Iraq Economic News And Points To Ponder Tuesday Afternoon 4-7-26

Data: Iraq Did Not Buy Gold In 2026

Money and Business   Economy News – Baghdad   The latest official global gold reserves data for April 2026 shows that Iraq has not recorded any gold purchases since the beginning of 2026, while maintaining its position in the global ranking.   Iraq ranked 28th globally and third in the Arab world during the first three months of this year, according to data seen by Shafaq News.

According to the data, Iraq’s gold reserves amounted to 174.6 tons, which constitutes 28.1% of the country’s total foreign currency reserves.

Globally, the United States topped the list with a reserve of 8,133 tons, followed by Germany with 3,350 tons, then Italy with 2,451 tons, France came in fourth with 2,437 tons, while Russia came in fifth with a reserve of 2,311 tons.

The report continued that Iraq purchased several quantities of gold during 2025, including one ton in March, 1.6 tons in June, 3.1 tons in July, 2.5 tons in August, and 3.8 tons in October.

It is worth noting that the World Gold Council, based in the United Kingdom, is one of the leading bodies specializing in analyzing global gold market trends and the factors affecting its prices. https://www.economy-news.net/content.php?id=67609

2025 Statistics: Iraq Ranks Second In The Arab World In Terms Of Reliance On "Cash"

Money and Business   Economy News – Baghdad   Iraq continues to rely heavily on cash payments for daily transactions as of 2025, ranking high among Arab countries according to forex.se.

Iraq’s reliance on cash, at a rate of up to 85%, reflects the slow pace of the shift towards electronic payments compared to some countries in the region, according to the Swedish website specializing in currency exchange and travel services.

According to the website's data, Lebanon tops the list with 90%, followed by Iraq with 85%, then Egypt and Jordan with 80% each, Morocco with 65%, Tunisia with 55%, Oman with 50%, while Kuwait and Saudi Arabia have 30%, Qatar has 25%, and finally Bahrain and the UAE have 20% each.https://www.economy-news.net/content.php?id=67610

Transportation: The Submerged Tunnel At The Grand Faw Port Will Be Inaugurated Soon.

Money and Business   Economy News – Baghdad   The Ministry of Transport announced that it will inaugurate, in the near future, the submerged tunnel within the Grand Faw Port projects, to be the most important international trade corridor between the continents of Asia and Europe.

The director of the ministry’s media office, Maitham Al-Safi, told Al-Sabah, as reported by Al-Eqtisad News: “Work on the submerged tunnel has reached its final stages, as it is currently being furnished and prepared for cladding. He pointed out that the tunnel will form the most important passage for international trade between the continents of Asia and Europe, which enhances the position of Al-Faw port as one of the most important commercial ports in the region.”

He added that the tunnel is one of the giant engineering projects that will greatly contribute to accelerating maritime transport and increasing the port’s capacity to accommodate huge commercial ships, in addition to its contribution to stimulating trade between Iraq and the countries of the world, and enhancing its ability to interact commercially with international markets, as well as providing thousands of job opportunities in various fields of construction and logistics.

Al-Safi explained in the same context that the government has shown full support for the completion of this phase of the Grand Faw Port project, as it seeks, through the aforementioned projects, similar to the submerged tunnel, to transform Faw Port into a global trade center linking the markets of the Middle East with Europe, which will contribute to strengthening Iraq’s economic position on the international stage. https://www.economy-news.net/content.php?id=67600

Gold Prices Rise In Baghdad, Hold Steady In Erbil Markets

2026-04-07 Shafaq News- Baghdad/ Erbil    On Tuesday, gold prices hovered around 1.03 million IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1,025,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,021,000 IQD. The same gold had sold for 1,020,000 IQD on Monday.

The selling price for 21-carat Iraqi gold stood at 995,000 IQD, with a buying price of 991,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,025,000 and 1,035,000 IQD, while Iraqi gold sold for between 995,000 and 1,005,000 IQD.

In Erbil, 22-carat gold was sold at 1,069,000 IQD per mithqal, 21-carat gold at 1,021,000 IQD, and 18-carat gold at 875,000 IQD.

https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-hold-steady-in-Erbil-markets-0

Iraq Gold Reserves Hold At ~175t, No 2026 Buying

2026-04-07 Shafaq News- Baghdad   Iraq’s gold reserves stood at 174.6 tons with no recorded purchases so far in 2026, according to World Gold Council data.

The figures place Iraq 28th globally and third among Arab countries, while the United States leads with 8,133 tons, followed by Germany, Italy, France, and Russia.

Iraq expanded its reserves in 2025 through multiple purchases, while World Gold Council data, based on central bank and International Monetary Fund (IMF) figures, is typically reported with a delay.

https://www.shafaq.com/en/Economy/Iraq-gold-reserves-hold-at-175t-no-2026-buying

Iraq Holds Second Place In Arab World For Cash Payments In 2025

2026-04-07 Shafaq News- Baghdad   Iraq ranked second among Arab countries in reliance on cash payments in 2025, with 85% of daily transactions conducted in cash, according to data published by the Swedish platform Forex.se.

Lebanon topped the list at 90%, while Egypt and Jordan each recorded 80%, Morocco 65%, Tunisia 55%, and Oman 50%. Kuwait and Saudi Arabia each registered 30%, Qatar 25%, and Bahrain and the United Arab Emirates 20% each.

https://www.shafaq.com/en/Economy/Iraq-holds-second-place-in-Arab-world-for-cash-payments-in-2025

USD/IQD Exchange Rates Steady In Baghdad, Drop In Erbil

2026-04-07   Shafaq News- Baghdad/ Erbil  The US dollar opened Tuesday’s trading mixed in Iraq, hovering around 155,000 dinars per 100 dollars.  According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,600 dinars per 100 dollars, unchanged from Monday.

In the Iraqi capital, exchange shops sold the dollar at 155,000 dinars and bought it at 154,000 dinars, while in Erbil, selling prices stood at 154,550 dinars and buying prices at 154,450 dinars.

https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-steady-in-Baghdad-drop-in-Erbil

Basrah Crudes Hit Highest Levels Since 2022 Amid Global Rally

2026-04-07 Shafaq News- Basrah   Iraq’s Basrah crude surged more than 13% on Tuesday, reaching its highest level since 2022, when prices stood near $122 per barrel.

Basrah Heavy rose $14.96, or 13.83%, to $123.11 per barrel, while Basrah Medium increased by the same margin, or 13.57%, to $125.21 per barrel.

Brent crude futures climbed $1.74, or 1.6%, to $111.51 per barrel by 0530 GMT. US West Texas Intermediate advanced $3.45, or 3.1%, to $115.86. https://www.shafaq.com/en/Economy/Basrah-crudes-hit-highest-levels-since-2022-amid-global-rally