Iraq Economic News and Points To Ponder Saturday Morning 6-13-26

Basrah Crudes Post Weekly Losses

2026-06-13   Shafaq News- Basrah   Iraq’s Basrah crude lost more than 18% over the past week, as major global benchmarks weakened.

Basrah Heavy crude dropped by $2.68 in its final trading session to $58.14 per barrel, down 4.41% on the day and recording a weekly loss of $11.14, or 19.16%. Basrah Medium crude slipped by $2.68 to close at $60.24 per barrel, falling 4.26% in its last session and posting a weekly loss of $11.14, or 18.49%.

Globally, Brent crude decreased by $3.05 to $87.33 per barrel, a decline of 3.37%, while US West Texas Intermediate crude shed $2.83 to settle at $84.88 per barrel, down 3.23%.

UAE Murban crude retreated 4.85% to $83.02 per barrel, while Russia’s Urals crude fell 5.61% to $78.39. US Mars crude also lost 5.58% of its value. https://www.shafaq.com/en/Economy/Basrah-crudes-post-weekly-losses-3

USD/IQD Exchange Rates Climb In Baghdad, Erbil

2026-06-13   Shafaq News- Baghdad/ Erbil   The US dollar opened Saturday's trading higher in Iraq, hovering around 155,000 dinars per 100 dollars in Baghdad and Erbil.

According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya central exchanges at 154,750 dinars per 100 dollars, up from 154,600 dinars recorded on Thursday.

In the Iraqi capital, exchange shops sold the dollar at 155,250 dinars per 100 dollars and bought it at 154,250 dinars.

In Erbil, the dollar was selling at 155,000 dinars per 100 dollars and buying at 154,900 dinars.

https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-climb-in-Baghdad-Erbil-7-2

Gold Prices Rise In Baghdad, Erbil Markets

2026-06-13 Shafaq News- Baghdad/ Erbil   On Saturday, gold prices hovered around 910,000 IQD per mithqal in Baghdad and Erbil markets, continuing their upward trend, according to Shafaq News market survey.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 917,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 913,000 IQD. The same gold had sold for 892,000 IQD on Thursday.

The selling price for 21-carat Iraqi gold stood at 887,000 IQD, with a buying price of 883,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 920,000 and 930,000 IQD, while Iraqi gold sold for between 890,000 and 900,000 IQD.

In Erbil, 22-Carat Gold Was Sold At 940,000 IQD Per Mithqal, 21-Carat Gold At 897,000 IQD, And 18-Carat Gold At 768,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-Erbil-markets-3-3

Germany Backs Iraq's Tourism Development Efforts

2026-06-13 Shafaq   News- Baghdad   Germany's development agency GIZ and Iraqi officials on Saturday discussed ways to support the country's tourism sector as part of broader efforts to diversify the economy beyond oil.

The discussions took place during a workshop organized by the Private Sector Development Council and GIZ, where the German agency said it is working with Iraqi institutions through the Economic Transformation Enhancement (SET) project, funded by the German government, to support economic reforms, strengthen private-sector growth, and promote sustainable development.

Read more: 150,000 archaeological sites, 556 tourists: Iraq's oil economy explains the gap

Participants also reviewed opportunities in religious tourism, hospitality, travel services, and tourism investment.

Read more: Faith and finances: Religious tourism fuels Iraq’s economy

https://www.shafaq.com/en/Economy/Germany-backs-Iraq-s-tourism-development-efforts

Iran: Trump Agreed To Unfreeze $24B In Assets

2026-06-13 Shafaq News- Tehran   Mohsen Rezaee, a senior adviser to Iran's Supreme Leader Mojtaba Khamenei, said on Saturday that US President Donald Trump had approved the release of $24 billion in frozen Iranian assets, amid conflicting accounts from Washington and Tehran over the terms of a reported peace agreement.

Cited by Iran's Fars News Agency, Rezaee added that Trump did not want to announce the decision publicly.

On Friday, Pakistani Prime Minister Shehbaz Sharif revealed that the United States and Iran had reached a final text for a deal, describing it as closer to implementation than at any point since negotiations began.

Iran's Mehr News Agency subsequently published a 14-point draft memorandum that includes the release of the funds during a 60-day negotiation period, with half reportedly to be made available before talks begin.

In Washington, Vice President JD Vance said no funds would be released to Iran in exchange for signing an agreement or attending a meeting, adding that any economic benefits would depend on Tehran fulfilling its commitments.

A senior US administration official also told Shafaq News that no Iranian assets would be released before Iran meets its obligations, describing the proposed arrangement as an implementation-first framework.

https://www.shafaq.com/en/Middle-East/Iran-Trump-agreed-to-unfreeze-24B-in-assets

PMF Vows Strict Allegiance To Iraqi Constitution

2026-06-13    Shafaq News- Baghdad   The Popular Mobilization Forces (PMF) remains committed to Iraq's constitution, and is prepared to operate under the authority of the Armed Forces Commander-in-Chief, Prime Minister Ali al-Zaidi, PMF head Faleh al-Fayyadh noted on Saturday.

Marking the 11th anniversary of Grand Ayatollah Ali al-Sistani's fatwa, which contributed to the formation of the PMF —a predominantly Shiite umbrella force incorporated into the Iraqi state in 2016— al-Fayyadh described the religious edict as the moment that "helped save Iraq from the existential threat posed by ISIS."

The fatwa, issued on June 13, 2014, came days after ISIS captured Mosul and overran large parts of northern and western Iraq, triggering one of the country's gravest security crises in recent decades.

"The PMF has evolved into a national force representing Iraq's diverse communities," he added, reaffirming the group's commitment to strengthening its administrative, organizational, training, and technical capabilities while continuing efforts to improve its institutional performance.

Read more: Iraq to place armed factions' weapons under state control: What we know so far

https://www.shafaq.com/en/Iraq/PMF-vows-strict-allegiance-to-Iraqi-constitution