Iraqi Dinar Ranks Among 2026's Worst-Performing Currencies
2026-10-22 03:36 Shafaq News- Baghdad The Iraqi dinar has lost 14.2% of its value against the US dollar since the start of 2026. That is the second-steepest decline among the currencies tracked by Asharq Bloomberg, Bloomberg's Arabic-language service, behind only the Libyan dinar, which fell 15.6%.
Most of the loss came this month, when Iraq devalued its currency. On Oct. 7, the government raised the official selling price of the dollar to 1,520 dinars from 1,320, a devaluation of about 13% against the dollar. Bloomberg reported that the move followed disruption to shipping through the Strait of Hormuz, which cut Iraq's oil exports, the main source of state revenue.
A weaker dinar brings in more local currency for every dollar the state earns from oil, which helps it cover public salaries. Mahmoud Dagher, a former director at the Central Bank of Iraq (CBI), told Shafaq News that this was the main purpose of the decision. The CBI's foreign reserves fell from $97.4 billion at the end of 2025 to $81.5 billion at the end of August, according to the bank's data.
On the parallel market, the dollar has stayed above the new official rate. It traded at around 168,900 dinars per $100 in Baghdad on Wednesday, according to a Shafaq News market survey, compared with the official 152,000.
Elsewhere on the list, the Turkish lira was third with a 13.3% decline. The Ugandan shilling and Egyptian pound followed with losses of 12.7% and 11.6%, respectively. The Ghanaian cedi fell 10.3%, while the Romanian leu and Chilean peso lost 8.6% and 8.3%. The Moroccan dirham, the only other Arab currency on the list, fell 6.7%.
The list did not include the Iranian rial, which has fallen sharply amid the war and international sanctions on Tehran.
Read more: Experts: Iraq dollar gap reflects limited dollar access
https://shafaq.com/en/Economy/Iraqi-dinar-second-worst-performing-currency-in-2026
US Dollar Climbs In Baghdad And Erbil
2026-10-22 03:52 Shafaq News- Baghdad/ Erbil The US dollar opened higher in Iraq on Thursday, trading around 170,000 dinars per $100.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 169,500 dinars per 100 dollars, up from Wednesday's 168,900 dinars.
In the Iraqi capital, exchange shops sold the dollar at 170,000 dinars and bought it at 169,000 dinars, while in Erbil, selling prices stood at 169,650 dinars and buying prices at 169,550 dinars.
https://shafaq.com/en/Economy/US-dollar-climbs-in-Baghdad-and-Erbil-1-7
Oil Jumps Higher With Middle East Supply Risks
2026-10-22 01:15 Shafaq News Oil prices rose on Thursday as more attacks by the Houthis in Saudi Arabia prompted the United States to order some diplomats and family members to leave its missions in the Kingdom.
Brent crude futures rose $1.29, or 1.2%, to $110.11 a barrel at 00:34 GMT, while US West Texas Intermediate crude gained 97 cents, or 1%, to $98.12. Brent had settled largely unchanged on Wednesday, while WTI had eased 67 cents.
The US State Department plans to withdraw family members from a number of other US missions in the region, US officials told Reuters.
Yemen's Iran-aligned Houthis struck several targets on Wednesday with at least one person killed and eight more wounded at a civilian airport in Dammam, and two people killed in a drone attack on a Saudi oil field.
Explosions were also heard in Sirik in southern Iran, Iranian media reported on Wednesday, saying the nature and origin of the explosions were unknown.
On Wednesday, Iran's Foreign Minister Abbas Araqchi told the Financial Times that Iran was fully prepared to defend itself and President Masoud Pezeshkian told state media the US could not expect dialogue while blockading and threatening Iran.
There were at least 18 attacks on shipping over the past two weeks, Kpler data showed, while LSEG analysts warned that Iran was targeting tankers well beyond the Strait of Hormuz, reaching into the Gulf of Oman and jeopardising Gulf crude loadings and ship-to-ship transfers supporting regional loadings.
Meanwhile, Russian President Vladimir Putin hosted US Special Envoy Steve Witkoff in St Petersburg on Wednesday for talks on ending the war in Ukraine amid Washington's latest push to stop Europe's bloodiest conflict since World War Two.
