The Minister of Finance discusses the restructuring of Rafidain and Rasheed banks and the insurance sector.

Finance Minister Taif Sami discussed on Sunday (January 18, 2026) the restructuring of the Rafidain and Rasheed banks in accordance with the recommendations of the advisory body, and discussed procedures for establishing the “First Rafidain Bank” and updating the financial information infrastructure in Iraq.

A statement from the Ministry of Finance said that Sami “chaired an extensive meeting at the Ministry headquarters with representatives of the international consulting and auditing firm (Ernst & Young), in the presence of the advisor and a number of general managers in the Ministry and government banks, to discuss the practical steps aimed at implementing the comprehensive reform plan for financial institutions.”

According to the statement, the meeting witnessed “a discussion of the insurance sector restructuring file, through following up on the remaining stages of merging the National and Iraqi Insurance Companies within the specified timeframes, with a focus on strengthening governance and adopting international financial reporting standards to raise the efficiency of financial performance in line with the requirements of the global market.”

He added, “The meeting also addressed the restructuring of the Industrial Bank and the move towards contracting with a specialized consulting firm in this regard, in conjunction with the projects for automating financial systems and comprehensive digital transformation, through which the ministry aims to improve operational efficiency and reduce the time spent on transactions.”

During the meeting, the Minister of Finance affirmed that “the Ministry is moving forward, according to specific timetables, to translate the government program into tangible reality, stressing the importance of strengthening partnerships with global consulting institutions to ensure that national procedures comply with sound international standards.”

At the conclusion of the meeting, the Minister of Finance stressed the importance of continued cooperation with the international company to overcome technical challenges and train national cadres, in order to ensure the sustainability of structural reform. Representatives of Ernst & Young praised the serious steps taken by the Ministry to modernize financial institutions, stressing their continued technical support for developing auditing and banking processes in a way that serves the stability of the Iraqi economy.

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Iraq’s central bank’s foreign currency reserves have decreased.

The Central Bank of Iraq announced on Wednesday that its foreign currency reserves had decreased at the end of October of last year.

The bank said in an official statistic seen by Shafaq News Agency that “foreign currency reserves at the Central Bank as of October 31 of last year amounted to $97.582 billion, or the equivalent of 126.857 trillion dinars,” indicating that it decreased compared to September, in which these reserves amounted to $98.155 billion, or the equivalent of 127.601 trillion dinars.

He added that these reserves have increased compared to August of last year, when they amounted to $94.641 billion, equivalent to 123.033 trillion dinars.

The bank noted that reserves also decreased compared to 2024, when they amounted to $100.267 billion, or the equivalent of 130.347 trillion dinars, and also recorded a decrease compared to 2023, when reserves amounted to $111.736 billion, or the equivalent of 145.257 trillion dinars.

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Amid threats of US tariffs, Iraq remains the largest importer of Iranian goods, with purchases totaling $10 billion.

In recent days, the United States announced that any country that conducts trade with Iran will face a 25% tariff on its trade with the United States, a move that could include Iraq, which is among the Arab countries most closely linked to trade with Tehran.

The US decision comes at a time when Iran is witnessing its largest anti-government protests in years, within the context of a series of sanctions imposed by Washington on Tehran for years.

In this context, Middle East News reported on Wednesday that Iraq tops the list of countries importing Iranian goods, with purchases amounting to about $10 billion during the period between April 2024 and January 2025, followed by the UAE with about $6 billion, and then Turkey with $5.5 billion.

According to official data from the Iranian Customs Administration, the volume of non-oil trade between Iran and its fifteen neighboring countries reached $13.42 billion during the period from March 20 to June 21 of last year, with the exchange of about 23 million tons of goods.

In terms of exports, Iraq remained the primary destination for Iranian goods, with a value of $1.9 billion, followed by the UAE at $1.6 billion, then Turkey at $940 million, Afghanistan at $510 million, and Oman at $437 million. Imports from neighboring countries reached $6.8 billion, with the UAE topping the list of countries supplying Iran with over $3.9 billion, followed by Turkey at $1.98 billion, then Russia at $353 million, and Oman at $223 million.

