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The Central Bank of Iraq reveals the amount of local currency in circulation.

Data from the Central Bank of Iraq’s economic indicators revealed on Tuesday that the total currency issued by the bank in the markets rose to 111.189 trillion dinars by the end of June 2026, compared to 99.799 trillion dinars at the end of 2025, an increase of about 11.4 trillion dinars.

According to data seen by Shafaq News Agency, net currency outside banks reached 101.966 trillion dinars at the end of last June, compared to 92.560 trillion dinars at the end of 2025, an increase of about 9.4 trillion dinars.

In contrast, the currency held by banks rose to 9.223 trillion dinars at the end of last June, compared to 7.239 trillion dinars at the end of 2025, an increase of about 1.98 trillion dinars.

The data indicates that currency outside banks constituted about 91.7% of the total currency issued at the end of June, while the share of currency held in bank vaults amounted to about 8.3%, reflecting the continued heavy reliance of the Iraqi economy on cash transactions outside the banking system.

Shafaq.com

Government approval to revive Iraq’s oldest oil refinery… Al-Karawi reveals the details

The head of the Diyala Provincial Council, Omar al-Karawi, revealed on Tuesday that the government has approved a study for the revival of the Alwand refinery, one of the oldest oil refineries in Iraq, located in the northeastern part of the province.
Al-Karawi explained to Al-Maalomah that “the Diyala Council submitted a request to the government months ago to revive and reconstruct the Alwand refinery, which is one of the oldest oil refineries in Iraq. It was established in the late 1920s as a first phase, before developing over more than half a century. It was then dismantled and shut down in the early 1980s.”

He added that “after the refinery’s closure, Diyala became dependent on the production of refineries in Kirkuk and Baghdad to meet its needs for various types of fuel, especially vehicle fuel.” He indicated that “the government has officially agreed to study the request and form a technical and engineering committee within the Ministry of Oil to evaluate the project and determine its feasibility.”

Al-Karawi pointed out that “there are producing oil fields that could provide a suitable route for establishing the refinery, especially since its reactivation would provide high production capacity and large quantities of fuel not only for Diyala, but also for neighboring governorates, including Wasit, Baghdad, and Salah al-Din.”

He affirmed that “the factors for the refinery project’s success are available, and it is hoped that the technical and engineering committee will finalize its options in the coming months, pending the final decision regarding the revival of the Al-Wand refinery project.” ExploringMiddle Eastern Cultural Goods

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MP: Iran allowing Iraq to export oil enhances chances of overcoming the financial crisis

MP Hamid Mohammed, from the National Approach bloc, affirmed on Tuesday that Iran’s permission for Iraq to export oil through the Strait of Hormuz would alleviate the severity of the financial and economic crisis the country is experiencing, given its heavy reliance on oil revenues.
Mohammed told Al-Maalouma that “allowing Iraq to export oil through the Strait of Hormuz represents an important step in maintaining the flow of oil revenues, which constitute the primary source of the state treasury.” He explained that “the continuation of exports will contribute to strengthening financial resources and providing the necessary liquidity to cover government obligations.”
He added that “Iraq faces financial and economic challenges that make the stability of oil exports extremely important,” noting that “increasing the flow of oil revenues will support the government’s ability to overcome part of the current crisis and stimulate the economy.”
Mohammed clarified that “the continuation of oil exports through this route would positively impact the economic situation by supporting public revenues and enhancing the state’s ability to finance its expenditures and financial obligations,” calling for “capitalizing on this opportunity and working to ensure the smooth flow of oil exports.”
Earlier, shipping data showed that Iraqi oil continued to move through waterways, with tankers carrying Iraqi crude from Basra passing through the Strait of Hormuz and into the Red Sea. Arabs& Middle Easterners

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Maliki’s coalition reveals its top candidates for the Ministry of Interior

MP Shaima al-Fatlawi, from the State of Law Coalition, revealed on Tuesday the coalition’s top candidates for the position of Minister of the Interior, confirming that a list containing several names had been sent to Prime Minister Ali Falih al-Zaidi.

