Iraq Economic News and Points To Ponder Monday Evening 12-1-25
Economist: Talk Of Rising Exchange Rate Is A Media Frenzy To Serve A Specific Group.
Economy |01/12/2025 Mawazin News - Baghdad: Economic researcher Diaa Abdul Karim believes that the talk circulating in the public sphere and the media about a rising dollar exchange rate is nothing more than a media frenzy serving the interests of certain financial traders.
Abdul Karim stated that "the exchange rate at official and parallel market outlets remains stable at specific figures despite slight fluctuations, which do not constitute a change in the exchange rate."
He added that "the Iraqi public is apprehensive following media rumors of an anticipated increase in exchange rates, but the reality is different. There is no official government move to raise the exchange rate, and what has occurred is merely a media frenzy."
He clarified that "the government and the monetary authority determine the official exchange rate, and it is unlikely that the rate will be changed at present or even with the arrival of the new government, especially given the stability currently prevailing in local markets." https://www.mawazin.net/Details.aspx?jimare=271011
The Central Bank Postpones The Requirement For Prior Customs Declarations Until 2026 And Exempts Four Goods From The Decision.
Economy | 01/12/2025 Mawazin News - Baghdad: The Central Bank of Iraq has postponed the requirement for companies wishing to purchase US dollars for importing goods until January 2026, with the exception of four specific commodities for which the requirement remains mandatory.
This postponement comes after the procedure was initially scheduled to take effect on Monday, December 1, 2025, as previously announced by the General Authority of Customs.
In an official letter to licensed banks issued on Sunday, November 30, the Central Bank directed the suspension of the prior declaration requirement until January 1, 2026, while maintaining its mandatory nature, effective December 1, for the import of gold and jewelry, mobile phones, cars, and refrigeration equipment.
According to the decision, the prior declaration will be optional for companies importing other goods until the beginning of 2026, after which it will become mandatory. The bank exempted goods that arrived at border crossings before December 1 and for which financial transfer procedures have not yet been completed, as per the invoice or commercial contract.
On November 25, the General Authority of Customs began implementing a procedure requiring companies to pay customs duties in advance and notify the Central Bank through the ASYCUDA system to allow the entry of goods. This has led to difficulties for companies in the Kurdistan Region, as the region does not operate under this system.
In this context, Sami Jalal, advisor to the Minister of Interior in the Kurdistan Regional Government, stated in press remarks reported by the Iraq Observer Agency, “The Kurdistan Region is not part of the ASYCUDA system, and we will be in negotiations with Baghdad regarding pre-clearance customs procedures to resolve this issue before the new year.”
Companies in Iraq and the Kurdistan Region benefit from the official exchange rate set by the Central Bank at 131,000 Iraqi dinars per 100 US dollars, as part of measures to regulate import financing and control border crossings.
https://www.mawazin.net/Details.aspx?jimare=271022
US Deputy Secretary Of State Michael Regas Arrives In Iraq
Local | 01/12/2025 Mawazin News – Kurdistan: An informed source in the Kurdistan Region confirmed that US Deputy Secretary of State Michael Regace arrived in Erbil on an official visit. This visit follows an announcement by the US Embassy in Baghdad a week ago regarding arrangements for his arrival in Iraq as part of a tour that includes high-level meetings.
Regace's visit precedes the arrival of US President Donald Trump's Special Envoy to Iraq, Mark Savaya, scheduled for the coming days. Political circles are suggesting joint coordination between the two visits regarding regional issues and the US presence in the country.
The source explained that Regace will meet with a number of officials in the Kurdistan Region and will discuss issues related to bilateral relations, economic cooperation, and joint security arrangements. No official statement has yet been issued regarding his schedule of meetings in Baghdad. https://www.mawazin.net/Details.aspx?jimare=271025
The Security Council Will Hold A Session Tomorrow On The Situation In Iraq.
Monday, December 1, 2025 | Politics Number of views: 267 Baghdad/ NINA / The United Nations Assistance Mission for Iraq (UNAMI) announced today, Monday, that the Security Council will hold a session on the situation in Iraq tomorrow, Tuesday.
A statement from the mission said, "The UN Security Council will hold a session on the situation in Iraq tomorrow, Tuesday, at 10:00 AM New York time (6:00 PM Baghdad time)."
The statement added that "the Special Representative of the Secretary-General for Iraq, Mohammed Al-Hassan, is expected to brief the session on developments in Iraq and on the work of the United Nations Assistance Mission for Iraq (UNAMI)." /End https://ninanews.com/Website/News/Details?key=1264692
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