A “political veto” against Halbousi… The president’s hammer is closing in on Samarrai

A Behind the scenes of the recent meeting of the (Sunni) political council, more than one scenario was revealed for deciding on the candidate for the position of Speaker of the new Parliament, in proportion to the number of seats allocated to the component.

According to an informed source, one of these scenarios involves nominating two candidates (former Speaker of Parliament Mohammed al-Halbousi and the leader of the Azm Alliance, Muthanna al-Samarrai), with a vote to be held on one of them next week in preparation for holding the first session of the House of Representatives in its sixth term.

According to data obtained by Shafaq News Agency, Al-Samarrai has the strongest chances, and if he wins the presidency of Parliament, the component’s share will go to Al-Halbousi’s party, including the Ministry of Defense.

But according to the source, the “Sunni Council” received signals from political parties (Shiite and Kurdish) that reject Halbousi’s return to the presidency of Parliament again, with the possibility of accepting him as Vice President of the Republic or the government, if the next government proceeds with a policy of “reducing expenses,” and therefore this matter may be unlikely.

The National Political Council represents the umbrella organization for the Sunni forces that won the last parliamentary elections held on November 11th, while the Sunni forces hold the position of Speaker of the House of Representatives in Iraq according to political custom.

Earlier today, the Electoral Commission identified the oldest member of parliament who will preside over the first parliamentary session as Amer Hussein Jassim Ali Al-Fayez, from the Tasmeem Alliance, from Basra Governorate, born on 10-25-1948.

Yesterday, President Abdul Latif Jamal Rashid set December 29 as the date for the first session of the Iraqi parliament.

The Iraqi constitution set clear deadlines for the formation of institutions after the ratification of the election results, starting with the President of the Republic calling on the House of Representatives to convene within 15 days to elect its Speaker and deputies, then electing the President of the Republic within 30 days, and assigning the Prime Minister and forming the government.

Burathanews.com

The worn-out currency is a problem that is worsening without solutions.

“No one will take it from me,” Zainab al-Khafaji (an employee) kept repeating as she wandered among the shops near Sayed al-Halib in the Mansour district, before we asked her: “What is it that no one will take from you?” She replied: “Five thousand dinars torn up and glued back together.” She added: “I don’t know who gave it to me when I was shopping, and I tried to buy something with it again, but everyone refused it.”

Al-Khafaji’s situation is like that of many citizens who suffer from the difficulty of making purchases with worn-out currency, unlike what happens, for example, in the Kurdistan Region of Iraq or neighboring countries.

Omar Sami (a vegetable seller) says: “I suffer from this problem every day, whether when taking money from customers or returning the change to them.”

He added that many shoppers get angry when he refuses to take or return worn currency, and the most common phrase is: “What am I going to do with it?” or “It’s not working, exchange it.”

Financial expert Thamer Al-Azzawi says: “The reason for not trading them is the difficulty of exchanging them, as one has to go to government banks and wait and go through other routine procedures.”

He added that “the solution to ending this phenomenon is to reach an agreement with exchange offices to exchange them with citizens, granting them facilities and privileges, or to resort to updating the currency as happened in many European and other countries, where plastic materials were used when printing.”

“The currency.”

Regarding the possibility of electronic payment as an easier alternative, Al-Azzawi said: “It is too early to say that electronic payment can replace cash. Yes, the experiment has been very successful thanks to the current government, but a large part of the citizens are still not confident in it and believe that cash is better and more reliable, even though the opposite is true.”

According to the Central Bank of Iraq, damaged banknotes can be replaced without penalty if the banknote is worn or damaged even if it is not torn and no parts are missing; if the banknote consists of two parts (with different serial numbers) and its area is similar to that of the original banknote and it is held together with adhesive tape; if the banknote is held together with one or more pieces of transparent adhesive tape along its length or width; if the banknote has a cut in more than one corner; if the banknote has a printing defect (in terms of design, size, color, or other security features that are present on genuine banknotes); if it contains stamps or writing that do not affect its external appearance; or if the banknote is missing less than

50% of its area.

