resources and diversify its energy sources.”

Hindas noted that “the importance of the law lies in its ability to unify the national vision for managing the oil sector, moving away from multiple interpretations, and enhancing transparency and efficiency in revenue management. Enacting the oil and gas law has become a national and economic necessity, given its direct role in regulating this vital sector, ensuring the sustainability of its resources for future generations, and supporting the economy.” The Iraqi in general.

Doubling production

For his part, Dr. Sadiq Al-Rikabi, Director of Economic Research at the Global Center for Development Studies in the United Kingdom, stressed the importance of passing the federal oil and gas law for Iraq and the national economy, especially in light of the current circumstances, indicating that Iraq needs to double its oil production to higher levels to absorb the shock of declining revenues and compensate for it in the future.

Al-Rikabi explained that increasing production requires, first and foremost, a stable and clear legislative environment, which can be provided by the Oil and Gas Law through the creation of a legal and institutional framework that regulates the management of the sector and contributes to ending the disputes between Baghdad and Erbil, thus enabling an increase in oil wealth and the exploitation and management of oil and gas fields, as well as defining the responsibilities of each party and putting an end to the disputes related to some constitutional articles and financial disputes that have contributed to disrupting the movement of production and the work of companies.

Al-Rikabi pointed out that the repercussions of the disputes witnessed in the past period were reflected in the investment environment, and led some companies to avoid going to the Kurdistan Region or increasing their investments in it, stressing that the absence of legislation increases investment risks, especially for foreign companies that are looking for a stable environment with clear laws, in which contracts are strongly protected by law and decisions are more stable.

He added that the enactment of the oil and gas law would encourage global energy companies to increase their investments, whether in developing existing fields or exploring new fields, which would contribute to raising Iraq’s production capacity, which would reflect on financial stability, support the federal budget and increase its revenues, as well as enhance the national economy’s ability to cope with energy price fluctuations and political tensions.

Al-Rikabi pointed out that the existence of a clear legal framework for oil and gas can also reflect on internal political stability, by regulating the relationship between the federal government and the Kurdistan Region, and contributing to addressing many of the problems related to the region’s oil revenues, which have been a frequent cause of disputes related to the budget, its formulation, the obligations incurred by the region, and the demands of the federal government.

He concluded by saying that passing the law would represent an important step towards developing the oil and gas sector, attracting more investments to it, and increasing its production capacities, which would contribute to achieving greater political and economic stability in the country.

Legal perspective

In a related context, lawyer Talib al-Ziyadi told Al-Sabah newspaper, “The oil and gas law embodies the people’s ownership of their national resources, as affirmed by Article 111 of the Iraqi Constitution, the supreme law of the land, which stipulates that oil and gas belong to the Iraqi people in all regions and governorates.” He added, “The enactment of this law establishes a mechanism for distributing a portion of the profits generated from crude oil sales to several funds, including the Citizen’s Fund and the Reconstruction Fund, among others. It also regulates how this national wealth is held by the state and under the control of the federal government, ensuring that its revenues are distributed fairly and equitably, in proportion to the population distribution throughout the country, as indicated in Article 112 of the Iraqi Constitution.” Al-Ziyadi explained that “since the fall of the previous regime in 2003 until now, there has been injustice and unfairness inflicted on some of the oil and gas producing governorates,” noting that “the Kurdistan Region monopolizes the largest share of oil exports, in addition to receiving a share of the budget like the rest of the governorates, while Basra and other oil-producing governorates produce a large percentage of the oil and gas in Iraq,” as he put it.

He stressed that “the enactment of the law will place the management of this wealth exclusively in the hands of the federal government, and will ensure that its revenues are distributed fairly and equitably according to the population census.”  link

Tishwash:  Special statement from the Central Bank regarding Al-Taif Bank deposits

 Based on the responsibility of the Central Bank of Iraq to protect the banking sector and enhance its safety and stability, the bank affirms that the rights of depositors of Al-Taif Islamic Bank are preserved, and that imposing guardianship on the bank is a preventive supervisory measure aimed at protecting depositors’ funds, preserving their rights, and ensuring the stability and continuity of banking operations in accordance with applicable regulations and instructions.

The Central Bank of Iraq, in coordination with the appointed guardian of the bank, is working to take the necessary measures to enhance its liquidity and regulate withdrawal operations and fulfill its financial obligations in a gradual and organized manner, in a way that ensures the management of these operations in accordance with the approved supervisory priorities, while giving priority to the salaries of employees deposited with the bank.

The Central Bank of Iraq assures depositors that the measures taken are within its supervisory responsibility aimed at protecting their rights and enhancing confidence in the banking sector.

The bank also calls on the public and the media to rely exclusively on data and information issued by it through its official channels, and to avoid circulating unreliable news or information.

Baghdad - Media Office

September 8, 2026  link

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Tishwash:  The Central Bank sends a message to depositors of Al-Taif Bank: Withdrawals will be gradual and organized.

On Tuesday, the Central Bank of Iraq reassured depositors of Al-Taif Islamic Bank that their financial rights are protected, stressing that imposing guardianship on the bank comes within supervisory and preventive measures aimed at protecting depositors’ funds.

The Central Bank stated in a statement received by Shafaq News Agency that "the rights of depositors of Al-Taif Islamic Bank are preserved," explaining that "imposing guardianship on the bank is a preventive supervisory measure aimed at protecting depositors' funds and preserving their rights, and ensuring the stability and continuity of banking operations in accordance with applicable regulations and instructions."

He added that "the bank is working in coordination with the appointed trustee to take the necessary measures to enhance its liquidity and regulate withdrawal operations and fulfill its financial obligations in a gradual and organized manner, in a way that ensures these operations are managed in accordance with the approved supervisory priorities."

He pointed out that the procedures will prioritize the salaries of employees whose accounts are held at the bank, within a plan to regulate withdrawal operations and fulfill financial obligations, stressing that the measures taken come within the framework of his supervisory responsibility aimed at protecting the rights of depositors and enhancing confidence in the banking sector.

It is worth noting that Al-Taif Islamic Bank announced last Sunday that it would soon hand over the funds of its depositors, after the Central Bank of Iraq began taking over its administration.

A number of depositors demonstrated in front of Al-Taif Islamic Bank in the Karrada district of Baghdad on Sunday to protest the freezing of banking services and the suspension of withdrawal and deposit operations, following measures taken by the Central Bank of Iraq against the bank.

The Central Bank of Iraq had decided to place Al-Taif Islamic Bank for Investment and Finance under guardianship for 18 months, due to violations that it said affected the bank's financial position and depositors' funds.

