Kirkuk-Saladin Railway Needs $26M For Revival
2026-10-23 Shafaq News- Kirkuk Restoring the railway between Iraq’s Kirkuk and Saladin provinces would cost around 40 billion Iraqi dinars ($26.3 million), potentially reopening the route for freight and oil transport, Kirkuk Governor’s Adviser for Investment and Reconstruction Ali Hamadi told Shafaq News on Friday.
Hamadi said the provincial administration had repeatedly requested that the project be awarded to a contractor and work begin, while the Ministry of Construction and Housing had included it in its plans and cost estimates. Restoring the railway, including repairs to the war-damaged Al-Fatha bridge, would reconnect Kirkuk to the national rail network and improve connections with other provinces, including Basra, he added.
The restored line could carry goods, crude oil, and petroleum products, reducing pressure on roads. Former Kirkuk railway worker Hussein Jalil said years of inactivity had prevented the province from benefiting from rail connections to southern ports, arguing that reopening the line could lower freight costs and fuel consumption.
In April, Iraqi Republic Railways Deputy Director General Ali Oudeh estimated repairs to the Al-Fatha railway bridge at 60 billion dinars ($39.5 million), saying the railway could resume operations within 18 months if budget allocations were secured. It remains unclear whether the two estimates cover the same work.
Read more: Iraqi Kirkuk railway station: Heavy with memory, waiting for movement
https://shafaq.com/en/Economy/Kirkuk-Saladin-railway-needs-26M-for-revival
Salary Advances Return To Iraq’s Rafidain Through Superqi
2026-10-23 09:52 Shafaq News- Baghdad Iraq's Rafidain Bank will begin accepting salary advance applications on Saturday through SuperQi, a digital financial services app developed by Iraqi payment company Qi Card, the Finance Ministry said on Friday.
With technical preparations complete, civilian and military employees and retirees who receive their salaries through Rafidain and hold its cards can apply through the bank's icon in the app.
The bank will accept 5,000 applications per batch, temporarily closing the link for administrative reviews and credit checks before reopening it for the next round. Approved applicants will receive their advances through daily deposits into their accounts. Rafidain clarified that these closures do not mean the service has ended.
The bank also urged customers to apply only through official channels and avoid anyone offering guaranteed approval or faster processing in exchange for money. All applications must follow its approved electronic procedures and lending requirements.
On Monday, Finance Minister Falih Al-Sari ordered Rafidain Bank to resume lending after months of restrictions at state-owned banks. By September, most had suspended loans and salary advances amid liquidity shortages, while Central Bank data showed deposits falling 5.6% and cash credit declining 5.4% in the first half of 2026.
An informed source also linked the lending freeze at Rafidain and Rasheed banks to poor credit planning and delayed technology upgrades. Both banks faced regulatory scrutiny over their lending practices, investment financing, and liquidity management.
Read more: Iraq’s private banks: Capital Growth and the structural credit gap
https://shafaq.com/en/Economy/Salary-advances-return-to-Iraq-s-Rafidain-through-SuperQi
Basrah Crude Gains Around 6% In A Week
2026-10-24 02:56 Shafaq News- Basrah Basrah Heavy and Basrah Medium crude posted weekly gains of $4.14 and $5.14 a barrel, or 5.91% and 7.03%, respectively, after rising in the final trading session as global oil markets advanced.
Basrah Heavy gained $3.46 a barrel, or 4.99%, in the final session, settling at $74.22. Basrah Medium also rose $3.46, or 4.63%, to close at $78.22.
Globally, West Texas Intermediate (WTI) crude edged up $2.50, or 2.51%, to $101.97 a barrel, while Brent crude futures climbed $3, or 2.65%, to $116.17 a barrel. https://shafaq.com/en/Economy/Basrah-crude-gains-around-5-in-a-week
US DOLLAR SLIPS IN BAGHDAD AND ERBIL
2026-10-24 04:01 Shafaq News- Baghdad/ Erbil The US dollar opened Saturday’s trading lower in Iraq, hovering around 169,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 168,900 dinars per 100 dollars, down from the previous session’s 169,500 dinars.
In the Iraqi capital, exchange shops sold the dollar at 169,500 dinars and bought it at 168,500 dinars, while in Erbil, selling prices stood at 168,800 dinars and buying prices at 168,700 dinars.
https://shafaq.com/en/Economy/US-dollar-slips-in-Baghdad-and-Erbil
Gold Drops In Baghdad And Erbil
2026-10-24 Shafaq News- Baghdad/ Erbil On Saturday, gold prices fell in Baghdad and Erbil markets, hovering around 950,000 IQD per mithqal, according to a Shafaq News survey.
Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 946,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 942,000 IQD, down from 973,000 IQD on Thursday.
The selling price for 21-carat Iraqi gold stood at 916,000 IQD, while the buying price reached 912,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 950,000 and 960,000 IQD, while Iraqi gold sold for between 920,000 and 930,000 IQD.
In Erbil, 22-carat gold was sold at 1,000,000 IQD per mithqal, 21-carat gold at 955,000 IQD, and 18-carat gold at 820,000 IQD.
https://shafaq.com/en/Economy/Gold-drops-in-Baghdad-and-Erbil-1
Iraq Oil Sales Exceed 533M Barrels In 2026
2026-10-24 Shafaq News- Baghdad Iraq exported more than 533 million barrels of crude oil from January through September 2026, economic observatory Eco Iraq said Saturday, calling for greater transparency in reporting oil exports and revenues.
Citing an official document issued by state oil marketer SOMO and addressed to parliament, detailing the country's oil exports and revenues over the first nine months of the year, the observatory estimated that crude exports generated $37,388,384,828, while deposits into Central Bank of Iraq (CBI) accounts totaled $33,511,194,387.
Shipments through Turkiye's Ceyhan port included 50.76 million barrels of northern Iraqi crude, averaging about 188,000 barrels per day (bpd), and 25.1 million barrels from the Kurdistan Region, averaging roughly 93,000 bpd.
Iraqi crude shipments slumped earlier in the year following disruptions to tanker traffic through the Strait of Hormuz, a Gulf shipping channel through which almost 90% of Iraq's oil is transported, amid the regional conflict involving Iran, Israel, and the United States. Exports were also affected by the prolonged shutdown of the country's northern pipeline to Turkiye.
Shipments have since partially recovered, with Oil Minister Bassem Mohammed Khudair reporting that Iraq's oil exports exceeded three million barrels per day in September.
Read more: Iraq's oil lifeline is blocked: Here is why the crisis runs deeper than Hormuz
https://shafaq.com/en/Economy/Iraq-oil-sales-exceed-533M-barrels-in-2026