Iraq Economic News and Points To Ponder Tuesday Afternoon 5-26-26
Pezeshkian And Al-Zaidi Stress The Importance Of Prioritizing Dialogue And De-Escalation For The Stability Of The Region And The World.
Money and Business Economy News – Baghdad Prime Minister Ali al-Zaidi received a phone call on Tuesday from Iranian President Masoud Pezeshkian.
According to a statement received by "Al-Eqtisad News", the two sides exchanged congratulations on the occasion of the approaching Eid al-Adha, and their wishes that God would bring it back to the Iraqi and Iranian peoples and the entire Islamic nation with abundant goodness and stability.
The call also included discussions on bilateral relations and the importance of strengthening bilateral cooperation between the two countries in a way that enhances mutual benefit for the two neighboring peoples.
The two sides also discussed the situation in the region and the need to continue regional and international coordination and cooperation in order to reduce tension and promote dialogue and de-escalation, which contributes to strengthening stability in the region and the world. https://www.economy-news.net/content.php?id=69557
Government Advisor: The Dollar Is The Basis Of Iraq's Cash Reserves.
Money and Business Economy News – Baghdad The Prime Minister's financial advisor, Mazhar Muhammad Salih, said on Tuesday that diversifying Iraq's foreign reserves within a balanced investment portfolio represents a strategic monetary policy aimed at enhancing financial stability and reducing the risks associated with relying on a single asset or currency.
Saleh said that the management of foreign reserves at the Central Bank of Iraq is based on the criteria of liquidity, security and return, explaining that the philosophy of managing reserves is based on achieving a balance between protecting the value of the national currency and ensuring the ability to intervene in the exchange market and finance foreign trade, in addition to reducing sovereign and financial risks resulting from the fluctuations of global markets and geopolitical tensions.
He explained that Iraq, as an economy heavily dependent on oil revenues and foreign imports, keeps the US dollar as a key component of its foreign reserves due to its direct link to foreign trade, noting that the diversification policy also includes other currencies and assets such as the euro, yuan, and gold to enhance flexibility and reduce the risks of monetary concentration.
He added that the distribution of reserves is not limited to foreign currencies, but includes multiple investment instruments such as treasury bonds and sovereign deposits, explaining that the goal is not to achieve high profits as much as it focuses on maintaining security and liquidity while achieving an acceptable return.
He explained that gold is an important component of reserves within global diversification standards, as it provides a safe cover in times of turmoil, but it is not a complete substitute for the rest of the foreign assets because it does not generate a direct return and the costs of storing and securing it are high.
He stressed that the sound management of foreign reserves aims to achieve a balance between exchange rate stability, protecting the national economy, and reducing exposure to international market fluctuations, through building a balanced investment portfolio that provides liquidity, security, and an appropriate return.
https://www.economy-news.net/content.php?id=69548
Tehran Is Negotiating Over Its Frozen Assets; Qatari Mediation Aims To Resolve The Final Obstacle With Washington.
Money and Business Economy News - Follow-up Iran’s Tasnim news agency quoted a source close to the Iranian negotiating team on Tuesday as saying that the release of about $24 billion of frozen Iranian funds is one of the most prominent items on the agenda of the memorandum of understanding being negotiated between Tehran and Washington.
According to the source, Iranian Parliament Speaker Mohammad Baqer Qalibaf traveled to the Qatari capital, Doha, as part of efforts to reach an agreement on the mechanism for releasing these funds, amid intensive Qatari mediation between the two sides.
Tasnim News Agency confirmed that Qalibaf’s visit to Qatar made progress in indirect talks with the United States.
For its part, the Iranian news agency Fars indicated that Qatari mediation is currently working to resolve the issue of frozen Iranian funds, which is considered the "last sticking point" in the negotiations.
Fars reported that understandings between Washington and Tehran are nearing their final stages, after addressing most of the contentious issues, while the discussion is currently focused on the mechanisms for releasing Iranian funds and the conditions for implementing this within the framework of the proposed agreement.
Iran’s frozen funds abroad are estimated at $100 to $120 billion, representing oil sales revenues and Iranian assets held in international banks due to sanctions. These assets are currently at the heart of complex negotiations between Washington and Tehran, with Iran insisting on their release as a prerequisite for any agreements.
Estimates indicate that the most prominent countries holding Iranian financial revenues are China, which holds about $20 billion in oil revenues, in addition to $7 billion in India, $6 billion in Iraq related to electricity and gas revenues, as well as $6 billion transferred by South Korea to Qatar under previous understandings, in addition to other assets distributed in Japan, Luxembourg and the United States.