 The Central Bank confirmed later yesterday that imposing guardianship does not mean the bank is bankrupt, but rather comes within precautionary supervisory measures aimed at protecting the rights of depositors, noting that depositors’ funds are protected under applicable laws and regulations.  link

‍Reset Intelligence: Smaller Notes Only mean One Thing

‍Reset Intelligence: Smaller Notes Only mean One Thing

9-8-2026

Smaller Notes Only Mean One Thing

By Reset Intelligence | @EXIT_FIAT

Iraq’s Parliamentary Finance Committee says it intends to issue banknotes smaller than the 250 dinar note. At today’s official rate, that note is worth about 19 US cents.

No state prints paper that costs more to make than it is worth. It prints small change for a currency it expects to be worth far more.

The Room It Came Out Of

The small-note line did not come from a rumor mill. It came out of the Finance Committee’s weekend sitting with the Governor of the Central Bank, Nizar Nasir Hussein. In that same sitting, the Governor split a number he has never split in public before: Iraq has issued 107 trillion dinars, and only about 40 trillion of it circulates. The rest, some 67 trillion, sits outside the banking system where the state cannot see it.

Then he connected the two. Changing the currency, he said, will help determine the real money supply in circulation. The changeover is the instrument that finds the hidden money. And he drew a line the community keeps missing: changing the currency is the bank’s own authority. Only deleting the zeros needs parliament.

The Weekend Around It

• The rate rumor killed – the CBI publicly rejected claims of a move to 1,460 and confirmed the official rate unchanged at 1,310

• Exchange counters closed – money changers shut at Baghdad airport, 3 more licenses revoked

• The state banks opened – the Integrity Commission began a full audit of Rafidain and Rasheed, the 2 largest state banks

• The 2027 budget entered drafting – the document that records the dinar’s value, first complete budget since 2023, Council of Ministers by September 15

• The penny mirror – America killed its own smallest coin after 230 years because it cost more to make than it was worth; Iraq is running the same arithmetic in reverse

That is the short version. The full daily briefing connects the note to the count, the counters, the budget and the September 30 file, and lays out what it means for anyone holding dinar.

Read the full daily briefing free for 5 days. Sign up here: resetintelligence.com

https://dinarchronicles.com/2026/09/07/reset-intelligence-smaller-notes-only-mean-one-thing/

Iraq News Posted by Clare at KTFA 9-8-2026

KTFA:

Clare:  The Central Bank organizes a workshop on local and international blacklists.

The Banking Studies Center at the Central Bank of Iraq, in cooperation with the Anti-Money Laundering and Counter-Terrorism Financing Office, organized a workshop entitled (Local and International Sanction Lists) as part of the Center’s work plan for 2026.

The workshop aimed to enhance the efficiency of financial and banking personnel and develop mechanisms for financial institutions to comply with international standards and national legislation, as well as to review mechanisms for name screening, alert management, reporting, documentation and effective follow-up procedures.

The workshop also included practical applications, case studies, and interactive scenarios to ensure that appropriate actions are taken and immediate reporting is made in accordance with approved regulations, which contributes to protecting the Iraqi financial sector and establishing a work environment based on the highest levels of compliance and transparency.

Media Office, 
September 8, 2026 

https://cbi.iq/news/view/331

Clare:  Iraqi factions have made their decision: sovereignty in exchange for weapons.

9/8/2026

On Tuesday, armed factions in Iraq affirmed that the issue of restricting weapons cannot be separated from achieving full sovereignty for Iraq, while considering that the September 30th deadline represents a test of the seriousness of the United States and the international coalition in implementing their commitments to the Iraqi government.

The spokesman for the Sayyid al-Shuhada Brigades, Kazem al-Fartousi, told Shafaq News Agency that the issue of restricting weapons was discussed through a committee formed from the coordination framework and another from the resistance factions, indicating that the discussions witnessed the determination of priorities regarding this issue.

Al-Fartousi explained that "the principle put forward by the factions, which cannot be divided or negotiated, is that this weapon is in exchange for sovereignty," stressing that they will not give up the weapon unless there is full sovereignty in the country.

He added that this requires protecting the Iraqi people, land, and skies, as well as national gains, in addition to protecting political decision-making and economic independence, noting that the ten demands put forward by the factions are "national and concern all of Iraq from north to south."

He explained that these demands are not related to the interests of the resistance factions, but rather represent, in his words: “a definition of sovereignty, an expression of it, and how to achieve full sovereignty for this nation.”

Regarding the government's ability to respond to these demands, Al-Fartousi pointed out that "part of these demands are included in the government program," stressing that the issue is not only about whether the government responds or not, but is related to "where Iraq's interest lies."

He pointed out that the Iraqi government represents the executive administration of the Iraqi people and the country’s interest, while the coordinating framework, as the owner of the principle and political action, bears the responsibility of considering, establishing and engineering the work of the government.

Regarding the date of September 30, and whether it represents a date for resolving the issue of restricting weapons, Al-Fartousi explained that there is "confusion about dates," and that this is the date of the withdrawal of coalition forces from Iraq.

According to him, this date represents "the first test of the seriousness of the Trump administration and the coalition in implementing their commitments to the Iraqi government," noting that "after September 30, the discussion will begin about the issue of weapons, their presence and use."

Al-Fartousi concluded his remarks by saying that some of the issues raised "need time," while other issues "only need a political decision and do not need much time."

Sources revealed two days ago that a preliminary agreement had been reached to hold a meeting that would include official government military and security parties, along with leaders from the coordination framework, representatives of the Popular Mobilization Forces, and representatives of armed factions, to discuss the mechanism for restricting weapons to the state, before the deadline of September 30, before it was postponed due to the absence of the Al-Nujaba Movement.

According to the sources, the meeting "does not mean reaching a final agreement on the mechanism for restricting weapons," but rather comes within the framework of efforts to calm tensions and prevent any possible escalation, and to try to reach solutions and understandings regarding the process of restricting weapons.

A source told Shafaq News Agency last Sunday that the armed factions will not hand over their weapons on September 30, while also mentioning the second option being discussed in the negotiations, which is to regulate or freeze the weapons. 

Two weeks ago, the coordination framework formed a tripartite committee comprising Mohammed Shia al-Sudani, Nouri al-Maliki, and Hadi al-Amiri, in order to contain the repercussions of restricting weapons to the state, especially after the media escalation and scaremongering witnessed in the Iraqi arena regarding this issue.

Over the past few days, the tripartite committee has held many dialogues and discussions with the factions concerned with the issue of restricting weapons.

