Iraq Economic News and Points To Ponder Thursday Evening 1-22-26
The Central Bank Of Iraq Sold Approximately $70 Billion In Hard Currency During The First 10 Months Of 2025.
Money and Business Economy News – Baghdad The Central Bank of Iraq revealed on Thursday that its sales of hard currency amounted to about $70 billion during the first 10 months of 2025.
The bank stated in a statistic that its sales of hard currency during the first 10 months of last year amounted to $67 billion and 272 million.
He added that sales were distributed between foreign remittances amounting to 64 billion and 969 million dollars, and also to cash sales amounting to 2 billion and 303 million dollars.
She pointed out that these sales during the ten months of last year amounted to $67 billion and 272 million, and increased by 7.5% compared to the same period in 2024, which amounted to $62 billion and 581 million https://economy-news.net/content.php?id=64853
Government Initiative To Establish An Investment Fund With France With A Capital Of $100 Million
Money and Business Economy News – Baghdad The Prime Minister’s advisor and Executive Director of the Iraq Development Fund, Mohammed Al-Najjar, announced on Wednesday the signing of a memorandum of understanding with a French bank, noting that this will pave the way for the establishment of a joint investment fund with a capital of $100 million.
Al-Najjar told the Iraqi News Agency, as reported by “Al-Eqtisad News”: “The memorandum of understanding signed with the state-owned bank (BPI France), which is an institution that owns assets and operates in the fields of foreign trade finance and development lending, will open great doors for the national economy,” indicating that “the first of these doors is the establishment of an Iraqi fund for joint investments.”
He explained that "the new fund will allow French companies to invest in Iraq with a contribution from the fund, and will also enable Iraqi investors wishing to invest in France to use the same mechanism," noting that "the agreement opens an unprecedented way for small and medium-sized French companies to enter the Iraqi market, while providing guarantees for foreign investments."
Al-Najjar added that "the expected capital of the fund will start at $50 million, and it is planned to rise to $100 million through contributions from various parties," noting that "the next stage will witness the capital being put in place with a contribution from Iraq and France, while opening the door for Iraqi and other investors to enter the fund."
He noted that "investments will be concentrated in vital sectors including the environment and water sector, infrastructure, digital transformation, and smart agriculture."
Al-Najjar added that "this agreement will effectively contribute to encouraging trade with Iraq in multiple fields, especially in the field of financial management," stressing that "the Fund's signing of this memorandum is one of the most important strategic steps taken so far to enhance the investment environment and localize international expertise." https://economy-news.net/content.php?id=64819
Goldman Sachs Raises Its Gold Price Forecast For The End Of 2026
Money and Business Economy News — Follow-up Goldman Sachs raised its forecast for the price of gold by the end of 2026 to $5,400 an ounce, compared to previous forecasts of $4,900 an ounce, attributing this to the diversification of investments by the private sector and central banks in emerging markets.
Gold hit an all-time high of $4,887.82 an ounce on Wednesday. The precious metal, considered a safe haven, has jumped more than 11% since the beginning of 2026, continuing its strong upward trend after rising 64% last year.
Goldman Sachs said in a note, "We expect that private diversification buyers, whose purchases are aimed at hedging against global policy risks and which led to the sudden rise in our price forecasts, will not liquidate their gold holdings in 2026, effectively raising the starting point for our price forecasts," according to Reuters. https://economy-news.net/content.php?id=64840
Al-Rafidain Warns Against Fake Pages And Websites Impersonating It.
banks Economy News – Baghdad Rafidain Bank warned on Thursday against fake pages and websites impersonating it. The bank confirmed in a statement received by "Al-Eqtisad News" that "all of the bank's official pages on social media platforms are verified with the blue checkmark, and no other pages are relied upon for obtaining news, information, or instructions issued by the bank."
He called on citizens to "refrain from dealing with unofficial pages or fake websites that impersonate the bank's name and logo, and we urge you to report any suspicious page to avoid misleading or exploiting citizens."
