Baghdad: Newspapers in Baghdad have turned their focus to recent developments in arms control and the ongoing debate over currency reform, as well as related issues such as the proposed borrowing law and its potential impacts.

According to National Iraqi News Agency, Al-Sabah newspaper, operated by the Iraqi Media Network, detailed the progress in restricting weapons to state control, emphasizing emerging political agreements aimed at resolving the issue within government-set timelines. The newspaper highlighted that political discussions are increasingly conciliatory, with an emphasis on dialogue and gradual implementation to reinforce Iraq’s sovereignty.

Bahaa al-Araji, head of the Reconstruction and Development parliamentary bloc, reassured Al-Sabah that the upcoming deadline of September 30th should not be alarming. He explained that regulations on weapons could commence by October 1st, with adequate time for relevant parties to implement agreements. Al-Araji emphasized commitments, particularly the pr
ohibition of attacks from Iraqi soil against neighboring countries, and noted that negotiations have progressed significantly.

MP Shaker al-Tamimi shared with Al-Sabah that dialogue remains key in addressing weapon restrictions, aligning with national sovereignty issues and the withdrawal of foreign forces from Iraq. He highlighted the anticipated passage of the Popular Mobilization Forces Law in Parliament, stressing the importance of a comprehensive understanding to balance sovereignty and internal stability.

Al-Zawraa newspaper, published by the Iraqi Journalists Syndicate, explored the currency reform debate, particularly the removal of zeros from the national currency. Central Bank Governor Nizar Nasser Hussein confirmed that currency change falls under the Central Bank’s remit and requires legislative action by the House of Representatives. He assured that the banking sector reform is ongoing and international confidence in the Central Bank remains robust.

The Central Bank Governor mentioned that the
majority of depositors’ funds in Al-Taif Bank are secured, with the Central Bank ready to intervene if necessary. He noted that the current amount of issued currency is 107 trillion dinars, with 40 trillion dinars in circulation.

On the economic front, Al-Zaman newspaper addressed concerns related to the proposed borrowing law. The Eco-Iraq Observatory warned that certain provisions of the law could undermine non-oil revenues and foster corruption and unfair competition. The law, crafted by the Parliamentary Finance Committee, would allow significant borrowing by the government and finance ministry, with provisions for tax and customs exemptions that could disadvantage local companies.

The Observatory pointed out that these exemptions could lead to the importation of materials outside project scopes, creating an uneven playing field for Iraqi firms adhering to tax and fee obligations.