The roots of the Iranian funds seizure crisis go back to 1979 following the American hostage crisis in Tehran, when the first large batch of Iranian assets was frozen, and the issue later turned into an accumulated and complex file that the past decades have failed to resolve. https://www.economy-news.net/content.php?id=69559
Al-Zaydi Directs Baghdad Municipality To Rationalize Spending And Maximize Revenues
Localities Economy News – Baghdad Prime Minister Ali al-Zaidi directed Baghdad Mayor Ammar Musa Kazim on Tuesday to "rationalize expenditures and maximize revenues."
Al-Zaydi’s office said in a statement received by “Al-Eqtisad News” that the latter received, today, the Mayor of Baghdad and was briefed on the reality of services in the capital, the projects implemented and those under implementation, in addition to the most prominent obstacles facing the progress of work and the proposed solutions to address them.
Al-Zay di listened to a detailed briefing presented by the Mayor of Baghdad regarding the service and infrastructure projects being implemented by the municipality, stressing the importance of completing these projects and raising the level of performance and quality of work in order to improve the services provided to citizens.
The Prime Minister stressed the need for the Baghdad Municipality to adopt a policy of reducing and rationalizing expenditures and maximizing revenues, in order to contribute to strengthening resources and achieving sustainable development.
https://www.economy-news.net/content.php?id=69558
Energy Police: Seized Approximately 7 Million Liters Of Petroleum Products And Arrested 278 Suspects During 2026
Energy The Director General of the Energy Police, Lieutenant General Dhafer al-Husseini, announced on Tuesday the seizure of approximately 7 million liters of petroleum products and the arrest of 278 suspects during 2026.
Al-Husseini stated that "the General Directorate of Energy Police continues its intensive efforts to combat the smuggling of petroleum products and protect national wealth," explaining that "the Directorate's detachments were able—during this month—to achieve significant security results in various governorates across the country."
He added that "the Energy Police detachments were able—during this month—to arrest (43) suspects and violators in cases of petroleum product smuggling, following meticulous intelligence monitoring and intensive field efforts," noting that "the operations also resulted in the seizure of (47) tankers and vehicles of various sizes that were prepared for smuggling petroleum products in a number of governorates, excluding the Kurdistan Region, where the necessary legal measures were taken against those involved and the seized items were referred to the competent authorities."
He noted that "the Energy Police carried out targeted operations in the Basra and Salah al-Din governorates, resulting in the raiding of five locations used for illegal purposes related to smuggling and storing petroleum products. The contents of these locations were seized according to official procedures."
Al-Husseini explained that "ongoing security efforts resulted in the seizure of approximately 1,327,000 liters of petroleum products this month, reflecting the Directorate's commitment to protecting the national economy and deterring anyone attempting to tamper with the country's resources."
He indicated that "the rate of oil pipeline breaches reached 0%, while the Directorate's measures contributed to reducing smuggling operations by 98%. Four non-compliant gas stations were also recorded during the same period."
He added that "the total number of defendants reached 278, while the quantity of confiscated petroleum products amounted to 6,963,000 liters. In addition, 28 locations and 249 vehicles of various types and sizes were seized during 2026."
Al-Husseini affirmed that "the General Directorate of Energy Police continues to carry out its security duties to protect oil wealth and enhance economic stability in the country." https://www.economy-news.net/content.php?id=69582
Head Of Ports Authority: We Are Ready To Implement The Government Program By Following Governance And Automation In Order To Maximize Revenues.
Localities The head of the Border Ports Authority, Lieutenant General Omar Adnan Al-Waili, affirmed the Authority’s full readiness to implement the contents of the government program related to electronic governance and the automation of procedures within land, sea and air ports, stressing that these steps come in line with the direct directives of the Prime Minister, which represent a fundamental pillar for maximizing non-oil revenues and supporting the budget.
Al-Waeli said: “In response to what the Prime Minister’s government program emphasized regarding following governance and automation in order to maximize non-oil revenues and diversify the Iraqi economy, we will be ready to implement these government programs and programs with a high degree of responsibility.”
He added that "the main goal of these digital transformations is to maximize the state's non-oil revenues, diversify the country's economic resources and not rely entirely on oil," noting that "achieving stable revenue rates by following governance and automation will directly contribute to supporting the Iraqi citizen and bolstering the general federal budget."