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Al-Rasheed Bank relaunches credit card advances with a maximum limit of 15 million dinars.

Al-Rasheed Bank announced today, Monday, the relaunch of its electronic loan service through the credit card with a maximum limit of 15 million dinars.

The bank said in a statement received by Al-Maalomah Agency that “it has been decided to relaunch the electronic advances service through the credit card, in a step that enhances its digital services and facilitates financial facilities for employees.”

He added that “the service is directed to employees of state departments and members of the Ministries of Interior and Defense whose salaries have been deposited with the bank, where they can apply to obtain a loan equivalent to five salaries with a maximum of 15 million Iraqi dinars,” noting that “the application is done electronically only through the Al-Rasheed Bank application.”

He noted that “this measure comes within the framework of the bank’s move towards digital transformation and enhancing access to modern financial services in a secure and fast manner that keeps pace with developments in the sector.”

Almaalomah.me

Al-Halbousi is out of office… Political norms thwart his ambitions for the presidency and parliament.

The head of the Progress Party, Mohammed al-Halbousi, failed to obtain support and consensus from the Sunni forces and the rest of the political parties to win the position of President of the Republic, given that the prevailing political custom confirms that this position is the share of the Kurdish component, in addition to the rejection of al-Halbousi’s presence as a candidate for the position of Speaker of Parliament after he was dismissed from the position on charges of forgery in the last parliamentary session. Consequently, al-Halbousi will be excluded from the circle of presidential positions despite obtaining the first rank in terms of the number of parliamentary seats within the Sunni component.

Fadi Al-Lahibi, a member of the Al-Azm Alliance, told Al-Maalouma, “The possibility of Al-Halbousi returning to the presidency of Parliament is unlikely given the prevailing sentiment to avoid repeating the past experience, which resulted in many complications in the political landscape. Many political forces, including Sunni and Kurdish groups, support the selection of one of the Al-Azm Alliance’s candidates for Speaker of Parliament, considering him the most open to all forces and with clear positions.” He added, “Al-Halbousi’s return to the Speakership is unlikely, and many forces have begun to state this. The next phase is expected to be different, but ultimately, it is the Sunni forces, including the Al-Azm Alliance, who determine who assumes the Speakership and whose candidate is put forward.”

For his part, Muhammad al-Fahdawi, a leader in the United Anbar Alliance, told Al-Maalouma that “the political process since its inception has adopted the principle of consensus and political norms in distributing the three presidencies, and that any change or replacement in these positions requires consensus among all components, in addition to the acceptance of a specific component represented by its political forces, as al-Halbousi’s desire to grant the Sunni component the presidency of the republic is a difficult step, and does not have the approval of the majority of Sunni forces, as the position is protocol-based and does not achieve real gains for the component, but rather falls within personal interests.”

In a related context, political analyst Yassin Aziz told Al-Maalomah that “the Sunni component suffers from service, economic, and security problems that require urgent solutions, making the competition for the presidency less important compared to these more pressing issues. The three presidential positions in Iraq were previously agreed upon by the political forces according to the norms followed since 2005, and changing this norm requires a comprehensive national agreement, which does not seem possible at present.” He pointed out that “the Sunni component does not stand united behind Mohammed al-Halbousi’s insistence on the presidency, and a number of Sunni forces believe that persisting in this position could exacerbate internal divisions and affect their stance in the government formation negotiations.”

Almaalomah.me

After a sudden rise, the Central Bank of Iraq reassures markets: The dinar is stable.

The Central Bank of Iraq confirmed on Monday that there is no intention to change the exchange rate of the Iraqi dinar against the US dollar, stressing its continued support for the stability of the exchange rate, and indicating that statements related to changing it aim to confuse the market, stir up speculation and affect the stability of the national economy.

The statement from the Central Bank of Iraq comes in conjunction with a sudden rise in the exchange rate of the dollar in Iraqi markets today, amid economic controversy over the reasons for the rise and its repercussions on the general budget and the local economy.

The bank said in a statement received by Shafaq News Agency that it has made tangible progress in its strategic objectives related to maintaining the stability of the general price level, noting that the inflation rate has fallen to historically low levels, the lowest in the region, thanks to monetary policies and well-considered measures despite the economic challenges.

