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I know that It�s not often that I send out exciting updates on what is happening in Iraq. However, I thought tonight would be a great opportunity to reach out to you all and just let you know that I�m still actively posting.

As always, I continue to talk to my Iraq contacts daily by Skype and Email. It�s important to keep up with what�s happening inside the newly elected government and the private sector. In Iraq, the Iranian-backed Shiite militias (IBSM) are controlling the private sector and the government in just about every province. The IBSM are creating checkpoints and shaking down every person who comes through and making daily life very difficult for all.

On Monday, November 5, 2018, the United States government will reinstate the Iran sanctions. The sanctions will target the energy, shipbuilding, shipping, and financial sectors. You�ll probably see the sanctions in the news circling next week. The U.S. State Department sent out a tweet last week telling the Iraqi government to disarm the militias. This did not go over well with the Iraqi officials. In fact, most of the officials are Iranian agents or at the minimum on their payroll. Iraq will most likely receive a waiver on the sanctions in regards with Iran. The Iraqi government will most likely continue to conduct business with Iran but not in US currency. The Iranian rial currency lost about 70% of its value and inflation is skyrocketing in Iran. It will be interesting to see how Iran will operate with the sanctions before their economy collapses.

You can already see that tensions are brewing again in the Middle East. Iran continues to support terrorists� organizations in Iraq, Syria, Lebanon, and Yemen. It will be interesting yo see how the Iranian government responds to the U.S. sanctions. The Russian government strongly condemns the move in reports stating �do everything necessary to preserve and expand international trade and economic and financial cooperation.� There will be countries around the world that will not abide by the imposed US sanctions on Iran.

Did you know we have several thousand US Troops stationed in Iraq? This is a real threat to the Iranian government. The Deputy Commander of the Islamic revolution Guard Corps (IRGC) stated that they could manage the US forces quickly. In the article the IRGC commander does not say exactly what he will do to take control of US Forces in Iraq. The IRGC has missile capability and I�m confident they�d use well-armed Iran backed militias. Our US Military has probably thought of every contingent to respond to any threat in the region to include the Iranians.

The Iranian economy will not be able to sustain the sanctions. The Iranian rial will suffer inflation and become worthless. The reason why the Iranians want the US dollar and are swiftly collecting the dollars. United States Treasury advised the SWIFT system (a banking transactions authority) to halt all transactions to Iran. This will significantly impact the Iran economy.

My contact details are below if you have questions or would like to send comments. please email at [email protected]


7/4/2018 American Contractor Intel Report

The Iraqi elections were held on the 12th of May. In Kirkuk, Iraq security forces were attacked and wounded by unknown masked gunmen with RPG�s and a car bomb while doing the task of checking ballot boxes. The media is also reporting that the Ministry of Finance building has mysteriously broken out in a fire. The extend of damage is not yet known. Following the day after elections, the Independent High Electoral Commission (IHEC), announced that the former militia leader (who turned Shia cleric) Muqtada al-Sadr, and his Saairun political party had won 54 seats in the Iraq parliament.

Prior to the elections, the government of Iran had sent their terrorist Quds Force leader, Army General Qasem Soleimani to Baghdad. Soleimani was more than likely meeting with his Iranian agents inside Iraq to coordinate the rigging of the election. The mullahs in Tehran wanted to ensure that the Iraq elections ended in their favor. Naturally, the Iranian government displayed their shock and dismay upon the announcement of which candidate was victorious. It has been reported that there has been numerous cases of voter fraud. In fact, the Iraqi government was going to conduct a manual recount when a major fire (coincidentally) broke out Sunday morning (June 10) inside a warehouse in the Rusafa district of Baghdad.

The Iraq parliament has now voted unanimously to hold another country wide election. In addition, the Iraqi government has also fired the Iraq Electoral Commission and has now turned the entire voting oversight to the 9 supreme court judges.

Several political offices belonging to Al-Sadr have been attacked by unknown gunman. On Friday, June 8, a residence located in Sadr city unexpectedly exploded wounding over 90, and killing 18. The residence was reportedly being used for storing ammunition. This incident prompted Al-Sadr to announce an initiative to have all weapons/guns turned in and has now declared Sadr city a weapons free zone. The storing of large amounts of ammunition inside a residence is illegal and the Iraqi government is conducting their own investigation.

Rich Morris
American Contractor
Email: [email protected]
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04/25/2018 American Contractor Intel Report (ACIR)

Within the Government of Iraq (GoI) politicians are holding duel passports in Iraq and Iran. Apparently, they work and serve both governments. I am told that this is quickly becoming a major problem and the Iraqi leaders are trying their best to resolve this. For example, Iraq�s Acting Minister of Industry and Minerals, Mohammad Shiaa al-Sudani, has signed a co-operation agreement with Iran�s Defense Minister, Amir Hatami. However, the Defense minister is not coordinating the agreement with the Iranians. The deal was to increase weapon sales and equipment between the two countries. More on this below.

