Iraq Economic News and Points To Ponder Thursday Evening 7-02-26
The Dollar Records A New Decline Against The Iraqi Dinar In The Local Markets
Last Updated: July 1, 2026 The exchange rates of the US dollar, on Wednesday, a new decline against the Iraqi dinar in the local markets, amid slight changes in the movement of supply and demand within the market.
According to market data, the selling price of the dollar recorded 155,500 dinars per 100 dollars, while the purchase price reached 154,500 dinars per 100 dollars, in an indication of the continued volatility in exchange rates during the recent period.
This new decline comes at a time when local markets are following the developments of monetary policy and regulatory measures related to the exchange market, which aim to achieve greater stability in the price of the currency.
Traders in the market are waiting for more indicators in the coming days, to see if this decline will be the beginning of a continuous downtrend or just a temporary correction within the usual fluctuation range.
Exchange rates in Iraq remain subject to multiple factors, including the movement of demand for the dollar, control procedures, and internal and external economic developments. LINK
US Treasury Tracks $300 Billion Out Of Iraq’s Banking System
Last Updated: July 1, 2026 Independent sources revealed to the «independent» information described as dangerous, indicating that the US Treasury informed the government of Ali al-Zaidi of the existence of amounts estimated at $ 300,000,000,000 believed to have left the official banking system.
According to the source, these funds are suspected of being still outside banking channels, specifically by some political figures, away from direct financial supervision.
The source also pointed to the existence of what he described as "accurate sequences of the movement of the dollar allocated to Iraq," where the trajectory of funds is tracked and analysis of transfers and distribution, in an attempt to reveal the whereabouts of large sums believed to be inside the country or outside the official financial system.
According to the source, the ongoing tracking operations reveal a complex financial network linked to dollar flows inside and outside Iraq, opening the door to questions about the size of undeclared funds and their real trajectories. LINK
Public Funds Stolen In Iraq Surpass $2 Trillion Since 2003
Iraq Amr Salem July 2, 2026 Baghdad (IraqiNews.com) – The Iraqi Prime Minister’s legal advisor, Munir Haddad, revealed that more than $2 trillion have been stolen from Iraq since 2003.
According to the Iraqi News Agency, Haddad stated that the number of suspects continues to increase as investigations with the arrested ones are ongoing.
The Iraqi government launched a countrywide anti-corruption campaign on Sunday known as “Operation Dawn.” Prime Minister Ali al-Zaidi ordered the crackdown, which has resulted in the arrests of several lawmakers and senior officials, as well as the recovery of millions of dollars, gold, luxurious cars, and real estate.
Iraqi security forces began the massive campaign following judicial orders, targeting dozens of current and former government officials.
The step, which included lifting parliamentary immunity and overnight raids in Baghdad’s Green Zone, is based on confessions and investigations into the major arrest of Adnan al-Jumaili, a deputy oil minister accused of corruption.
Primary suspects have delivered extensive confessions, prompting security and judicial officials to arrest more individuals, according to Haddad.
The Iraqi official clarified that some of the suspects attempted to leave the country or seek a safe haven in Iraqi Kurdistan, but Kurdish authorities have shown cooperation and handed over eight suspects so far.
The offenses being investigated include both typical embezzlement and money laundering.
According to Haddad, the sums seized by the authorities are incredible. For example, the wife of one of the defendants purchased a home worth $5 million. Furthermore, some of the accused hold over 50 properties registered in their own or family members’ names.
The campaign will cover several Iraqi provinces. “The investigations and arrests are ongoing and will not adhere to a specific timeline,” Haddad said. They are being conducted in complete secrecy to prevent any individuals who are wanted from fleeing.
https://www.iraqinews.com/iraq/public-funds-stolen-in-iraq-surpass-2-trillion-since-2003/
Iraq Seeks To Raise Oil Output Ahead Of Global Energy Transition
Iraq Amr Salem July 2, 2026 Baghdad (IraqiNews.com) – Iraq seeks to boost oil production and optimize its reserves for revenue generation before a global energy transition potentially reduces oil demand.
Iraq is adopting an approach that delaying the development of oil reserves may be less cost-effective than increasing output at the present time, according to Reuters.
Oil constitutes approximately 90 percent of the revenue for the Iraqi government. The recent conflict and the resulting turmoil forced Baghdad to cut its daily output from over 4.2 million barrels to under 1.5 million barrels in May. This situation underscores the urgent need to increase production to recover the lost revenue.
New investments worth billions of dollars from businesses such as British Petroleum (BP), TotalEnergies, and ExxonMobil have raised hopes that Iraq would be able to transform its massive oil reserves into long-term financial benefits. However, this approach raises concerns about a potential significant decline in global oil consumption in the years ahead.
The main concern involves the potential for increased supplies from various producing countries, which could lead to a supply glut and a decline in oil prices. This is particularly relevant as global output is projected to rise by nearly eight million barrels per day by 2027, while the growth in demand is expected to be slower.
The Iraqi strategy is based on the timing factor due to the uncertainties over when global oil demand will decline and whether producers can profit from their reserves prior to that time.
https://www.iraqinews.com/iraq/iraq-seeks-to-raise-oil-output-ahead-of-global-energy-transition/
8 million barrels of Iraqi crude oil still trapped on tankers
Iraq Amr Salem July 2, 2026 Baghdad (IraqiNews.com) – Over eight million barrels of Iraqi crude oil are still trapped aboard ships, but over 100 million barrels of crude oil and petroleum products that had accumulated in the Gulf have begun to slowly flow back to international markets, offering a temporary relief from supply constraints, Shafaq News said on Thursday, citing a report issued by S&P Global Commodity Insights.
Iraq, along with Oman, has been identified as one of the Middle East’s top countries to reactivate oil output, while key refineries in Saudi Arabia, Bahrain, and Kuwait would take months to restore operations, according to the report.
The total amount of crude oil in the Arabian Gulf reached around 90.5 million barrels, with the remainder divided among other petroleum products. More than 90 million barrels of crude oil were aboard vessels ready to be transported.
According to estimates, Iraq has around 8.3 million barrels of oil stuck on tankers, following only Iran with 31.7 million barrels, Saudi Arabia with 18.7 million barrels, and the UAE with 17 million barrels. Kuwait recorded 8.1 million barrels, Qatar had 4 million, and Oman had 2.2 million barrels.
Most Gulf oil exports are bound for East Asian markets. This demonstrates that the resumption of these supplies may have an impact on the global supply-demand balance, affecting oil prices and producing nations’ income.
International banks anticipate that exports will return to pre-war levels in July, but there is still concern that the effects of such quantities will be temporary until actual production in the region improves.
https://www.iraqinews.com/iraq/8-million-barrels-of-iraqi-crude-oil-still-trapped-on-tankers/