The Iraqi Development Bank rejects US Treasury accusations: This is a reputation issue.

The International Development Bank for Investment and Finance rejected on Friday what it described as “accusations by the US Treasury,” stressing that it is dealing with developments related to this matter with the utmost seriousness, responsibility and transparency.

The administration stated in a statement received by Shafaq News Agency that it categorically rejects the information and allegations, stressing its full readiness to cooperate with the Central Bank of Iraq and the US Treasury Department, through official and legal channels, to address the issue, clarify the facts, and defend the bank’s reputation and the rights of all parties associated with it.

She explained that the bank has worked over the years to build a solid banking institution that contributes to supporting the Iraqi economy, and operates under the supervision and control of the Central Bank of Iraq, while adhering to banking legislation, instructions and approved compliance standards.

The administration stressed the importance of “not confusing the nature of the case and the procedures issued by the US authorities with the bank’s financial situation or its ability to meet its obligations, noting that it will continue to manage its resources and obligations responsibly, and take the necessary measures to deal with the operational and regulatory implications of the decision.”

She also stressed that protecting the rights and interests of depositors and customers is her top priority, and that she is working in coordination with the Central Bank of Iraq and the relevant regulatory bodies to ensure the continuity of permitted banking services and the responsible and transparent management of liquidity and financial obligations, in accordance with applicable laws and instructions.

The bank’s management concluded its statement by affirming its confidence in Iraqi state institutions and its commitment to close cooperation with the Central Bank in order to protect the rights of depositors and support the stability of the Iraqi banking sector.

The US Treasury Department announced on Thursday new sanctions targeting Iranian networks that circumvent international sanctions, including 16 individuals and 10 entities, among them an Iraqi bank.

The measures included, in a statement by the ministry translated by Shafaq News Agency, the International Development Bank for Investment and Finance (IDB), which is based in Iraq, as Washington accuses it of facilitating Iranian financial transactions and securing access to the US dollar, as well as maintaining relations with Iranian government entities and armed groups allied with Tehran inside Iraq.

Shafaq.com

The US Treasury imposes sanctions on the International Development Bank

The US Treasury Department announced on Thursday (October 15, 2026) that it had imposed economic sanctions on the Iraqi International Development Bank, stating that the bank “facilitated access to US dollars for Iran in violation of the economic sanctions imposed on it.” Iraqeconomic news

The official report issued via the Treasury website confirmed that the bank registered in Iraq “contributed to delivering dollars to Iran and misused the dissolved currency auction to finance the Iranian government and its affiliated armed factions in Iraq.”

He added, “The bank was established by Iranian companies with the aim of delivering dollars to Tehran,” stressing that “the bank received the financial assets of Bank Melli, which is located next to it, after it was closed as a result of the US sanctions that were previously imposed on it.”

The report explained, “The financial assets that the Development Bank obtained from the Iranian Bank Melli were used as capital to finance investment projects inside Iraq, and their profits were transferred from dollars to Iran on a monthly basis.”

The Treasury report indicated that the bank’s current management received its ownership from an individual holding both Iranian and Iraqi nationalities and linked to the Iranian Quds Force, stressing that “the financier continues to use his family influence to affect the behavior of the sanctioned bank.”

It is noted that the US Treasury announced this evening the launch of a new package of sanctions targeting sixteen individuals and ten economic institutions on charges of violating sanctions and financing terrorism.

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Agreement reached on 10 ministries; Iraqi parliament to vote Thursday on completing al-Zidi’s government.

The Iraqi parliament intends to hold its session next Thursday afternoon to vote on completing the cabinet of Prime Minister Ali al-Zaidi, according to MP Thaer al-Kaabi of the National Approach bloc.

Al-Kaabi told Shafaq News Agency that there are 9 vacant ministries in the government, noting that separating the Ministry of Culture from the Ministry of Tourism, and adding the Ministries of Artificial Intelligence and State, raised the number of ministries covered by the understandings to 12 ministries.

He added that the current political agreement includes the nomination of candidates for 10 out of 12 ministries, while the nomination of candidates for the Ministries of Culture and State, which became the share of the Turkmen component, has not been decided.

