Kurdistan awaits the green light from Baghdad to launch the “National Bank” and pledges to grant loans.

The Ministry of Finance and Economy in the Kurdistan Region stated on Thursday that the National Bank “Nishtiman Bank,” which is planned to be launched in the region, will provide loans and financial advances to employees and citizens, after completing the official approvals from the Central Bank of Iraq.

The legal advisor to the Ministry of Finance and Economy, Hawari Kamal, said in a statement seen by Shafaq News Agency that the ministry is “awaiting final approval from the Central Bank of Iraq to grant the official license to begin operations of (Nishtman) Bank,” noting that “the bank’s building has been provided, and a delegation from the Central Bank visited it and expressed its approval of it.”

He added that “the names of the bank’s board members have been selected and sent to the Central Bank for approval, in preparation for granting the final license and officially commencing operations.”

Kamal confirmed that “Nishtman Bank will offer a range of loans and financial advances targeting employees and citizens, including loans for purchasing homes and real estate, financing the purchase of cars, in addition to supporting agricultural and industrial projects, as well as small loans,” indicating that “the size and types of these loans will be determined according to the bank’s financial capacity after it begins operations.”

The Kurdistan Regional Government announced in August 2022 that the steps to establish the National Bank had reached their final stages, and that most of the work related to this project had been completed.

The Director General of Commercial Banks in the region, Mawloud Saber, said in an interview published on the official website of the regional government at the time, that this bank seeks to regulate the government banks and commercial banks, which currently number 94 banks, and is working on reorganizing all departments in the government banks.

He added that “the capital of that bank amounts to 250 billion Iraqi dinars, and 25 billion of that amount was deposited in cash in the special account of the Central Bank of Iraq, Kurdistan Region branch, and 225 billion in commercial banks.”

The National Bank was also scheduled to be launched in the region at the beginning of 2023, but this did not happen, for reasons unknown.

Shafaq.com

Araghchi: We have reached an understanding with America and copies of the potential agreement will be exchanged.

Iranian Foreign Minister Abbas Araqchi announced on Tuesday that an understanding had been reached with the United States on “main principles,” and indicated that work was underway on two versions of the potential agreement document for the two sides to exchange.

Araqchi said in his first comment after the end of the second round of talks in Geneva: “We reached an understanding on the main principles with America,” adding that “there are positive developments compared to the previous round.”

He added that “the two sides will work on and exchange two versions of the potential agreement document. The two sides still have issues that need to be worked on,” noting that “this does not mean that we will reach an agreement soon, but the process has begun.”

Indirect talks between the US and Iran began Tuesday morning in Geneva, amid statements by US President Donald Trump about strengthening the military presence in the Middle East, as well as signals from the Iranian side indicating its readiness for compromises.

US envoys Steve Wittkopf and Jared Kushner participated in the negotiations, along with Iranian Foreign Minister Abbas Araqchi, while Iranian television revealed that the latest round of nuclear negotiations lasted “approximately 3 hours”.

The previous round of talks was held on February 6 in Muscat, Oman, mediated by Oman. It represented the first meeting after a hiatus of several months in the dialogue between the two sides, which resulted from the Iranian-Israeli conflict entering its public phase in June 2015, and which the United States joined.

Shafaq.com

Maliki… A third term: a political dilemma or a wise decision?

Iraqi political circles followed with interest the outcome of the nomination of Mr. Nouri al-Maliki for the Iraqi premiership for the third time by the majority of members of the Coordination Framework, and took into account its international and regional dimensions and interests after a tweet by US President Donald Trump in which he stated that he had heard of “a very bad choice to reinstall Nouri al-Maliki as president,” and pointed out that “the last time Maliki was in power, he plunged the country into poverty and chaos. This must not be repeated.” He added, “If he is elected, the United States will not provide any future assistance to Iraq.”

Some members of the Coordination Framework failed to act wisely or rationally in dealing with the American position. Instead, they persisted in their support for Maliki, disregarding the higher interests of the Iraqi state and the importance of its political and economic relationship with the United States. Maliki remained steadfast in his insistence on remaining Prime Minister, despite internal opposition and calls from key figures within the Coordination Framework to distance themselves from the nomination process and choose another political figure to preserve Iraq’s security and stability and shield it from any major economic crises. These crises could arise from the American administration’s refusal to cooperate and offer advice on all political, military, and economic levels, which would inevitably impact the country’s internal situation.