However, the Central Bank confirmed the confiscation of damaged banknotes unfit for circulation if the banknote’s exterior has been altered by writing, drawing, printing, stamps, or if it contains adhesive material, or if the banknote has lost 50% or more of its area, or if it consists of two parts on one side. In the event that there is evidence that satisfies the Central Bank that the missing parts of the banknotes have been completely destroyed, they will be partially or fully compensated.

Completely. For his part, Subhi Hussein (a bus driver) says: “I have accumulated a lot of small denominations of 1000, 500 and 250 dinars, most of them damaged or with writings and other things on them.”

He added that many people pay with it under the pretext that they have no other, “which forced me to exchange it, but for a smaller value, because it is difficult to buy with it or exchange it at banks, as most banks refuse to accept it.”

Alsabaah.iq

The Cabinet approves {reducing expenditures and maximizing revenues}

The Cabinet yesterday approved the recommendations issued by the Ministerial Council for the Economy regarding reducing expenditures and maximizing revenues, as part of the economic and financial reform program. This comes at a time when the Prime Minister’s financial advisor, Dr. Mazhar Muhammad Salih, expects the state to achieve initial tax revenues of approximately 8 trillion dinars this year, representing about 50% of the total non-oil revenues estimated at between 16 and 17 trillion dinars, with the possibility of these revenues rising to 18 trillion dinars by the end of the year.

Saleh explained to Al-Sabah that these indicators reflect a gradual shift in the structure of public revenues away from total dependence on oil, as the government aims to raise the contribution of non-oil revenues to about (20%) of total public revenues, compared to less than (10%) in previous years.

The Ministerial Council for the Economy approved a package of decisions related to reducing spending and maximizing revenues, during an extraordinary meeting held on Monday, chaired by Prime Minister Mohammed Shia Al-Sudani.

The Council decided to equalize the salaries and allowances of all employees of the Presidency and the Parliament with those of the Prime Minister’s office. It also tasked the specialized committee within the Ministry of Planning with urgently updating the report on unifying the salary scale for employees, in accordance with the recommendations submitted on this matter. As part of the spending reduction measures, allowances for official travel for government employees were cut by 90%, and travel is now prohibited except in cases of necessity and with the approval of the relevant minister.

On the sidelines of the fifth regional conference of the Al Baraka Forum for Islamic Economics held in Cairo, the Governor of the Central Bank, Dr. Ali Al-Alaq, confirmed that Iraq has succeeded in reducing the inflation rate to about (1%), and increasing the size of foreign reserves, while maintaining the stability of the exchange rate, despite the fact that public finances depend on oil by more than (90%).

Alsabaah.iq

Al-Moussawi: Forming the new government may take a long time.

MP Mukhtar al-Moussawi affirmed on Wednesday that forming the new government in Iraq faces significant challenges and will not be achieved quickly without the consensus of all political factions, whether Shia, Sunni, or Kurdish.

Speaking to the Information Agency, al-Moussawi stated, “The continuation of the current situation without serious and urgent action to resolve the political disputes related to entitlements and the nomination of candidates will lead to a lengthy delay in the government formation process.”

He pointed out that “reaching an understanding on the presidency is the essential and necessary first step, followed by an agreement on the Speaker of Parliament, so that a date can be set for the opening of the new parliamentary session.”

He explained that “these steps are part of a political system followed in many countries to ensure the smooth and transparent progress of the constitutional process,” noting that “the continuation of the current stalemate and the failure to reach a swift agreement will cause the government formation process to take more than two months, negatively impacting political stability and hindering the implementation of the government plans and programs that the country is awaiting.”

Al-Moussawi called on “all political parties to expedite reaching an understanding and prioritize the national interest over partisan and factional interests, in order to overcome the current crisis and finalize the formation of the government as quickly as possible.”

Almaalomah.me

The Central Bank of Iraq acknowledges the crisis: Oil prices and liquidity withdrawals have affected “cash reserves”.

The Central Bank of Iraq confirmed on Wednesday that the decline in oil prices and the withdrawal of liquidity from the markets are two factors that negatively affect Iraq’s hard currency reserves.

The bank said in a report, which was received by Shafaq News Agency, that “Iraq’s reserves are closely linked to the size of oil revenues, which makes them vulnerable to fluctuations in global oil prices. Also, the monetary sterilization carried out by the Central Bank to withdraw liquidity from the market has a negative impact, due to the need to utilize foreign reserves.”