Al-Fatlawi told the Information Agency that “the State of Law Coalition discussed in detail a number of competent individuals to be nominated for the position of Minister of the Interior, considering it the electoral and political entitlement of the coalition.”
She added that “the coalition insisted on re-nominating Qasim Atta, whose number of votes during the previous vote on al-Zaidi’s government was questionable,” revealing that “the most prominent candidates at the top of the submitted list are Qasim Atta and MP Yasser Sakheel.”

An informed source had previously told a local media outlet that the State of Law Coalition had finalized its nomination of Major General Mohammed al-Sultani for the position of Minister of the Interior.

Almaalomah.me

Al-Zaydi’s parliamentary bloc: Exploit the framework cover and open the major corruption files

The Reconstruction and Development parliamentary bloc called on Prime Minister Ali Faleh al-Zaidi on Tuesday to utilize the political cover provided by the anti-corruption coordination framework and to continue investigating corruption cases in previous ministries without limiting himself to specific names or files.

Bloc spokesperson Firas al-Muslawi told the Information Agency that “the success of al-Zaidi’s government hinges on continuing to investigate major corruption cases, particularly those related to ministries and spanning previous administrations, and not limiting himself to the cases of al-Jumaili and Hussein Talib or minor issues.”

Al-Muslawi added that “many corruption cases in vital ministries such as Education and Health, among others, are now complete and require immediate referral to the judicial and relevant authorities.” He also stressed “the importance of Parliament expediting the passage of the law on recovering stolen funds, as it represents the essential step in restoring the state’s plundered assets.”

Almaalomah.me

Banking reform in Iraq: A transformation or a temporary settlement?

Economic experts emphasize that reforming the Iraqi banking sector has become a necessity that goes beyond addressing the restrictions imposed on a number of banks or improving their relations with foreign financial institutions, to include rebuilding confidence in banks, cleaning up their balance sheets, and strengthening governance and oversight.

Experts also stress the importance of expanding credit directed to the real economy, at a time when Baghdad is seeking to gradually integrate its banking system into the global financial system and reduce reliance on cash outside the banking system. EconomicForecasting Services

reform path

This comes in light of a reform program launched by the Central Bank of Iraq in recent years, which took a clearer course in 2025, in cooperation with the global consulting firm Oliver Wyman, based on reassessing banks according to their ability to comply with international standards, while providing pathways for continuation, merger or exit from the market.

This process coincided with measures to audit previous transfers and address the reasons why a number of banks were barred from dealing in dollars.

On March 22, 2026, the Central Bank announced that it would continue working with specialized international companies to audit transfers and address past problems that had deprived some banks of dollars.

On June 22, 2026, the Central Bank announced that the process of reintegrating a number of banks restricted from dealing in dollars within foreign currency transfers had reached its final stages, after they had met the reform requirements, regulatory and technical standards, and strengthened the frameworks for combating money laundering and terrorist financing.

This culminated on July 18, 2026, with the announcement of an understanding between the Central Bank of Iraq and the US Treasury Department to reinstate seven eligible banks to non-dollar-linked external correspondent banking channels, with the understanding that they would regain eligibility to deal in dollars later after completing additional stages of compliance, governance, and relicensing.

Restoring trust

In this context, the economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Saleh, says that the banking sector is at a “crucial crossroads” after years of weak management and oversight and declining public confidence, which has limited its ability to mobilize savings and finance investment and development.

Saleh adds to Shafaq News Agency that building an efficient banking sector is no longer a postponed option, especially in an economy that relies heavily on oil as a source of foreign currency, stressing that restoring confidence begins with “strengthening governance, oversight and compliance,” and applying strict standards to combat money laundering and terrorist financing.

“In parallel with restructuring troubled banks, addressing weaknesses in their financial positions, and increasing their capital in line with the risks and nature of modern banking activity,” according to Saleh.

The government advisor also believes that upgrading the technological infrastructure is an essential part of the reform, through developing digitization systems, information security and risk management, in addition to expanding electronic payment services in a safe and reliable manner, which reduces reliance on cash, expands financial inclusion and brings wider segments of citizens back into the formal banking system.

