Iraqi Dinar Holders, Training Currency Strength (Uncut) 02-08-2025

Iraqi Dinar Holders,Training Currency Strength, Cross Border Pymt & Integrity, Real Estate Reform

Ranking third in the Arab world for reserves, the financial buffer supports liquidity, maintaining the dinars exchange rate and enhancing Iraq’s credit rating. Welcome back to Newsroom. I’m Chell Smith with your Middle East US entertainment news here on YouTube.

I air on Fridays bringing you the latest on reforms and economics of Iraq based on reports put out by the Middle East news media outlets. I do this weekly review and it’s based off my interest. Thank you everyone for joining me.

Last week we talked about the establishment of fintech partnerships, cross-border payments, reviewing the budget and salaries and strengthening economic ties with the US, emphasizing gold reserves and infrastructure development. Let’s take a look at this week’s headlines. Finance Minister Tate Sami has confirmed the ministry’s commitment to implementing financial reforms to boost non-oil revenues.

During a meeting with the House of Representatives members, the minister discussed a mechanism for implementing a general budget, services and development program allocations and supporting productive sectors. She also stressed the ministry’s commitment to enhancing non-oil revenues and achieving financial stability in line with government’s program. Deputies praised the ministry’s efforts in managing the financial files and stressing the importance of strengthening joint cooperation.

Iraq’s Technical Advisor Mohammad Shahab al-Daraji confirms the country’s investment volume is around $60 billion and external debt has decreased from $20.9 billion to $9.8 billion. This indicates a low ratio of external debts compared to domestic products, allowing for a new stage of external financing. Al-Daraji emphasizes the importance of financing towards productive projects capable of repaying the debt rather than consumers or unconstituted projects.

The Institute for Financial Integrity, the IFI, has launched the Financial Integrity and Cross-Border Payment Training Program for the National Bank of Iraq, the NBI, in partnership with the Central Bank of Iraq, the CBI and K2 Integrity. This program aims to improve Iraqi financial system integrity by ensuring cross-border payments from Iraq complied with legal requirements, regulatory expectation, and global standards. The training program will create a community of financial integrity experts to facilitate the implementation of global anti-money laundering and counter-financing of terrorism standards and promote a culture of financial crime compliance.

The program will deliver live and online through the IFI’s Dauphin platform. And in Baghdad, economic growth through strategic partnerships in a pivotal meeting, Iraq’s Ministry of Finance and the World Bank reaffirms their commitment to fostering economic stability and accelerating development projects. Finance Minister Taif Sami Mohamed hosted the representatives Emmanuel Salinas, alongside Regional Director of Human Development, to discuss advanced financial and economic reforms that will directly enhance Iraq’s economic resilience.

This partnership unlocks increased financial support for Iraq, strengthening infrastructure, job creation, and financial management. By improving financial resource allocation, transparency, and governance, Iraq can combat corruption, attracting foreign investment, and stimulate long-term economic growth. The World Bank commended Iraq’s effort to improving economic efficiency, affirming its readiness to provide technical and financial assistance aligned with Iraq’s strategic goals.

This continued collaboration ensured stability development, reinforces Iraq’s position as a stable and thriving economy in the region. And Baghdad has received some advisory support. NATO’s mission in Iraq remains strictly advisory, not military, as reaffirmed by General Lucas.

Shores on Thursday, speaking to official media, Shores emphasizes the mission’s operant and Iraq’s invitation to provide security training and strategic guidance to Iraqi forces enhancing long-term stability. During a visit to Babylon, he highlighted the importance of understanding Iraq’s rich history, commending efforts to preserve and rebuild its culture heritage. Shores encourages international engagement with Iraq’s historical sites, reinforcing the nation’s commitment to culture restorations alongside security improvements.

And in Baghdad, currency shows strength again. Iraq’s foreign reserves has reached $106.7 billion in 2024, serving as a financial shield, ensuring economic stability and protecting the national currency from external shock, ranking third in the Arab world for reserves. The financial buffer supports liquidity, maintaining the dinars exchange rate and enhancing Iraq’s credit rating.

Experts have highlighted the strong reserves of reduced inflation risks, stabilizing prices of essential goods, and attracting foreign investment critical for diversifying Iraq’s economy beyond oil. Wise management of these funds through strategic investment can fortify Iraq’s financial future, ensuring sustainable economic growth and monetary stability. And in Baghdad, digital finance has been discussed for the last few months.

Iraq’s finance is pushing for rapid digital transformation in customs, banking, and a tax system to enhance efficiency and economic growth. During high-level meetings, Finance Minister Tahsemi Mohammed emphasizes the importance of modern electronic systems to streamline operations, boosting financial transparency and aligning with global financial standards. Now, accelerating digital adoption will strengthen revenue collections, reduce corruption risk, and improve public services, ultimately stabilizing the national economy.

The reforms will also increase investors’ confidence, ensuring more resilient financial systems that support long-term currency stability and economic development. And in Baghdad, salary resolutions are near. Technical teams for the regional government and Iraq’s federal ministry of finance are nearing completion of their work to resolve salary payment issues.

Talks in Baghdad have described as positive with expectations that funding for December 2024 and 2025 salaries will be finalized very soon. The long-term standing salary crisis stems from the budget disputes of oil revenue disagreements and economic shock dating back to 2014. While previous agreements aim to resolve these issues, political mistrust has led to ongoing delays and hardship for the citizens.

Finding a permanent, depoliticized solution remains a key challenge. And there’s so much going on in Iraq, but Iraq’s been getting some global recognition. Iraqi Prime Minister Mohammed Shia al-Sudani highlighted Baghdad’s growing role in the Arab and international stage, emphasizing that hosting major events like the Baghdad International Exhibition and its designation as a Arab Capital of Tourism for 2025 showcases the national stability and economic potential.

Speaking at the Stratix Center Dialogue Session, al-Sudani stresses that Iraq’s openness and reform efforts are reshaping global perception, reinforcing foreign investment confidence and economic growth opportunities. Discussions covered stability, development, poverty reduction, and Iraq’s international relations, signaling a stronger financial future for their country. Regarding real estate reforms, a new governor measure requiring all property sales over 1 million dinars to be processed through the bank deposits has officially taken effect.

This policy aims to enhance financial transparency, combat money laundering, and strengthen oversight in the real estate sector. By mandating bank-based transactions, the government seeks to regulate financial flows, improve market stability, and ensure compliance with legal standards. This move is expected to boost confidence in Iraq’s banking system, attract foreign investment also, and support long-term economic growth.

And lastly, the U.S. and Iraq are talking about high-ranking American officials are expected to visit Baghdad very soon to discuss the U.S. military presence in Iraq and bilateral relations. This visit comes as both nations prepare for a planned withdrawal of the U.S.-led coalition forces by September of 2025. Some Iraqi officials suggest an extension may be requested due to regional instabilities.

Discussions will cover security, defense cooperations, financial matters, including Iraq’s ties with the U.S. Federal Reserve. The visit also follows the recent escalations with armed fractions targeting American bases in Iraq since October of 2023, prompting the U.S. airstrikes and the assassination of fraction leaders. Now, all reports don’t make it to YouTube.

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