TNT:
Tishwash: The parliamentary legal committee submits 40 draft laws to the parliament’s presidency.
The parliamentary legal committee confirmed on Monday that it had submitted about 40 draft laws to the Speaker of Parliament, while clarifying the constitutional and procedural differences between draft laws and proposals.
Committee member Thaer Al-Kaabi told the official agency, as reported by 964 Network , that “the committee has completed submitting approximately 40 draft laws to the Council Presidency to proceed with their legislation,” indicating that a number of them have been read, most notably the Lawyers Law and the Notaries Public Law, as well as the reading of the Minors Care Law, which are qualitative and important legislations targeting a wide segment of the Iraqi people.”
Al-Kaabi explained that “the draft law” is submitted exclusively by the government, represented by the Council of Ministers, and is linked to the executive vision, and its texts are restricted by the allocations and schedules of the federal budget,” noting in contrast that “the proposed law” is submitted from within the House of Representatives or from the Presidency of the Republic, in accordance with the legislative frameworks. link
Tishwash: Exclusive to Kurdistan 24: US pressure on Baghdad to expedite the removal of zeros from the dinar to curb money laundering
Informed sources told Kurdistan24 today that the United States is exerting increasing pressure on the Iraqi government to expedite the implementation of the “removal of zeros from the Iraqi dinar” project, with the aim of crippling the movement of funds smuggled abroad and recovering cash liquidity hoarded through illegal means.
According to exclusive information obtained by Kurdistan 24, the approval of this project will strip the old currency denominations of their legal tender value and stop their circulation as official currency, which will force the holders and smugglers of those funds to bring them in and deposit them exclusively through official banking channels inside Iraq to exchange them for the new denominations, which will ensure the reintegration of smuggled capitals into the national financial system.
A crucial tool for uncovering corruption and sources of funds
The sources explained that this step constitutes a trap and strict control over money laundering and corruption networks, as the exchange of large sums of cash in banks will be subject to thorough investigations into the “sources of funds” (Where did you get this from?), which directly contributes to exposing and holding accountable the figures who seized public money and stored it in cash or in bank accounts outside the borders of Iraq. link
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Three Zeros, One Currency: The Risks and Rewards of Iraq’s Dinar Reform
The issue of removing three zeros from the Iraqi dinar has intensified, prompting large numbers of people to purchase US dollars and sell their dinars. Experts warn that this trend could push the dollar exchange rate higher against the Iraqi dinar in the coming days. They also stress that the proposed currency reform could have both positive and negative consequences.
Removing Three Zeros Could Recover Eight Trillion Missing Dinars
The issue of reforming Iraq’s currency by removing three zeros from the dinar has recently become a major topic of discussion in economic, political and media circles. The issue gained further attention after Iraq’s Minister of Communications indicated that a decision had been taken to modify the currency, with the stated aim of recovering eight trillion dinars in missing state funds.
While removing zeros is technically an accounting and monetary reform measure, questions remain over the timing and underlying objectives of the proposal, particularly given Iraq’s current economic and political circumstances.
Potential Impact of Removing Three Zeros
From an economic perspective, removing three zeros could simplify everyday financial transactions, reduce the costs associated with printing and transporting banknotes, and help the Central Bank of Iraq reorganise the country’s monetary system.
However, Prof. Dr Ayub Anwar Smaqayi, a university professor and head of the Erbil Branch of the Kurdistan Economists Association, argues that the current discussion is largely a “tactic” aimed at recovering funds that have been hoarded or kept outside the banking system.
He notes that widespread corruption and the accumulation of cash outside official channels have contributed to liquidity shortages, with the government facing serious difficulties in meeting salary payments for several months. Given these circumstances, he warns that altering the currency while the economy remains unstable could create additional problems.
How Would the Process Work?
