Iraq Economic News and Points To Ponder Thursday Evening 9-17-26
Urgent | In Response To The Rising Dollar Exchange Rate, The Central Bank Of Iraq Reassures The Local Market: Starting Sunday, Several Measures Will Be Implemented To Meet Foreign Currency Needs
Baghdad/Iraq Observer An informed source stated on Thursday that the Central Bank of Iraq will begin, starting next Sunday, to expand the scope of import financing and increase the support provided to banks, in line with actual commercial needs.
The source said the move aims to facilitate financing for necessary imports and accommodate a wider range of commercial goods, noting that the central bank continues to monitor market developments and take the necessary measures to ensure the smooth flow of foreign trade financing and meet the legitimate demand for foreign currency.
https://observeriraq.net/عاجل-في-مواجهة-ارتفاع-سعر-صرف-الدولار/
Economic Researcher: An Iraqi Employee Needs A "Quarter Of A Century" Of Savings To Buy A Small House On The Outskirts Of Cities
September 17, 2026Last updated: September 17, 2026 Al-Mustaqilla/-Baghdad - Ali Karim Idhaib, a researcher in economic and financial affairs at the “Tigris Lights for Strategic Planning” organization, confirmed that the housing crisis and the high real estate prices in Iraq have become a structural obstacle to the ability of a large segment of employees and the middle class to own a home, in light of the gap between income levels and the cost of housing.
Idheeb explained that reading government salary levels reveals a clear disparity between job categories, as the total salary depends on the nominal salary plus a number of allowances, including marriage, certificate, risk, and ministry allowances.
He pointed out that newly appointed employees in the lower and middle grades have total salaries ranging between 450,000 and 700,000 dinars per month.
Based on an estimated calculation assuming that an employee can save about 300,000 dinars per month from a salary of 450,000 dinars, his total savings over 25 years will reach about 90 million dinars, provided that he continues to save at the same rate throughout this period.
As for those with experience and intermediate grades, especially grades six to four, their total salaries range between 800,000 and 1.3 million dinars per month.
If an employee manages to save about 500,000 dinars per month from a salary of 800,000 dinars, then the total amount he can save over 25 years will reach about 150 million dinars.
Idheeb explained that these calculations are not additional salaries or guaranteed amounts, but rather a theoretical estimate of the employee’s ability to save after assuming that part of his monthly income is deducted, with the remainder of the salary left to cover living expenses and family obligations.
He pointed out that the highest segment, which includes special grades, advanced cadres and employees in ministries with high allowances, such as oil, foreign affairs and electricity, has total salaries exceeding 1.8 million dinars per month and may reach 3 million dinars or more depending on the grade and allowances.
For example, if an employee whose salary is about 1.8 million dinars per month manages to save about one million dinars per month, then his theoretical savings over 25 years will reach about 300 million dinars.
According to the researcher, this comparison reveals that the difference in income level directly impacts the theoretical ability to build long-term savings. However, all segments face a common challenge: the largest portion of the salary goes towards daily expenses and family obligations, making actual real estate savings less than these estimates.
Idheeb stressed that a quarter of a century of saving is not an indication that an employee can actually accumulate these amounts, but rather a time frame used to show the size of the problem, especially when the ability to save is compared to the cost of buying a house or a piece of land on the outskirts of cities.
He added that a young employee who starts with a limited salary faces a difficult economic equation; he is required to secure housing, living expenses, transportation, and family needs, while at the same time building up savings sufficient to buy a property whose value increases over time.
He pointed out that the problem is not related to the level of salaries alone, but rather to the relationship between wage growth on the one hand, and the rise in prices of land, housing units and building materials on the other hand, as well as the limited options for long-term real estate financing.
Idheeb stressed that addressing the housing crisis requires an integrated package of policies, including providing serviced land, increasing the supply of housing units, developing new cities, expanding long-term mortgage financing, and directing housing projects towards low- and middle-income earners.