He emphasizes that technology and oversight alone are not enough to build trust, as it requires greater transparency, guaranteeing depositors’ rights, clear deposit protection mechanisms, rapid handling of complaints, and demonstrating the banks’ ability to protect and handle customer funds professionally and stably.

He emphasizes that the bank’s function must change from managing liquidity and traditional services to financing the real economy, by directing credit towards productive projects, particularly small and medium-sized enterprises and the agricultural, industrial and service sectors with growth potential.

According to Saleh, “a bank that does not finance productive economic activity remains a financial intermediary with limited impact,” while a bank that mobilizes savings, manages risks, and finances production and investment becomes an actual partner in development.

Financial economics

For his part, Professor of International Economics, Nawar Al-Saadi, argues that reforming banks is no longer an option, but has become a condition for moving from a cash economy to a financial economy, noting that the Central Bank’s program is based on clear paths that include continuation, merger, or exit from the market, in conjunction with tightening governance, compliance, and risk management.

Al-Saadi tells Shafaq News Agency that restoring confidence is not achieved through campaigns to increase deposits, but rather through “rebuilding the bank on the foundations of governance, solvency and transparency,” while resolving the issue of banks unable to continue, strengthening the capital of viable banks, raising the level of disclosure and independent auditing, and holding boards of directors and executive management accountable when violations occur.

He adds that citizens should feel that their money in the bank is “safer and easier to use” than keeping it in cash, which at the same time requires developing credit directed to small and medium enterprises and productive sectors, and establishing real systems for assessing creditworthiness instead of relying excessively on traditional guarantees.

Al-Saadi points out that reducing reliance on cash requires accelerating electronic payments, provided that they are safe, cheap and reliable, while expanding the acceptance of cards and electronic wallets in trade, services, taxes and salaries.

The economist summarizes the equation by saying that “higher confidence in banks means larger deposits, larger deposits mean greater lending capacity, and more lending to the private sector means an economy less dependent on oil and the state.” EconomicForecasting Services

Deposit protection

Economic expert Ahmed Al-Janabi believes that reform will not be achieved in one step, but rather requires an integrated package that begins with restoring the citizen’s confidence in banks and protecting his money, noting that a large segment of Iraqis are still apprehensive about depositing their money within the banking system.

In his interview with Shafaq News Agency, Al-Janabi called for stronger oversight and greater transparency, keeping bank administrations free from political interference and personal interests, as well as addressing non-performing loans and cleaning up budgets, considering that part of the sector’s problems in recent years have been linked to the weak administrative and financial structure of some banks.

He notes that Oliver Wyman’s entry into the reform program coincided with a number of banks being subjected to restrictions and sanctions, before seven banks began the first phase of returning to trading and transfers in foreign currencies other than the dollar, with other phases of reform continuing.

Al-Janabi emphasizes the importance of strengthening the deposit guarantee system and developing electronic services and payments by cards and electronic wallets inside and outside Iraq, because continued reliance on cash keeps a large part of the money outside the banking cycle.

It is estimated that the currency issued by the Central Bank is close to 103 trillion dinars, while the money lost from the banking cycle amounts to about 20 trillion dinars, saying that a large part of it is “hoarded inside homes”.

Expanding the circle of qualification

For his part, economist Ahmed Abdel Rabbo believes that the reforms implemented in cooperation with Oliver Wyman represent an important path to rebuilding the banking sector, raising its efficiency and enhancing its ability to connect with the global financial system, calling for speeding up their implementation and not prolonging the procedures for banks that have shown actual commitment to the required standards.

Abdel Rabbo describes allowing the seven banks to conduct foreign transfers in currencies other than the dollar as a “positive step,” but he believes, in his interview with Shafaq News Agency, that the most important thing is to move quickly to enabling them to conduct their business more broadly, while continuing to complete the requirements of reform, governance and compliance, until restrictions are lifted on them and they are allowed to deal in dollars again according to the regulations.