The proposed removal of three zeros would first have to be approved by the Iraqi Council of Ministers. If endorsed, the proposal would then be referred to the Iraqi parliament’s Finance Committee for a first reading before being submitted to the parliamentary presidency. It would subsequently proceed to a second reading and a final vote by MPs.
Srwa Mohammed, a member of the Iraqi parliament representing the Patriotic Union of Kurdistan (PUK) bloc, says Iraq is facing a difficult economic situation and that the government is exploring various measures to increase revenues and combat corruption.
She explains that the Ministry of Finance, in coordination with the relevant authorities, would need to submit a draft law to parliament for approval. She adds that one potential benefit of the reform would be strengthening the Iraqi currency and exposing individuals who have concealed large sums of money, as they would be required to disclose the source of their funds when exchanging the old currency for the new one.
Risks and Challenges
Experts warn that, despite its potential benefits, implementing such a reform during a period of economic and political instability could create significant risks, including:
• Dollar reserves: The Central Bank would need adequate foreign currency reserves to maintain exchange-rate stability against the US dollar following the introduction of the new currency.
• Unfavourable conditions: Iraq’s ongoing financial and political challenges could prevent the reform from achieving its intended objectives and could instead contribute to further economic instability.
Removing three zeros from the Iraqi dinar could offer several technical and economic advantages, but carrying out such a reform under Iraq’s current circumstances would require comprehensive studies, careful planning and a stable financial environment.
Without sufficient preparation and research, the reform could deepen existing economic difficulties and fail to deliver its anticipated benefits.
The debate comes as reports about the possible removal of the three zeros have prompted many people to buy US dollars and sell their dinars. Experts warn that increased demand for the dollar could push its value higher against the Iraqi dinar, placing further pressure on the national currency. link
Iraq Finance Committee Recommends Postponing Dinar Redenomination Vote
At a Glance
The Iraqi Finance Committee officially advises delaying the vote on removing zeros from the dinar.
Replacing banknotes without deleting zeros remains under the independent authority of the Central Bank.
Redenomination requires brand-new laws to amend civil, commercial, and penal codes across Iraq.
According to an official legal memorandum obtained by Channel8 from lawmaker Dilan Ghafoor, the Parliamentary Finance Committee has formally recommended postponing the vote on the dinar redenomination draft law.
Key Statement and Focus Area
The memorandum notes that “the process of only changing the Iraqi currency, without removing the zeros, falls strictly within the scope, duties, and responsibilities of the Central Bank of Iraq.”
The proposed delay in the redenomination draft law aims to identify the most significant challenges and obstacles in implementing any changes that may occur to the currency.
The memorandum, written by Committee Chairman Uday Awad Kadhim, was dispatched to the Office of the Council of Ministers following an emergency Sunday meeting between Finance Committee members and Central Bank officials, during which they discussed strengthening monetary policy, financing the budget deficit, and implementing reforms to resolve the ongoing financial crisis.
Kadhim clarified that the Central Bank of Iraq will proceed with replacing banknotes without removing zeros during the coming period, a mandate granted under Article 36 of the amended Law No. 56 of 2004.
The memorandum stresses that changing the currency with the removal of zeros from the value of the Iraqi currency requires the enactment of a law drafted by the Prime Minister’s office and sent to the Council of Representatives for legislation.
The document highlights that executing a currency redenomination necessitates comprehensive legal amendments to civil, commercial, and penal codes, along with revisions to active investment contract valuations.
Furthermore, the legislative process requires updating anti-money laundering and institutional integrity laws while clearly defining implementation timelines.
These statutory adjustments are mandatory to safely preserve the rights and financial obligations of both public and private sector creditors.
“Accordingly and based on the above, the Finance Committee recommends postponing the vote on the draft law (changing the currency and removing zeros) until extensive discussions are held among the following entities (Finance Committee, Council of Ministers, Central Bank of Iraq, Ministry of Finance, Ministry of Planning), to identify the most significant challenges and obstacles in implementing any changes that may occur to the currency,” the document concluded.