Iraq Prime Minister, Haider al-Abadi, whom is a member of the Victory Alliance formed by the former Prime Minister, Nuri al-Maliki stated that he is confident that he will win a second term as Prime Minister. Many Iraqi�s are voicing their disappointment and anger that al-Abadi did not fulfill his past campaign promises. In addition, the Kurds are not too keen with al-Abadi as well. Apparently, he ticked a lot of people off when he decreased the federal budget funding from 17% to 12% for the Regional Kurdistan Government (KRG). The KRG is receiving less money from the central government and therefore cannot manage their budget appropriately. Corruption continues to be a major problem within the KRG and nothing ever gets done about it.

On April 17, 2018, the Iraqi parliament were expected to show up for business as usual, but all that fell through when many members failed to even show up. Note that, 70% of parliament members are running again for office. There will be no more sessions in Parliament until after the elections on May 12.

Security / Infrastructure

On Thursday April 19, 2018, military officials from Iraq, Iran, Syria, and Russia met in Baghdad to discuss military operations against terrorists in the region. Note that, there were no U.S. military representatives at the meeting. Looks to me like just another example the GOI is moving towards anti-western countries. Iraq�s Acting Minister of Industry and Minerals, Mohammad Shiaa al-Sudani, signed a co-operation agreement with Iran�s Defense Minister, Amir Hatami. If you read the article it clearly shows a disturbing course of action by the Iraqi government.


Exxon Mobil halted all negotiations with the Iraqi government in developing their oil fields. The giant oil company has not worked in Iraq for the past two years. This was in regards to disagreements on the conditions of the contract and its costs. This will be a major setback for Iraq in developing of their oil fields.

If you have any further questions or comments, email me at [email protected].

Rich Morris
American Contractor


American Contractor Intel Report (ACIR) 04/18/2018

In the course of the next few months you may quite possibly see media reporting about a delete the zeros project. According to the intel I have, as well as info I received today from a banker, the delete the zeros project is going to be progressing at a much faster pace, and word has it that new information will be published after Ramadan. In February 2012, the Central Bank of Iraq (CBI) circulated reports to the Baghdad media that they were going to introduce three new banknotes. They were reported as follows; the 50, 100, and 200 Iraqi dinar currency. The reports also made mention of coins however, coins are not very popular with the Iraqi�s. So, who can tell, it may or may not happen with the coins. Everything from this point on is riding on the upcoming national and local elections (May 12). There appears to be a vast more supporters than not for the delete the zero�s project. The CBI would like to gain control and lower the inflation and boost the economy. At least that is their intention. The company that will be printing the new bank notes has already been selected, the authorization is the only delay in moving forward with the print. You may see some action possibly after the elections, depending on which party has control of the government. The Iraqi parliament will have to vote on the delete the zeros project given that they did not get the opportunity in 2012. The Iraqi cabinet stopped it because they believed the economic climate was not yet ready.

The GOI has had concerns about the mafia gangs inside Iraq that are taking advantage of the situation. But that�s a whole separate issue they need to tackle. Oil prices are continuing to go up and businesses are returning although cautiously and investing in startups and existing companies. You will learn of the delete the zeros project getting ready to be implemented when you read that there is an education campaign going on inside Iraq. The education campaign will consist of news media, flyers, and radio advertising to get the word out. The CBI wants to make sure that everyone is informed about the delete the zeros project.

The banking system in Iraq is not up to par with 21st century banking standards. There is a plan in place to modernize the banking. The CBI does not care to see the Islamic banks outperforming the other banks.

The counterfeit dinar problem continues to be an issue. In Iraq, every bank manager turns in all of the counterfeit notes that he encounters from his depositors each week to the Central Bank of Iraq (CBI). The bank is rewarded for this and receives a credit from the CBI.

If you have any further questions or comments, email me at [email protected]

Rich Morris
American Contractor

American Contractor Intel Report (ACIR)

Recently there have been reports about the declining U.S. dollar in Iraq. This is true because political candidates are currently using the U.S. dollar to fund their campaigns. The U.S. currency will always remain in Iraq and it�s still the dominating currency in the country. Recently the Iranians were complaining that they are having issues with getting the US currency. After the election on May 12, the US currency will be back to normal in Iraq.

The Central Bank of Iraq (CBI) has issued a memo saying that they will not accept any torn, or damaged Iraqi dinar currency. If you have any Iraqi dinar currency make sure your taking great care of the currency.

In September 2014, Nuri al-Maliki was removed from the Prime Minister position and he is currently making political moves to replace al-Abadi in the next national elections. We know he is the Iranian favorite as the Iranians are getting nervous about al-Abadi.

Business in Iraq

The Iraqi government has a plan to build 300,000 housing units and this project is worth hundreds of millions of dollars. The question arises is how are is the government going to get the money to start building when they are currently in a deficit and cant pay the bills.


The government of Iraq (GoI) declared victory over the Islamic State after defeating the terrorists in Mosul and chased them back into Syria. The U.S. Pentagon has reported that there is a �resurge� of the Islamic State in Syria. And if that is true it�s also happening inside Iraq. In February, the Pentagon asked the U.S. Congress for funding to arm and equip 60,000 Kurdish fighters in Syria. This is the start of having the U.S. military leave Syria if the funding is approved.

In the Middle East it is still a powder keg. Especially when you have the Quds force commander Qasem Soleimani threatening the United States and Israel saying �breaking the rules of the game.� Qasem is upset when the Israel Defense Force launched an attack on the Iranian air base T4 in Syria killing several members of the IRGC (Islamic Revolutionary Guard Corps). Qasem will probably realized that he and he thugs will be no match for the military power of the west.