As the push to maintain Maliki’s political option and retain him as Prime Minister continued, the American administration, through several messages sent to Iraqi politicians, threatened to impose broad economic sanctions targeting the Central Bank of Iraq, SOMO (State Oil Marketing Organization), the Ministries of Defense and Interior, and all entities and individuals seeking Maliki’s return and election for a third term.
Given these American political stances and the continued rejection of al-Maliki, the Coordination Framework must make sound decisions that preserve Iraq’s standing and prevent any further deterioration or the imposition of broad sanctions that would harm the Iraqi people, exacerbate their suffering and economic crises, and weaken their political system.

The Center for Political Studies and Research, in its monitoring and interest of Iraqi affairs, believes that Mr. al-Maliki has no remaining political prospects of assuming the premiership, and that international and regional rejection has reached significant proportions through the threat of economic sanctions and the refusal to cooperate and establish a strategic partnership with the United States. If the Coordination Framework does not make a wise political decision by selecting a figure from among its members or an independent candidate, it will expose the country to a political crisis and effective economic sanctions. It must prioritize Iraq’s interests above any narrow personal, factional, or partisan considerations, and the supreme interest of the Iraqi people must be the true determinant, the foundation, and the central focus in preserving Iraq, its standing, and its leading regional and international role.

Rawabetcenter.com

Half the salaries of officials to save Iraq: A lost initiative under the dome of parliament

A parliamentary call for members of parliament, ministers, and those holding special ranks to donate half or more of their monthly salaries to the state treasury, in an attempt to address the economic crisis plaguing Iraq, has sparked widespread reaction among the Iraqi public.

This initiative, which was announced earlier by MP Karim Aliwi Al-Muhammadawi, aims to create an additional financial resource to reduce taxes and customs duties on citizens, and will continue for a period ranging from six months to a full year, or until the current crisis is overcome.

However, the proposal did not find widespread support within parliamentary circles, at a time when the government continues to take austerity measures that include cutting some salaries and increasing customs duties, in addition to dismissing advisors from some ministries, under ongoing financial pressures.

In this context, MP Abbas Hayal stressed that donating salaries should be viewed within the context of radical solutions that serve the country, saying, “We are supposed to be up to the level of events and what Iraq and the region are going through, and we need a radical solution that serves the country and brings it to safety. Any symbolic measure such as donating salaries needs a law or an official government decision, in addition to real reforms and sound financial management.”

Hayal, speaking to Shafaq News Agency, said, “It is necessary to calculate the percentages of salaries and their impact, as the state needs about 85 trillion dinars annually to pay the salaries of its employees, and the share of MPs and special grades must be known.”

He adds that “Iraq is a country rich in oil and resources, and the current financial crises cannot be solved with patchwork measures, but rather require practical solutions that take into account the poor classes and employ the available resources efficiently.”

For his part, MP Thaer Jassim points out that donating a salary could be beneficial if it has a tangible economic impact, saying: “In general, if the issue of half the salary helps the state treasury and revives the economy, it is even possible to donate the entire salary, but this matter should be determined by specialists, and not just a media proposal.”

During his interview with Shafaq News Agency, Jassim points out that “there are other realistic solutions, such as reviewing oil and telecommunications contracts, which generate less revenue than their actual potential, and these issues can provide more real resources than symbolic donations.”

More symbolic than financial

For his part, economist Nawar Al-Saadi explains that the impact of reducing or donating MPs’ salaries on the financial situation is limited, indicating that “the size of public spending depends mainly on oil revenues, while MPs’ salaries constitute a very small percentage of expenditures, so even if they were donated in full, it would not affect the financial deficit substantially.”

Al-Saadi added to Shafaq News Agency, “The step has a moral and political dimension, as it enhances trust between the citizen and the state, but it cannot solve the financial crisis. Therefore, what is actually required is to address the imbalance in the spending structure, diversify revenues, reduce dependence on oil, and control waste and corruption. As for reducing salaries, it is a positive step in terms of the message, but it is not a real economic solution.”

In November 2025, economist Manar Al-Obaidi revealed that the total expenditure on the Iraqi parliament during the period from 2015 to 2025 exceeded 5.5 trillion Iraqi dinars, in exchange for the approval of only 321 laws, which means that the cost of approving one law exceeded 17 billion dinars.