FYI
The long-shelved currency redenomination debate abruptly returned to the forefront of Iraqi politics due to unexpected public announcements and a deepening domestic budget squeeze.
Yesterday, the Iraqi Parliamentary Finance Committee hosted Central Bank officials on Sunday to evaluate monetary frameworks, optimize deficit-financing strategies, and address pressing issues like public sector payroll delays and inflation metrics.
Tishwash: The parliamentary finance committee hosts the director general of “SOMO” to discuss oil exports and securing petroleum products.
The Parliamentary Finance Committee hosted, on Monday, the Director General of the State Oil Marketing Company (SOMO), Ali Nizar, to discuss mechanisms for exporting crude oil and finding alternative outlets, as well as securing the needs of the local market for oil derivatives.
The committee stated that “the meeting was held under the chairmanship of MP Uday Awad and in the presence of a number of committee members, and discussed ways to export crude oil in light of the conditions witnessed in the region.”
She added that “the meeting discussed mechanisms for exporting oil through available outlets, and the procedures adopted by SOMO to find alternative routes and outlets that ensure the continuity of oil exports.”
According to the statement, the Director General of SOMO provided an explanation regarding the quantities of oil exported during the months of July and August through various Iraqi outlets, in addition to the crude oil selling prices in global markets.
He also reviewed the most prominent obstacles facing the oil export sector and the efforts made to deal with them, as well as the procedures for securing the needs of the local market for gasoline and gas oil throughout Iraq. link
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Tishwash: PepsiCo is heading to Iraq to expand its production in the Middle East.
The British website “Food Navigator” stated that Iraq’s role as a regional manufacturing hub for “PepsiCo” is increasing, as despite the ongoing turmoil in the Middle East, the company is doubling down on expanding its regional production.
The British website specializing in food affairs explained in a report translated by Shafaq News Agency that despite the dominance of war news in Iran throughout 2026, with no end to the conflict in sight, life and business continue as normal in other parts of the region.
The website cited Iraq as an example in its report, describing it as a long-standing center of conflict-related news throughout the first decade of the 21st century, and that despite its proximity to the center of the war in Iran, the country is emerging as a potential new manufacturing hub, attracting attention even from major brands like PepsiCo.
The report highlighted Iraq’s clear advantages, such as its geography, large youth population, and high access to locally produced food components, according to the FAO, including many staple crops, as well as dates, fruits, tomatoes, potatoes, and animal protein.
The report quoted the company’s CEO for the Middle East, North Africa and Pakistan, Ahmed Al-Sheikh, as saying during the recent US-Iraq Business Summit, “As one of the historical agricultural centers in the region, we want to support Iraq’s agricultural and industrial capabilities to become a center for food exports.”
The sheikh continued, according to the report, that there is an opportunity “to explore the possibility of developing the food manufacturing sector in Iraq and strengthening the agricultural sector in the country, with the start of strong food manufacturing,” adding, “We hope to create opportunities that benefit farmers and local industry while supporting products proudly made in Iraq.”
According to the British report, this is not the company’s only project in Iraq this year, as the company also signed a memorandum of understanding with Baghdad Soft Drinks Company (BSDC) with the aim of boosting local production capacity to exceed 250 million products annually.
The report noted that PepsiCo relies on a partnership that has existed since 1984. The report quoted a company statement saying that “this memorandum of understanding reflects PepsiCo’s confidence in Iraq’s industrial future and supports local employment and manufacturing.”
The report quoted Mohammed Shalabiya, CEO of Middle East and Africa Beverages, as saying that the company considers Iraq a key player in beverage manufacturing in the region, explaining that the shared ambition includes exploring potential opportunities related to expanding manufacturing capacity and enhancing Iraq’s role as a leading beverage production hub in the Middle East.
However, the report highlighted several challenges facing Iraq with regard to manufacturing, including cold storage facilities, stable electricity supplies, as well as transportation logistics and timing. link