If you have any further questions or comments, email me at [email protected].

Rich Morris
American Contractor

04/16/2018 American Contractor Intel Report (ACIR)

Iraqi Security Forces (ISF) have recaptured all of the territory held by the Islamic State (ISIS). However, in December of 2017, the Prime Minister Haider al- Abadi declared ISIS defeated. Unfortunately, large areas of northern and western Iraq continue to lay in ruins from the extensive fighting. Since 2014, the lack of local governance, secure transportation, disruption in local services, and a decrease in international oil prices have severely impacted Iraq�s economy. At the present time, the Iraqi�s are shifting their attention towards recovery and the country�s political future. The security conditions are improving and the Iraqi army is continuing onward with their counter-terrorism operations against the Islamic State.

There are currently 26 days left in the Iraqi national elections. Over 1,000 candidates are campaigning for all the various political positions. Each and every one of my Iraqi contacts have stated that this election is the most crucial one for the future of Iraq. The Iranian government is trying to maintain their control of the Iraqi government. Clearly, Iran does not want to see the Iraqi government align themselves with the west. In my opinion, the Iraqi government has an unstable relationship with the west and a stronger relationship with Russia, Iran and China.

It has been reported, that the Central Bank of Iraq (CBI) have closed the gap with the parallel market rate. Issues remain with the currency and the CBI is preparing to print even more currency shortly after the elections. As if they don�t have enough already!

Ramadan begins May 15, 2018, so clearly nothing significant will happen during this time. Thank you, for reading the American Contractor Intel Report. If you have any further questions or comments, email me at [email protected].

Rich Morris

04/15/2018 AC Intel Report
American Contractor Intelligence Report (ACIR)

In northern Iraq, the Iraqi Popular Mobilization Forces (PMF), the Hashd al-Shaabi started their large military action in the al-Mahlabiyeh, Tal afar, and Sinjar region.

Iraq Economy and reforms

The recent attack on Syria saw in an increase in travelers to the Baghdad International airport. You didn�t know the Damascus International airport which is the main airport coming into Syria was closed for several days before the attack. When this happened people who had planned to travel to Syria had to change their travel plans. The travelers arrived at other neighboring countries airports.

The Iraqi economy has contracted the last few years because of the war against the Islamic State. As there was no funds for infrastructure projects because the Government of Iraq (GOI) was paying soldiers and militias to fight terrorists. In addition, the GOI had to handle 2 million displaced persons that fled from their homes and moved into the neighboring provinces in the north and south. The GOI stopped paying the government salaries and pensions to government employees since June 2014. It�s because the GOI didn�t want the funds to go to the Islamic State. The GOI is trying to pay those salaries and pensions as soon as they are able.

The GOI has reforms to start to jumpstart the economy. Prime Minister Haider al-Abadi in a speech said he wants to get away from dependence on oil and build up other industries. This will take time. The GOI has to improve the access to credit and develop the banking industry to increase development in the other industries. Oil prices are above $46 dollars, and is inline with the 2018 federal budget. We can hope that the price of oil goes to $90 or $100 and this helps the GOI. If the oil prices fall below $46, it will weaken the economy and deplete the low financial foreign reserves are at an estimated $45bln. You will see Iraqi�s exchange their dinars to U.S. dollars because the economy would be unstable.

The Iraq elections are May 12. It is the most important election for the country. The Iranian government has double down and is getting every Iranian agent on the ballet box and wants to keep their grip on the Iraqi government. The Iranians wants the United States out of Iraq and if they get enough support in the Iraqi parliament, it may happen. Speaking of elections guess who the Iranians want as the next Prime Minister? Yes, you guessed it Nuri al-Maliki.

Thank you for reading the American Contractor Intel Report (ACIR).

Rich Morris
American Contractor

8/27/2017 Hello -----, The Iraqi government continues to battle the Islamic State (IS/ISIS) in northern Iraq near the town of Tal Afar. The Iraqi Army Special Operations Counter-Terrorism unit (Golden Division) have initiated their combat operations and have captured eight villages near Tal Afar.
The combat operation in Tal Afar is slow moving and methodical. It is my opinion that the Golden Division, along with the units of the Iraqi Army will defeat the terrorists and therefore drive them out of Iraq. The U.S. Pentagon has reported that ISIS thugs have resorted to drug use in their fight against the U.S. backed rebels. A valid sign that the ISIS thugs fighting days are numbered.
In Anbar province, thugs are still trying to hold out against the Iraqi Army and U.S backed rebels.
The thugs remain near the border crossing of the Jordanian border trying to maintain their hold on the area. The towns of Al-Qaim, Ana, and Rawa are still under their control. It is just a matter of time before the drug users are overcome and defeated.

In past years, Iraqi politicians have siphoning off government funds and sent money to private, secret bank accounts located in Europe. The European banks relish this because they charge a percentage fee for managing these funds. The politicians are paying off everyone and anyone; it means those government employees are all on the payroll. As of now, it appears that no arrests have been made in regards to the money smuggling and laundering of the government funds. The amount of money smuggled out of Iraq is unknown however, reports are that it is in the hundreds of millions of dollars. In Baghdad, money laundering and smuggling investigations are ongoing. However, very few politicians are arrested and sent to prison. In Iraq, any convicted politician or individual with money can pay a bribe and avoid imprisonment. Other available options are to have another individual, a scapegoat, to sit in prison on your behalf.