He explained that he continues "to publish everything related to his services exclusively through his verified platforms, and calls on everyone to check for the blue checkmark to ensure that the correct information is received." https://economy-news.net/content.php?id=64852
(SOMO): A Plan To Maximize The Value Of Iraqi Oil By Diversifying Markets
The State Oil Marketing Company (SOMO) announced on Wednesday a plan to maximize the value of Iraqi oil by diversifying markets, while indicating that it has adopted a flexible and well-thought-out system for export movement in line with the global market.
The company’s general manager, Ali Nizar Al-Shatri, told the Iraqi News Agency (INA): “The Oil Marketing Company relies on an integrated system of accurate data that includes export levels, shipping flows, and supply and demand trends in the main markets, which allows for flexible and well-thought-out planning of export movements in line with global market conditions in coordination with the Organization of (OPEC).”
He added that "the company coordinates through regular official and technical channels with member states, including data exchange, participation in technical meetings and specialized committees, and continuous communication regarding market developments and emerging challenges."
He emphasized that "this coordination ensures a collective commitment to agreed-upon policies and strengthens trust among producing countries, which positively impacts the balance of supply and demand and the stability of the global oil market."
He explained that "the role of the State Oil Marketing Company (SOMO) is not limited to the commercial aspect alone, but extends to contributing to market stability and protecting Iraq's interests within an international system based on cooperation and coordination to achieve common goals that serve both producers and consumers."
He continued, "The State Oil Marketing Company (SOMO) prepares daily, weekly, and monthly reports monitoring the market situation in terms of supply and demand and geopolitical developments. Based on these studies, decisions are made to ensure the success of the marketing process, while taking into account the organization's objectives of achieving stability in the global market." He pointed out that "SOMO faces a fundamental challenge in achieving a delicate balance between the national economy's needs in terms of oil revenues and Iraq's collective responsibility as an active member of the OPEC+ alliance to maintain global market stability."
He explained that "the Iraqi economy relies heavily on oil revenues to finance the general budget, support essential services, and implement development projects, which places continuous pressure on maximizing returns."
He added that "any ill-considered increase in oil supply could lead to downward pressure on prices, negatively impacting overall revenues, even if exported quantities increase."
He added that "the company faces challenges related to fluctuations in global demand, geopolitical conditions, and changes in energy policies of consuming countries, in addition to the need to maintain Iraq's reliability as a committed partner within the alliance."
He pointed out that "adherence to quotas and voluntary production cuts is not viewed as a burden, but rather as a strategic tool and investment to ensure market stability in the medium and long term, achieving more sustainable returns compared to short-term gains, thus serving the interests of Iraq and both producing and consuming countries."
Al-Shukri emphasized that "the State Oil Marketing Company (SOMO) is working in coordination with the Ministry of Oil and relevant authorities to maximize the value of Iraqi oil by diversifying markets, improving marketing terms, and increasing operational efficiency. This ensures the best possible revenue within the agreed-upon limits, serving both Iraq's interests and the stability of the global oil market." https://ina.iq/en/economy/44974-somo-a-plan-to-maximize-the-value-of-iraqi-oil-by-diversifying-markets.html#:~:text=(SOMO)%3A%20A%20plan,yesterday
Iraq Moves To Revive Hamrin Oil Field With US Partner
2026-01-22 Shafaq News– Kirkuk Iraq’s Northern Oil Company discussed on Thursday investing in and developing the Hamrin oil field with US-based HKN Energy.
In a statement, the Company explained that talks focused on technical, economic, and contractual terms under Iraq’s licensing framework, including upgrades to surface facilities, improved reservoir management, and higher production efficiency.
Hamrin, which stretches across Kirkuk and Saladin province, is among northern Iraq’s long-underdeveloped fields. In mid-2025, the Iraq Oil Ministry signed a memorandum of understanding with HKN Energy to develop the field, targeting output of about 60,000 barrels per day and the capture of associated gas for power generation, according to ministry statements. The Oil Ministry did not immediately comment. https://www.shafaq.com/en/Economy/Iraq-moves-to-revive-Hamrin-oil-field-with-US-partner