The statement added that Bank Law No. (56) of 2004, and in particular Article 1/4/A, defines its basic tasks in formulating and implementing monetary policy, including exchange rate policy, stressing that there is no intention to amend the exchange rate of the dinar in line with its goal of ensuring price stability.

The bank noted its continued support for exchange rate stability thanks to ideal levels of foreign currency and gold reserves, while ensuring coverage of all banks’ requests for external reinforcement in US dollars and other foreign currencies such as the Chinese yuan, Turkish lira, Indian rupee, and UAE dirham.

He also confirmed that bank card settlements and personal transfers via MoneyGram and Western Union, as well as cash sales for travel purposes, are continuing, noting that there is no pressure on current reserves.

The statement reiterated that any external statements regarding changing the dinar exchange rate do not reflect the position of the Central Bank and represent opinions aimed at confusing the market and inciting speculation.

Shafaq News Agency published a report on Monday regarding the sudden rise of the dollar, addressing the challenges and concerns associated with the rise and its potential effects, amid differing expert opinions on government measures, with agreement on the need to adopt a comprehensive package of reforms instead of relying on a single tool.

Shafaq.com

The “sudden” rise of the dollar in Iraq: challenges and concerns

The exchange rate of the US dollar in Iraq has been under renewed pressure recently, amid widespread economic debate about the reasons for the rise and its impact on the general budget and the local economy. Experts have differing views on the nature of government measures and their results, with a general agreement on the need for a comprehensive package of reforms instead of relying on a single tool.

On Monday, Iraqi markets recorded a sudden rise in the exchange rate of the dollar against the Iraqi dinar. The Al-Kifah and Al-Harithiya exchanges in Baghdad recorded 144,000 dinars for 100 dollars at midday, compared to 142,250 dinars in the morning. Meanwhile, the selling price in Erbil reached 143,050 dinars and the buying price reached 142,900 dinars for every 100 dollars.

Changing the exchange rate is not a solution

Economic expert Mahmoud Dagher told Shafaq News Agency that the worsening budget deficit prompted the Iraqi government since the end of 2020 to take rapid measures such as reducing the value of the dinar, and then raising the value of the dollar in 2023, but he pointed out that these decisions, despite their importance, are not radical solutions.

Dagher, a former director at the central bank, explained that “reducing or changing the exchange rate cannot be the sole cure for the crisis, as long as it is not accompanied by a set of complementary measures.”

He added that the continuation of the crises is linked to the absence of real reforms in key areas such as combating corruption, improving tax collection, developing the electricity and water sectors, and regulating the work of ports and customs.

Dagher also said: “Changing the exchange rate is worthless if it is a one-off measure. Everyone is treating it as a tool to get out of the crisis, while the truth is that the problem is bigger, and the budget gap can only be overcome through an integrated package of tools, foremost among which is linking spending to revenue.”

Monetary cooperation ensures stability

For his part, the Prime Minister’s financial advisor, Mazhar Muhammad Saleh, confirmed to Shafaq News Agency that there is a high level of constructive cooperation between monetary and fiscal policies based on the principle of indirect monetary adjustment.

He explained that this principle provides initial financial leverage to the banking system by enabling it to purchase government bonds from all local banks, through discounting operations which in turn lead to the stability of the banking system’s liquidity.

Saleh explained that this cooperation is not limited to that, but rather constitutes a fundamental pillar for securing the short-term financing requirements of public finances, which ensures maintaining comfortable levels of liquidity for banks on the one hand, and for public finances when needed on the other hand.

He stressed that the cash liquidity needs and the provision of its requirements are proceeding normally and regularly, and that salaries, wages, pensions and all other financial obligations are in a very safe position and do not face any risks in the short and medium term.

Corruption is putting pressure on the dinar.

Economic expert Hilal Al-Taan believes that the decline in crude oil prices, the main source of the general budget, in addition to the decline in non-oil revenues represented by taxes, customs and state property revenues, along with the presence of administrative and financial corruption in most parts of the state, and the lack of deterrent measures for the corrupt, may lead to a decrease in the exchange rate of the dinar against the dollar.

Al-Taan added to Shafaq News Agency: “This is what happened in the 2021 budget when the price of the dollar was raised from 120,000 to 145,000 dinars, which led to a significant increase in the prices of all food and consumer goods, and put pressure on the livelihood of the poor and middle classes with limited income.”

He continued: “Therefore, all expectations are possible in the absence of a sound and realistic economic policy for the Iraqi economy.”

