Tishwash: Qubad Talabani: Our doors are open to all foreign companies for investment.
joint contract signing ceremony took place in Sulaymaniyah between local and American companies to develop the Bazian power plant.
During the ceremony, Deputy Prime Minister of the Kurdistan Region, Qubad Talabani, delivered a speech welcoming the attendees, company representatives, businessmen, and guests. He emphasized the importance of signing this contract, which will contribute to the development of the electricity sector.
He added, “This contract will strengthen the Kurdistan Region’s infrastructure and send an important message to the world that the Kurdistan Region’s doors are open to all foreign companies working towards a more developed Kurdistan.”
He explained, “We in the Kurdistan Regional Government have open doors to all foreign companies to invest in the Kurdistan Region. It is important to make clear to all investors that our priority is to work on diversifying resources in the Kurdistan Region. I thank all the companies that have been operating in Sulaymaniyah for a long time and have implemented many important and necessary projects, making Sulaymaniyah a model of development and prosperity.”
Talabani said, “Through this contract and the cooperation between the companies, we can provide a significant portion of the electricity supply to the Kurdistan Region and work to develop the electricity sector in general. Under this contract, many cadres and engineers will be trained according to international standards.”
He continued, “This contract will provide opportunities for young people, as well as job and training opportunities for a large number of citizens, and will build a sophisticated electricity sector. We in the Kurdistan Regional Government provide all necessary facilities to foreign companies, and we must rely on clean energy and develop the gas sector as well.” link
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Tishwash: General Electric: We have implemented strategic agreements on the ground in Iraq.
Rashid Al-Janabi, General Electric’s Country Manager in Iraq, confirmed on Sunday that the unprecedented government support has strengthened the partnership with the Ministry of Electricity, while pointing to strategic agreements implemented on the ground that have contributed to raising the efficiency of the electricity grid.
Al-Janabi said, “The unprecedented government support the company has received is a key factor in strengthening the partnership between GE Vernova, the Ministry of Electricity, and the Iraqi government in general.”
He added, “This partnership, which has spanned several decades, has witnessed significant deepening in the recent period, which has positively reflected on the development of the energy sector, both in terms of adding new production capacities and improving the efficiency of the transmission and production systems.”
He pointed out that “these efforts have resulted in strategic agreements that have been implemented on the ground through major projects over the past two years, which have contributed to raising the efficiency of the electricity grid and meeting a significant portion of Iraq’s energy needs, supporting future development plans and contributing to improving the environmental situation.”
He continued, “We aspire to expand this partnership in the future, in a way that meets national ambitions and meets the growing need for energy in Iraq.” link
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Tishwash: Baghdad dollar declines due to exhibitions, real estate, or nuclear negotiations?
Iraqi markets have recently witnessed a significant decline in the dollar exchange rate, reaching 1,440 dinars, after a period of highs and fluctuations amid Middle East tensions and US restrictions on Iraqi trade with sanctioned countries.
The decline is contrary to expectations experienced by trading circles at the end of last year, which slightly disrupted the local economy. However, other experts who spoke to 964 Network attributed the almost sudden drop to a recession that has been looming for months in the Iraqi real estate and car markets, the largest domestic market for US currency trading.
This may mean a decline in large-scale money laundering operations led by influential parties, as discussed in political and economic circles. This is in addition to the decisions of US President Donald Trump, who imposed large customs tariffs on China, which led to higher commodity prices in the United States, increased inflation, and harmed the dollar’s position globally.
Experts also noted that the return of Washington and Tehran to negotiations has contributed to reducing demand for the dollar in Iraq, as the exchange rate fluctuation is primarily due to informal trade between Iraq and Iran. However, successful negotiations and the easing of the pressure on the Iranian banking system will ease the pressure on the Iraqi dollar.
Experts do not rule out another factor: the Central Bank’s recent restrictions on Visa and MasterCard cards, which have contributed to limiting the withdrawal of dollars at the official exchange rate and their subsequent sale on the black market.
Mustafa Akram Hantoush, financial expert:
The dollar exchange rate should not exceed 1,320, even on the parallel market. The central bank sells dollars daily at this rate, exceeding $250 million. However, there are discrepancies. Any requests outside the central bank’s platform are not covered, most notably trade with Iran, small traders, and the smuggling of some goods through Kurdistan. This trade is not officially covered, and therefore traders buy them from the parallel market.
Iranian situation negotiations
There are now negotiations in Iran. If they succeed and the noose is lifted on its banking system, this will ease the pressure on the Iraqi dollar, thus lowering the parallel exchange rate.
The solution lies in creating a genuine platform for financial transactions with Iran. Small traders must be covered by specialized companies that handle their needs, while smuggling must be stopped and the sanctioned countries that travelers visit must be addressed.
Khaled Haidar – Academic:
The Iraqi economy is linked to the global economy and its revenues depend on oil, which is priced in US dollars.
Trump and the American market
The US economy is currently experiencing a decline in retail sales, particularly after tariffs on countries, particularly China. This has had a significant impact on the US economy, with imported goods prices rising, inflation rates doubling, confidence in the US economy weakening, and interest rates declining. This, in turn, has impacted growth prospects.
Today’s global economy is gradually beginning to rely on other currencies, such as the BRICS blocs, creating new influential poles on the global map.
Today, there is a degree of confidence in the Central Bank’s performance regarding the dollar, particularly since it has restricted electronic transactions using cards used by travelers to obtain dollars at a low rate, then withdraw them abroad at the parallel market rate, profiting from the difference upon their return to Iraq and reselling them. This measure has greatly reduced fraud and dollar withdrawals.
There’s also a trend today toward trading in gold, and its prices continue to rise, as it has become a safe haven and a better alternative to the dollar. Many are choosing to keep their capital in the form of gold bullion, which has affected confidence in the dollar and impacted its value.
Nabil Jabbar Al-Tamimi, economic expert, to 964 Network :
There are no political reasons for this decline, and it is within the normal range of fluctuations, given that the dollar previously reached 1,400 and then rose to over 1,500. Furthermore, there is no major event currently affecting the price, and the central bank’s measures remain unchanged.
Iraqi real estate and car market stagnant!
Iraq is currently experiencing a recession in the car and real estate markets. This is primarily due to the fact that car dealers deal exclusively in dollars, not dinars. Furthermore, companies importing electric cars have emerged, and these companies are enjoying great popularity among Iraqis, in addition to accepting dinars.
Neglecting the dollar-denominated side of the market, whether in the auto or real estate markets, has led to a decline in demand for the dollar. This decline is relative, not exceeding 2.5% or 3%.
The tariffs imposed by Trump have not affected Iraq, and there is no connection between them. Regarding the negotiations between Iran and the US, in the event of tensions, demand for the dollar is expected to increase, and the rise in the price in Tehran is expected to be reflected in the Iraqi dollar, given the presence of unofficial transfers, which we have not witnessed. Furthermore, the existence of measures related to MasterCard cards and withdrawal transactions is expected to raise the price, because restricting cards stifles the markets, thus raising trading prices on the black market, but the opposite has happened.
The decline is due to internal factors. About six months ago, a clear recession began in the dollar-denominated auto and real estate markets. This recession reduced demand for the currency.
Ammar Hamad, Deputy Governor of the Central Bank, stated to the official newspaper, as monitored by 964 Network:
The improvement in the Iraqi dinar’s exchange rate against the dollar in local markets is due to the Central Bank’s recent policy and the country’s substantial financial reserves.
The decline will continue in the coming periods. link