He stressed that the continued gap between income and housing costs could turn homeownership into a goal postponed for decades for large segments of employees, which necessitates dealing with the housing issue as an economic and social issue, and not just a real estate issue. https://mustaqila.com/باحث-اقتصادي-الموظف-العراقي-يحتاج-ربع/
Basrah Crudes Dip 7% As Global Oil Slips
2026-09-17 03:14 Shafaq News- Basrah Iraq’s Basrah Heavy and Medium crude prices fell sharply on Thursday, tracking declines in global oil benchmarks.
Basrah Heavy dropped $8, or 7.80%, to $94.57 per barrel, while Basrah Medium fell by the same amount, or 7.56%, to $97.87.
In global markets, Brent crude slipped to $105.52 per barrel, down 31 cents, or 0.29%, while US West Texas Intermediate (WTI) fell 35 cents, or 0.34%, to $102.08.
By contrast, the OPEC Reference Basket rose $1.52, or 1.23%, to $124.63 per barrel.
https://www.shafaq.com/en/Economy/Basrah-crudes-dip-7-as-global-oil-slips
Gold Bounces Back From Near Six-Week Lows
2026-09-17 02:20 Shafaq News Gold prices rose on Thursday as investors digested the U.S. Federal Reserve's interest rate hike and its signal that further policy tightening may follow, while an earlier rally in oil prices lost momentum.
Spot gold was up 0.8% at $4,295.26 per ounce, as of 0443 GMT, after hitting a near six-week low on Wednesday.
U.S. gold futures for December delivery were down 1.2% to $4,333.90.
Oil prices eased, extending losses on reports of Saudi Arabia offering extra crude cargoes through Oman.
"Oil prices remain a key factor to watch. If oil prices continue to decline, that could support gold prices moving higher, at least from a medium-term perspective. Until that materializes, I expect gold to remain range-bound," said Kelvin Wong, senior market analyst at OANDA.
The current uptick in gold is also largely driven by technical factors, with the Fed's hawkish message already largely priced into the market, he added.
Although gold is considered an inflation hedge, higher rates reduce its appeal by boosting the attractiveness of interest-bearing assets.
The Fed raised interest rates on Wednesday and flagged more hikes in the coming months, with new U.S. central bank chief Kevin Warsh joining a unanimous decision that effectively acknowledges the Trump administration's inability so far to control inflation that policymakers worry could worsen.
Updated quarterly economic projections showed 16 of 18 policymakers anticipate at least one more quarter-percentage-point hike by the end of this year, with only two of them seeing rates remaining stable from here.
The Bank of England looks set to keep rates on hold on Thursday but investors are watching for any hint that higher energy prices could force it to follow the Fed's example.
On the geopolitical front, U.S. President Donald Trump said he hoped an end to the war against Iran was near, as the conflict, in its seventh month, escalated with Saudi aircraft pounding Yemen and Houthi fighters launching drones and missiles at Saudi cities.
Spot silver rose 1.2% at $63.73, platinum firmed 1.7% to $1,783.56 and palladium climbed 2.2% to $1,296.70. (Reuters)
https://www.shafaq.com/en/Economy/Gold-bounces-back-from-near-six-week-lows
In The Presence Of The Central Bank Governor, The Ministry Of Finance Finalizes The Mechanism For Pre-Payment Of Customs Duties.
Baghdad / Iraq Observer The Ministry of Finance announced today, Thursday, the completion of the executive mechanism for implementing Cabinet Resolution No. (413) of 2026, regarding the prepayment of customs duties.
Finance Minister Faleh Sari chaired a meeting dedicated to finalizing the implementation mechanism, in the presence of the Governor of the Central Bank of Iraq, Nizar Nasser Hussein, the Director General of the General Authority of Customs, a number of officials, and a representative of the United Nations Conference on Trade and Development
The meeting discussed the procedures and technical, financial and organizational requirements necessary to implement the decision, as well as the mechanisms for linking and integrating the relevant parties.
The ministry confirmed that the mechanism was completed in accordance with the ASYCUDA system and approved electronic payment systems, noting that its application aims to enhance the governance of customs work, ensure the accuracy of collecting state dues and maximize non-oil revenues.
She explained that the measure comes within the Ministry’s directions to automate customs procedures and reduce evasion and manipulation, in addition to speeding up the completion of transactions and simplifying procedures
https://observeriraq.net/بحضور-محافظ-البنك-المركزي-المالية-تنج/