According to the same data, the volume of non-oil trade between Iran and neighboring countries continued to rise, recording an increase of 21% year-on-year until March 19, 2025, reaching $74.32 billion, with exports rising to $36.01 billion compared to imports of $38.31 billion.

Despite concerns expressed by Iraq, the UAE, and Oman regarding the impact of the US tariffs, the decision has not yet included clear details on the implementation mechanism or any potential exemptions. In this context, the UAE Minister of Foreign Trade, Thani Al Zeyoudi, stated that his country is monitoring the situation to determine the extent of the decision’s impact on food imports.

Turkey is also facing a state of confusion as its trade with the United States expands from $30 billion to $100 billion, but it knows how to deal with such situations without a direct clash with Washington, according to analyst Taha Aydinoglu.

In contrast, China, the largest buyer of Iranian oil, continues to protect its interests and oppose any unilateral sanctions, while European economies such as Germany and Switzerland, along with India and Uzbekistan, also appear to be exposed to the impact of this tariff, reflecting the widening commercial reach of Iran across different continents.

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Kurdistan Region demands seven months’ salary from Baghdad and suggests extending the oil agreement: unless there are objections.

The Kurdistan Regional Government announced on Wednesday that it will demand the next federal government fund the salaries of seven months that have not been paid to public sector employees and workers in the region over the past three years, while expecting an extension of the agreement concluded between Erbil and Baghdad regarding Kurdistan’s oil exports.

This came in a press conference held by the spokesman for the regional government, Peshwa Hawrami, following a session of the Kurdistan Council of Ministers, during which he expressed his concern about the continued targeting of Kurds in the Syrian city of Aleppo by government forces.

Hormani said at the conference, “After the formation of the new Iraqi government, the Kurdistan Regional Government will hold talks with officials in Baghdad regarding the issue of Kurdistan’s share of the federal budget,” adding that “the federal government has not funded the salaries of employees in the Kurdistan Region for 7 months during the past three years, and we will not give them up, and we will demand them all.”

He added, “We will not discuss the issue of salaries with the next federal government again, but we will talk about the region’s share of the budget,” noting that “according to the general population census, the Kurdistan Region’s share of the Iraqi federal budget is 14%, but so far what has been given to Kurdistan has been much less than its legal and constitutional rights.”

The speaker referred to the oil agreement concluded between Erbil and Baghdad, as a result of which the Kurdistan Region’s oil exports were resumed through the Turkish port of Ceyhan in September of last year.

Horamani said, “The agreement between the Kurdistan Region and the federal government was originally intended for a period of three months, and if no party objects to that agreement, it will be renewed automatically.”

Regarding the attack that targeted the Kormor gas field in Sulaymaniyah last year, the spokesman said, “We did not reach a conclusion that we would hand over an accused person for the drone attacks,” stressing that “there was a committee made up of the Iraqi government and the regional government, during which several meetings were held, and several names were mentioned, but they were not arrested.”

He continued, saying, “It is clear that the attacks originated from territories under the control of the federal government, and the accused and suspected individuals have not only not been arrested, but some of them even appeared on social media days ago boasting about their inability to apprehend them,” noting that “the guarantees previously given to us have still been repeated, and yet they have launched the attacks again.”

Regarding the escalation between the United States and Iran, Hormani said that the Kurdistan Regional Government is not biased towards any party in regional conflicts, and that no neighboring country has been allowed to be attacked from their territory. He emphasized, “We want to protect our citizens, and we demand protection for the rest of the people as well.”

Shafaq.com

The Iraqi parliament announces only 15 names that meet the requirements for candidacy for the position of President of the Republic.

The Presidency of the Iraqi Parliament announced today, Wednesday, the names of the candidates who met the legal requirements to run for the position of President of the Republic of Iraq, based on the provisions of Article (4) of the Law on the Provisions of Nomination for the Position No. (8) of 2012.