It is worth noting that the state’s monopoly on weapons does not have the consensus of the Iraqi factions, as the Al-Nujaba Movement, Kataib Hezbollah, Kataib Sayyid al-Shuhada and other factions announced their refusal to give up their military capabilities on September 30, the date set by the Iraqi government, which coincides with the end of the international coalition’s military presence in Iraq, as these factions link the future of their weapons to the withdrawal of foreign forces.

The State Administration Coalition, which includes the most prominent Shiite, Sunni and Kurdish political forces in Iraq, had warned that any armed activity outside the framework of the state after September 30 would be dealt with according to the anti-terrorism law.   LINK

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Clare:  Iraq’s Coordination Framework Moves to Finalize Government and Laws

9/8/2026

At a Glance

The Coordination Framework met to fast-track stalled cabinet and legislative portfolios.

Coalition commitments to fill remaining ministerial seats under Prime Minister remain stalled.

The bloc is drafting a new internal charter to enforce unified decision-making.

Iraq’s Coordination Framework met Monday to fast-track pending ministerial appointments and advance critical gridlocked legislation, including the Oil and Gas and PMF laws, aiming to finalize government formation and establish new internal coalition rules.

Key Statements and Focus Area

The Coordination Framework’s Media Department stated that leaders reviewed critical legislation, focusing on the PMF, Oil and Gas, Federal Court, and Federation Council laws.

The bloc “decided to proceed with naming the remaining ministers to complete the government lineup and enable it to perform its duties.”

The leaders of the Coordination Framework held their regular meeting on Monday at the office of Haider al-Abadi and addressed a number of priority political and legislative files.

The leadership discussed the Popular Mobilization Forces (PMF) Law, emphasizing the importance of finalizing the legislation “in a manner that regulates the Commission's work and enhances its role within state institutions.”

They addressed several foundational bills—chief among them the Oil and Gas Law, the Federal Court Law, and the Federation Council Law—aiming “to contribute to completing the constitutional and institutional structure of the state.”

On the matter of government formation, the bloc evaluated current discussions, “emphasizing the necessity of resolving this file.”

The participants also discussed organizing the coalition's internal structure, stressing “the drafting of a charter and rules to regulate operational mechanisms and decision-making, thereby enhancing institutionalism and unity of position.”

FYI

The requested laws seek to resolve decades-long gridlock over federal oil revenue disputes with the Kurdistan region and finalize the incomplete constitutional structure of the state. 

Additionally, the new legislation aims to firmly regulate the military hierarchy of the Popular Mobilization Forces and reform the appointments process for Iraq's highest constitutional court.

Following periods of deep political deadlock and caretaker management, Prime Minister al-Zaidi's cabinet has been working to finalize its administration. 

The Framework's current push to name the "remaining ministers" is an attempt to resolve lingering disputes over vacant cabinet seats among coalition partners so the state can officially approve national budgets and execute massive infrastructure projects. 

The finalization of cabinet has reached a major political impasse over the appointment of deputy prime ministers, an informed source told Channel8.

According to the source, the gridlock centers on widespread factional opposition to the nomination of Laith al-Khazali. Several political groups have raised concerns regarding a potential U.S. veto due to al-Khazali's leadership role within the Asa'ib Ahl al-Haq movement.  LINK

Clare:  KRG Delegation Heads to Baghdad Over 2027 Budget Share

At a Glance

A KRG delegation is heading to Baghdad to negotiate its share of Iraq’s budget.

The delegation is seeking about 29 trillion IQD, including operational and investment allocations.

The KRG says it has continued handing over oil and non-oil revenues.

A high-level Kurdistan Regional Government delegation is heading to Baghdad to negotiate the region’s share of Iraq’s 2027 draft budget. The delegation is seeking to secure the region’s financial rights and entitlements in the new budget framework.

Key Statements and Focus Area

Budget Share: The delegation is requesting approximately 29 trillion IQD as the region’s total share, including 23 trillion IQD for operational spending and 5.5 trillion IQD for investment expenditures.

Employee Entitlements: The Kurdistan Region has requested a monthly allocation of 94 billion IQD for the financial entitlements of civil and military personnel promoted since 2026.

Revenue Commitments: The KRG Ministry of Finance says the region has complied with bilateral agreements and has handed over crude oil and non-oil revenues since September 27, 2025. It is therefore calling on Baghdad to maintain regular monthly budget disbursements.

The delegation is led by KRG Minister of Finance Awat Janab and is expected to hold meetings with Iraqi Prime Minister and Minister of Finance officials.

The delegation includes Omed Sabah, Amanj Rahim, and Abdul-Hakim Khisro. The Ministers of Natural Resources, Planning, and Labor and Social Affairs are also expected to participate.

The delegation has also submitted a package covering financial entitlements for civil and military employees who received promotions from 2026 onward.

Other demands include the employment of 16,000 top-three university graduates and the conversion of contract teachers and staff to permanent positions.

The KRG is also seeking financial compensation and outstanding entitlements for retirees who have not received monthly pensions and end-of-service bonuses over the past three years.

A technical KRG financial team is already in Baghdad and has presented several points to Iraqi Finance Minister Faleh Sari.

The delegation’s main objective is to reach an agreement on the “Program and Performance Budget” being prepared by the Iraqi Ministry of Finance and ensure the Kurdistan Region’s financial rights are included.

FYI

The negotiations come as the Iraqi government moves toward a new budgeting methodology. At the same time, the KRG is seeking to secure current financial allocations as well as compensation for employee and retiree entitlements it says were not paid in previous years.  LINK

Seeds of Wisdom RV and Economics Updates Tuesday Morning 9-8-26

YEN SURGE SHAKES THE $2.35 TRILLION CARRY TRADE: JAPAN’S CURRENCY REVERSAL COULD REPRICE GLOBAL CAPITAL FLOWS

Japan’s rapidly strengthening yen is forcing investors to reconsider one of the world’s largest funding trades, raising the possibility of broader shifts in global liquidity, asset prices and capital flows.

OVERVIEW

• The yen has surged nearly 4% in about a week, reaching a seven-month high as markets increasingly expect the Bank of Japan to raise interest rates.

• Cross-border yen borrowing — a proxy for the carry trade — reached a record 360 trillion yen, or approximately $2.35 trillion, in March, according to Jefferies analysis of Bank for International Settlements data.

• A sustained yen rally could force investors to unwind leveraged positions and repatriate capital, potentially affecting currencies, bonds and other global assets.

KEY DEVELOPMENTS

1. The Yen Has Suddenly Reversed Direction

The Japanese yen has moved sharply higher after spending much of the year under pressure.