The bank added that “oil prices fell from $81 for the second quarter of 2024 to $69 for the same quarter of 2025, and consequently reserves decreased from 142.69 trillion dinars to 126.16 trillion dinars for the same period.”

He pointed out that “the Central Bank’s withdrawal of cash liquidity from the market in order to maintain monetary stability led to an increase in cash receipts (i.e., the bank’s acquisition of dinars in exchange for selling dollars), from 18.37 trillion dinars to 21.66 trillion dinars for the same period (i.e., an increase in dollar sales), in addition to the practice of the general budget deficit, which has an impact on net foreign reserves.”

Shafaq.com

Financial advisor: There is no liquidity crisis and the government is proceeding with preparing the 2026 budget.

The Prime Minister’s financial advisor, Mazhar Muhammad Salih, confirmed on Wednesday that there is no severe liquidity crisis in the short term, while indicating that the government is proceeding with the preparation of the 2026 budget within the medium-term framework of fiscal policy. The Prime Minister’s financial advisor, Mazhar Muhammad Salih, told the official agency that “governments usually resort to measures to reduce spending when facing pressures resulting from fluctuations in revenues or an increase in current obligations, especially in rentier economies that depend on a single resource such as oil.”

He also explained that “these measures come in light of fluctuating oil prices and increasing spending requirements, which necessitates discipline in managing liquidity.”

Regarding liquidity problems in the coming period, Saleh stressed that “the government is not expected to face a severe liquidity crisis in the short term, as long as oil revenues remain at their current levels and coordination between fiscal and monetary policies continues,” indicating that “continued pressure on operational spending may lead to a relative widening of the 2026 budget deficit, unless it is accompanied by controlling expenditures and strengthening non-oil revenues, especially tax and customs revenues.”

Regarding the preparation of the draft federal general budget law for 2026, he indicated that “the financial authority and the government have made significant progress in preparing it within the medium-term framework of fiscal policy,” expecting that “the draft will focus on achieving a balance between fiscal sustainability and development requirements.”

He added, “Initial indicators suggest that investment and service projects will remain at the forefront of priorities, especially those related to infrastructure, energy and basic services, which will enhance economic growth and alleviate social pressures, while simultaneously striving to rationalize operational spending and improve its efficiency.”

He also stressed that “the real challenge lies not in the size of the spending itself, but in its quality and efficiency, and in the ability of public finances to gradually move from the logic of crisis management to the logic of sustainable development planning.”

Burathanews.com

The central bank speaks of “intertwined pressures” on the economy… and expresses concern about the repercussions of “salary spending cuts”.

Bank Governor Ali Al-Alaq confirmed that the Iraqi economic scene is facing complex pressures, noting that salaries and subsidies pose an additional challenge, with the difficulty of reducing these expenditures due to the expected social repercussions.

Al-Alaq said on the sidelines of the Fifth Regional Conference of the Islamic Economic Forum in Cairo that “the Iraqi scene is facing complex pressures and accumulated infrastructure and development challenges, which require diversifying the economy and maximizing public revenues,” noting that “public finances in Iraq depend on oil exports by more than 90%, which is an unconventional source subject to fluctuations in global prices, leading to revenue volatility and weak financial stability, which necessitates finding structural solutions.”

He stressed that “the limited economic diversification and weak productive sectors have made Iraq a country that is primarily an importer, which puts continuous pressure on the dollar and the exchange rate, especially with the rise in purchasing power and the increase in daily demand for foreign currency, which is directly reflected in the monetary policy that has achieved great success in balancing the maintenance of price levels, managing liquidity and stimulating the economy.”

He pointed out that “public spending pressures, especially on salaries, subsidies and basic services, pose an additional challenge,” stressing “the difficulty of reducing these expenditures due to the social repercussions they may cause, at a time when the Central Bank is seeking to avoid inflation and maintain monetary stability to protect the social structure in the country,” according to the state-run Al-Sabah newspaper.

Al-Alaq explained that “Iraq has been able in recent years to finance part of the financial deficit through the development of non-oil revenues, while continuing to coordinate with the Prime Minister with the aim of maximizing these resources and reducing dependence on oil in an effort to break the ‘financial dominance’ of oil revenues over the general budget.”

