Iraq Economic News and Points To Ponder Saturday Afternoon 7-26-25
More Than 24 Billion Dinars In Fines Imposed On Banks And Financial Companies In Iraq.
Local The Central Bank of Iraq announced on Saturday that fines imposed on banks and non-banking institutions (exchange companies) amounted to more than 24 billion Iraqi dinars over the past three months.
A table issued by the bank showed that fines imposed on banks and financial companies during the past three months, starting in April and ending in June, amounted to 24 billion, 942 million, 377 thousand, and 239 dinars, a decrease compared to the first three months of the current year, when penalties amounted to 41 billion, 268 million, 578 thousand, and 75 dinars.
She explained that "the fines also included 23 administrative penalties for these banks and non-banking institutions, distributed between warnings, notices, and grace periods."
The table showed that "April saw the highest fines on banks and non-financial institutions, amounting to 9 billion, 862 million, 848 thousand, and 520 dinars, with 12 administrative penalties, while June saw the lowest fines, amounting to 6 billion, 202 million, 501 thousand, and 325 dinars, with 3 administrative penalties." The table did not show the names of the banks that were subject to fines and administrative penalties. 64 views 07/26/2025 - https://economy-news.net/content.php?id=57917
Gold Declines As Dollar Recovers
Stock Exchange Gold prices fell in trading on Friday, July 25, affected by a recovering dollar and signs of progress in trade negotiations between the United States and the European Union, which reduced demand for safe havens.
Spot gold fell 1% to $3,335.45 per ounce, but remains up about 0.4% since the beginning of the week. US gold futures also fell 0.8% to $3,345.20.
The dollar index recovered from its lowest level in more than two weeks, making the precious metal more expensive for holders of other currencies, while benchmark 10-year US Treasury yields rose.
"The agreement reached by Japan is significant, and there is hope for a deal between the US and the EU before the August 1 deadline. This weakens demand for safe havens, as increased risk appetite pushes capital towards riskier assets," said Peter Grant, vice president and senior metals analyst at Zaner Metals.
Two European diplomats reported that the United States and the European Union are close to concluding a trade agreement that could include imposing a general 15% tariff on European goods, following Washington's agreement with Japan.
The S&P 500 and Nasdaq hit new record highs on Thursday, as investors' risk appetite improved amid signs of easing trade tensions.
US data showed an unexpected drop in unemployment claims last week, indicating a stable labor market despite a slowdown in hiring.
The Federal Reserve is expected to keep interest rates unchanged at its meeting on July 29 and 30, while markets are pricing in a rate cut in September. Other precious metals performance:
Silver fell 0.4% to $38.91 per ounce, heading for a weekly gain of 2%.
Platinum fell 1.6% to $1,229.94. Palladium rose 0.9% to $1,238.73. https://economy-news.net/content.php?id=57878
Government Advisor: Baghdad's Global Gold City Project Will Contribute To Diversifying Income
Economy | 02:50 - 07/26/2025 Mawazine News - Baghdad - The Financial Advisor to the Prime Minister, Mazhar Mohammed Salih, confirmed today, Saturday, that the International Gold City project in Baghdad will contribute to diversifying income and shifting from consumption to production and export.
Salih said in a statement to the official agency, followed by Mawazine News, that "the International Gold City in Baghdad is a development platform for maximizing value and stimulating the economy, as the International Gold City project in Baghdad represents a qualitative shift in Iraq's economic vision."
He indicated that "the project is not limited to aesthetic or commercial dimensions, but rather is a strategic development engine within the framework of a national approach that includes diversifying sources of income and strengthening Iraq's position in regional value chains, especially in highly profitable handicraft industries."
He explained that "the Ministerial Council for the Economy recently approved the project, as an initiative aimed at transforming the capital, Baghdad, into a regional center for the gold and jewelry industry and trade, based on Iraq's pivotal geographical location and rich historical legacy in handicrafts and precious metals."
He added, "The city will host goldsmith factories, advanced production workshops, marketing and vocational training centers, as well as specialized laboratories for testing gold and precious metals and ensuring their quality. This will contribute to regulating the market, governing trade exchange, and protecting national wealth from smuggling and loss of value."
He revealed that, "The project is expected to be established in the capital, Baghdad, in an area close to commercial and industrial activity centers, ensuring effective logistical connectivity and serving local and regional investment and distribution. The project also represents a unique opportunity to employ thousands of young Iraqis, especially skilled craftsmen, by providing sustainable job opportunities in a promising sector."