Al-Obaidi explained in a post on social media that the previous session (the fifth) was the highest in spending, as its expenditures amounted to about 2.4 trillion dinars, during which 69 laws were approved, bringing the cost of one law to about 35 billion dinars.

As for the fourth session, its expenditure amounted to 1.8 trillion dinars, during which 91 laws were passed, at an estimated cost of approximately 20 billion dinars per law, according to the expert.

Shafaq.com

A parliamentary proposal to boost Iraq’s budget by $650 million through the import of 100,000 cars annually

On Tuesday, the head of the “Victorious” parliamentary bloc, Faleh al-Khazali, revealed a proposal to import 100,000 cars annually in exchange for scrapping old models with a fee of $4,000 per car, stressing that this project – if implemented – would provide the state budget with about $700 million annually and reduce traffic accidents and environmental pollution in Iraq.

Al-Khazali said in a press conference held at the parliament building and attended by a correspondent from Shafaq News Agency: “We submitted a proposal to the Prime Minister, and we requested that this proposal be placed on the Cabinet’s agenda, which would contribute to maximizing financial revenues by $650 million annually,” explaining that “these sums contribute to supporting the education and health sectors and other sectors.”

He pointed out that “the proposal was summarized as not allowing the entry of cars below the model, and the condition of the entry of cars from reputable and international companies, as well as the condition of specifying three models, and their entry in exchange for specific money.”

Al-Khazali explained that “the proposal is to bring in a new car in exchange for another car of a different model, in addition to setting car scrapping fees of up to $4,000, at an annual rate of up to 100,000 cars, considering that there are 8 million cars in Iraq.”

Al-Khazali explained that “the cars that are scrapped will provide a source of metals and other materials, and they weigh an average of about 3 tons per car. This will provide other financial revenues for the state, in exchange for bringing in new cars of global origin.”

He pointed out that “if this proposal were implemented, it would reduce traffic accidents in Iraq, which has recorded 60,000 victims in recent years, in addition to reducing air pollution currently caused by poor-quality cars.”

Shafaq.com

“Al-Maliki will not back down”… The framework is searching for an alternative within the “previous list”.

Nasim Abdullah, a member of the political bureau of the “Eqtidaar” party, which is part of the coordination framework, revealed on Monday that there are talks and meetings within the Shiite bloc regarding the candidate for the new government’s premiership.

Abdullah told Shafaq News Agency that “the framework forces will take into consideration the challenges facing the country and the issue of national consensus regarding the Shiite House candidate for the premiership, and will therefore resolve the controversy surrounding him through a unified decision.”

In contrast, a source within the coordination framework indicated that “some leaders of the coordination framework, particularly those who were hesitant about nominating the leader of the State of Law Coalition, Nouri al-Maliki, for the premiership, held consultative meetings with most of the Shiite House leaders to unify visions and positions regarding the continuation of the nomination and to discuss the matter with the latter, and the results were that al-Maliki insisted on his nomination for the position.”

According to the source, who spoke to Shafaq News Agency, some forces within the framework believe that the challenges are significant and the accumulated crises may generate negative reactions from Iraqis towards the entire political process, in addition to external pressures and the major challenges facing the region. He pointed out the possibility of discussing the selection of a new candidate from the list of previous candidates, and thus the matter remains in the hands of the framework.

For his part, a source close to Maliki confirmed to Shafaq News Agency that “the news and information that spoke about his intention to withdraw from the nomination this evening is incorrect, as he is determined to continue the nomination.”

He continued, saying: “There is no meeting of the Coordination Framework today, Monday, to announce or decide on that, and the rumors that have been leaked are driven by a political agenda.”

On Sunday, the Speaker of the Iraqi Parliament, Hebat al-Halbousi, submitted a request to the Supreme Federal Court to interpret a constitutional provision related to the election of the President of the Republic, given the inability to hold a session with a quorum for this purpose.

US President Donald Trump said last Friday that he is considering the appointment of a new prime minister in Iraq, noting that he has “some options” regarding the matter.

A US State Department official revealed to Shafaq News Agency a decisive stance by the US administration regarding the return of the leader of the State of Law Coalition, Nouri al-Maliki, to the premiership in Iraq, stressing that this trend will put bilateral relations between Baghdad and Washington on the table for “reassessment”.