The Iraqi dinar has been fluctuating between 1189 and 1260 to the dollar. The Central Bank of Iraq (CBI) continues to support the Iraqi dinar's peg to the dollar. The current peg is not expected to change for several years. The CBI is obtaining badly needed loans from the International Monetary Fund (IMF) World Bank, and several private organizations to assist in the rebuilding efforts.
Some organizations are reluctant to grant Iraq loans due to the simple fact that AML laws (anti-money laundering) are not withstanding and the additional lack of law enforcement is null.

Parliamentary Economic Committee member, Najiba Najib, is sounding the alarm about Iraq's current economic conditions. Najiba is quoted as saying that "the country is on the verge of austerity crisis as a result of Iraq's continued reduction in oil production in the organization and its financial budget as a result of the war against low oil prices. In addition, the crisis of displaced persons and ministries are not functioning and do not provide the level required to achieve self-sufficiency." This coming year, in 2018, the Iraqi government will have a laborious time in servicing debt, and repaying loans owed to other countries. It is likely that the hard currency, the U.S. dollar, will maintain its presence in Iraq for time to come. The Iraqi government (CBI) continues to print dinars to maintain the inflation in the single digits. The increasing deficit of $21bln will continue to be an ongoing issue well into 2018. One is to wonder and question how Iraq is going to receive a loan to help offset this enormous deficit? Let�s hope that the year 2018 sees the price of oil rise to $100. That would be a tremendous help to the Iraqi government in regards to the deficit.

Thank you for your continued  interest and support in reading the American Contractor Newsletter.

American Contractor Report
Date: 08/23/2017

There are several reports coming out of Iraq that may be of interest to those who are watching the events unfold in the Middle East.

According to a recent United Nations report, Iraq has made no attempts to pay an ongoing debt.
Apparently, the Chapter VII Iraq compensation file owes the Kuwaiti government $5bln for the last two years for oil and food. The Kuwaiti government officials haven't wasted any time advising the Prime Minister of Iraq, Haider al-Abadi that Kuwait expects payment on the compensation file.
PM al-Abadi suggested that Kuwait forgive the loan entirely and reportedly the Kuwaiti Emir declined.
The Iraqi government made another attempt at removing the debt by bartering with the Iraqi oil and gas. You can expect Iraq to remain under UN Chapter VII for at least a few more years. At the present time, there is no chance that the Iraqi government would be able to pay the money owed to Kuwait. The Iraqi government has a $25bln dollar deficit and they currently need all the money that they can get their hands on.

Real Estate Prices Rising in Iraq

The Iraqi government recently started a zero-interest loan program for its citizens affected by the war. The purpose of the loans is to inject money into Mosul and the al-Anbar province which has unfortunately suffered the brunt of the war. Iraqis are slowly making their move back to the previously held Islamic State held areas. This is occurring only after the Iraqi army and militias have moved in and removed the terrorists. The Iraqis moving back to Mosul are finding out that the availability of homes to rent are very limited. Much of the destruction is located on the west of Mosul and most of those homes have been destroyed. The rental price for a single family home has doubled and tripled the prices. The current price for an apartment in Mosul ranges between 2-3 hundred a month. Only a handful of the people are able to afford the high rents.

Thank you for reading.

8/13/2017 Hello American Contractor Subscribers,

It has been quite some time since I last sent out a newsletter to my American Contractor subscribers. The reason for the long absence is due to my having a full time job that occupies much of my time, along with pursuing a degree at night.

The Iraq economy is improving at a snails pace but nevertheless, it is improving. This past month the Iraqi government informed everyone about their 10 year $100bln reconstruction plan for the country.
The fund is to be funded by the same groups that normally fund countries that are involved in conflicts, such as the International Monetary Fund (IMF), World Bank, domestic revenues,
international borrowing. The bond money (if the government is able to raise $100bln) is going to be used for the rebuilding of Mosul. Note that,
the terrorists destroyed that city long before the Iraqi army showed up. They robbed and stripped Mosul of everything and transported the goods and equipment to Syria and other neighboring countries for a profit. By the way, it is going to take more than $100bln dollars to fund the reconstruction of the war torn areas in northern Iraq. So, where is all that money going to and coming from?

The Iraqi foreign reserves have been decreasing for the last three fiscal years. In Iraq, the fiscal years start on Jan 1 to Dec 31. The foreign currency reserve is at $45bln, next year it is expected to be $40bln.

In other news, the 2017 Iraqi federal budget (that the parliament always seems to have trouble passing), is currently at 100 trillion dinars.
The Parliament Finance Committee has used the power of a supplementary budget and raised the federal budget to 107 trillion dinars (an increase of 7 trillion.) Three trillion will be used to assist with the construction projects in the areas (northern Iraq) associated with the war. The Iraq finance committee seized an opportunity when the federal government changed the budget oil price from $42 to $44.40 in the 2017 federal budget.