The yen reached approximately 152.89 per dollar on September 8, its strongest level since February. It was trading around 160 to the dollar less than a week earlier.

Reuters reports that the yen has gained roughly 4.5% in one week, marking one of its fastest moves in years.

The immediate catalyst is growing expectations that the Bank of Japan will raise interest rates, potentially as soon as its next policy meeting.

But monetary policy is only part of the story.

Markets are also watching whether Japanese investors begin bringing money home and whether leveraged investors continue closing short-yen positions.

2. The $2.35 Trillion Carry Trade Is the Bigger Story

The carry trade works by allowing investors to borrow in a relatively low-interest-rate currency and invest in assets offering higher returns elsewhere.

For years, the yen was one of the world's most important funding currencies because Japanese interest rates remained exceptionally low.

That created an enormous cross-border financial position.

According to Jefferies analysis of Bank for International Settlements data cited by Reuters, cross-border yen borrowing reached approximately 360 trillion yen — about $2.35 trillion — in March.

That figure should not be interpreted as $2.35 trillion that will automatically be sold.

It is a proxy for the scale of yen-funded borrowing, and the actual size of the global carry trade is difficult to measure precisely.

But the number demonstrates why a rapid change in the yen can matter far beyond Japan.

3. A Stronger Yen Can Force a Global Deleveraging

The danger for global markets is not simply that the yen becomes more valuable.

It is what happens if investors begin unwinding positions financed with borrowed yen.

Consider the basic sequence:

Yen strengthens → yen borrowing becomes more expensive to repay → leveraged positions are reduced → foreign assets may be sold → capital returns to Japan → global liquidity changes.

That process can create additional upward pressure on the yen because investors need to purchase yen to close their positions.

The result can become partially self-reinforcing.

Reuters reported that analysts are already seeing short-yen positions being reduced and warned that continued yen strength could turn a gradual reduction in leverage into a much faster unwind.

4. The 2024 Warning Is Still Fresh

The global financial system has already experienced what a rapid yen reversal can do.

In August 2024, a sharp strengthening of the yen contributed to a major unwind of carry trades.

Global equities suffered a sudden sell-off as leveraged positions were reduced and investors moved rapidly to protect capital.

The current situation is not necessarily a repeat of 2024.

The important difference is that investors are watching the risk much more closely this time.

Japan's currency policy has also changed significantly.

Japan and the United States coordinated intervention in July to support the yen, and Japanese Finance Minister Satsuki Katayama said September 8 that Tokyo and Washington remain aligned and are continuing close communication to maintain orderly foreign-exchange markets.

That means the yen is now moving within an environment where market forces, Japanese monetary policy and international currency coordination are all interacting.

5. The Bigger Question Is Where Global Capital Goes Next

A sustained yen appreciation could become more important if it changes the behavior of Japanese investors and international funds.

Japan is one of the world's largest pools of institutional capital.

If higher Japanese yields make domestic bonds and other Japanese assets more attractive, some capital that previously moved overseas could remain at home or return to Japan.

At the same time, investors unwinding yen-funded positions could reduce exposure to higher-yielding foreign currencies and assets.

That could affect markets far beyond Japan.

The potential consequences include currency volatility, changes in bond demand, shifts in equity valuations and changes in global liquidity conditions.

This does not mean that a $2.35 trillion liquidation is inevitable.

It means that the direction of the yen has become an important variable in global capital markets.

WHY IT MATTERS

Economy: A stronger yen changes Japan's import costs, corporate earnings and domestic financial conditions while potentially altering the flow of Japanese capital abroad.

Markets: A large carry-trade unwind could create selling pressure in foreign assets as leveraged investors reduce positions.

Policy: The Bank of Japan's interest-rate decisions are becoming increasingly important to global investors because Japanese monetary policy can influence international capital flows.

Global System: The yen's reversal demonstrates how a change in one major funding currency can transmit financial stress or liquidity changes across multiple markets.

WHY IT MATTERS TO FOREIGN CURRENCY HOLDERS

The yen's move is an important reminder that currency values are connected to global capital flows, not simply to individual countries' economic conditions.

For foreign-currency holders, a major change in the yen-funded carry trade could increase volatility across other currencies as investors reassess risk and move capital between markets.

Currencies that have benefited from carry-trade flows can come under pressure if investors suddenly reverse those positions.

The broader lesson is that exchange-rate movements can accelerate when large pools of leveraged capital begin moving in the same direction.

That makes global currency diversification increasingly important to understand as central banks move away from the unusually low-interest-rate environment that dominated much of the previous decade.

IMPLICATIONS FOR THE GLOBAL RESET

• Pillar 1: Assets — Global Capital Could Be Repriced

The yen's reversal highlights the potential for large cross-border positions to move quickly when interest-rate expectations change.

If the carry trade continues to unwind, capital could shift among currencies, sovereign bonds, equities and other assets.

That would represent a repricing of global capital — not necessarily a crisis, but a structural adjustment worth watching.

• Pillar 2: Trade — Currency Relationships Are Becoming More Strategic

Japan and the United States are already coordinating closely on foreign-exchange stability.

At the same time, Japan's monetary policy is increasingly influencing the value of the yen and the behavior of Japanese investors.

Currency policy is therefore becoming intertwined with trade competitiveness, capital flows and financial stability.

The global financial system is increasingly interconnected, making major-currency movements a strategic issue rather than simply a foreign-exchange-market story.

CONCLUSION

The yen's sudden surge is more significant than a normal currency rally.

Behind the move is a much larger question: what happens when one of the world's most important funding currencies stops behaving like a cheap source of global liquidity?

The approximately $2.35 trillion yen-borrowing proxy does not represent a guaranteed wave of forced selling. But it shows why investors are watching the yen so closely.

If the Bank of Japan continues tightening and the yen remains strong, more carry trades could be unwound and more capital could potentially flow back toward Japan.

That could influence currencies, bonds and asset prices around the world.

The global financial system does not need a single dramatic event to reprice. Sometimes the repricing begins when the direction of a major currency — and the flow of capital behind it — suddenly changes.

