Iraq Economic News and Points To Ponder Friday Morning 6-12-26
Finance Minister: We Look Forward To Benefiting From Australian Expertise To Support Development And Diversify The Economy.
Money and Business Economy News – Baghdad Finance Minister Faleh Sari received Australian Ambassador to Iraq Glenn Miles to discuss ways to strengthen economic relations and expand cooperation in the financial and banking sectors between the two countries.
The minister stressed the ministry’s keenness to “develop solid international partnerships and benefit from Australian expertise in supporting sustainable development projects and diversifying the national economy, noting that the ministry is proceeding with modernizing banking, tax and customs systems, and developing mechanisms for preparing program budgets, in order to enhance the efficiency of financial management and raise the level of institutional performance.”
For his part, the Australian ambassador affirmed his country’s desire to strengthen joint cooperation and exchange experiences, in order to support economic reform efforts and the development of the financial sector in Iraq.
https://www.economy-news.net/content.php?id=70148
The Dollar Stabilizes Thanks To Hopes Of A Middle East War End.
Money and Business Economy News - Follow-up The dollar recovered in early trading on Friday after falling to its lowest level in a week, as traders assessed news suggesting a possible agreement to end the war in the Middle East soon.
The US dollar rose 0.1% to 160.07 yen. The Australian dollar fell 0.1% to $0.7045, and its New Zealand counterpart also declined 0.1% to $0.5830.
The euro was last trading at $1.1576, near its highest level in a week, after the European Central Bank raised interest rates for the first time in three years on Thursday. Sterling was steady at $1.3414.
"Market sentiment shifted late in the U.S. session after President Trump called off planned attacks on Iran, suggesting a possible deal could be signed over the weekend," analysts from Westpac wrote in a note to clients.
Brent crude fell 1.6% to $88.94 a barrel as trading resumed in Asia, after President Donald Trump said on Thursday that the United States and Iran could sign a peace agreement early next week, which would reopen the Strait of Hormuz to shipping. Iran responded that it had not yet reached a final decision on the agreement.
https://www.economy-news.net/content.php?id=70135
Gold Is Heading For A Weekly Loss Amid Inflation Fears And Expectations Of An Interest Rate Hike.
Money and Business Economy News — Follow-up Gold prices fell on Friday, heading for a weekly loss under pressure from concerns about inflation and the possibility of a US interest rate hike.
By 0252 GMT, spot gold had fallen 0.5% to $4,191.17 per ounce, heading for a weekly loss of 3.2%. Meanwhile, U.S. gold futures for August delivery rose 2.4% to $4,212.70.
Gold fell to its lowest level in more than six months on Thursday before closing higher at $4,219.69, after US President Donald Trump called off planned military strikes against Iran and hinted at an imminent peace agreement.
https://www.economy-news.net/content.php?id=70134
Iran Responds To Trump: Oil And Gas Exports Will Either Be Open To Everyone Or To No One.
Energy Economy News - Follow-up In response to US threats to target Iranian oil infrastructure, the commander of the Khatam al-Anbiya headquarters in Iran asserted that "oil and gas exports will either be available to everyone or they will not be available to anyone."
Major General Ali Abdollahi said in statements carried by official Iranian media: “America talks about agreement and negotiation on one hand, and on the other hand engages in hostile acts. This clear contradiction between its words and actions is the main factor of insecurity in the region, which has endangered the security of international trade and the economy, and the security of countries, especially the Strait of Hormuz.”
Abdullahi added: “American officials, due to their lack of proper understanding of the proud and courageous nature of the Iranian people and their capable armed forces, continue to spin in a vicious cycle, and the repeated American lies are one of the most prominent signs of this.
They will never be able, through propaganda and media warfare, to compensate for the humiliation and successive defeats they have suffered in their confrontation with the Islamic Republic of Iran, or to hide their tendency to ignite wars.”
Abdullahi warned the United States against launching new attacks against Iran, stressing that it would receive a harsher response than before and that the flames of war would widen and spread, along with exacerbating the state of instability in the region.
He concluded by saying: “In light of the recent American threats against Iranian oil infrastructure, we declare that oil and gas exports will either be open to everyone, or they will be open to no one.”
