Iraq Economic News and Points To Ponder Monday Evening 10-20-25
Trump Appoints Mark Savaya As Special Envoy To Iraq
Buratha News Agency2372025-10-20 US President Donald Trump announced on Sunday the appointment of Mark Savaya as his special envoy to Iraq.
"I am pleased to announce that Mark Savaya will serve as Special Envoy to the Republic of Iraq," Trump wrote on Truth Social. The US President said, "Mark's deep understanding of the relationship between Iraq and the United States, and his extensive connections in the region, will contribute to advancing the interests of the American people."
Mark Savaya is a prominent American businessman and pioneer in the cannabis (marijuana) industry in Michigan. He is 40 years old and is known as the founder and CEO of Leaf and Bud, one of the fastest-growing cannabis companies in the state.
Mark Savaya was born to an Iraqi Chaldean family who emigrated from Iraq in the 1990s to escape unrest and settled in the Detroit, Michigan area. This area is known for being home to the largest Chaldean community outside of Iraq.
https://burathanews.com/arabic/news/466703
Oil Falls Due To Oversupply And Global Trade Tensions
Energy Economy News – Baghdad Oil prices fell on Monday amid concerns about a global supply glut and rising trade tensions between the United States and China, raising concerns about a slowing global economy and weak energy demand.
Brent crude futures fell 24 cents, or 0.4%, to $61.05 a barrel by 00:32 GMT, while U.S. West Texas Intermediate crude fell 21 cents, or 0.4%, to $57.33 a barrel, erasing gains from last week's close.
Both benchmark crude oil prices posted weekly losses of more than 2% last week, their third consecutive weekly decline, as the International Energy Agency forecasts a growing supply surplus through 2026.
In a related development, the head of the World Trade Organization called on the United States and China to de-escalate trade tensions, warning that continued decoupling between the world's two largest economies could reduce global economic output by up to 7% over the long term.
The two countries recently renewed their trade war by imposing additional tariffs on ports receiving commercial vessels, moves that could disrupt global shipping traffic.
On the political front, US President Donald Trump and his Russian counterpart Vladimir Putin agreed to hold a new summit to discuss the war in Ukraine, while Washington continues to pressure India and China to halt imports of Russian oil.
Trade sources indicated that these pressures may push India to reduce its imports of Russian oil starting next December, potentially opening the way for China to obtain supplies at lower prices.
On the production front, data from oil services company Baker Hughes indicated that US energy companies added new oil and natural gas rigs last week for the first time in three weeks. https://economy-news.net/content.php?id=61361
Exchange Rate Drops: 141,450 Dinars Per Note
Economy | 10/20/2025 Mawazine News - Baghdad - Local markets in Baghdad recorded a slight decline in the dollar exchange rate against the Iraqi dinar, with the $100 bill reaching 141,450 dinars on the Al-Kifah and Al-Harithiya stock exchanges, after having stabilized at 141,700 dinars during yesterday's trading.
This limited decline comes amid relative stability in buying and selling activity in local markets, while the government and the Central Bank continue to monitor fluctuations in the parallel market within the framework of the current monetary policy. https://www.mawazin.net/Details.aspx?jimare=268798
Gold Recovers After Falling From Record Highs
Monday, October 20, 2025 08:05 | Economic Number of reads: 357 Baghdad / NINA / Gold prices rose slightly on Monday, recovering some of their losses after a sharp decline last week from record levels exceeding $4,300 an ounce following US President Donald Trump's statements that eased trade tensions between the United States and China and pushed investors towards higher-risk assets.
The price of gold in spot transactions rose 0.4% to reach $4,263.59 an ounce, after falling about 1.8% on Friday, the largest decline since mid-May. As for other precious metals, platinum fell 1.1% to $1,591.55 an ounce, and palladium fell 0.5% to $1,467.16 an ounce. / https://ninanews.com/Website/News/Details?key=1257846
The Ministry Of Commerce Launches An "Investment" Plan To Empower The Private Sector As A Key Partner In Development.
Economy | 10/20/2025 Mawazine News - Baghdad - The Ministry of Trade announced the launch of a comprehensive investment plan aimed at developing the private sector and enabling it to play its role as a key partner in the sustainable development process.
The official spokesperson for the Ministry of Trade, Mohammed Hanoun, said in a statement followed by Mawazine News that "this plan comes within the framework of a national strategy aimed at diversifying the Iraqi economy and reducing dependence on oil revenues by creating a stimulating and attractive business environment for local and foreign investments."
Hanoun added that "the ministry is working to update the legislative and regulatory structure of the trade sector in line with World Trade Organization standards," noting that the new procedures include simplifying trade transactions, facilitating investor entry, and enhancing transparency in granting commercial licenses.
He stressed that "the private sector will be an 'effective' partner in implementing investment projects, whether in the field of logistics, warehousing, transportation, or marketing, with the aim of improving the efficiency of the national economy and enhancing its competitiveness."
The official spokesperson explained that "the ministry is proceeding with implementing this plan in cooperation with the Private Sector Development Council and relevant economic entities," noting that "the next phase will witness the launch of joint projects that contribute to employing the workforce and developing national industries."
Hanoun concluded his statement by saying, "The Ministry of Trade believes that the private sector is the true engine of economic growth, and that empowering it represents the cornerstone of building a diversified and sustainable economy capable of facing challenges, providing job opportunities, and enhancing economic stability in Iraq."
https://www.mawazin.net/Details.aspx?jimare=268805
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