Tishwash: IMF: Iraq has made progress in transitioning to a new system for financing foreign trade.
The International Monetary Fund (IMF) mission considered that the Central Bank of Iraq has achieved “significant progress” by transitioning to a new system for financing foreign trade.
A statement issued by the bank quoted the mission as confirming that “the Central Bank of Iraq has made progress in absorbing excess liquidity by increasing the issuance of short-term debt instruments (central bank transfers and Islamic certificates of deposit), adjusting subscription limits for banks in central bank auctions, and improving liquidity forecasting tools and practices.”
The statement added, “The mission commended the Central Bank of Iraq’s efforts to successfully transition to the new trade finance system,” noting that commercial banks now process trade finance transactions entirely through their relationships with correspondent banks.
According to the mission, “the Central Bank of Iraq has made significant progress by transitioning to a new system for financing foreign trade through correspondent banking channels, instead of relying on the daily dollar auction.”
According to the statement, the mission indicated that “this development has contributed to enhancing banks’ compliance with international transparency requirements, such as OFAC regulations and others, and improving their relationships with global correspondent banks.”
The statement added that this step resulted in narrowing the gap between the official dollar exchange rate and its parallel exchange rate, indicating relative success in curbing illegal speculation and reducing currency leakage.
The statement continued, citing the IMF mission, that “the methodology for managing foreign exchange has become more effective than before, especially with the Central Bank of Iraq continuing to implement complementary measures such as requiring traders to submit genuine import invoices and simplifying procedures for obtaining hard currency for legitimate importers.” link
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Tishwash: Al-Sudani: “Made in Iraq” is a national project we are counting on.
Prime Minister Mohammed Shia al-Sudani inaugurated, on Wednesday, the Construction Cooperation Center (Construction Basket), which was implemented by the General Company for Construction Materials Trade at the Ministry of Trade, in partnership with the private sector.
During the opening ceremony, Al-Sudani emphasized that the project contributes to providing building materials at competitive prices and convenient installments to citizens, particularly targeted groups such as retirees, those covered by the social security network, martyrs’ families, and employees.
The Prime Minister praised the efforts of the Ministry of Trade and those behind the project, considering the “Made in Iraq” concept a working method for restoring prestige to national industry, given the “real revolution” the construction sector is witnessing, both through state projects and at the investment level.
Al-Sudani directed a coordination workshop to be held among relevant authorities to establish a mechanism enabling citizens to obtain loans and building permits, while also securing the construction materials they need to build a home.
He pointed out that the government has adopted a cooperative approach, with public sector participation, to control commodity prices, starting with food items through the “hypermarket” project, and now in the construction sector through the “construction basket.”
He explained that the project provides construction materials in accordance with Iraqi standard specifications and supports housing projects by granting investment licenses for approximately one million housing units, in addition to initiatives by the Housing Fund and the Real Estate Bank.
He explained that sovereign guarantees for the private sector focused on industrial sectors, with facilities for investors in constructing various factories. He emphasized the continuation of work with the Federation of Industries and Contractors, and the empowerment of the private sector as a partner in meeting market needs and providing job opportunities.
Al-Sudani concluded by pointing out the need to extend this experience to other governorates, starting with Nineveh and Basra. link
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Tishwash: Integrity: Iraq joins Beijing’s Clean Silk Road Initiative
The Federal Integrity Commission announced, on Tuesday (June 24, 2025), Iraq’s accession to the “Beijing Clean Silk Road Initiative,” indicating that this comes in implementation of Article (3/6) of the Memorandum of Understanding concluded between the Commission and the National Oversight Commission of the People’s Republic of China.
In a statement received by Mawazine News, the Commission stated that “the cooperation and coordination between the Commission and the Embassy of the People’s Republic of China in Baghdad culminated in joining the initiative after completing the procedures,” explaining that this will contribute to strengthening international relations and highlighting the Commission’s efforts, endeavors, activities, and achievements in the field of combating corruption.
It noted the confirmation of the National Oversight Commission of the People’s Republic of China of its readiness to enhance cooperation and joint work with the Commission in the field of combating corruption and law enforcement, to build a Clean Silk Road.
She noted the Commission’s welcome and announcement that Iraq has become the eighteenth country to join the initiative, which aims to enhance transparency, financial and intellectual cooperation, develop governance and laws, and promote oversight and legal awareness. It also aims to establish a closer network for cooperation in the field of justice and law enforcement, exchange expertise and information, develop human resources, pursue fugitives, and reject safe havens for fugitives and illicit assets.
The Commission added that the initiative calls for the signing of bilateral treaties on extradition and mutual legal assistance, based on international agreements, and the exchange of information and expertise between relevant anti-corruption agencies. It also calls for launching highly effective anti-corruption cooperation, promoting self-discipline, legal awareness, and a sense of responsibility, and enacting laws to combat corruption and combat bribery, with the aim of creating a sound relationship between governments and companies. link
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