The IMF (International Monetary Fund) recently published �Article IV Consultation, Second Review, Aug 2017.� After reading the IMF report there is nothing new or earth shattering. In the history of the IMF reporting, they have never been right. The Iraqi government does not trust the IMF. However, it does not stop the government from accepting the IMFs money in difficult times. There are certain dinar groups that air conference calls that give too much unreliable faith on the IMF Iraq reporting and the focus should not be on that. If you reflect back at the history of the IMF you will notice that they have been putting out inaccurate information for quite some time.

The Games of The Central Bank of Iraq

Not sure if many of you are aware that the Central Bank of Iraq (CBI) has set a grade and rated some (not all) of their private government banks, to include currency exchange business centers. Below is the criteria of what the CBI was grading them on.

The ratings are based on:

1. Bank efficiency
2. Fulfilling CBI standards
3. Dealings with correspondent banks
4. Fulfilling client�s requests
5. Commitment to foreign currency auction window instructions
6. Disclosure of balances to correspondent banks
7. The number of lawsuits against the bank
8. Contracting with international auditing companies

The rating are from A to E. A being the highest rated bank. Iraq banks with less than 17% of the points have to address their shortcoming within three (3) months or they are suspended from participating in the foreign currency auctions.
The highest rated banks receive a higher share of participation in the foreign currency auctions.
As of April 25, 2017 the following scores are:

1. 51.1% rated �B�
2. 21.3% rated �A�
3. 10.6% rated �C� and �D�
4. 6.4% rated �E�

The Currency Exchanges or MTO were also graded, 35.3% are rated at �C�, 23.5% rated �B� and �D�and only 17.6% of the MTO are at �A�.

I am looking into getting the actual report where the banks are listing the names. As you can see, the Iraq banking industry is lacking in several categories. Hopefully, they will improveover time.

On the streets of Iraq, rumor has it that a U.S. Bank is looking to enter the Iraqi market and open a branch in Baghdad. And no, it is not Bank of America (BoA). They left a long time ago (2004) and haven't returned. Currently, there are 140 banking and financial institutions, including 6 government, 24 private and Islamic and 63 financial companies. The CBI is promoting a campaign to increase the number of foreign and international banks in Iraq, with a window that will close in 2020. One might be curious about the year 2020�..wonder what is going to happen in that year?

Iraqi Dinar Report Counterfeiting Iraq Currency


Iraqi dinar being Counterfeited
American Contractor Iraq Report 01/08/2017

Criminal gangs counterfeiting the Iraqi dinar currency

While the Iraqi Army is continuing their ongoing battle in the city of Mosul, the Iraq Economic and Investment Commission Parliament members received disappointing news of heightened incidents of counterfeit Iraqi dinar currency. Shopkeepers at the local Baghdad market, outside the International Zone (formerly the green zone), were angered at receiving counterfeit 5,000 and 10,000 Iraqi dinar currency banknotes. There have been frequent reports that there are mafia groups and criminal gangs operating within the Baghdad area who are counterfeiting the Iraqi dinar currency. The criminal gangs are mostly concentrating on the 5,000 and 10,000 IQD banknotes due in part to them being easier to counterfeit than say the 25,000 IQD banknote. The Director of the Central Bank did not appear flustered or too concerned about the report of counterfeit dinars floating around. The CBI just swiftly replaced all counterfeit banknotes turned in by the shopkeepers. The parliament members from the Economic and Investment Commission sent an emergency Memorandum to the Central Bank and summoned the bank�s Director. Prior to the meeting, the CBI Director had been tipped off on the meeting�s agenda and issues.

The senior ranking member of the Iraqi Economic and Investment Commission is a woman by the name of, Najiba Najib. This is the very same woman that I have spoken about in prior articles. She has full authority on matters related to the Iraqi dinar currency. This woman is single handedly responsible for halting the delete the zeros project in 2014. How influential is this woman? Najiba Najib is so powerful, that on any given day she could randomly announce �today we increase the value of the Iraqi dinar currency�. That�s the power Najib possesses. Currently, insider reports are leaking that there is much friction between Najiba and the Director of the CBI. The reason being is that Najib wants to delay the launch of deleting the zeros project that the Central Bank so adamantly wants. Najib is insisting that they wait until year 2018 or 2019.

Private Iraqi banks refuse to give depositors their money

Iraqi citizens are going to the banks and are demanding the withdrawal of their deposited funds. The problem is that the private banks have no liquidity, no money and are refusing to return the depositors money.

Central Bank places five banks in receivership

In Iraq the Iraqi Central Bank has the authority and the oversight to shut down any bank in the country. If the bank is not in compliance with CBI banking laws it would have the option to shut down any private, State, and Islamic bank. The CBI has shut down and has complete oversight of the following five Iraqi banks (see below). These are the same banks that the depositors are having difficulty withdrawing their deposits from. When you�re in receivership the CBI has complete control of your bank and bank books. The CBI has recommended that these banks either liquidate or merge with other banking institutions. The problem with merging is that most of these banks are family owned and refuse to merge with another bank for fear of losing control of their private Iraqi bank.