It is worth noting that Trump said on January 27, 2026, in a post on the “Truth Social” platform, that the return of former Iraqi Prime Minister Nouri al-Maliki to the premiership is “something that should not be allowed,” considering that Iraq “slid into poverty and chaos” during his previous term.

Shafaq.com

Iraq’s economy: between protecting revenues and losing financial decision-making power

Iraqi Oil Revenues in New York: Economic Stability or Managed Sovereignty?
For over two decades, Iraqi oil revenues have been deposited in accounts at the US Federal Reserve Bank in New York. What began as a temporary legal mechanism after 2003 has gradually transformed into one of the most significant economic arrangements affecting Iraq’s financial system, its political balances, and its long-term development trajectory. This issue is often discussed from a political perspective, but at its core, it is an economic trade-off between financial stability and economic sovereignty.

Why are Iraq’s oil revenues held in New York?
Following the 2003 US invasion, the UN Security Council passed Resolution 1483, which called for the protection of Iraq’s oil revenues and state assets from judicial seizure by creditors. At the time, Iraq faced massive financial claims stemming from war reparations, unpaid loans, and legal claims related to the Saddam Hussein regime.
To implement this protection, US President George W. Bush issued Executive Order 13303, which granted legal immunity to Iraqi oil revenues and government assets from any legal action. This order was later renewed and amended, notably in 2014, after Iraq settled a significant portion of its historical debts, including those owed to Kuwait.
Economically, this arrangement resulted in oil revenues being managed through protected accounts in New York, preventing creditors from seizing them before they entered the Iraqi budget.

The economic advantages of this arrangement
include protecting revenues from creditors and financial shocks.
When this mechanism was established, Iraq’s debt exceeded $120 billion. Without legal protection, any court in the world could have seized Iraq’s oil revenues.
This system:
• Prevented sovereign default.
• Gave Iraq time to restructure its debt.
• Preserved the state’s ability to pay salaries and fund essential services.

Exchange rate stability and dollar inflows
are crucial. Oil accounts for approximately 90 percent of state revenues, while the Iraqi economy is almost entirely dependent on imports. Having oil revenues deposited in New York ensures a steady flow of dollars into Iraq, which:
• Limits fluctuations in the dinar’s exchange rate.
• Prevents balance of payments crises.
• Provides stable financing for food and medical imports.
From this perspective, the system acts as an external monetary anchor for the Iraqi economy.

Boosting international confidence and attracting investment
under the supervision of the Federal Reserve, oil revenues are less susceptible to corruption or legal disruption, which:
• Encourages global oil companies to invest.
• Reduces insurance costs and legal risks.
• Makes Iraqi oil one of the most attractive oil assets in high-risk environments.

The undisclosed economic cost is
diminished financial sovereignty.
Although Iraq is the legal owner of the funds, access to them is contingent upon ongoing financial oversight and investigations. In practice:
• Iraq cannot freely dispose of its revenues.
• Transfers are subject to external approvals and audits.
• Any political tension could translate into direct financial pressure.

A powerful tool of economic pressure:
Since salaries, imports, and the budget depend on dollars coming from New York, any restriction on access to funds means:
• Rapid economic paralysis.
• Immediate social and political pressure.
This makes financial leverage more powerful than traditional sanctions or a military presence.
Weakening the development of an independent financial system:
Long-term reliance on this mechanism has led to:
• A fragile domestic banking system.
• A delayed development of foreign exchange reserve management.
• Weak domestic monetary policy tools.
In other words, Iraq manages its money but does not have complete freedom to use it.

The connection to the dollar issue and the sanctions on Iraqi banks
reveals a more sensitive economic picture.
In recent years, the United States has tightened its control over dollar transactions in Iraq and imposed sanctions on several Iraqi banks under the pretext of:
money laundering,
dollar smuggling,
and financing sanctioned entities, particularly those linked to Iran.
The fact that oil revenues are held in New York means that:
every dollar entering Iraq is subject to scrutiny;
any local bank is at risk of being cut off from the global financial system;
and Iraqi monetary policy is effectively tied to US compliance.
Economically, this means that:
the dollar crisis in the Iraqi market is not a liquidity crisis, but an access crisis;
the sanctions on banks target not only the banking system but also the behavior of the state as a whole;
and any attempt to circumvent the restrictions leads to further tightening rather than easing them.

