The Turkish and Iranian currencies declined against the US dollar.

Both the Turkish lira and the Iranian toman fell against the US dollar in trading on Thursday morning.

The US dollar exchange rate against the Turkish lira reached approximately 40.65 liras for purchase and approximately 40.78 liras for sale, indicating the US currency’s growing momentum and the increasing pressure on the local currency that has extended over the past years.

The Iranian local currency also witnessed a further decline against the dollar, with the exchange rate reaching 93.800 tomans.

On August 10, the Iranian Shura Council approved a new bill to remove four zeros from the national currency, following its sharp decline in recent years due to financial sanctions imposed on the Iranian economy.

Iran took this step in an attempt to stabilize its economy after decades of hyperinflation and currency devaluation.

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The Kremlin reveals final details of the upcoming Putin-Trump summit.

On Thursday, Russian presidential aide Yuri Ushakov revealed the final details of the program for the Russia-US summit between President Vladimir Putin and US President Donald Trump, which will be held at Elmendorf-Richardson Air Force Base in Alaska.

Ushakov, from the Kremlin, added that the meeting between Putin and Trump will begin on Friday at 10:30 p.m. Moscow time with a bilateral conversation attended by interpreters. The two presidents will first hold a bilateral meeting, followed by the participation of delegations.

He noted that the schedule for the meeting between Putin and Trump at Elmendorf-Richardson Air Force Base in Alaska has been agreed upon.

He added that following the meeting, Putin and Trump will hold a joint press conference for the media, explaining that Putin and Trump’s meeting near the burial site of Soviet pilots on the 80th anniversary of the Victory Day is a symbolic event.

Ushukov noted that the Russian delegation will return to Russia after the Alaska talks and will depart after completing the negotiations. He emphasized that the main topic of the meeting between Presidents Putin and Trump will be resolving the Ukrainian crisis.

He continued, “Cooperation between Russia and the United States has enormous potential, but it has not yet been exploited.”

The Kremlin reported that the Russian side will be represented in the talks by Presidential Aide Yuri Ushakov, Foreign Minister Sergei Lavrov, Finance Minister Anton Siluanov, and the head of the Russian Direct Investment Fund, Kirill Dmitriev.

Local media and sources reported that an Il-96 aircraft took off from Vnukovo Airport, heading to Elmendorf-Richardson Air Force Base in Anchorage, Alaska, amid speculation that it was carrying a “specialized preparatory team” for the upcoming summit.

US President Donald Trump announced on August 8 that he expected to meet with Russian President Vladimir Putin in Alaska on August 15. Russian presidential aide Yuri Ushakov subsequently confirmed the meeting plans.

He noted that the two leaders will focus on discussing options for a long-term peaceful settlement to the Ukrainian crisis.

Ushakov confirmed that the Kremlin expects the next meeting between Putin and Trump to take place on Russian soil.

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Iraq joins oil-producing countries opposing “green fuel” regulations.

The Iraqi government announced on Thursday that it has joined the countries opposing the new “green fuel” regulation proposed by the International Maritime Organization.

Iraq has joined Bahrain, Iran, Kuwait, Saudi Arabia, the UAE, Venezuela, and Yemen in opposing the new “green fuel” regulation being developed by the International Maritime Organization, arguing that its current implementation would impose unjustified financial burdens on the shipping sector.

The eight countries submitted a joint memorandum last July, calling on member states to reconsider adopting the regulation, citing “ambiguity and gaps” in the proposed procedures, making it premature to proceed with implementation.

The new rules, scheduled for a final vote in October, aim to reduce greenhouse gas emissions from ships by 4% below 2008 levels by 2028, reaching 30% by 2035, with fines imposed on companies that fail to comply.

Iraq and its allies believe these regulations could raise marine fuel costs and increase pressure on the shipping sector, at a time when the availability of low-carbon fuels is expected to remain limited in the near term.

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An economic expert proposes amending the criteria for Iraqi banking reform.

On Thursday, economic expert Ahmed Abd Rabbuh called for amending the banking reform standards announced by the Central Bank of Iraq. The amendments include adding a clause allowing some banks to operate domestically under the central bank’s supervision, while other banks would apply international standards if they wish to operate internationally.

Abdul Rabbo told Shafaq News Agency, “Central Bank Governor Ali Al-Alaq revealed a comprehensive plan for banking reform, and he is counting on the media’s important role in clarifying this issue in a transparent and accurate manner.”

He explained that “among the proposals submitted by specialists to the Central Bank Governor is to allow some banks to operate internally under the direct supervision of the bank, while the remaining banks apply international standards with partners such as Oliver Wyman.”