US President Donald Trump threatened on Thursday that the United States would "hit Iran very hard again tonight" and that "at some point in the not-too-distant future, we will take over Kharg Island and other oil infrastructure points and take full control of the (Iranian) oil and gas markets," but he backed down from the plan to strike Iran later that same day "because discussions with the Islamic Republic of Iran have been raised to the highest levels of the Iranian leadership and have been approved." https://www.economy-news.net/content.php?id=70149
The First Person In The World... Elon Musk's Wealth Exceeds One Trillion Dollars
Money and Business Economy News - Follow-up SpaceX, the space technology company owned by American businessman Elon Musk, announced on Friday that it had launched its shares on the global market at an initial price of $135 per share, raising approximately $75 billion.
SpaceX said it sold about 555.6 million shares at the offering price, giving the company a market value of about $1.77 trillion.
This valuation would make Musk the first person whose net worth exceeds $1 trillion, based on the value of his stakes in SpaceX and electric car manufacturer Tesla.
SpaceX’s financial results contrast sharply with its market value, highlighting investors’ expectations for future growth, as the company reported a net loss of nearly $5 billion last year on revenues of $18.67 billion.
Much of the spending has been directed toward developing the company's giant Starship rocket, and SpaceX's main source of revenue is its Starlink satellite internet business. The company has also promoted artificial intelligence and space-based data infrastructure as future growth opportunities.
Musk will retain control of SpaceX after the listing through shares that carry enhanced voting rights, leaving him with more than 80% of the voting power.
Unlike most initial public offerings, SpaceX set its own offering price in advance, whereas companies typically market shares within a price range and determine the final price based on investor demand.https://www.economy-news.net/content.php?id=70140
Cross-Border Drug Operations Reach 65 Since 2023
2026-06-12 Shafaq News- Baghdad Daily raids across Baghdad, provincial cities, and border crossings have netted tens of thousands of suspects and dozens of tons of controlled substances in 2026, as Iraqi security forces press “an open war” against narcotics networks, according to the General Directorate for Narcotics Affairs and Psychotropic Substances at the Interior Ministry.
Security Operations
The directorate's Media and Public Relations Director, Col. Abbas al-Bahadli, told Shafaq News that the campaign marks a structural turning point for Iraqi counter-narcotics efforts.
The directorate, he said, was previously composed of small units attached to police and intelligence services with limited capacity to confront the scale of the threat. The Interior Ministry has since expanded it into a standalone general directorate with a direct ministerial reporting line and a provincial field presence.
Operational strategy has also shifted, according to al-Bahadli. The directorate has moved from a containment phase to confrontation and pre-emptive operations, he said, adding that thousands of networks have been dismantled and the country's most significant traffickers arrested in recent years.
Iraqi forces have conducted approximately 65 operations outside Iraq since 2023, coordinated with regional and international partners, with the stated aim of intercepting shipments before they reach Iraqi territory. The operations target local dealers, major traffickers, and cross-border smuggling rings beyond Iraqi territory.
“The external operations are the ministry’s broader strategy to block narcotics at their source.”
Smuggling methods have also grown more sophisticated, including the use of airborne balloons to cross the border —a technique documented in a recent operation in western al-Anbar province, where authorities intercepted a consignment of more than 198,000 narcotic tablets.
Read more: The Smuggler's Almanac: Iraq's war against narco-innovation
Rehabilitation and Social Dimensions
Alongside the security operations, Iraq has established 16 rehabilitation centers offering psychological, medical, and social treatment for addicts, including three in Baghdad, al-Bahadli said. More than 7,270 individuals have completed treatment and reintegrated into society since 2023.
A policy change separating addicts from traffickers in the custodial system was also cited as a significant procedural reform; previously, addicts were held alongside dealers in the prison population.
Al-Bahadli also pointed to price movements in the narcotics market as evidence of operational impact: crystal methamphetamine prices have risen from approximately 10,000 dinars ($7.63) per gram to around 200,000 dinars ($152.6), a shift he attributed to reduced supply resulting from sustained security pressure on distribution networks.
“Youth are the primary target demographic of narcotics networks,” al-Bahadli warned, with individuals between 16 and 40 years of age most at risk. He described the pattern as a deliberate effort to drain the country of its productive human capital.
Read more: From cell to center: Iraq tests a new answer to addiction
https://www.shafaq.com/en/Security/Cross-Border-drug-operations-reach-65-since-2023