Seeds of Wisdom TeamNewshounds News™ Exclusive

SOURCES

1. Reuters — The yen's sudden surge is upsetting the carry trade faithful

2. Reuters — Japan, US remain aligned on FX policy to foster stable markets, Katayama says

~~~~~~~~~~

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Thank you Dinar Recaps

Marc Faber: Imminent Financial Collapse, Money Printing & Gold

Marc Faber: Imminent Financial Collapse, Money Printing & Gold

Palisades Gold Radio:  9-8-2026

Stijn Schmitz welcomes back Contrarian Investor and Publisher of the Gloom, Boom, & Doom Report Marc Faber to the show.

 Faber opened the discussion by emphasizing the unprecedented complexity facing economists and investors today, driven by a confluence of dismal fiscal situations in Western democracies, geopolitical tensions, and the central role of central banks in financing massive deficits.

He questioned whether Western economies have experienced real growth over the last 20 years or merely nominal expansion fueled by money printing, which has inflated asset prices for the wealthy while eroding the purchasing power and living standards of the middle and lower classes.

Timestamps:

00:00:00 - Introduction

00:01:04 - Key Economic Trends Focus

00:05:31 - Real vs Nominal Growth

00:09:19 - Capitalism and Market Reforms

00:14:40 - Money Printing Unsustainability

00:15:40 - Debt & Economic Growth

00:17:40 - Future Asset Bubble Crash

00:20:48 - US Treasury Market Health

00:22:30 - Inflation Measurement Issues

00:29:06 - Gold as Value Store

00:35:49 - Correction in Asset Prices

00:38:12 - Energy Markets Outlook

00:44:37 - Gloom Boom Doom Report

00:47:33 - Concluding Thoughts

https://www.youtube.com/watch?v=Zvy9QNnKKV0

Tuesday Iraq News posted by Tishwash at TNT 9-8-2026

TNT:

Tishwash:  After September 30th, a new security agreement will keep Marines protecting the US Embassy in Baghdad.

On Monday, Hoshyar Zebari, a leader in the Kurdistan Democratic Party, revealed new details regarding the American withdrawal from Iraq, pointing to bilateral security arrangements between Baghdad and Washington, which include the continued presence of US Marines to protect the embassy .

Zebari said in a televised interview followed by Al-Sa’a Network that “this operation will end on September 30,” explaining that “the Iraqi government agreed with the American side two years ago that in 2026 there will be no need for Operation Inherent Resolve .”

He added that "Operation Inherent Resolve is an international coalition operation against ISIS, in which US forces and forces from the international coalition are participating," indicating that "this operation will be declared over, which means there is no need for the presence of US combat forces for this mission ."

Zebari explained that "the end of the mission in Iraq does not mean the end of the operation in Syria or Jordan," stressing that "the American side has already reduced its presence in Baghdad and Baghdad Airport, as well as in Erbil Airport ."

He noted that "Washington has contacts with the Iraqi government to reach security arrangements other than Operation Inherent Resolve and the military presence," indicating that "these arrangements may be bilateral, and may include the Kurdistan Region ."

He added that "the United States has an embassy in Baghdad and needs to protect it," noting that "Marine forces are present in American embassies around the world, including the embassy in London," as he put it  link

Tishwash:  Expert: The Iraqi banking sector faces tough reform, not collapse.

Economic expert Manar Al-Obaidi said on Monday that the Iraqi banking sector is not going through a phase of collapse, but rather a process of "sorting, reforming and restructuring" that may be harsh, but is necessary to prepare the sector for a phase of greater growth.

Concerns have recently increased after the Central Bank of Iraq decided to place Al-Taif Islamic Bank under guardianship for 18 months, following the detection of serious violations that affected its financial position. This sparked demonstrations and protests by depositors in front of the bank's branches in Baghdad and Basra to demand their money, while these events further deepened the erosion of Iraqis' confidence in banks.

Al-Ubaidi said in a post followed by Shafaq News Agency that his monitoring of the data and indicators of Iraqi banks for more than five years showed that the banking sector is practically divided into three categories, foremost among them the leading banks that were able to develop their systems, management and services and approach international standards, and build real trust with customers and depositors, noting that their number does not exceed about five banks.

He explained that the second category consists of medium-sized banks, some of which have an opportunity to grow and move to the leading category, provided they develop governance, capital, technical systems, risk management and compliance, while others may decline if they do not move at the required speed.

As for the third category, according to Al-Obaidi, it is the small banks, which are the weakest link and the most vulnerable to change during the next stage, suggesting that some of these banks will face limited options including mergers, restructuring, or exiting the market.

He stressed that these developments "are not necessarily an indication of the sector's collapse," explaining that banking is no longer limited to licenses, branches, and receiving deposits, but requires real capital, governance, risk management, compliance, advanced technological infrastructure, the ability to protect depositors' funds, and dealing with a financial system more connected to international markets.

He pointed out that the crises facing some banks may affect public confidence in the short term, but the essence of what is happening is "a sorting, reforming and reshaping process of the Iraqi banking market."

He added that some institutions "will not be able to continue in the current form," but the banking sector itself, in his opinion, is about to enter a major growth phase driven by the increasing need of the Iraqi economy for financial services.

Al-Obaidi pointed out that the trade, import, payments, transfers, corporate services, liquidity management, credit, guarantees and digital services sectors all need a more efficient and developed banking sector, stressing that the next stage will witness a shift in confidence from weaker banks to stronger ones, and from traditional services to digital ones.

He concluded by saying that Iraq will still need government, commercial and Islamic banks, "but not necessarily all the banks that exist today in the same form, size and model," stressing that the real question for the next stage is "which banks will be able to survive and gain the trust of the market?"  link

************

Tishwash:  Central Bank: No more sanctions on the banking sector.

The Central Bank of Iraq affirmed on Sunday its continued commitment to the reform process and denied the existence of any sanctions on the banking sector.

A statement issued by the bank, and reported by Al-Maalomah News Agency, quoted Governor Nizar Nasser Hussein as saying during a meeting with economic experts that the banking sector reform process is ongoing in coordination with Oliver Wyman. He clarified that there are no longer any international sanctions on the banking sector.

The statement added that international confidence in the Central Bank is very high, noting that the seven banks authorized to conduct transactions in currencies other than the US dollar may begin operations soon.

It further stated that the majority of depositors' funds at Al-Taif Bank are guaranteed, and that the Central Bank will intervene if a shortfall occurs. The statement emphasized that Iraq invests in the United States as a safe haven and the only country that has granted Iraq immunity, adding that the risks of investing in other countries are significant.

The statement concluded by noting that the total issued currency amounts to 107 trillion dinars, while the amount circulating in the markets is close to 40 trillion dinars.
He pointed out that "changing the currency is within the purview of the Central Bank," noting that "removing zeros requires legislation in the House of Representatives."

He affirmed that "the current government is run with a private sector mindset, and the media plays a crucial role in improving Iraq's international image," adding that "there are new lending initiatives to support important and vital projects."  link