The Kremlin said Putin had agreed to resume US-mediated peace talks with Ukraine as soon as next month. Ukrainian President Volodymyr Zelenskiy said he supported the talks and hoped they would start as soon as possible.
US crude stocks fell by 3.06 million barrels to 412.5 million barrels last week, the US Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for an 820,000-barrel draw.
Distillate stockpiles, which include diesel and heating oil, rose 1.68 million barrels in the week to 104.3 million barrels, versus expectations for a 1.16 million-barrel drop, EIA data showed.
The Trump administration is offering to loan up to nearly a third of the 1-million-barrel US emergency heating oil reserve, the Department of Energy said on Wednesday, seeking to contain prices that have surged on diesel shortages due to the wars in Iran and Ukraine. (REUTERS)
https://shafaq.com/en/Economy/Oil-jumps-higher-with-Middle-East-supply-risks
Basrah Crude Prices Rise As Global Oil Climbs
2026-10-22 02:55 Shafaq News- Basrah Iraqi crude prices advanced on Thursday, tracking gains in global oil benchmarks.
Basrah Heavy rose 27 cents, or 0.39%, to reach $69.62 per barrel, while Basrah Medium climbed 0.37% to $73.62.
Globally, Brent crude gained $1.29, or 1.2%, to $110.11 a barrel. US West Texas Intermediate (WTI) crude edged up $0.97, or 1%, to $98.12 a barrel.
The OPEC reference basket stood at $111.01 a barrel, up $2.39, or 2.20%.
https://shafaq.com/en/Economy/Basrah-crude-prices-rise-as-global-oil-climbs
Artawi Gas Project Reaches 96% Completion
2026-10-22 04:56 Shafaq News- Baghdad Iraq's Artawi gas project is 96% complete and expected to begin production soon, Deputy Oil Minister for Gas Affairs Ezzat Saber Ismail said on Thursday.
Known as AG25, the project is designed to process 50 million standard cubic feet of raw gas per day and produce more than 40 million standard cubic feet of dry gas, Ismail said during an on-site inspection with Southern Gas Company Director General Ali Salman Majid and officials from other firms involved in the project.
A separate gas processing project, known as GMP, is 36% complete. It aims, according to Ismail, to capture gas from three oil fields —Majnoon, West Qurna 2, and Artawi— helping reduce gas flaring and provide additional fuel for Iraq's power plants.
The project's first phase is designed to process 300 million standard cubic feet of raw gas per day, with a second phase expected to add the same capacity, he added.
During the visit, Ismail also urged the firms involved to meet contractual deadlines and accelerate construction, calling on state-owned oil companies to help resolve delays and remove obstacles to progress.
Iraq has set 2029 as its nationwide target for ending routine gas flaring. The World Bank's 2025 Global Gas Flaring Tracker estimated that Iraq burned approximately 17.37 billion cubic meters of gas, placing it among the world's largest gas-flaring nations.
Read more: Iraq's gas flaring paradox: a wealth of resources, a nation in need
https://shafaq.com/en/Economy/Artawi-gas-project-reaches-96-completion
Gold prices rise in Baghdad, fall in Erbil
2026-10-22 05:08 Shafaq News- Baghdad/ Erbil On Thursday, gold prices hovered around 970,000 IQD per mithqal in Baghdad and Erbil markets, according to a Shafaq News market survey.
At Baghdad's Al-Nahr Street wholesale market, 21-carat Gulf, Turkish and European gold sold for 973,000 IQD per mithqal (equivalent to five grams) and was bought at 969,000 IQD, up from Wednesday's 965,000 IQD.
Iraqi 21-carat gold sold for 943,000 IQD per mithqal and was bought at 939,000 IQD.
At jewelry stores, 21-carat Gulf gold sold for between 975,000 and 985,000 IQD per mithqal, while Iraqi gold sold for between 945,000 and 955,000 IQD.
In Erbil, prices fell. 22-carat gold sold for about 1.032 million IQD per mithqal, 21-carat for 985,000 IQD, and 18-carat for 845,000 IQD. https://shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-fall-in-Erbil-0