He emphasizes that reform should not stop at the seven banks, but rather the evaluation of the rest of the banks should continue and the field should be opened to every bank that meets the required standards to work in foreign transfers, because real reform requires “expanding the circle of qualified banks and not limiting the activity to a limited number of them.”

In conclusion, Abdel Rabbo stresses the need to combine stricter compliance standards, anti-money laundering and counter-terrorism financing measures, and enhanced governance, with giving serious banks the opportunity to prove their ability to comply with international standards.

Shafaq.com

Salary payments in Iraq have been delayed until the end of the month or the beginning of next month due to “liquidity shortages and funding delays”.

An informed source revealed on Tuesday that the payment of state employees’ salaries may be delayed until the end of this month or the beginning of next month, attributing this to the fact that funding for ministries and state institutions has not yet been released, despite the month having passed. DailyNews Subscription

The source explained in a statement to Shafaq News Agency that the process of funding and disbursing salaries is carried out for each ministry and institution separately and sequentially, which takes several days and delays the completion of the disbursement process for all employees.

He pointed out that a number of government banks are facing a shortage of cash liquidity as a result of the decline in their cash assets, which limits their ability to provide financing or enter into domestic borrowing operations.

The source added that the absence of credit plans related to the work of some government banks, along with weak management in a number of them, contributed to the decline in the level of banking services, as well as the decrease in withdrawal and deposit activity, which negatively affects the levels of available liquidity.

He stressed that addressing the liquidity crisis requires strengthening the cash assets of government banks and revitalizing banking and credit operations, in addition to developing clear plans to support the banks’ ability to finance the needs of state institutions and ensure the smooth disbursement of salaries on time.

Shafaq.com

A Turkish report outlines the Zaidi equation: Washington for investment, Tehran for balance, and Ankara for development.

A Turkish report outlines the Zaidi equation – Washington for investment – Tehran for balance and Ankara for developmentShafaq News – Translation
The successive and rapid visits of Iraqi Prime Minister Ali al-Zaidi to Washington, Tehran and Ankara are considered “important” in terms of demonstrating the new government’s approach to foreign policy, according to the Turkish website ” Politics Today ,” which believes that al-Zaidi’s moves show his pursuit of investment from the United States, political balance from Iran, and economic ties from Turkey.

“Politics Today” said in a report translated by Shafaq News Agency that, for Iraq, Washington and Tehran are two capitals closely linked in terms of security, capital, historical influence, and developments in Iraqi domestic politics, while Ankara, on the other hand, represents the most realistic, stable, and reliable economic route through which the country can access global markets.

The Turkish website argued that for this reason, al-Zaidi’s visit to Ankara immediately after his engagements in Washington and Tehran should not be seen as merely a visit to a neighboring country, as this visit shows that Baghdad, which has placed economic development at the heart of its government program, does not view Turkey only as a trade partner, but as a strategic gateway in the equation of production, transportation and energy in Iraq.

The report noted that the most important aspect of al-Zaidi’s talks in Ankara was not the number of documents signed, but rather what they addressed in terms of the needs of Iraq and Turkey, recalling that five memoranda of understanding were signed covering educational and academic cooperation, youth and sports, industrial property, rail and road transport via the Fishkhabur-Ovakoy border crossing, and the development of transport infrastructure in Iraq in exchange for natural resources.

The report explained that while the first three agreements represent an expansion of the social and institutional basis of the relationship, the last two agreements have direct strategic importance to Iraq’s economic future, because they strengthen the links necessary to move the “Development Road” project, which aims to link the Grand Faw Port in Basra to the Turkish border and from there to Europe, to the implementation phase. IraqTravel Guide

The report continued that al-Zaidi’s visit shows that the new Iraqi government is maintaining the strong relations that have been established between Iraq and Turkey in recent years, recalling that during President Recep Tayyip Erdoğan’s visit to Baghdad in April 2024, 27 legal texts were signed, while 11 documents were signed at the High-Level Strategic Cooperation Council meeting held in May 2025.