Dar Essalaam Investment Bank

North Bank for Financial & Investment

Economy Bank for Investment & Finance

Al-Warka Bank

Basra International Bank for Investment

In the past, the Central Bank has wanted Iraqi banks to increase their operating capital, which most of the banks did. The banking services of Iraqi banks are not up to the standards of the 21st century. With the increase of banks in Iraq you would think that this would entice Iraqi citizens would want to open up bank accounts. Unfortunately, Iraqi citizens have no confidence in the system and until the banks offer more services it will remain the same in 2017. In addition, the banks are not offering any small loans or additional banking services. Most banks are making their profits on the currency exchange transactions, and for this reason the CBI will continue with the daily currency auctions.

Central Bank Daily Auctions

The Central bank conducts a daily auction of selling U.S. dollars for the Iraqi dinar currency. The Central Bank sells hundreds of millions of dollars each day to private banks and authorized currency exchange centers. The CBI does so much business that it generated $33 billion dollars in 2016. In fact, there are several Iraqi banks that do not provide any service but currency exchange. If and when the CBI halts the currency auctions, the banks that depend on the currency auctions would more than likely go out of business. The banks are going to the daily auctions and conducting the transaction for hard currency (USD) and it�s being smuggled abroad.

The terrorist take control of Iraqi banks

In June 2014, when the terrorists invaded and moved swiftly into northern Iraq taking full control of the major cities in Anbar province, they took immediate control of all the banks in the providence. This impacted the banking institutions in Iraq as they watched the terrorists remove all of the Iraqi dinar and U.S. dollars that were stored inside the bank vaults.

Central Bank re-opening branches in Erbil and Sulaymaniyah

Three years ago, the CBI shut down their bank branches in the city of Erbil and Sulaymaniyah. The Kurdistan Regional Government (KRG) decided that they would take control of their own finances when it comes to the KRG government. The KRG has a billion dollars in deficits. Recently, CBI has decided to re-open the CBI branches in those two cities to assist the KRG with their finances and obtaining funds to their governments.

In Iraq E-Commerce still in the distant future

Internet in Iraq is available, however, it is very expensive. A recent article falsely reported that there is an electronic payment system in Iraq, just like in the United States or anywhere else outside of Iraq. The truth of the matter is, that there is no electronic payment system that is available to anyone in Iraq for the sale of goods and/or services. It is still a cash society. Most vendors must buy their materials and products upfront with the seller, who often are outside of Iraq. The materials or products are transported by truck over the Iraq borders or are shipped by boats to the port.

Real Estate prices in Iraq down 40%

In Iraq, there is a massive shortage of first time home buyers/owners. Traveling throughout Iraq one will often see unoccupied homes with no one living in them. Many times the construction has not been completed. In fact, there are numerous construction projects that are either not completed or partially completed. The money and funds have all dried up. On the rare occasions that banks are agreeing to loans they are only lending out about 50 million Iraqi dinar per person or family. Unfortunately, this is not sufficient enough to purchase a nice apartment in the Baghdad area. The families are accepting the loans and buying very inexpensive small RV type vehicles and making their homes in them. The recent Iraqi government budget for 2017 shows no available funds for loans to the public. Iraqi landowners have drastically dropped the prices to entice buying but no one is buying anything. Interestingly, private banks in Iraq are the largest landowners in the country. The banks have now decided to hold onto the deeds in hopes of the economy returning to prior conditions where things were flourishing.    Source

1/1/2017 There has been an interesting article published in the Middle East media. The Central Bank of Iraq has warned the private Iraqi banks to give depositors their funds when they ask for it from the Iraqi banks. The Iraqi private banks have not been cooperating with their bank's depositors who on a daily basis have been wanting their deposits back.

If I had funds inside a private bank, I would pay attention to this story. Let's hope that the Central Bank takes all these private Iraqi banks that are not cooperating with their depositors to court and the people get their money back.
Will keep you informed on what is going on in Iraq.

Want to learn more watch the video below.

1/1/2017 Central Bank of Iraq to put Private Banks on Notice

The Banking Industry in Iraq


The Banking Industry in Iraq How to receive More US dollars and bypass currency restrictions

The Iraqi private banks are still in limbo. They continue to operate with limited funds even after the Central Bank of Iraq (CBI) directed all private banks to increase their operating capitals from the previous June 2016. An Iraqi Parliament member from the Economy and Investment commission recently stated that the Iraqi private banks are operating the dollar auctions with forged invoices to import foreign commodities.

The private Iraq banks have limits that are imposed by the CBI each day in regards to foreign currency exchange. How the Iraqi banks get around this is called Letters of Credit (LC) and that allows the Iraqi banks to exchange Iraqi dinar (IQD) for foreign currency (primarily U.S. dollars.)