Tishwash:   The "cash economy" weakens investment and deepens the shadow economy.

 Cash liquidity outside the banking system constitutes one of the most prominent challenges facing the banking sector and the Iraqi economy, given the continued reliance of individuals on cash transactions and keeping part of their savings outside banks, which raises questions about the reasons for this phenomenon and its repercussions on investment, growth and confidence in the banking sector.

 Economic experts believe that the large amount of liquidity leaving the banking system is not related to a single factor, but rather to factors related to confidence, banking services and procedures, as well as the nature of the Iraqi economy and its extensive reliance on cash.

Trust gap

In this regard, economist Abdul Rahman Al-Mashhadani said that the percentage of liquidity held by individuals outside the banking system exceeds 85 percent, while the Central Bank estimates it at about 90 percent, attributing this to the existence of a trust gap between the citizen and the banking system, both governmental and private.

Al-Mashhadani explained in an interview with Al-Sabah that bureaucratic procedures and inflexible dealings with customers are among the reasons for citizens’ reluctance to use banks, in addition to the large number of documents and procedures that accompany deposit and withdrawal operations.

He added that the measures taken by banks during crises, particularly restricting withdrawals, reinforce depositors' fears and push them to keep their money in cash, noting that citizens want to ensure they can access their money when needed.

He explained that the banking system relies primarily on individual deposits, and therefore restricting withdrawals or the bank's inability to provide the required amounts to depositors leads to a decline in confidence in the banking sector.

Deposit Guarantee

Al-Mashhadani pointed out that the failure of some banks or their exposure to bankruptcy represents another factor that affects the confidence of depositors, calling for strengthening the role of the Central Bank in protecting the banking system and individuals’ deposits.

He called for the establishment of an effective deposit guarantee system in order to contribute to reassuring citizens and encouraging them to deposit their money, noting that the limited guarantee is not commensurate with the amount of liquidity that individuals can deposit.

He pointed out that the weakness of banking services and the imposition of commissions on some transactions represent an additional reason for citizens’ reluctance, explaining that the need to pay commissions for some services, coupled with the insufficient availability of services, reduces the attractiveness of banking transactions.

He stressed the need for a "reform revolution" in this regard, explaining that the entry of savings into banks could allow them to be reinvested in development projects and productive sectors.

Disrupted liquidity

For his part, Dr. Maitham Al-Aibi, Professor of Public Finance at Al-Mustansiriya University, believes that the high percentage of liquidity outside the banking system means that there is a weakness in individual savings within the banking system, which makes the banking system less able to inject real investment into the local economy.

Al-Aibi told Al-Sabah: “The dominance of the cash economy affects the ability of monetary and fiscal policies to manage the money supply effectively and efficiently, and the money supply becomes outside the control of the two authorities, with the resulting negative effects on inflation and government spending.”

He added that storing money at home leads to a decrease in the velocity of money circulation between individuals and businesses, which is reflected in the recovery and economic growth, and leads to a decline in private sector growth and unemployment.

High liquidity is an important indicator of the growing phenomenon of the shadow economy, indicating that this leads to the emergence of money laundering, currency trading and informal operations that deprive the treasury of significant revenues.

He stressed that the lack of trust in the state by individuals has become a major obstacle to abandoning household cash, noting that the salary crisis, the delay in its disbursement, and the ill-considered and contradictory government announcements contribute to perpetuating this behavior.

He called for strengthening confidence by not allowing banks to withhold any part of individuals’ deposits and guaranteeing those deposits, guaranteeing deposits and withdrawals in the same currency, protecting the funds of depositors and small banks, as well as promoting digital transformation in a real and effective way.

hybrid economy

In contrast, economist Ahmed Al-Ansari believes that the rise in the money supply outside the banking system is due to two reasons together, but to varying degrees. The first is a relative weakness in confidence and use of banking services, while the second is related to the hybrid nature of the Iraqi economy and the spread of cash transactions and the informal economy.

Al-Ansari explained in an interview with Al-Sabah that the high percentage of liquidity outside the banking system cannot be considered on its own as evidence of a banking confidence crisis, but rather represents an indicator of weak financial inclusion and the economy’s reliance on cash, as well as the significant delay in digital transformation.

Experts suggest that addressing the phenomenon of liquidity outside the banking system requires addressing multiple aspects, starting with restoring citizens' trust in banks, moving through improving services and reducing their cost and protecting deposits, and culminating in promoting inclusion. 

Finance and digital transformation.

According to previous arguments, keeping savings outside the banking system not only means losing them from the economy, but also limits the possibility of employing them through banking channels in investment and production activity, at a time when strengthening confidence remains one of the key factors in changing individuals’ behavior towards saving and banking transactions. link

Monday Iraq News Posted by Tishwash at TNT 9-7-2026

‍TNT:

Tishwash:  An economist predicts the return of the 50 and 100 dinar denominations with the currency change.

Economic expert Mustafa Hantoush suggested on Sunday that the 50 and 100 dinar denominations would return to circulation if the currency change were to proceed, noting the possibility of issuing new currency denominations with stronger security features .

Hantoush said in a televised interview followed by Al-Sa’a Network that “the Central Bank may issue a new currency with advanced security features, with the possibility of introducing currency denominations less than 250 dinars, such as 100 fils .”

He added that "the Central Bank may move towards issuing 50 and 100 dinar denominations in the next stage," indicating that "the return of these denominations may contribute to supporting the currency and strengthening the position of the Central Bank ."

He explained that "the Central Bank has not yet made a final decision regarding this step, while the government is working on forming a committee to study the issue, pending the completion of the procedures related to it within the House of Representatives  link

Tishwash:  Baghdad, Washington Discuss Wider Bilateral Cooperation

Iraqi PM Ali al-Zaidi meets US Chargé d'Affaires Steven Fagin in Baghdad to discuss strengthening bilateral ties and easing regional tensions through dialogue.

Iraqi Prime Minister Ali al-Zaidi received Steven Fagin, Chargé d'Affaires of the US Embassy in Baghdad, Steven Fagin, on Sunday, with both sides underscoring the importance of dialogue and diplomatic tools in easing regional tensions and safeguarding the interests of the region's peoples.

According to a statement from the Iraqi prime minister's office, the meeting addressed ways to strengthen bilateral relations between Iraq and the United States, with discussions covering the expansion of joint cooperation across various sectors in a manner intended to serve the shared interests of both countries.

The statement said the meeting also touched on the broader situation in the region, with al-Zaidi and Fagin agreeing on the necessity of relying on dialogue and diplomatic means as the sole path to reducing tensions. Both sides framed this approach as essential to reinforcing the foundations of security and stability and protecting the overriding interests of the region's peoples.