According to Al-Kaabi, there is a political agreement to nominate people for the positions of deputy prime ministers, while there is no agreement regarding the nomination of people for the positions of vice presidents of the republic.

An informed political source reported yesterday, Monday, that the political blocs and Al-Zaydi agreed to pass the cabinet next Thursday.

According to the source who spoke to Shafaq News Agency, the leaders of the Coordination Framework agreed with the Prime Minister and the rest of the political blocs on Monday evening to hold a parliamentary session next Thursday to vote on completing the cabinet. The agreement also included voting on the Prime Minister having four deputies.

Shafaq.com

Political blocs and al-Zaydi agree to pass the cabinet next Thursday

An informed political source reported on Monday evening that the political blocs and Prime Minister Ali al-Zubaidi have agreed to pass the cabinet on Thursday.

The source told Shafaq News Agency that the leaders of the Coordination Framework agreed with Prime Minister Ali al-Zubaidi and the rest of the political blocs on Monday evening to hold a parliamentary session next Thursday to vote on completing the cabinet.

He added that the agreement also included a vote to have the Prime Minister have four deputies.

Shafaq.com

Tom Barrack after meeting al-Zaidi: Iraq’s stability is not inherited, it is created by its leaders.

On Tuesday, US President Donald Trump’s special envoy to Iraq and Syria, Tom Barrack, praised the leadership of Iraqi Prime Minister Ali al-Zaidi, stressing that Iraq’s stability, security and prosperity have repercussions for the entire region. Iraqeconomic news

Barak said in a post on the X platform, following his meeting with al-Zaidi, that “the meeting with Prime Minister Ali al-Zaidi was fruitful,” adding that “stability is not inherited, but is created by leaders who choose the difficult path.”

The US envoy added that “Iraq’s security and prosperity are the security and prosperity of the region,” expressing his gratitude to the Iraqi Prime Minister for his “leadership and partnership.”

Barak’s remarks come at a time when relations between Baghdad and Washington are undergoing a transformation in the nature of bilateral cooperation, following the end of the international coalition’s military mission in Iraq on September 30, and the transition to a new phase focused on economic partnership and common interests, in addition to the continuation of security cooperation between the two countries.

On Monday, during his visit to Baghdad and his meeting with US Chargé d’Affaires Steve Fagin, Barak confirmed that US-Iraqi relations are moving from a partnership based on security to a broader relationship based on economic cooperation and mutual interests.

This was preceded by a meeting between Barak and Iraqi Foreign Minister Fuad Hussein last Saturday in Istanbul, during which they discussed the future of bilateral relations after the end of the international coalition’s mission, as well as political, security and economic developments in the region, the financial situation in Iraq and changes related to the dinar exchange rate.

The issue of restricting weapons to the state is one of the most prominent topics of Iraqi-American talks, as Al-Zaidi and Barak had previously stressed, during their meeting in Baghdad last June, the importance of completing efforts aimed at ending the presence of armed formations outside the authority of the state, strengthening Iraqi sovereignty, and distancing the country from regional conflicts.

On October 1, al-Zaydi announced the adoption of a roadmap to address the issue of weapons outside state control, ending on June 30, 2027, coinciding with Iraq entering the post-withdrawal phase of the international coalition forces.

Shafaq.com

Central Bank of Iraq: Adjusting the exchange rate was the best solution to protect foreign reserves

The Director General of the Statistics and Research Department at the Central Bank of Iraq, Samir Fakhri Naama, described on Tuesday the decision to adjust the exchange rate of the US dollar against the dinar as the “ideal” solution to preserve the country’s foreign reserves and to confront the “shock” of declining revenues resulting from the crisis in the Strait of Hormuz and its surroundings, stressing that the impact of this adjustment on inflation remains much less than the consequences of devaluing the currency. Iraqeconomic news

This came during his participation in the ninth dialogue session of the “Miri 2026” forum held in Erbil, which was entitled “The Dinar, the Dollar and Discipline: The Central Bank of Iraq in a Turbulent World”.