The Presidency stated in an official announcement, received by Shafaq News Agency, that the names listed below meet the conditions stipulated in Article (1) of the aforementioned law, namely:

Shwan Hawiz, Namiq Team

Ahmed Abdullah Tawfiq Ahmed

Hussein Taha Hassan Mohammed Sinjari

Najm al-Din Abdul Karim Hama Karim Nasrallah

Asu Faridun Ali

Saman Ali Ismail Shali

Sabah Saleh Saeed

Abdullah Muhammad Ali Zahir

Abdul Latif Muhammad Jamal Rashid Sheikh Muhammad

Iqbal Abdullah Amin Haliwi

Nizar Mohammed Saeed Mohammed Kanji

Sardar Abdullah Mahmood Times

Fouad Mohamed Hussein Baki

Muthanna Amin Nader

Nawzad Hadi Mouloud

The Speaker of Parliament explained that anyone whose name did not appear among the candidates who met the legal requirements, and who submitted applications to run for the position of President of the Republic, has the right to object to the Federal Supreme Court by submitting a written request exempt from legal fees, within a period not exceeding three days from the date of this announcement.

The number of candidates for the position of President of the Republic exceeded 80 candidates from various religious, sectarian and national groups.

The Iraqi parliament has set January 5 as the deadline for submitting applications to run for the presidency.

Shafaq.com

Maliki to Harris: The need to “control weapons” and complete constitutional requirements

On Wednesday, Nouri al-Maliki, head of the State of Law Coalition, stressed to Joshua Harris, the acting US ambassador to Iraq, the need to restrict weapons, and also discussed with him the issue of constitutional entitlements.

This came during Al-Maliki’s reception of Harris at his office today. According to a statement from his office received by Shafaq News Agency, the meeting included “discussions on ways to strengthen bilateral relations between the two countries, with the aim of serving the interests of the two friendly peoples. The two sides also reviewed developments in regional and international affairs.”

According to the statement, Maliki expressed “Iraq’s desire to continue cooperation and establish strong relations and a partnership with the United States by activating the Strategic Framework Agreement concluded between the two countries.”

Al-Maliki stated that “the national forces are determined to complete the constitutional requirements within their constitutional timeframes,” stressing that “building a strong and stable state requires restricting weapons to the state and strengthening the rule of law.”

For his part, Joshua Harris expressed his hope to “work on strengthening cooperation between Baghdad and Washington in a way that contributes to supporting security and stability in Iraq and the region.”

Zuhair al-Jalabi, a member of the State of Law Coalition, told Shafaq News Agency on December 3, 2025, that his leader, Nouri al-Maliki, was the only person capable of disarming the armed factions of their “heavy” weapons, due to their trust in him.

Al-Jalabi explained that “the armed factions, as well as the Popular Mobilization Forces, trust al-Maliki, and when al-Maliki assumes the premiership, he can negotiate the withdrawal of heavy weapons by the factions.”

He pointed out that “the factions trust Maliki and do not trust anyone else, which enables him to succeed in this matter, unlike all the heads of government who did not succeed in it, and this point can help Maliki in supporting his obtaining a third term.”

For years, the Iraqi government has been grappling with the issue of “weapons outside the framework of the state,” asserting that the proliferation of medium and heavy weapons among some factions poses a challenge to strengthening stability and establishing the rule of law.

The outgoing Prime Minister, Mohammed Shia al-Sudani, believes that disarming the armed factions is linked to the presence of the international coalition in Iraq, which some factions consider an occupying force.

He explained, during an interview with Reuters, that Iraq is committed to putting all weapons under state control, and that the future program will include integrating factions into the security forces or politics by surrendering their weapons.

Meanwhile, Nouri al-Maliki, leader of the State of Law Coalition, says that “the armed factions have expressed their desire to integrate into state institutions and hand over their heavy weapons.”