It appears that the rise in the price of the dollar in Iraq is not related to a single factor, but rather intersects with financial, administrative and structural challenges that require comprehensive solutions, at a time when the government affirms the continuation of financial stability and its ability to meet basic obligations.

Between experts’ warnings and calls for a broad reform package, and the fiscal and monetary policy’s adherence to its current plans, the market remains on the lookout for any practical steps that may determine the course of the next phase.

Shafaq.com

The framework reduces the candidates for the premiership to 3, and a comprehensive movement is underway to name the presidencies.

An informed source revealed on Thursday the three most prominent candidates for the position of Prime Minister, while indicating that next week will witness movement among all political forces to name the three presidencies.

The source told Shafaq News Agency that “meetings are continuing between the forces of the Coordination Framework to decide on the position of Prime Minister and to name the candidate for it, according to the custom followed by the Framework, but this clashes with the position of some of its blocs, which insist on adopting the electoral weight.”

He added that “there are 3 candidates, one of whom will be named through voting within the framework, namely the outgoing Prime Minister Mohammed Shia al-Sudani, the head of the State of Law Coalition Nouri al-Maliki, and the head of the intelligence service Hamid al-Shatri.”

He pointed out that “the two committees formed by the framework will not change the equation for naming the candidate for the position of Prime Minister, because the candidates are from within the Shiite community, and even if a figure is chosen outside of expectations, he will certainly be known to the coordinating framework.”

The Coordination Framework announced last Monday the formation of two committees. The first committee is concerned with forming the government and includes Ammar al-Hakim, Humam Hamoudi and Abdul-Sada al-Fariji, while the second committee is concerned with negotiating with the political parties and includes Nouri al-Maliki, Hadi al-Amiri, Faleh al-Fayyad and Mohsen al-Mandalawi.

On Tuesday, Alaa al-Haddadi, a leader in the State of Law Coalition headed by Nouri al-Maliki, revealed that there is explicit opposition to extending the term of caretaker Prime Minister Mohammed Shia al-Sudani by several forces within the coordination framework, stressing that these forces reject renewing al-Sudani’s term and prefer another candidate.

Al-Haddadi told Shafaq News Agency that there is explicit opposition to extending Al-Sudani’s term by several forces within the framework, namely Asa’ib Ahl al-Haq, Rights and Services, State of Law, and the Sadiqun bloc, according to him.

For his part, Al-Sudani hinted at his desire to head the next Iraqi government, considering that obtaining a second term is not a personal ambition as much as it is an electoral entitlement due to the “Reconstruction and Development” bloc, which he leads, obtaining the highest number of votes in the elections.

This comes at a time when political sources had previously confirmed to Shafaq News Agency that the competition for the premiership is currently limited to al-Sudani and the head of the intelligence service, Hamid al-Shatri, from among 15 candidates who were discussed within the framework, with al-Sudani being favored if he remains within the framework, given the regional and international support he enjoys.

It is worth noting that the Independent High Electoral Commission in Iraq announced, on November 17, 2025, the final results of the parliamentary elections, revealing that the Development and Reconstruction Coalition had won the most seats in parliament with 46 seats.

Shafaq.com

Al-Kalabi poses 18 questions to the framework regarding Al-Sudani’s performance and calls for a public debate.

Former MP Youssef Al-Kalabi addressed an official letter today, Thursday, to the leaders of the Coordination Framework and the committee tasked with interviewing applicants for the position of Prime Minister, demanding that caretaker Prime Minister Mohammed Shia Al-Sudani be held accountable for a number of files that he said were “documented with evidence,” should the latter apply to occupy the position again.

In his letter entitled “So that we do not forget,” Al-Kalabi said, “It is necessary to ask direct questions to Al-Sudani regarding the size of the internal and external debts that have accumulated during his government’s term, the financial obligations of ongoing projects, the violation of the budget law by not sending the 2025 budget schedules to the House of Representatives, and the mechanism of spending without legislative basis.”

Al-Kalabi called for him to be held accountable for “turning the Council of Ministers into an entity with executive and legislative powers, and his meeting with the leader of Hayat Tahrir al-Sham, Abu Muhammad al-Julani, who is wanted by the Iraqi judiciary under Article 4 of the Anti-Terrorism Law, in addition to preventing the Minister of Finance from attending Parliament and exploiting public funds for political and partisan purposes.”

