Iraq Economic News and Points To Ponder Thursday Evening 10-15-26
Counterfeit Dinar Reports Spark Fears, Security Response
2026-10-15 09:50 Shafaq News- Baghdad Reports of counterfeit Iraqi banknotes circulating in local markets have raised concerns among traders and consumers, as authorities step up efforts to combat currency smuggling and counterfeiting. A manager at a private Iraqi bank told Shafaq News that border authorities had detained several people on Wednesday for allegedly attempting to smuggle counterfeit banknotes into Iraq.
He provided no details on the crossing, the amount seized, or the scale of counterfeit currency in circulation.
In Baghdad's Jameela industrial district, trader Abu Ahmed warned that large quantities of counterfeit 25,000-dinar notes had reportedly entered the market on Wednesday. He said the notes were difficult to distinguish from genuine currency and urged consumers and businesses to check their security features.
Central Bank of Iraq (CBI) media director Haider Ghazi told Shafaq News that counterfeit notes are detected through official reports and cash inspections at financial institutions, including checks on deposits from banks and financial companies.
For his part, economist Mohammed al-Hasani warned that counterfeit banknotes could cause financial losses and slow transactions in Iraq's cash-dependent markets as businesses impose stricter checks.
He stressed that counterfeit currency does not necessarily weaken the dinar's exchange rate but could undermine confidence in cash transactions if it became widespread.
Under CBI regulations, banks must confiscate counterfeit notes discovered during deposits, issue official receipts, document the details, and forward the notes to the Central Bank. Banks may face penalties if counterfeit currency is found in their deposits.
Separately, Iraq's Interior Ministry said Senior Undersecretary Hussein al-Awadi had ordered intensified efforts against currency smuggling, counterfeiting, and money laundering during a meeting with senior organized crime officials on Thursday.
https://shafaq.com/en/Economy/Counterfeit-Iraqi-dinars-raise-market-fears-prompt-crackdown
CBI Sets New $2K Traveler Dollar Mechanism
2026-10-15 Shafaq News- Baghdad The Central Bank of Iraq (CBI) said on Thursday it will introduce a new mechanism allowing travelers to receive their $2,000 foreign-currency allocation once every two months, up to six times a year.
The measure will take effect on Sunday, October 18, 2026, the CBI said.
The bank said the new system aims to regulate access to foreign currency and ensure the allocation reaches eligible travelers under previously announced rules. https://shafaq.com/en/Economy/CBI-sets-new-2K-traveler-dollar-mechanism
US Crude Inventories Drop 8.6 Million Barrels
2026-10-15 Shafaq News- Washington US crude oil inventories fell by 8.6 million barrels to 415.6 million barrels in the week ending October 9, the Energy Information Administration (EIA) said on Thursday.
Crude inventories at the Cushing storage hub in Oklahoma increased by 1.9 million barrels, according to the EIA's weekly report.
US refineries processed an additional 135,000 barrels of crude per day, while refinery utilization rose by 0.8 percentage points to 93.5%.
Gasoline inventories increased by 3.5 million barrels to 208.3 million barrels, while distillate stocks —including diesel and heating oil— fell by 2.5 million barrels to 102.6 million.
Net US crude oil imports also declined by 596,000 barrels per day during the week.
https://shafaq.com/en/Economy/US-crude-inventories-drop-8-6-million-barrels
The Launch Of The First Iraqi Ground Station For Satellites In Baghdad Next Sunday
Money and business Economy News – Baghdad The Minister of Communications, Mustafa Sanad, announced the launch of the first Iraqi ground station for satellites in Baghdad, next Sunday.
Sanad said in a statement received by "Economy News" that "next Sunday will be the date for the launch of the first Iraqi ground station for satellites (Teleport) in the capital Baghdad, dedicated to dealing with satellites in the geo-fixed orbit (GEO)."
He added that "this project comes to consolidate our vision in achieving Iraqi digital sovereignty."
He called on "security and service institutions, government ministries and private sector companies to adopt the gate (Gateway) as a major station for the movement of reception and dispatch, instead of relying on international infrastructure outside the scope of national sovereignty, in preparation for the transition to the next phase of the project of national space sovereignty, details of which will be announced at a later date https://www.economy-news.net/content.php?id=75057
Iraq And The European Bank Discuss Opportunities To Finance Strategic Projects
Money and business Economy News – Baghdad The Ministry of Construction, Housing and Public Municipalities discussed with the delegation of the European Bank, on Thursday, opportunities to finance strategic projects.
A statement by the ministry, received by "Economy News", said that "the technical undersecretary of the Ministry of Construction, Housing and Public Municipalities, Ali Hussein Abdul Amir, chaired a meeting with the delegation of the European Bank for Reconstruction and Development, in the presence of the Director General of the Sustainable Infrastructure Group at the bank, Harry Boyd Karner, and the consultant of Minister Samir Ibrahim in the apartment, and the Director General of the Department of Planning and Follow-up Haidar Al-Mayali, and a number of specialists from both sides. "
The statement added that "the technical agent reviewed the most prominent projects implemented by the ministry in the sectors of water, sanitation, roads and bridges," explaining "the nature of the projects, their priorities and financing mechanisms, and stressing the ministry's readiness to cooperate with the bank and discuss partnership opportunities in financing projects and implementation, in order to achieve the desired development goals."
The meeting discussed the prospects of joint cooperation and the possibility of the bank contributing to supporting and financing projects implemented by the ministry, especially strategic priority projects, through grants, loans and available financing mechanisms, thus contributing to the development of infrastructure