He pointed out that “it is important to open an expanded dialogue between the Central Bank and Iraqi banks to clarify the technical aspects of the document and discuss mechanisms for implementing reform gradually, taking into account the specificities of Iraq’s economic reality. There is also a need to commit to reform in principle, while formulating standards and procedures in a manner that enhances confidence in the banking sector and contributes to its development.”

Abdul Rabbo pointed out the importance of adopting a participatory and consultative approach between the Central Bank and banks, through the formation of joint technical committees to review reform requirements and ensure their compatibility with the national financial and economic reality. This will maintain a balance between reform requirements and the capabilities of Iraqi banks, and ensure the protection of the interests of local and international investors and those working in the sector.

It’s worth noting that the Governor of the Central Bank of Iraq, Ali Al-Alaq, held a meeting on Tuesday with the international company Oliver Wyman to discuss the details of the banking reform plan submitted by the Iraqi Private Banks Association. This meeting is part of efforts to develop the banking sector and align it with international standards.

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Baghdad and Erbil agree on a new mechanism for exporting Kurdistan Region oil.

A source in the North Oil Company in Kirkuk province reported on Thursday that the company will serve as a major hub for receiving and storing Kurdistan’s oil before pumping it through the Turkish port of Ceyhan for export.

The source told Shafaq News Agency, “The final agreement was signed by delegations from Baghdad and Erbil, and includes a memorandum of understanding that will pave the way for ending the export suspension crisis that has cost Iraq billions of dollars in losses.”

The source continued, “The agreement will contribute to the storage of oil delivered by the regional government to the Ministry of Oil, as the North Oil Company will be the main center for receiving and storing the oil before pumping it through the Turkish port of Ceyhan for export.” He confirmed that “the agreement will enter into force in the coming days, after which exports to the port will resume.”

The Ministry of Natural Resources of the Kurdistan Regional Government and the Federal Ministry of Oil announced yesterday, Wednesday, that an agreement had been reached on the mechanism for exporting the region’s oil, following a series of meetings and technical consultations that have extended since July 17.

The Ministry of Natural Resources said in a statement received by Shafaq News Agency that the meetings included field visits to all oil fields in the region, followed by a comprehensive assessment of technical issues and intensive discussions. The discussions resulted in an agreement on August 11th to export oil based on the daily production of the region’s fields, with 50,000 barrels per day allocated to meet domestic needs, and the remaining quantity delivered to the State Oil Marketing Organization (SOMO) for export.

She noted that “the resumption of exports remains linked to the outcome of discussions between the federal and Turkish governments, and the implementation of the necessary measures to begin the process.”

Kurdistan Region oil exports via the Turkish-Ceyhan pipeline were halted in March 2023, following a ruling by the International Chamber of Commerce’s Court of Arbitration in Paris, which required Turkey to pay compensation to Iraq for allowing the region’s oil exports without federal government approval.

Since then, negotiations have been underway between Baghdad and Erbil, with the participation of Ankara, to reach a formula that guarantees the resumption of exports within an agreed-upon legal and technical framework, amid losses estimated at billions of dollars due to the disruption of supplies.

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300 MW solar energy project in the Karbala desert

Iraqi Electricity Minister Ziyad Ali Fadhil announced on Tuesday that work on the Karbala Solar Power Plant project, the first solar project to be integrated into the national electricity grid, is continuing.

A statement issued by his office, seen by Shafaq News Agency, stated that the project’s total capacity is 300 megawatts, and that it will be built on an area of up to 4,000 acres. He noted that it is one of the most prominent renewable energy projects in Iraq.

The project is being implemented under the supervision of the General Company for Energy Production – Middle Euphrates, and with investment from Al-Bilal Group Company.

The Minister of Electricity explained that the number of solar panels installed so far has reached 39,000, out of a total of half a million solar panels to be installed as part of the project.

The Minister affirmed that the Ministry is closely monitoring the implementation phases, emphasizing its commitment to expanding the share of renewable energy in the country’s total electricity production, as part of the drive towards clean and sustainable energy sources.

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SVR: US-UK talks to replace Zelensky with Zaluzhny

Russia’s Foreign Intelligence Service (SVR) revealed on Tuesday that the United States and the United Kingdom are considering replacing Ukrainian President Volodymyr Zelensky.

The agency added that the discussions were attended by Zelensky’s chief of staff, Andriy Yermak, the head of Ukrainian military intelligence, Kyrylo Budanov, and the former commander-in-chief of the Ukrainian Armed Forces and current ambassador to London, Valeriy Zaluzhny.

Russian intelligence reported that Washington and London have decided to nominate Zaluzhny for the presidency of Ukraine, adding that “replacing Zelensky has become a prerequisite for restructuring Kyiv’s relations with the West, particularly with the United States,” according to the statement.