The letter included criticisms of the government’s performance in the areas of investment, water, combating corruption, managing the oil sector, dealing with the provinces, and withdrawing important laws such as the Popular Mobilization Law and the Civil Service Law, as well as “conflict of interest in the selection of ambassadors, challenging the differences in the Popular Mobilization Forces, and canceling the deduction of the Martyrs Fund.”

Al-Kalabi reiterated his previous call for Al-Sudani to participate in a televised debate, declaring his readiness for a public debate before the Coordination Committee or the media.

Almaalomah.me

Al-Rubaie sets a date for the start of consultations to form the next government and reveals details of the framework committees.

Former MP Ayoub Al-Rubaie set on Thursday the date for the start of official consultations regarding the formation of the next government, stressing that the coordination framework has prepared more than one special committee to accelerate the pace of the decision.

Al-Rubaie told Al-Maalouma that “the Framework Forces have formed several committees concerned with the file of forming the next government, including a committee to determine the identity of the candidates for the premiership, and another to move towards the rest of the forces, parties and currents in order to unify visions regarding the nature of the alliances that will lead to the formation of the government.”

He added that “the actual date for the start of consultations will be next week, as a series of important and intensive meetings are expected to be held in Baghdad with representatives of multiple forces,” indicating that “the signs indicate that the consultations will be more flexible and smooth, in light of broad political support to accelerate the steps to form the next government.”

Al-Rubaie pointed out that “the level of complexity in the current situation is lower compared to previous seasons, which suggests that political forces are more likely to adhere to the timelines for forming the government.”

Almaalomah.me

Al-Sadr blocks the framework by refusing to interfere in the formation of the new Iraqi government.

A prominent leader in the Shiite National Movement revealed on Thursday that the movement’s leader, Muqtada al-Sadr, refused to open any channels of dialogue with the Coordination Framework regarding the formation of the next Iraqi government.

The leader told Shafaq News Agency that “Al-Sadr refuses to open any channels for dialogue, whether direct or indirect,” pointing to “the position of the leader of the Shiite National Movement, who rejects any interference in the process of forming the anticipated Iraqi government.”

The leader, who asked not to be named, said, “Al-Sadr’s position comes within the framework of adhering to the principles of his movement, and the independence of the political decision away from any external or local pressures, and the movement will continue to follow political developments according to what it sees as appropriate for the interest of Iraq and its people.”

The prominent leader in the movement affirmed that “Al-Sadr and his close team will not participate in any negotiations or political talks, and any attempts to interfere in the formation of the government will not be acceptable,” noting that “Al-Sadr stressed this during his recent meetings with those close to him in any way.”

On the ninth and eleventh of November, Iraq held special and general voting in the parliamentary elections for the sixth parliamentary session, as part of a democratic practice in the political process that emerged after 2003 through the overthrow of the former Baath regime by the forces of the United States of America and its allies.

The Coordination Framework announced on November 17 the formation of the “largest parliamentary bloc” after the Independent High Electoral Commission announced the final results of the special and general voting.

On the same day, the Supreme Federal Court (the highest judicial authority in Iraq) decided to end the work of the House of Representatives and transform the government into a “caretaker government”.

It appears that the coordinating framework, which includes the ruling Shiite political forces in the country that secured the highest number of votes in the recent parliamentary elections, is seeking to finalize the formation of the next Iraqi government as quickly as possible and before the constitutional deadlines in this regard expire.

However, there are some obstacles that may prevent progress in these efforts, most notably the issue of appointing a new Prime Minister, or proceeding with renewing the second term of the current Prime Minister, Mohammed Shia Al-Sudani, who topped the lists of candidates in obtaining the highest number of votes.

A source within the coordination framework revealed last Sunday that its forces had agreed to appoint a representative to meet with the leader of the Shiite National Movement, Muqtada al-Sadr, and inform him of the progress in forming the next government.

The Shiite National Movement, led by Muqtada al-Sadr, boycotted the sixth parliamentary elections, despite attempts by prominent political figures and parties to dissuade it from this position, but those efforts failed.

Shafaq.com

Billions lost in the dark… Iraq shocks General Electric and Siemens with its governance chaos.

Forbes magazine highlighted the broader picture of Iraq’s failure to secure electricity, attributing the cause to instability, bureaucracy, and political fragmentation.

