Iraq Economic News and Points to Ponder Thursday Evening 4-10-25

The Central Bank Issues New Instructions To Promote The Renewable Energy Initiative.

Time: 2025/04/10 09:45:01 Reading: 1,920 times  {Economic: Al Furat News} The Central Bank of Iraq has issued new instructions amending the regulations for the renewable energy initiative it launched in 2022.

This came through a decision issued by the Banking Control Department, in accordance with Decree No. (503) of 2024, a copy of which was received by {Euphrates News}, and its most important provisions:

1- Determining the single advance: The single advance that is provided to the bank has been determined at an amount of (300) million Iraqi dinars, and the bank cannot use this advance except after committing to the required costs and within the specified time period.

2 - Amending the financing period: The financing period has been increased to seven years instead of the previous four years, with an additional six-month grace period added to repay the loan.

3- Amending the interest rate: The interest rate on loans granted under this initiative has been reduced to (5%) instead of the previous rate of (2.5%).

4- Loan allocation: The decision stipulates that loans will be allocated for the purpose of purchasing renewable energy systems, whether for residential or commercial purposes, with the requirement that the beneficiaries provide the necessary guarantees.

5- Application Mechanisms: The application mechanisms for obtaining loans have been clarified, as citizens can submit their applications via the electronic platform { click here } or any other platform specified by the participating banks.

6- Commencement of implementation: The decision will be effective from the date of its issuance, with the aim of enhancing bank liquidity and achieving the desired objectives of the initiative.  LINK

Rafidain: Activating The Comprehensive Banking System In 57 Branches

Economy | 10/04/2025   Mawazine News – Baghdad  Rafidain Bank announced, on Thursday, the activation of the comprehensive banking system in 57 branches.

The bank's media office stated in a statement received by Mawazine News: "The comprehensive banking system has been implemented in the Bab Al-Muadham and Oil Products Distribution Authority branches in Baghdad, as part of its ambitious plan for digital transformation," indicating that "thanks to this achievement, we now have 57 branches connected to an advanced electronic system that facilitates all your financial transactions."

He added that "this step reflects the constant commitment to providing smooth and fast banking services, ensuring a distinguished banking experience," stressing "the continuation of including all the bank's branches in the electronic system."  https://www.mawazin.net/Details.aspx?jimare=260707

Basra Crude Prices Decline

Economy | 10/04/2025   Mawazine News – Baghdad  Basra Heavy and Medium crude oil prices fell by more than 5%, affected by concerns about a slowdown in global economic growth.

Data showed that Basra Heavy crude fell by $3.29, or 5.50%, to reach $56.49 per barrel.  Basra Medium crude also fell by $3.29, or 5.24%, to reach $59.54 per barrel.  Brent crude recorded $64.71 today, while US West Texas Intermediate crude recorded $61.70. https://www.mawazin.net/Details.aspx?jimare=260699

Gold Prices Hit An Unprecedented New High In Baghdad

Stock Exchange  Economy News – Baghdad  The prices of foreign and Iraqi gold rose in the local markets in the capital, Baghdad, to a new and unprecedented record level, today, Thursday (April 10, 2025).

Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price of one mithqal of 21-karat Gulf, Turkish and European gold at 645,000 dinars, and a purchase price of 641,000 dinars.

The selling price of one mithqal of 21-karat Iraqi gold reached 615,000 Iraqi dinars, and the buying price was 611,000 Iraqi dinars.

As for gold prices in jewelers' shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 645,000 and 655,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 615,000 and 625,000 dinars.   https://economy-news.net/content.php?id=54304

The Exchange Rate In Iraq Recorded 148,500 Dinars Per 100 Dollars

Economy | 10/04/2025   Mawazine News – Baghdad  The exchange rate of the US dollar against the Iraqi dinar rose slightly in currency markets in the capital, Baghdad. The exchange

rate rose on the main Al-Kifah and Al-Harithiya stock exchanges in Baghdad, reaching 147,700 dinars for every $100, compared to 147,650 dinars for every $100 yesterday, Wednesday.

The selling price at exchange shops in local markets in Baghdad reached 148,500 dinars for every $100, while the buying price reached 146,500 dinars for every $100. https://www.mawazin.net/Details.aspx?jimare=260708

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