Naama said, “The issue of the exchange rate and its relative importance varies from one country to another. For Iraq, it is not just a local exchange of foreign currency, but because the Iraqi economy is rentier, it depends almost entirely on oil revenues, and its sources of income depend on external demand, which makes any external fluctuations directly affect it.”

He explained that “the most important equation that works in the Iraqi economy is that government spending depends on oil revenues in dinars issued by the Central Bank,” noting that “for every billion dollars exchanged at the approved exchange rate, for example (1300 dinars per dollar), the government is financed with 1.3 trillion dinars, but every dinar spent in the budget for operational spending returns again as a demand for dollars at the Central Bank.”

Naama added that “oil revenues constitute more than 93% of the state’s public revenues,” noting that “if this spending were directed towards investment aspects, it would contribute to the growth of the gross domestic product and reduce the demand for the Central Bank’s dinars, while the accumulated foreign reserves would be used to meet this operational spending through a sterilization strategy to withdraw the dinar in exchange for the dollar.”

The Central Bank official revealed the behind-the-scenes details of the recent crisis involving the adjustment of the exchange rate since October, explaining that “the Iraqi economy has been exposed to more than one positive and negative shock; in 2023 we witnessed a positive shock that led to an increase in revenues and the exchange rate was reduced at that time, while the negative shock represented by the Strait of Hormuz crisis in 2026 caused an oil production shock that directly put pressure on indicators and reserves.”

He pointed out that “given the difficulty and conditions of external borrowing, the effects of the crisis began to appear in May and June because the shock did not appear in February and March due to the sale of oil on credit, which later led to an almost complete halt in realized oil revenues, and caused great pressure on reserves.”

Naama continued, saying that “the government issues bonds financed by government banks, and if those banks are unable to dispose of them, the central bank intervenes to exchange the dinars,” stressing that “the central bank’s vaults are full of dinars, but they constitute a debt that must be countered by a dollar obligation or revenue.”

The Director General of Statistics and Research concluded by emphasizing that “the main challenge was how to maintain foreign reserves to keep the economy running and bring it to safety, which necessitated changing the exchange rate to counter the shock of financial revenues generated from oil,” stressing that “the impact of adjusting the exchange rate on the general level with regard to prices and inflation was much less than the consequences of a direct change if it had been made to the value of the currency.”

Shafaq.com

The Central Bank reassures Iraqis: Our foreign reserves cover imports for a full year.

The Director General of the Statistics and Research Department at the Central Bank of Iraq, Samir Fakhri Naama, announced on Tuesday that the bank’s foreign currency reserves are in a “comfortable position” and can cover the import bill for a full year, revealing that monthly government spending ranges between 9 and 10 trillion dinars, and that the recent rise in oil exports has eased the financial pressure. Iraqeconomic news

This came during his participation in the ninth dialogue session of the “Miri 2026” forum held in Erbil, which was entitled “The Dinar, the Dollar and Discipline: The Central Bank of Iraq in a Turbulent World”.

Naama said that “Iraq’s external debt has witnessed a continuous decline throughout the previous years,” noting that “due to the shock resulting from the disruption of oil exports, we are going through a situation that requires evaluation and choosing between the two options: moving towards internal or external debt, which requires accurate studies and forecasts, as well as continuous consultation and coordination with financial policymakers on a monthly basis.”

He explained that “monthly government spending is limited to between 9 and 10 trillion dinars, and its financing mechanism is divided,” noting that “during this month and the previous month, we began to develop much greater flexibility compared to previous months, as the average oil exports exceeded the 2.5 million barrel per day mark, which gave the government greater flexibility in financing and reduced the direct pressure on the Central Bank.”

The Central Bank official reassured the Iraqi public regarding the cash cover, stressing that “the Central Bank is in a very comfortable position in terms of foreign reserves; while the International Monetary Fund reports indicate our ability to finance the import bill for a period ranging from 3 to 6 months, I confirm that it covers the country’s needs for a full year or more, and we will successfully overcome this crisis we are facing, which is represented by oil financial revenues.”

Shafaq.com

Al-Jurani: Basra’s commercial ports are a wasted economic asset.