The Central Bank Governor stressed that “the stability of the exchange rate is a pivotal goal, as it provides a safe cover for investors and citizens,” while pointing out that “international studies show that losses in the debt file may range between 20% and 25% as a result of ill-considered financing conditions or delays.”

Burathanews.com

The development path enters the implementation phase.

With the final designs completed (100%), the Development Road project enters a crucial phase that paves the way for its transformation from a strategic plan to an executive reality.

The Prime Minister’s Advisor for Transportation and the Development Road, Nasser al-Asadi, confirmed to Al-Sabah newspaper that the project has officially entered the marketing and international investment attraction phase. He explained that the completed designs are currently undergoing technical review before their launch. The Development Road is considered the largest economic project in modern Iraqi history, aiming to establish a land-rail corridor extending from the Grand Faw Port to the Turkish border, passing through several governorates.

Al-Asadi revealed that Iraq has received investment offers from several countries, including Turkey, the UAE, Qatar, and Oman, with increasing interest from the Gulf region. He indicated that the final route, agreed upon between Baghdad and Erbil, will pass through Dohuk and reach Fishkhabur, as it is the least expensive and easiest to construct, according to studies by an international consultant.

The project aims to reduce trade time between Asia and Europe to 15 days. Al-Asadi also indicated that the expected revenues, whether from current or future investments, are estimated at billions of dollars, with financial and economic studies to be announced soon, stressing that the project will provide ample job opportunities and form a cornerstone for strengthening the economy.

Alsabaah.iq

The Sudanese official discusses with a SpaceX delegation the final stages of granting satellite internet licenses.

The policy of receiving the president cabinet, Mohammed Shia Al-Sudani On Thursday, a delegation from the company Space Starlink, the American company specializing in networking and communications technology, was present, along with the US Chargé d’Affaires. Iraq Joshua Harris.
During the meeting, the final stages of granting satellite internet licenses, including to the company, were discussed. SpaceX, and to enhance cooperation in the field of communications and services provided by the company and its coverage areas.

He pointed Sudanese Until that Iraq It achieved a significant shift in the path of attraction Global companies The various sectors, and securing all their requirements and needs, including satellite internet systems, to sustain their work and activities, emphasizing the government’s interest and keenness to keep pace with global developments. Communications technology Information and digital transformation through cooperation with SpaceX and its entry into the Iraqi market, which today offers many promising investment opportunities, according to a statement from his office.

The president confirmed cabinet The government prioritizes the telecommunications sector in Iraq, focusing on preserving Iraq’s information and technological sovereignty, investing in the capabilities of young specialists in this field, training them, and eventually entrusting them with operational responsibilities.

For their part, the SpaceX Starlink delegation expressed their keen interest in working, providing services, and collaborating in the information technology sector, emphasizing that their company is ready to operate and contribute to providing services. Internet service The alien will be available within a short period, after officially obtaining a work permit in Iraq.

Alsumaria.tv

Iraq receives a message from the US: Oil smuggling money is infiltrating Baghdad’s banks.

On Thursday, the “Eco Iraq” observatory revealed that the Central Bank of Iraq received an official email from the US Treasury Department, specifically from the Office of Foreign Assets Control (OFAC), inquiring about financial deposits related to Iraqi oil smuggling operations that were deposited in the “Bank of Baghdad”.

The observatory explained, in a statement received by Shafaq News Agency, that the OFAC letter indicated that individuals wanted on charges of oil smuggling had deposited sums of money in the bank, noting that the information contained in the letter confirms the involvement of parties within (Baghdad Bank) in facilitating deposit operations and money laundering.

According to the observatory, such cases usually require summoning the authorized manager of the bank in question, in the presence of the American company contracted to audit the movement of funds, in order to verify the paths of suspicious transfers and deposits.

“Eco Iraq” confirmed that the receipt of signals from the US Treasury Department regarding the involvement of employees or departments within the Bank of Baghdad in facilitating the deposit of funds related to oil smuggling represents a serious indication of the weakness of compliance and internal control systems.

He concluded that banking institutions operating within Iraq, particularly those dealing in dollars, are supposed to adhere to the highest standards of combating money laundering and the financing of illegal activities, including oil smuggling, noting the “sensitivity of such issues to the United States.”

Shafaq.com