Zelensky’s term was supposed to end in 2024, but martial law imposed by Ukraine in February 2022 prevented presidential and parliamentary elections from taking place.

Washington has previously stated that it wants Kyiv to hold elections, possibly by the end of the year, especially if Kyiv can agree to a truce with Moscow in the coming months.

Russian President Vladimir Putin has publicly stated that he does not believe Zelenskyy is a legitimate leader in the absence of a new electoral mandate, and that the Ukrainian president does not have the legal right to sign binding documents related to a potential peace agreement.

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The President of the Republic issues a decree appointing Al-Atwani as Governor of Baghdad

Iraqi President Abdul Latif Jamal Rashid issued a presidential decree on Tuesday appointing Atwan al-Atwani as head of the local government of the capital, Baghdad.

Rashid, in accordance with the decree he signed on July 29, directed the relevant authorities to implement the decree from the date of its issuance, and it will be published in the Official Gazette.

On Sunday evening, July 27, the Baghdad Provincial Council elected Atwan al-Atwani, a leader in the State of Law Coalition and head of the Parliamentary Finance Committee, as the new governor.

On Saturday, July 26, President Abdul Latif Jamal Rashid approved the retirement of Baghdad Governor Abdul Muttalib Al-Alawi.

This is the second time Al-Alawi has been referred to retirement. The council previously voted to dismiss him on July 3, at which time Haider Mohan was elected as the new governor.

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Iraq’s financial revenues exceed 46 trillion dinars in five months.

The Ministry of Finance revealed on Tuesday that Iraq’s federal budget revenues from January to May 2025 exceeded 46 trillion dinars, confirming that oil accounts for 91% of the budget.

Shafaq News Agency followed up on the data and tables issued by the Ministry of Finance in June for the fiscal year’s accounts for the first five months of the current year. The data showed that oil remains the primary source of revenue for Iraq’s general budget, accounting for 91% of the total. This indicates that the rentier economy is the foundation of the country’s general budget.

The financial tables indicated that total revenues amounted to 46 trillion, 157 billion, 110 million, 408 thousand, and 761 dinars.

According to the tables, oil revenues amounted to 41 trillion, 930 billion, 805 million, and 332 thousand dinars, representing 91% of the general budget, while non-oil revenues amounted to 4 trillion, 226 billion, 305 million, and 75 thousand dinars.

She indicated that the total salaries of employees amounted to 27 trillion, 653 billion, 233 million, and 819 thousand dinars, while retirement salaries amounted to 7 trillion, 953 billion, and 199 million dinars, and social network salaries amounted to 2 trillion, 329 billion, 435 million, and 774 thousand dinars.

According to the budget, total expenditures for current expenses amounted to 43 trillion, 951 billion, 426 million, and 654 thousand dinars.

In March 2021, the Prime Minister’s financial advisor, Mazhar Mohammed Salih, told Shafaq News Agency that the reasons for the economy remaining rentier are due to the wars and economic blockade imposed on Iraq during the past era, as well as the political conflicts the country is currently witnessing, which have led to the dispersion of economic resources.

The Iraqi state’s continued reliance on oil as its sole source of public finances places it at risk from the global crises that occur from time to time, due to the impact of oil prices. This forces the country to each time resort to covering its deficit through external or domestic borrowing. This indicates an inability to manage state finances effectively and an inability to find alternative financing solutions.

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Türkiye demands Iraq guarantee “full use” of the Kirkuk-Ceyhan pipeline through a new agreement.

Turkish Energy Minister Alparslan Bayraktar confirmed on Tuesday that his country demands that the proposed new agreement with Iraq include a “mechanism ensuring full use” of the Kirkuk-Ceyhan oil pipeline, as part of ongoing negotiations to expand the bilateral agreement in the energy sector.

Bayraktar noted, in statements following the cabinet meeting, that the pipeline’s capacity is approximately 1.5 million barrels per day, but “even during operational times, it has not been used at full capacity.”

The pipeline has been inactive since 2023, following an arbitration ruling that ordered Türkiye to pay $1.5 billion to Baghdad for unauthorized oil exports between 2014 and 2018, a ruling Ankara is still appealing.

Ankara stated that the decades-old agreement will expire in July 2026, and it proposes extending it to include cooperation in the fields of gas, electricity, and petrochemicals, in addition to oil.

The Turkish minister did not rule out the possibility of extending the pipeline to southern Iraq, noting that “the path to full capacity necessarily passes through the south.”

Bayraktar linked this to the “Development Road” project, which connects Basra to the Turkish border and then to Europe, for which initial Iraqi funding was allocated in 2023.

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