The magazine stated in a report translated by Shafaq News Agency that this issue transcends the borders of Iraq, and is related to the suffering of countries emerging from war and suffering from instability in their efforts to rebuild the simplest infrastructure despite possessing large natural and financial resources.

She added that the electricity crisis in Iraq is not just a story of a technical malfunction, but a story of differing expectations, explaining that the American company General Electric pledged to restore production capacity, while the German company Siemens promised to help build a state, but they both encountered the same obstacles: instability, bureaucracy, and political fragmentation.

Following the American invasion in 2003, there was devastation to the electricity infrastructure, as transmission lines were destroyed, substations were looted, and power plants were blown up, according to the newspaper, which noted that foreign companies stepped in to fill this void, while the government spent about $100 billion on generation, transmission, and distribution projects, yet power outages are a daily reality.

According to the report, peak demand currently exceeds 40 gigawatts, while actual generation rarely exceeds 23 gigawatts, according to the Ministry of Electricity and the Atlantic Council’s 2023 report on Iraq’s energy sector. It added that even when new capacity is added, distribution losses resulting from outdated equipment, theft, and mismanagement consume about one-third of the electricity generated.

He added that General Electric engaged with Iraq through a project-focused technology model, noting that contracts exceeding a total value of $1.2 billion covered modernization and maintenance of gas turbines, substations and transmission lines, including a $400 million contract to rebuild 14 electricity substations in Baghdad, Basra, Karbala and other areas.

As for Siemens, the report said it has taken a more comprehensive approach, combining technical development, workforce development, sustainable energy projects, and financial structuring to help Iraq obtain international loans, in addition to the company adopting small social and economic initiatives, such as health clinics and vocational training programs, in its roadmap.

He explained that Siemens had invested approximately $763 million in gas-fired power plants, turbine development, and new conversion stations, stressing that its vision was so ambitious that it was not limited to securing electricity only, but also included building Iraq’s capacity to manage and maintain it in the long term.

Nevertheless, the report emphasized: “Both approaches faced the same systemic obstacles, with politics, bureaucracy, and weak institutions frequently delaying approvals and redirecting funds mid-project. Even when turbines were installed or substations were commissioned, fuel shortages, transport bottlenecks, and poor operational management prevented tangible improvements in electricity supply.”

He pointed out that “Iraq’s electricity system is still fragmented, underfunded, and vulnerable to political instability,” explaining that rebuilding Iraq’s energy system is not just about bricks, wires, and fuel, but also about governance, how decisions are made and implemented, institutional capacity, technical knowledge, and coordination in order to turn plans on paper into electricity in people’s homes.

The report indicated that there is a gap between the promises of foreign contractors and the living reality of Iraqis, which highlights a simple fact: even the best technical solutions cannot succeed without institutions capable of managing them.

He noted that some might argue that the contractors bear the responsibility, and that if General Electric or Siemens had been more diligent, perhaps the energy crisis in Iraq would have been lessened, but such a perspective greatly simplifies the challenge at hand.

The report explained that weak oversight and political gridlock mean that even the most efficient foreign partners cannot overcome governance failures.

However, he pointed out that the underlying problem is that the electricity system is still almost entirely dependent on fossil fuels, with about 99% of its power coming from oil and natural gas, with a small percentage from older hydroelectric power plants.

Although the report mentioned the government’s announcement of its goal to produce 12 gigawatts of renewable energy by 2030, mostly from solar power, it confirmed that this plan has been largely hampered by funding gaps, land disputes, and bureaucratic gridlock, despite the start of a number of pilot solar energy projects in Karbala, Babylon, and Basra, which nevertheless meet only a small part of the daily demand.

The report quoted Siemens Energy CEO Christian Bruch as saying: “Reliable energy supplies are the foundation of a stable society, and therefore supplying large parts of the country with electricity is one of the most important tasks.”

The report concluded by saying that “the power outages in Iraq are not a technological failure, but a breakdown in coordination, governance and trust,” noting that General Electric and Siemens entered Iraq with ambitions to help, but they fell into the trap of a fragile system that prevented them from continuing.

He concluded by saying that “the lesson extends beyond Iraq, as infrastructure cannot outperform the institutions responsible for managing it, and until this gap is narrowed, even the best plans and glittering promises will dissipate.”

Shafaq.com