For its part, the United States continues its repeated calls to Baghdad to ensure that armed factions are controlled and that attacks targeting US forces or interests are reduced, while affirming its support for the government’s efforts to strengthen security institutions.

Shafaq.com

Iran threatens to bomb US bases, and calls for help are made from Al Udeid Air Base in Qatar.

Tehran has warned countries in the region that it will bomb US military bases in those countries if it is attacked by the US, Reuters reported on Wednesday, citing a senior Iranian official. The official stated that “Tehran has informed countries in the region, from Saudi Arabia and the UAE to Turkey, that US bases in those countries will be attacked if the United States targets Iran… and has asked these countries to prevent Washington from attacking Iran.”

This came in the wake of threats by US President Donald Trump to intervene amid anti-government protests across Iran. Reuters reported, citing three diplomats, that some individuals were advised to leave the US military’s Al Udeid Air Base in Qatar by Wednesday evening, adding that the US Embassy in Doha offered no immediate comment on the matter.

Al Udeid Air Base is the largest US base in the Middle East, housing approximately 10,000 troops. Prior to the US airstrikes on Iran in June, some personnel were relocated from US bases in the Middle East.

The Iranian official confirmed that direct contacts between Iranian Foreign Minister Abbas Araqchi and US Special Envoy Steve Wittkopf have been suspended, adding that US threats are undermining diplomatic efforts and that any potential meetings between the two officials to find a diplomatic solution to the decades-long nuclear dispute have been cancelled.

Yesterday, US President Donald Trump announced that he had cancelled all meetings with Iranian officials “until the killing of protesters stops,” calling on those participating in the protests to continue demonstrating, and assuring them that “help is coming.”

The United States and other countries had urged their citizens to leave Iran as soon as possible.

Meanwhile, the Wall Street Journal, citing officials in Gulf states, revealed that the administration of US President Donald Trump informed its allies that an attack on Iran had become “more likely than not.”

The Wall Street Journal reported yesterday that Saudi Arabia is leading a Gulf front that includes Qatar and Oman, in order to dissuade the White House from launching a strike against Iran, fearing the repercussions of this step on the stability of the region.

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Three trillion dinars annually: A parliamentary plan reveals Iraq’s path towards oil self-sufficiency.

On Tuesday (January 13, 2026), MP Mudhar Al-Karawi presented a comprehensive strategic vision regarding the expansion of oil refineries in the country, stressing that it would support the general budget by no less than three trillion dinars annually, and contribute to creating three positive dimensions for the national economy.

Al-Karawi said in a press statement: “Expanding oil refineries in Iraq represents a strategic option with significant dimensions, based on approved technical and economic plans. Therefore, we adopt this path because it achieves three main objectives, most notably enhancing energy security, reducing dependence on imports, and maximizing the added value of crude oil.”

He adds that “this approach also contributes to supporting the national economy and protecting the country from fluctuations in global oil prices, especially since the oil derivatives market is one of the most important and fastest growing markets in the region and the world.”

Al-Karawi pointed out that “attempts to cast doubt on this program are not based on any sound scientific or economic data, and therefore it is necessary to move forward with this file because it reflects a true understanding of energy and oil industry policies, and is consistent with the requirements of long-term strategic planning that the state should adopt.”

He stressed that “expanding refineries and increasing their production capacity can contribute to supplying the treasury with revenues of at least three trillion dinars annually, which makes this program not a circumstantial option or an individual effort, but rather a fundamental pillar for achieving economic and political stability, and an important part of the comprehensive national security system.”

On January 9, 2026, economist Nabil Al-Marsoumi confirmed that oil prices had risen significantly due to escalating concerns about supplies from Iran.

Al-Marsoumi stated in a Facebook post that “the price of Brent crude rose to $63 as a result of concerns about disruptions to Iranian supplies, which produce 3.3 million barrels per day and export more than one million barrels.”

He added that “oil prices could see a significant increase if the current demonstrations and protests in Tehran turn into a military clash between Iran and both the Zionist entity and America, as happened in the last war.”