Why has this mechanism persisted to this day?
The Iraqi government says this arrangement:
• Protects financial stability.
• Enhances international confidence.
• Supports the exchange rate.
• Limits the influence of informal networks on the dollar.
But the clearer economic reality is that Iraq has chosen:
guaranteed stability over risking complete financial independence.

In summary,
the mechanism for depositing Iraqi oil revenues in New York was a lifeline after 2003, but over time it transformed into a structural constraint. It provides monetary stability and a secure flow of dollars, but in return:
• It restricts financial sovereignty.
• It deepens dependence on oil.
• It makes the Iraqi economy vulnerable to any external decision.
From a purely economic perspective, Iraq is not a bankrupt state, but it is also not a state with full financial sovereignty. As long as oil and dollars remain under external control, stability will persist, but independence will be postponed.

Economic Studies Unit / North America Office,

Rawabetcenter.com

Central Bank: Directive regarding the exchange rate for old and new editions of the dollar

The Central Bank of Iraq directed all banks and financial institutions on Monday to cease the practice of discriminating between older and newer dollar exchange rates. In a statement, the bank emphasized the importance of eliminating this practice. It also stressed the need for all banks and financial institutions to adhere to the regulations governing the handling and exchange of banknotes, in accordance with the established standards for foreign currency.

He also pointed out that “the applicable laws, regulations, and controls do not discriminate between different editions of the US dollar.” He emphasized that “the bank continues to receive and process these editions through all licensed banks, provided they meet internationally and locally approved standards and controls.”

Burathanews.com

Maliki’s coalition: Warning of a US embargo on Iraq is “naive”.

The State of Law coalition, led by Nouri al-Maliki, said on Wednesday that warnings of an American embargo on Iraq if its leader assumes the premiership in the next government represent “naive analysis”.

The official spokesman for the coalition, MP Aqeel Al-Fatlawi, said in a statement received by Shafaq News Agency, “Some are trying to scare the public by promoting the idea that the American administration will impose a ban on Iraq if Mr. Maliki takes over, and unfortunately this proposal reflects a great deal of naivety in thinking and analysis.”

He added that “Iraq produces approximately 4.5 million barrels of oil per day, and exports the majority of it to the global market, making it an influential element in global energy and price balances,” explaining that “given the sensitivity of the oil market, it is illogical to assume that these large quantities will be withheld from international markets in response to emotional analyses or unrealistic estimates.”

Al-Fatlawi continued, “American policies are often managed according to the logic of interests and balances, not the logic of slogans or reactions,” noting that “portraying sanctions as an easy or automatic option ignores the complexities of the global economy and the entanglements of the energy market.”

Nouri al-Maliki, the head of the State of Law Coalition, had previously confirmed his insistence on running for prime minister despite American rejection, stressing that the selection of the head of government is a purely Iraqi matter decided by constitutional institutions.

Al-Maliki denied that his candidacy would lead to sanctions being imposed on the country, considering this proposal to be a means of putting pressure on him, and expressing his readiness to step down if the majority of the coordinating framework requested it, while the framework renewed its commitment to his candidacy and discussed options to overcome American objections.

It is worth noting that US President Donald Trump said, on January 27, 2026, via a post on the “Truth Social” platform, that the return of former Iraqi Prime Minister Nouri al-Maliki to the premiership is “something that should not be allowed,” considering that Iraq “slid into poverty and chaos” during his previous term.

Shafaq.com

The dollar surpasses 163,000 tomans and inflation reaches 60% in Iran.

Foreign currency prices continued to rise against the Iranian toman on Wednesday, with the dollar exchange rate exceeding 163,000 tomans, amid escalating tensions with Washington.

The dollar reached 163,700 tomans, while the euro recorded 195,000 tomans and the British pound 224,000 tomans, in parallel with the escalation of speculation about the possibility of the United States launching an attack against Tehran.

Meanwhile, the Iranian Statistics Center announced that it had recorded the highest inflation rate during the month of January.

The report stated that the point inflation rate, i.e., compared to the same month of the previous year, reached an unprecedented level of 60%.

The center explained that the consumer price index for Iranian households reached 469.4 points, recording an increase of 7.9% compared to the previous month, 60% compared to January of last year, and 44.6% during the past twelve months.

Shafaq.com