He continued, "The project will enable Iraq to transform from a mere gold consumer market to a value-added production and export center. In addition, the project is a strategic step towards reducing dependence on oil and diversifying the national production base by investing in the latent potential of small and medium-sized industries with a craft and cultural character, linked to deep cultural roots."
He pointed out that "the Global Gold City project falls within the framework of the Iraqi government's vision and economic program to stimulate the private sector, stimulate local manufacturing, and integrate the Iraqi economy with its regional and international environment, thus enhancing financial stability and generating new sources of income based on knowledge, creativity, and craftsmanship." https://www.mawazin.net/Details.aspx?jimare=264261
Slight Weekly Losses For Basra Crude
Energy Economy News – Baghdad Basra Heavy and Medium crude prices recorded a slight weekly loss.
The prices are as follows: Basra Heavy crude closed the last session on Friday up 57 cents to $67.43, but recorded a weekly loss of 4 cents, or 0.06%.
Basra Medium crude closed at a similar high of 57 cents, reaching $70.48, but it also recorded a weekly loss of 4 cents, or 0.06%. 95 views 07/26/2025 -https://economy-news.net/content.php?id=57899
Ministry Of Planning: Monthly And Annual Inflation Rates Declined Last Month.
Saturday, July 26, 2025 | Economic Number of reads: 246 Baghdad / NINA / The Ministry of Planning announced, on Saturday, a decline in monthly and annual inflation rates during the month of June.
The official spokesperson for the ministry, Abdul Zahra Al-Hindawi, said in a statement: “The teams of the General Authority for Statistics and Geographic Information Systems, through their field visits to all Iraqi governorates, to monitor price changes in the main markets at the district level, recorded a decrease in the monthly inflation rate by 1.2% compared to last May, while the annual inflation rate recorded a decrease of 0.6% compared to June 2024.
The ministry attributed this decrease to a decline in the prices of a number of main sections, as the food and non-alcoholic beverages section recorded a decrease of 1.7%, the tobacco section by 2.1%, while the prices of the clothing and footwear section increased slightly by 0.1%.
The housing section also decreased by 2.1%, while the household equipment and furnishings, health, and education sections maintained their levels unchanged compared to May.
The transportation section recorded a decrease of 0.6%, while the prices of the entertainment and culture section increased by 0.9%, and the restaurants and hotels section witnessed a slight decrease of 0.1%, while the prices of the goods section increased.” and miscellaneous services by 0.4%.
Al-Hindawi added that the annual core inflation rate—which is calculated after excluding items with volatile prices, namely the fruits and vegetables group within the food and non-alcoholic beverages section, and oil and cooking gas within the housing and water section—also recorded a decline of 0.7%./End https://ninanews.com/Website/News/Details?key=1242989
Gold Prices Fall In Baghdad And Erbil
July 26, 2025 Baghdad/Erbil - Al-Zaman Foreign and Iraqi gold prices fell on Saturday in local markets in Baghdad and Erbil, the capital of the Kurdistan Region.
Gold prices in Baghdad's wholesale markets on al-Nahr Street this morning recorded a selling price of 650,000 dinars per mithqal of 21-karat Gulf, Turkish, and European gold, while the buying price reached 646,000 dinars, compared to 657,000 dinars last Thursday.
The selling price of one mithqal of 21-karat Iraqi gold reached 630,000 dinars, and the buying price was 626,000 dinars.
In goldsmith shops, the selling price of a 21-karat Gulf gold mithqal ranged between 650,000 and 660,000 dinars, while the selling price of an Iraqi gold mithqal ranged between 630,000 and 640,000 dinars.
In Erbil, gold prices also declined, with the selling price of 22-karat gold reaching approximately 683,000 dinars, 21-karat gold reaching approximately 652,000 dinars, and 18-karat gold reaching 558,000 dinars. LINK
The Dollar Fell Against The Dinar In Baghdad And Erbil.
Stock Exchange
The dollar price fell in the markets of Baghdad and Erbil on Saturday, as the stock exchanges closed at the beginning of the week.
The dollar exchange rate fell at the close of trading on the Al-Kifah and Al-Harithiya stock exchanges, reaching 139,200 Iraqi dinars per $100. This morning, it was trading at 139,500 dinars per $100.
Selling prices at exchange offices in Baghdad's local markets declined, with the selling price reaching 140,250 Iraqi dinars for $100, while the buying price reached 138,250 Iraqi dinars for $100.
In Erbil, the dollar also fell, with the selling price reaching 139,000 dinars per $100 and the buying price reaching 138,850 dinars per $100. https://economy-news.net/content.php?id=57918
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