He added that “the global energy market could be severely shaken if Iran targets Gulf oil facilities or the Strait of Hormuz, because geopolitical tensions would directly affect supplies, as the region currently exports a third of global exports and a fifth of gas exports.”

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Harris assures Barzani: There is no place for Iranian-backed terrorist militias in the Iraqi government.

On Tuesday, the acting US ambassador to Iraq, Joshua Harris, praised the role of Kurdish leader Masoud Barzani in supporting the Iraqi political process and calming tensions in Syria, while stressing that there is “no place” for what he called “Iranian-backed terrorist militias” in the next Iraqi government.

A statement from Barzani’s headquarters, received by Shafaq News Agency, said that “Masoud Barzani received at the Salah al-Din resort (Pir Mam), a delegation from the US Embassy in Iraq headed by Joshua Harris, the US Chargé d’Affaires in Iraq.”

The statement noted that during the meeting, which was attended by Gwendolyn Green, the US Consul General in Erbil, the US Chargé d’Affaires briefed the US Embassy on the political process in Iraq following the parliamentary elections, relations between Iraqi political parties, and efforts to form a unified federal government in Iraq.

He noted that the acting US ambassador also highlighted the situation in the region and the complexities in Syria, praising President Barzani’s continued efforts to support the Iraqi political process and calm tensions in Syria.

For his part, Barzani assured the visiting delegation that he would spare no effort in coordinating between the political parties to reach satisfactory results and form a strong federal government. He also said he would continue his efforts to resolve all problems and obstacles between the political parties on the one hand, and to address outstanding issues between the Kurdistan Regional Government and the federal government on the other.

Regarding the situation in Syria and the challenges facing the region in general, Barzani stressed that he is making serious efforts to resolve all problems peacefully through dialogue and understanding, and away from violence.

The statement concluded by saying that the meeting addressed another topic concerning relations between the Kurdistan Region and the United States, and efforts to strengthen and develop these relations.

For its part, the US Embassy in Baghdad said that Chargé d’Affaires Joshua Harris met with Masoud Barzani and discussed a number of political, security and economic issues.

The embassy said in a statement that the meeting addressed the importance of protecting Iraqi sovereignty, enhancing regional security, and strengthening mutually beneficial economic relations.

Harris reiterated, according to the statement, that “Iranian-backed terrorist militias, which ignore Iraq’s calls for disarmament, have no place in the Iraqi government in any capacity.”

The US chargé d’affaires stressed that the United States will continue to emphasize clearly and consistently the need for Iraq to act urgently to dismantle the terrorist militias that seek to achieve a foreign agenda that undermines Iraq’s sovereignty, impoverishes it, threatens Americans and Iraqis, and drags the country into a regional conflict.

Shafaq.com

The Trump administration designates Muslim Brotherhood branches in three countries as terrorist organizations.

On Tuesday, the administration of US President Donald Trump decided to designate the branches of the Muslim Brotherhood in Lebanon, Egypt and Jordan as “terrorist organizations”.

The US Treasury Department has designated the group’s branches in Egypt, Lebanon, and Jordan as terrorist organizations.

US Secretary of State Mike Rubio said, “These measures are among the first steps in efforts to thwart violence perpetrated by branches of the Muslim Brotherhood.”

Rubio added, “We will use the tools available to deprive these branches of the Muslim Brotherhood of the resources to engage in terrorism.”

The White House announced on November 25, 2025, that US President Donald Trump had signed an executive order directing the Secretaries of State and the Treasury to study whether specific branches of the Muslim Brotherhood should be designated as “foreign terrorist organizations and specially designated international terrorists.”

It is worth noting that the Muslim Brotherhood in Jordan is a dissolved group, and its activities were officially banned in April of last year, with it being considered an “illegal association” and any activity by it or the promotion of its ideas being prohibited, based on a previous judicial decision issued in 2020 that considered it “dissolved”.

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