Tishwash: Erbil agrees to send 120 billion dinars to Baghdad and deliver July payrolls.
An informed source revealed, today, Tuesday (July 29, 2025), that the Kurdistan Regional Government has agreed to send 120 billion dinars to Baghdad, during the regional council of ministers session scheduled for tomorrow, Wednesday.
The source told Baghdad Today, “The Council of Ministers will approve sending the amount to the federal government early next week, along with providing a copy of the quantities of oil the region can currently export.”
He added that “the regional government will also send its employees’ payrolls for July to Baghdad,” noting that “the federal government, for its part, will disburse June salaries at the end of next week, amounting to 974 billion dinars.” link
Tishwash: Workshop on localizing the gold industry and strengthening craft workshops
The Central Agency for Standardization and Quality Control held a workshop at the agency’s headquarters under the title “Localizing the Gold Industry and Strengthening Craft Workshops.”
In his opening remarks at the workshop, the head of the Central Agency emphasized the role of the precious metals sector in strengthening the national economy, pointing to the need to enhance trust between local manufacturers and the public by ensuring the quality of jewelry and its freedom from commercial fraud.
He also commended the agency’s role in protecting citizens from unfair practices, stressing its commitment to supporting local industries in accordance with international quality standards and in line with Iraq’s vision for achieving sustainable economic development.
For his part, Kazem Attia Al-Shammari, a member of the Parliamentary Committee for Economy and Trade, emphasized the importance of strengthening national industries, particularly in the fields of gold and handicrafts. He noted that this would help attract investment by providing a business environment subject to quality and transparency standards.
Ghassan Sakban Kazim, Director of the Qirat Foundation for Economic Development, presented a video explaining the work of specialized gold-making workshops, with a detailed explanation of the foundation’s goals of supporting national industry and facilitating procedures between the public and private sectors. He also addressed ways to overcome obstacles facing industrialists to ensure their compliance with technical and legal standards.
The workshop included a discussion session chaired by the Director General of the Standardization Department, Mohammed Latif Ahmed, with the participation of the Assistant Director General, Mustafa Saad Khazal, and the Director of the Qirat Foundation. Numerous proposals and questions were raised and answered, taking into account the workshop’s concluding recommendations.
The workshop was attended by Prime Minister’s Advisor Hussein Allawi Al-Najm, a representative of the Organized Crime Directorate, a number of general managers, and a number of Central Agency for Public Mobilization and Statistics (CAP) staff and goldsmith workshop owners, reflecting both official and popular interest in developing this vital sector. link
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Tishwash: A state-owned bank announces the settlement of 87% of Iraq’s external debt.
Rafidain Bank announced on Wednesday that it had achieved “substantial” progress on its foreign debt portfolio, settling approximately 87% of total international obligations through high-level financial and legal negotiations, resulting in a significant reduction in the volume of foreign debt.
The bank said in a statement today, “In the context of Iraq’s commitment to the Paris Club Agreement, and with the direct approval of the Council of Ministers, the bank concluded major negotiated settlements with Dutch and French creditor companies, the most prominent of which was: Cabinet Resolution No. (403) of 2025: Settlement of three lawsuits filed by Dutch companies with a concession rate in favor of the bank exceeding 90% of the value of those claims.
The statement explained that “the bank has achieved significant legal successes abroad, most notably winning lawsuits in Turkey and Lebanon, enabling it to recover more than $2.8 million, reflecting the competence of its legal apparatus and its ability to defend the state’s rights before international courts.”
The bank affirmed in its statement that it “continues its efforts to close the remaining issues through final settlements, which will strengthen Iraq’s sovereign rating and consolidate international confidence in its financial stability and commitment to sound financial governance.” link
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Tishwash: The Iranian parliament approves removing four zeros from the currency.
MP Fathallah Tavasoli, a member of the Iranian parliament’s economic committee, announced the committee’s approval of a bill to remove four zeros from the national currency.
Tosoli explained that this project, submitted by the government, was approved after addressing the comments and in agreement with the governor of the Central Bank, the Ministry of Economy, and the relevant committee.
The Economic Committee stated that this step aims to facilitate transactions, and that the project’s details are currently being amended to comply with other laws.
In May, the governor of the Central Bank of Iran, Mohammad Reza Farzin, stated that removing four zeros from the national currency “represents a priority in the country’s monetary reform plan for the current year 2025.”
Removing zeros from a currency is a financial procedure in which the circulating currency is replaced by a new one with a reduced nominal value, with specific zeros removed from its denominations (for example, when six zeros are removed, every million units of the old currency become equivalent to one unit of the modified currency).
This measure is usually taken to enhance financial credibility, restore monetary confidence, regulate exchange markets, and combat inflation. link
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