The meeting reflected continued engagement between Baghdad and Washington as both governments signaled a shared commitment to diplomacy amid ongoing regional uncertainty link

************

Tishwash:  Governor of the Central Bank of Iraq: America is considered a safe haven for Iraqi investments.

The Governor of the Central Bank of Iraq , Nizar Nasser Hussein, said that the United States of America is considered a safe haven for Iraqi investments.

Hussein added on Sunday: "We invest in the United States as it is a safe haven and the only country that has granted Iraq immunity, and the risks of investing in other countries are significant."

 He explained that “the total amount of currency issued in Iraq is $81.7 billion (107 trillion dinars), and what is circulating in the markets is close to $30.5 billion (40 trillion dinars), and that changing the currency is within the powers of the Central Bank, and removing zeros requires legislation in the Iraqi parliament,” according to the German Press Agency “DPA”.

Hussein continued: “There will be no more sanctions from international bodies on the Iraqi banking sector. We are continuing the reform process in coordination with Oliver Wyman. International confidence in the Central Bank of Iraq is very high, and the seven banks that were allowed to deal in currencies other than the dollar may start operating soon.”

He explained that "the majority of depositors' funds in the Iraqi Islamic Spectrum Bank are guaranteed, and if a deficit occurs, the Central Bank of Iraq will intervene. The current government is run with a private sector mindset, and the media plays an important role in improving Iraq's image internationally." ink

************

Tishwash:  Ford officially enters the Iraqi market on October 1st.

 Ford is officially returning to the Iraqi market starting from October 1st, after appointing North Island Automotive Trading and Commercial Agencies Company (SAT) as its exclusive distributor in the country.

The appointment was based on a strategic alliance between March Holding Group and Al-Alayan Group, and North Island Company will be responsible for distributing cars, providing original spare parts, and offering after-sales services throughout the country.

Ford indicated in a statement received by Kalima News that "North Island Company (SAT) will, under this appointment, be responsible for distributing Ford vehicles, providing original spare parts, and offering after-sales services throughout Iraq."

The company added that "this embodies the depth of our long-term strategic commitment to the Republic of Iraq, and our keenness to facilitate our customers' access to modern Ford models, original spare parts and advanced maintenance services," explaining that "we are working to strengthen our sales and service network, consolidating the strong bridges of trust that customers in Iraq have built with the brand over the past decades."

Ford Middle East and North Africa President Ravi Ravichandran said: “Iraq is a key focus of Ford’s growth plans in the region, and we always strive to provide the best services to our customers there in the long term. North Island Company (SAT) shares the same vision that puts the customer first, based on quality standards and sustainable growth, and the company’s experience and deep understanding of the local market will contribute to enhancing the Ford customer experience from the purchase decision to after-sales services.”

For his part, North Island CEO Mohammed Aliyan affirmed that "Ford has a long and distinguished history in the Iraqi market, as it has represented a symbol of reliability and quality for several generations," adding that "our role today is not limited to distributing cars only, but also includes preserving this legacy and enhancing the trust that the brand has built over the decades."

Aliyan continued, "We established North Island Company (SAT) on a sophisticated infrastructure, qualified human resources, and a full commitment to delivering the integrated Ford experience that customers in Iraq look forward to and deserve."  link

Tishwash:  Central Bank Governor: We are continuing to reform the banking sector and support the national economy.

The Governor of the Central Bank of Iraq, Mr. Nizar Nasser Hussein, affirmed the bank's continued commitment to implementing its banking sector reform program in coordination with Oliver Wyman. He indicated that the coming phase will witness further positive developments in the banking sector and enhanced integration with the international financial system.

During a dialogue with several economic experts, the Governor explained that international confidence in the Central Bank of Iraq is very high, emphasizing the strengthening of internal oversight and the implementation of preventative measures for financial and banking institutions.
Regarding depositors' funds, the Governor stressed that the vast majority of deposits in the banking sector are guaranteed. He clarified that in the event of any disruption or shortfall, the Central Bank will intervene within its powers and responsibilities. He reassured the public that the Central Bank is capable of managing crises, given its reserves, financial instruments, and contingency plans.

Regarding the money supply, the governor explained that the total amount of currency issued for circulation is approximately 107 trillion Iraqi dinars, and that changing the currency will help determine the true amount of money circulating in the markets.
He emphasized the important role of the media in supporting economic and banking reforms and contributing to improving Iraq's image and enhancing international confidence in the country. He also noted that the current government is operating with a vision based on the private sector and its role in economic development.

In support of economic activity, the Governor revealed new lending initiatives that the Central Bank intends to launch to support important and vital projects, thereby stimulating investment and production and strengthening the role of the private sector in the national economy.

He emphasized that banking reform is an ongoing process aimed at building a more efficient and competitive banking sector and strengthening its relationship with the international financial system, thus serving financial and economic stability in Iraq.

 Baghdad - Media Office   link

Seeds of Wisdom RV and Economics Updates Monday Afternoon 9-7-26

CLARITY ACT HITS A CRITICAL WALL: U.S. DIGITAL-FINANCE LEADERSHIP NOW FACES A REGULATORY GAP

Congressional deadlock is putting the future of comprehensive U.S. crypto market-structure legislation in doubt just as federal regulators and other financial centers move ahead with their own digital-asset frameworks.

OVERVIEW

• The CLARITY Act remains stalled in the Senate, with a September 15 cloture vote now representing the next major test of whether the legislation can advance.

• The delay is being driven by unresolved disagreements over ethics provisions, anti-money-laundering safeguards, stablecoin rewards, community-bank deposits, law-enforcement authority and SEC-CFTC jurisdiction.

• The SEC and CFTC have already taken important steps under existing authority, but agency action cannot fully substitute for a durable federal market-structure law.

KEY DEVELOPMENTS

1. The CLARITY Act Has Reached a Critical Legislative Test

The latest reporting has intensified concerns that the CLARITY Act may not advance during the current congressional session. Former federal prosecutor Renato Mariotti has characterized the bill as effectively “dead” following discussions with lawmakers and congressional staff.

That is an assessment, not an official congressional determination. The formal process remains alive, with the Senate scheduled for a September 15 cloture vote.

Cloture is particularly important because the Senate generally requires 60 votes to overcome procedural obstacles and move legislation forward. A failure to reach that threshold could effectively end the bill's current path.

Reuters previously reported that the Senate's delay reflected unresolved disagreements and a shrinking legislative calendar ahead of the November elections.

2. Why Hasn't the CLARITY Act Passed?

The delay is not attributable to one issue.

Ethics and conflicts-of-interest provisions have become one of the most politically sensitive disputes surrounding the legislation.