He added that “the fact that al-Zaidi included Ankara in his first foreign itinerary since taking office indicates that Türkiye has secured a permanent place in Iraq’s development plans.”

After noting that Iraq has been producing oil for many years, but has not been able to adequately control the routes through which this oil is transported, the report explained that a large percentage of oil revenues depend on exports through the southern ports and the Strait of Hormuz, which means that any military tension in the Gulf directly becomes a problem for the Iraqi budget. It added that this confirms the real importance of the “Development Corridor,” which, if successful, will achieve more than just transporting containers from Basra to Turkey. It will also establish new industrial zones, logistics centers, energy networks, and urban development areas along the route. Given the number of young people in Iraq and the high unemployment rate, this transformation will provide an alternative to the limited job opportunities currently available in the oil sector alone.

According to the report, Turkey plays a role in this equation that no other neighbor of Iraq can easily fulfill, explaining that while Iran is linked to Iraq through energy, trade and political networks, and the Gulf states can provide capital to Iraq, Turkey is the only direct neighbor capable of linking Iraq to the European market by land and rail, and to the Mediterranean Sea via Ceyhan.

In addition, the report stated that building the economic foundation between the two countries will not be from scratch, noting that the volume of trade between Turkey and Iraq reached about $17 billion in 2025, while Turkish companies implemented more than 1,000 projects in Iraq with a total value of about $40 billion.

But the report noted that the Saudi-American airstrikes that occurred immediately after the visit to Ankara demonstrated the fragility of the security environment in which the development diplomacy being carried out by al-Zaidi, who cancelled his visit to Riyadh, was taking place. It added that within days, Iraq, which had been discussing transport corridors and economic integration in Ankara, was once again drawn into the military arena of US-Iranian tensions.

The report considered that such a development does not diminish the importance of the Ankara visit, but rather, on the contrary, enhances it, explaining that Iraq’s way to rid itself of regional military competition does not lie solely in maintaining balanced relations with Washington and Tehran, adding that Iraq must raise the cost of conflict by developing its economic ties, thereby forcing countries to back down from engaging on its territory.

He went on to explain that it is difficult to claim that the trade, energy and transport networks that will be established with Turkey will provide Baghdad with an absolute security guarantee, but these links will make Iraq’s stability more valuable to Turkey, Europe, the Gulf States and international companies.

The report noted that economic interdependence alone would not prevent war, but it would help Iraq move away from being seen solely as a country defined by militias, military bases, and spheres of influence.

The report concluded by saying that, given al-Zidi’s initial foreign policy moves, he is seeking investment from Washington, political balancing from Tehran, and economic ties from Ankara. However, of these three capitals, Turkey stands out for offering the most viable path to transforming Iraq’s geography into an economic advantage by operating the roads extending north.

He concluded by saying that the real issue is not the signing of the five documents in Ankara, but whether the pipeline running from Ovakoy to Faw, the oil flowing from Kirkuk to Ceyhan, and the $30 billion commercial target will make the Iraqi state stronger and more independent.

Shafaq.com

Al-Fatlawi reveals the reasons for the delay in filling the vacant positions in Al-Zaidi’s government.

Ali al-Fatlawi, a member of the Reconstruction and Development Coalition, revealed the reasons for the delay in filling the vacant ministerial positions in al-Zaidi’s government, stressing the importance of expediting the process and presenting alternative candidates to ensure the remaining ministries are approved.

Al-Fatlawi told Al-Maalouma, “Some political blocs have submitted candidates for the vacant ministerial portfolios in al-Zaidi’s cabinet, providing an alternative in case the first candidate is rejected. This has created a problem among the political blocs.”
He added, “Some blocs refuse to replace their candidates or present alternatives, despite concerns regarding their resumes and experience in the executive or legislative branches. This has created a political deadlock.”

He explained that “the issue of alternative candidates should have been resolved earlier, not now, in order to expedite the formation of the cabinet and ensure the completion of the vacant positions in al-Zaidi’s government, avoiding problems and disagreements among the various parties.”

Almaalomah.me