MP Qaisar al-Jurani affirmed on Monday that activating commercial ports in Basra Governorate is an economic necessity to revitalize trade and increase non-oil revenues, in addition to providing job opportunities for the governorate’s residents in the transportation, storage, and services sectors.

Speaking to Al-Maalouma, al-Jurani said, “Iraq’s geographical location, and Basra Governorate in particular, gives the country a strategic opportunity to connect Asian and European markets via Iraqi ports.” He pointed out that “capitalizing on this advantage can transform the ports into a vital economic artery that contributes to supporting trade and strengthening the state’s resources.”

He added, “This matter requires a clear vision from the relevant authorities, especially the Ministry of Transport and the General Company for Iraqi Ports, along with the necessity of reviewing current plans and identifying the reasons for not utilizing available resources as required, at a time when neighboring countries are working to develop their ports and enhance their commercial role.”

Al-Jurani explained that “port development is not limited to expanding commercial activity, but also requires establishing an integrated transport fleet and developing logistical facilities, in addition to facilitating customs procedures and reducing the complexities that affect the movement of goods and increase the costs of transporting and delivering them to markets.”

He pointed out that “Iraq possesses maritime and commercial capabilities that can contribute to diversifying the economy and reducing dependence on oil revenues,” stressing “the importance of reconsidering the management of this sector and developing practical plans to capitalize on Basra’s location and its ports, which will positively impact the national economy and citizens.” Iraqeconomic news

Almaalomah.me

Al-Tamimi clarifies the legality and feasibility of paying salaries in dollars instead of dinars.

Legal expert Ali Al-Tamimi explained the legality and possibility of moving towards paying salaries in Iraq in US dollars instead of Iraqi dinars.

Al-Tamimi told Al-Maalouma, “Iraq does not have any legal basis at present, and its application is a clear violation of existing laws and requires legislative amendment, because the laws of service and salaries stipulated the dinar exclusively, as the State and Public Sector Employees Salaries Law No. 22 of 2008, Article (1) defined the salary, and Article (3) and the salary schedule attached to the law specified the amount of the salary in numbers in Iraqi dinars exclusively, and any payment in another currency is considered an amendment to the salary schedule and this can only be done by law according to Article 3/Second of the same law.”

He added that “Civil Service Law No. 24 of 1960, in Article (56) and beyond, when it speaks about salary and allowances, assumes that they are in the national currency. The Central Bank Law also prohibits this, as Law No. 56 of 2004 indicated in Article (32), Paragraph One (the Iraqi dinar shall be the national currency, and the only legal tender that has unlimited legal tender power within Iraq).”

He explained that “Article (33) confirmed (no person may be obliged to accept a currency other than the dinar in settling debts within Iraq), in addition to the fact that the salary is a debt owed by the state to the employee, so it must be paid in the legal currency.”

He pointed out that “the only exception permitted by the legislator is outside Iraq, for the payment of allowances to Ministry of Foreign Affairs employees abroad. Furthermore, the instructions for sending employees abroad have permitted the payment of salaries and allowances in foreign currency (dollars) for embassy and mission staff and scholarship students, because the place of payment is outside Iraqi monetary sovereignty. However, this is not permissible within Iraq.”

Almaalomah.me

This week, Al-Hamami reveals details of the session to decide on the nine remaining ministerial portfolios in Al-Zidi’s government.

Former MP and State of Law Coalition member, Arif al-Hamami, confirmed on Monday that the session to decide on the nine remaining ministerial portfolios in Ali al-Zaidi’s government will be held this week.

Al-Hamami explained to Al-Maalouma that “through consultations, meetings, and dialogues among various political forces, including the Coordination Framework, the direction is towards holding a session of Parliament this week to vote on the nine remaining portfolios in Ali al-Zaidi’s government, which are currently being run by acting ministers.” He denied “the existence of any disagreements regarding the candidates for some ministries.”

Al-Hamami confirmed that “the position of Minister of the Interior has been decided for the State of Law Coalition’s candidate, Abu Yasser al-Maliki,” indicating that “the ball is now in Parliament’s court, as it is the body constitutionally responsible for voting on ministerial candidates.”
He stressed that “the information available to us confirms that the session will directly decide on the portfolios.”

Almaalomah.me