The New Reform Document Puts The Banking Sector On The Brink Of Collapse.
August 8, 2025 Baghdad – Nada Shawkat
Banking experts have criticized the recent decisions of the Central Bank of Iraq, describing them as lacking in national spirit and aimed at serving the interests of foreign banks and Oliver Wyman at the expense of national banks.
The experts said yesterday that “the private sector supports financial and banking reform, but not at the expense of the local banking system, which has long suffered from a lack of opportunities in global markets due to Iraq’s unique circumstances.”
They pointed out that “the second banking reform document issued by the bank directly threatens the existence of the national banking system,” stressing that “the document’s contents put the Iraqi financial system on the brink of collapse, and no one clearly knows who will truly benefit from it.
” The experts explained that “these decisions contradict the bank’s mission to protect monetary and financial stability,” stressing that “their implementation may be impossible and could lead to a significant deterioration in the Iraqi banking sector.”
The experts called for “the need to immediately review the provisions of the document to preserve the vast human capital of more than 24,000 specialists working in national banks,” warning that “the continuation of these policies could widen the gap between citizens and banking institutions and lead to long-term negative impacts on the national economy.”
The Central Bank laid the foundation for a comprehensive transformation in the digital payments sector, with advanced measures and strategic visions aimed at achieving sustainable development.
Al-Alaq said during the Comprehensive Transformation of Electronic Payments Conference yesterday that “digital transformation has become a strategic choice in building a modern state, a diversified economy, and transparent government services, as international experiences have proven that digitization is not a luxury, but rather a fundamental driver for sustainable development, improving the work environment, empowering youth, and developing vital sectors.”
He added, “We are facing a historic opportunity to make up for lost time and launch a clear vision towards an economy capable of facing challenges, fighting corruption, and creating an attractive environment for investment.
” Al-Alaq explained that “the Central Bank has worked to develop electronic payment in an integrated and secure manner, including payment and settlement in accordance with the highest international standards and practices.”
He went on to say that “these systems have contributed to enhancing the efficiency and reliability of financial operations and supported the implementation of strategic initiatives in partnership with the government, to localize salaries, electronic immunization, and development financing programs.”
He pointed out that “the bank, based on its role in managing monetary policy and regulating the financial and banking sector, is working within its plan to consolidate the infrastructure for electronic payment by implementing a number of national projects.”
Al-Alaq stressed that “the most prominent of these projects is the instant payments system that allows “The second project is the unified gateway for payments and government entities, which facilitates payment procedures, reduces manipulation, and increases trust,” he continued, adding that “the third project is the national card scheme, which builds an independent national system that preserves digital sovereignty, reduces dependence on external systems, and opens the door to products that suit the local market.
The fourth project is developing the national department to support the significant increase in transaction volume and ensure the speed and stability of operations within a secure environment.”
He pointed out that “the fifth project is establishing partnerships with regional and international institutions and deepening cooperation with global payment networks to benefit from their advanced tools .” LINK
Digital Currency Legislation Is On The Table For Discussion By Al-Mashhadani And A Delegation Of Experts
Friday, August 8, 2025, | Economic Number of reads: 346 Baghdad / NINA / Parliament Speaker Mahmoud Al-Mashhadani discussed with a delegation of Iraqi and international experts and academics supporting legislation related to digital currency and strengthening the financial market.
The meeting, according to a statement from the Parliament Speaker’s Office, discussed successful experiences in the United States and the UAE in the field of financial technology, while discussing the results of the delegation’s discussions with the Governor of the Central Bank of Iraq.
Al-Mashhadani affirmed the Parliament’s support for any legislative steps that keep pace with global developments and open the doors to investment, stressing the importance of creating a modern financial environment that strengthens Iraq’s position in the digital economy.
The delegation included Dr. Oz, a member of the New York City Council, Bryar Rashid, a member of the Parliamentary Economic Committee, Judge Salar Abdul Satar, the former Minister of Justice, and Haider Ali, an economic expert residing in Australia. https://ninanews.com/Website/News/Details?key=1245348
Work Will Begin After The Fortieth Day.. Al-Sudani’s Office Announces The Launch Of A Package Of 36 Projects
Money and Business
Director of the Prime Minister’s Office, Ihsan Al-Awadi, announced today, Friday, the launch of a package of 36 projects.
In a speech during the second conference of the Permanent Supreme Committee for Millions of Pilgrims, Al-Awadi said, “A package of 36 projects has been launched, and work will begin on them after the conclusion of the Arbaeen pilgrimage.” https://economy-news.net/content.php?id=58544
Gold Is Heading For Gains For The Second Consecutive Week
economy | 08:56 – 08/08/2025 Mawazine News – Follow-up Gold futures jumped to a new high in early Friday trading following a report that the United States had imposed tariffs on one-kilogram gold bullion imports.
Spot gold is on track for a second consecutive week of gains, benefiting from market turmoil due to tariffs and hopes of a US interest rate cut.
By 0104 GMT, spot gold was down 0.2 percent at $3,389.37 per ounce, after hitting its highest level since July 23 earlier in the session. The precious metal has gained 0.8 percent so far this week, according to Reuters data.
US gold futures for December delivery rose 1.6 percent to $3,509.10, after hitting an all-time high of $3,534.10. https://www.mawazin.net/Details.aspx?jimare=264734
Oil Prices Fall Due To US Tariffs
Economy | 09:04 – 08/08/2025 Mawazine News – Follow-up: Oil prices are heading for their biggest weekly loss since late June, as investors fret about the impact of tariffs that took effect yesterday on the global economy.
Brent crude futures fell 3 cents to $66.40 a barrel, heading for a weekly decline of more than 4%, while U.S. West Texas Intermediate (WTI) crude futures fell 6 cents, or 0.1%, to $63.82 a barrel, on track for a weekly loss of more than 5%, according to Reuters.
The higher U.S. tariffs against a group of trading partners took effect on Thursday, and ANZ analysts said in a note that these tariffs raised concerns about weak economic activity, which would affect global demand for crude.
Oil prices have been under pressure since OPEC+ decided this week to completely cancel the largest portion of its production cuts in September, months ahead of schedule. West Texas Intermediate crude settled lower on Thursday for the sixth consecutive session, and if it closes lower today, it would be its longest losing streak since August 2021. https://www.mawazin.net/Details.aspx?jimare=264736
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