I�ll give you a brief explanation on what happens when a private bank wants to increase their dollar exchange beyond the CBI recommendations. Here�s a scenario; you have an Iraqi businessman that is buying materials from an Iranian manufacturer who wants to be paid in U.S. dollars, this Iraqi businessman will likely need to visit an Iraqi bank to complete the transaction. The Iraqi bank receives the documents from the Iraqi businessman detailing the purchase of say, one million dollars of materials that happens to be located in Iran. The Iraqi dinar (IQD) currency that is equaled to one million dollars is deposited inside the Iraqi bank. The Iraqi bank representative travels to the nearest Central bank currency exchange and gives the documents to the CBI representative detailing the business transaction. The Iraqi bank representative then receives the US dollars and returns back to his Iraq bank. One might think that this is all legit and that the Iraqi bank probably does this several times a day (assists Iraqi businessman.) After all, the assumption is that this is what a bank does in Iraq, to assist businessman in acquiring funds for their construction projects. The only problem is, the Iraqi businessman gave fraudulent documents to the Iraqi bank. There are no materials in Iran that he intends to purchase. It�s all a fraud and many times it�s done with full knowledge of the Iraqi bank. This is how the Iraqi banks and many foreign exchange services get around the daily limits of foreign exchange. In addition, they sometimes offer business documents to start the process of foreign currency exchange. This is just another way the banks acquire more U.S. dollars and then they turn around and sell at a higher price. The banks buy the USD at a low price and then sell the USD to the businessman or the public at a higher price.  source

Iraq Central Bank May Print 200k Iraqi Dinar Banknote in 2017 / Iraq Information Update  December 03, 2016

Things in Iraq are going as well as can expected in light of the happenings there. All considering that the Iraqi government has been at war with the Islamic State of Iraq and the Levant (ISIL) since June 2014. Things appear to be looking up for Iraq as the Iraqi Security Forces (ISF) have surrounded the city of Mosul and are currently cutting off all escape routes for the ISIL terrorists. The Iraq Counter-Terrorism Forces (CTF), (or better known as the Golden Division) are continuing on with their fight with the ISIL terrorist in Mosul. They have advanced into three Mosul neighborhoods.[1] The Iraqi security Forces (ISF) have almost secured the Mosul-Kirkuk highway as ISIL has been using this stretch of road as an escape route.[2] ISF will soon secure the highway and transport materials to Mosul to help in the war effort. The ISF is now in control of seven neighborhoods southeast of Mosul in the Muharabin and Intisar areas. The ISF is still continuing to be attacked by ISIL snipers that are camouflaged along the highways and buildings. According to an ISF commander, ISIL still has the ability to manufacture car bombs and send them to attack Iraqi army bases. On Saturday, (Nov 26) ISIL launched eight car bombs against Iraqi army bases.

Economy in Iraq

In Iraq, the private banking system continues to work at minimum modern day banking standards. The banking system is underdeveloped and is a cash based system the majority of the time. Very few banks issue bank credit cards, wire money, issue loans and/or make deposits. Commercial lending has risen to higher levels, however not to a level that brings confidence to the local Iraqi wanting to start a business. Not to mention, there continues to be too many restrictive conditions that make it difficult for the average Iraqi to obtain a bank loan. Most loans currently given in Iraq are negotiated within or by family members and close friends, and most are like $10,000 or less.

As far as the private banks go, they are loaning higher amounts however the borrower must have collateral and the only collateral that a bank will accept is land. It is the reason Iraq banks in Iraq are the largest land owners. They really should consider going into the real estate business.  Banks in Iraq are making their profits by small loans with collateral which would be land and money transfers. Western Union is available in Iraq for money transfers however, the fees are higher than if you walked into a private Iraq bank. The Iraq state banks do not transfer money for citizens only for government business only.

The Iraq Central Bank (CBI) has decided to continue with the delete the zeros project or better known in the financial circles in Baghdad as the redenomination of the Iraqi dinar currency. Meetings and conferences are usually held in Baghdad or in areas where the ISIL terrorist group are not. The CBI has started printing the 50,000 (50k) Iraqi dinar currency banknote and will print the 100,000 (100k) Iraqi dinar currency banknote shortly thereafter. The printing of the 100k has not yet started, and talks continue on about printing a 200k banknote. You may also find it surprising that the low denominations currently in circulation will be removed from Iraq. That announcement is expected to come later in the year. Iraq government officials would like to see the country increase the oil production before any serious work on the Iraqi currency is completed. The redenomination is the start of the successful macroeconomic stabilization and will not alter the value of the Iraqi dinar currency.[3] Currently, the economy has not stabilized itself enough as prior to June 2014, when terrorists moved with speed in northern Iraq. Several years ago, the Central Bank shut down all economic ties to the Iraq cities of Erbil and Sulymaniah in northern Iraq. It was done because the Kurdistan government wanted full control of its finances without any kind of oversight from the CBI. Hopefully, within time, the CBI and the Kurdistan government will open the Erbil CBI branch and get their banking activity Kickstarted once again.

The Central Bank of Iraq

The Financial Advisor to Iraq, Prime Minister, Mohammed Saleh has recently said that there is a legitimate concern for bankruptcy because of an increase in the government pensions since 2003.[5] The Iraqi government applied for a loan from the IMF (International Monetary Fund) and the loan came with stipulations. For one, the IMF would like the Iraqi government to reduce the salaries paid to retired government employees. The IMF has not stated what the ramifications would be if the Government of Iraq did not comply with these terms.      sources