Lawmakers have also disagreed over anti-money-laundering requirements and enforcement mechanisms, including how much authority should be available to law-enforcement agencies.

Another major issue involves stablecoin rewards. Banking groups have raised concerns that rewards paid on dollar-backed stablecoins could pull deposits away from banks that use those deposits to support lending. Crypto-industry participants have argued that restricting such rewards could reduce competition.

There are also disagreements involving community-bank protections, decentralized finance and the precise division of regulatory authority between the SEC and CFTC.

The result is not simply partisan disagreement. Different lawmakers and financial-sector interests have competing concerns about how the market should be regulated. Reuters reported that both Democrats and some Republicans have raised objections to different provisions of the bill.

3. Could the SEC and CFTC Fill the Gap If Congress Fails to Act?

Partially — but not completely.

The SEC and CFTC have already demonstrated that they can provide considerably more clarity using their existing authority.

On March 17, 2026, the two agencies issued a joint interpretation establishing categories including digital commodities, digital collectibles, digital tools, stablecoins and digital securities. The interpretation also addressed how a non-security crypto asset can become subject to — and potentially cease being subject to — an investment contract.

The agencies have therefore already created a more defined regulatory foundation without waiting for Congress.

The CFTC is also continuing work on emerging financial technology through its Innovation Advisory Committee, which is examining the intersection of technology, law, policy and finance.

But there is an important limitation.

An agency interpretation is not the same thing as an act of Congress.

The SEC's own chairman, Paul Atkins, made this unusually clear in August. He said legislation remains indispensable for establishing durable rules that cannot simply be changed by a future regulator.

That distinction is critical for investors and financial institutions.

Regulators can interpret existing statutes, issue rules within their authority, bring enforcement actions and establish regulatory frameworks. Congress can establish or change the underlying statutory authority itself.

Without legislation, questions surrounding jurisdiction, market structure, registration, custody, trading platforms, decentralized finance and the precise boundaries between securities and commodities can remain vulnerable to future rule changes, litigation or changes in agency leadership.

4. What Happens If the CLARITY Act Does Not Pass?

A failed CLARITY Act would not mean that U.S. crypto regulation suddenly disappears.

The SEC and CFTC would continue operating under their existing statutory authorities. The March 2026 joint interpretation would remain an important piece of the regulatory landscape, and both agencies could continue developing rules and guidance within the authority Congress has already provided.

The problem would be durability and completeness.

The United States could continue building digital-asset regulation through a combination of agency rules, interpretations, enforcement policies, court decisions and existing statutes rather than through one comprehensive market-structure framework.

That creates a more fragmented system.

It could also leave some companies uncertain about which regulator has primary authority over particular activities and leave important questions dependent on future agency decisions or litigation.

In other words, the United States could continue moving forward — but without the statutory foundation that CLARITY was designed to provide.

5. Why This Matters Beyond Cryptocurrency

The CLARITY debate is ultimately larger than Bitcoin or individual digital tokens.

Financial markets are increasingly moving toward tokenized assets, blockchain-based settlement, digital securities, stablecoins and programmable financial infrastructure.

The regulatory question therefore becomes:

Who will establish the rules for the next generation of financial markets?

The United States is not operating in isolation. Other major financial centers are also developing regulatory frameworks for digital assets.

The longer comprehensive U.S. legislation remains unresolved, the greater the possibility that companies will structure portions of their digital-finance operations around jurisdictions where regulatory requirements are more clearly established.

That does not mean the United States automatically loses financial leadership.

But it does mean that regulatory uncertainty becomes a competitive factor.

WHY IT MATTERS

Economy: Digital assets are becoming increasingly connected to capital formation, payments, financial services and investment infrastructure.

Markets: Investors and institutions need predictable rules governing custody, trading platforms, token classification and market oversight.

Policy: The central unresolved issue is whether existing agency authority is sufficient or whether Congress needs to establish a more comprehensive statutory framework.

Global System: The regulatory framework established today could influence where future digital financial infrastructure, capital and financial technology businesses are located.

WHY IT MATTERS TO FOREIGN CURRENCY HOLDERS

For foreign-currency holders, the significance is indirect but important.

A larger digital-asset and stablecoin ecosystem could eventually affect cross-border payments, settlement systems, liquidity and demand for different forms of digital money.

Dollar-backed stablecoins are particularly important because they can extend the reach of the U.S. dollar into blockchain-based financial networks.

If U.S. regulators can maintain clarity even without CLARITY, dollar-based digital finance can continue developing.

If regulatory uncertainty persists for years, however, some digital-finance activity could increasingly develop outside the United States.

That could influence the future architecture of cross-border payments, digital currencies and global capital flows — all of which ultimately affect the environment in which foreign currencies are valued and exchanged.

IMPLICATIONS FOR THE GLOBAL RESET

• Pillar 1: Technology — The Battle Over Digital Financial Infrastructure

The CLARITY debate is part of a much larger transition from traditional financial infrastructure toward blockchain, tokenization, stablecoins and programmable settlement.

The country or financial center that establishes durable rules for that infrastructure could attract a significant share of the next generation of financial innovation.

• Pillar 2: Assets — The Legal Foundation for Tokenized Finance

As more financial assets become digitally represented, the distinction between securities, commodities, stablecoins and other digital assets becomes increasingly important.

Without comprehensive legislation, the United States can continue developing this market through regulators, but the legal foundation remains less durable than a framework established directly through federal statute.

CONCLUSION

The CLARITY Act has reached a pivotal moment.

The September 15 Senate cloture vote will provide a much clearer indication of whether Congress can move the legislation forward, but failure would not stop the digital-asset market from developing.

The SEC and CFTC have already shown that they can provide meaningful regulatory clarity under existing law. Their March 2026 joint interpretation is evidence that the agencies can move even while Congress remains divided.

But there is a fundamental difference between regulatory action and statutory law.

Agencies can build a bridge across part of the regulatory gap. Congress is still needed to build the permanent legal road.

That is why the CLARITY debate matters beyond cryptocurrency: the United States is deciding how much of the next generation of financial infrastructure will be governed by durable legislation — and how much will continue to depend on regulators, courts and changing rules.

The digital financial system is moving forward. The question is whether U.S. law will move forward with it.

Seeds of Wisdom TeamNewshounds News™ Exclusive

SOURCES

• Reuters — Crypto bill faces long odds after Senate punts vote to September

• U.S. Securities and Exchange Commission — SEC Clarifies the Application of Federal Securities Laws to Crypto Assets
  

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