Iraqi Private Banks bankrupt and still Corrupt

5/8/2016 IQD Devaluation IMF Says

Jan 3 2016 / Iraq moving forward in 2016

Al Warka Bank Iraq Starting New Operations Jan 2016

Iraq Central Bank approves Mobile Wallet

April 16, 2015 Iraqi Banker Gives Clue About IQD higher Denominations

Iraq may Issue Bonds in 2016

12/26/2015 New 50k Banknote in Circulation in Iraq

American Contractor Live Twitter Feed

12/26/2015 Iraqi Dinar devaluation Says Emirates NBD Report

12/27/15 Central Bank Iraq Talked About Devaluation August 2015


In December 2014, I reported on the problem of the oil agreement between the Baghdad central government and the Kurdistan Regional Government (KRG). The KRG is expecting the monthly payment of 1 billion dollars from the Baghdad government to help pay for public employee salaries and other priority projects. The Baghdad government has refused to settle the overdue payments. The new deal required the KRG to export approximately 550,000 barrels per day in 2015 and they would receive a payment of 1 billion dollars. The KRG has not been able to meet the quota and Baghdad only issued a partial payment. The partial payment was not enough to pay the oil companies in Erbil and now the KRG is threatening to sell the oil independently. The KRG is under a lot of stress because they do not have the funds to pay the Peshmerga forces their salaries. They do not have the money to support the hundreds of thousands of displaced persons that are coming from the Islamic State controlled areas. The KRG is saying they will be able to export 825,000 barrels per day, which this far exceeds the oil deal with Baghdad. It will most likely result in the KRG going back to selling the independently from Baghdad. The problem with Baghdad is that they are saying the oil exports from the KRG do not match the volume of oil they are reporting. When the oil arrives at the oil distribution facilities, it is not what the KRG is reporting. Both sides will continue to hold talks and negotiate however if no agreement then you will most likely see the KRG go its own way with exporting oil to other countries.

The Central Bank of Iraq (CBI) continues with the sell of U.S. dollars in the form of money orders and paper remittances. When the CBI stated a few months ago that they would be able to cover the foreign accounts abroad it was talking only about the government accounts used in the purchasing of goods and services from other countries. Gurus wanted you to believe that this was the CBI covering your accounts when this is not the case. The CBI stopped with the currency auctions of US dollars to banks and their customers to stop from criminal gangs and regional countries from taking advantage of the CBI dollar sales. The CBI also wanted to predict the foreign currency reserves because it was decreasing as they continued with the currency auctions. The foreign currency reserves was also decreasing because of the costs of the war against the Islamic State ( 6 billion usd a month) and propping up the banks with soft loans. The problem the CBI is having is which banks would better manage the money (soft loans) as 28 banks are under investigation for money laundering and corruption. The CBI banking law forbids the bank to loan the Iraq government any funds from the currency reserves. To get around this the CBI is offering 6 billion dollars loans to the private banking sector. The procedure is complex as most of the banks are inadequate to  handle and facilitate the loan.

On Sunday, March 15, Emirate Airlines has suspended all air travel to Erbil and Sulaymania in Northern Iraq due to security concerns. In January 2015, the Emirate owned FlyDubai airlines was struck by small arms fire as the aircraft was landing at the Baghdad International Airport.

Rich Morris American Contractor

Emailed to us on 3/14/2015:
Iran is slowly taking over of Iraq... Update on Iraqi dinar Banknotes for recall

The Iranians are continuing with tightening their grip on the Iraqi government and the people. The Iranian militias and the Iraqi government are continuing with their operations for the city of Tikrit. In a news report, an Iranian parliamentary member stated that Baghdad is part of the Persian Empire. The statement by the Iranian parliamentary has caused uproar in Baghdad.

Iran is slowly becoming a dominant power in Iraq and the region. There are thousands of Iranian controlled militias operating in Iraq. The militias are well trained and armed better then the Iraqi army that the United States military trained for 8 years.

The price of oil is $54.67, which is below the $56 dollar price for Iraq�s 2015 federal budget.
The 2015 federal budget also had the Iraqi government exporting 3.3 million barrels of day.
Since the beginning of the year, the Iraq oil exports reached 2.5 million barrels per day. This is short of what the government requires to meet its 2015 budget. There has been no official recording of the 2015 budget in the official gazette. This is because there is a dilemma in the law since the government failed to pass a 2014 federal budget. The International Monetary Fund (IMF) will have the 2015 Iraq country report published next month. The IMF country report will give great insight on what has happened to the Iraqi economy in 2014.

The Kurdistan Regional Government (KRG) is still waiting to receive payment for the state employees from the central Baghdad government. Things are getting bad as a result and Kurdish parliamentary members in Baghdad are threatening to leave parliament.

There are reports from the KRG that the Islamic State (ISIS) used chemical weapons in Iraq. The allegations are from a suicide attack by ISIS on January 23 north of Mosul. There has been no official response about the allegation from ISIS. If this is true, it shows how desperate the ISIS fighters are in fighting the Iraqi and Kurdish forces.

The Central Bank of Iraq (CBI) is continuing with the removal of the 50 Iraqi dinar banknotes from circulation. The people of Iraq never caught on in using the low value worth 50-dinar banknote with a value of only $.04 cents USD. It is the reason why the CBI made the exchange window only 60 days. In the future, when the CBI recalls the other banknotes that have trillions in circulation the exchange window will be much larger like one to two years.

Hope you enjoyed reading the American Contractor Iraq Report.
Best Regards, Rich Morris American Contractor

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