Iraq Economic News And Points To Ponder Tuesday Afternoon 6-3-25
Experts: Liberation From The Rentier Economy Occurs Through Modern Banking.
June 2, 2025 Baghdad - Qusay Munther Banking, academic, and legal experts predict that Iraq is on the path to a radical banking transformation that will transform the national economy from its dependence on oil to a diversified and sustainable capital market.
Banking Power
“The United Nations mission confirmed that Iraq possesses strong components that qualify it to become a regional banking power in the coming years, provided that available opportunities and capabilities are effectively invested,” said expert Anwar Dawood Al-Khafaji in a statement received by Al-Zaman yesterday.
She added that “the Iraqi banking sector, which has suffered for decades from serious challenges such as wars, sanctions, corruption, and mismanagement, is now witnessing important transformations, represented by the adoption of modern banking reforms, the move towards financial inclusion, and linking Iraqi banks to international networks.”
She pointed out that “the United Nations mission believes that Iraq possesses significant liquidity and huge cash reserves, in addition to a strategic geographical location between the markets of the Gulf, Turkey, and Iran, which enhances its chances of becoming a regional financial center.”
Al-Khafaji explained that “transforming into a banking power is not limited to modernizing the infrastructure alone, but rather requires building an integrated financial system characterized by transparency, efficiency, and trust, and attracting capital and investments,” stressing “the importance of establishing a modern banking culture based on financial inclusion, digitization, and compliance with international standards, stressing that this will redraw the map.”
The national economy and enhances the status of the Iraqi dinar), and she went on to say that (the development of the banking sector will create a suitable environment to attract local and foreign investment, and provide financial support to small and medium enterprises that form the backbone of any productive economy, especially since these developments will positively reflect on stimulating the market and moving the wheel of industry, agriculture and trade, away from excessive dependence on oil), and she pointed out that (citizens will benefit directly from this transformation through the provision of easy financial services such as loans, payment cards and savings accounts, in addition to improving financial stability and reducing the parallel economy that burdens the state and citizens)
Strong Will
He continued, saying, "There is a need for strong political will to support the independence of the Central Bank, develop human resources in the banking sector, and firmly combat financial corruption, as trust is the cornerstone of building true banking strength.
It cannot be bought, but rather earned through commitment, transparency, and achieving tangible results." For their part, bankers said, "Iraq's success on this path will transform the country into a vibrant financial center in the heart of the Middle East," highlighting that, "This is the transformation the economy needs, the citizen deserves, and future generations await." LINK
Baghdad markets witness a rise in dollar prices at the opening of trading on Tuesday.
Time: 2025/06/03 10:27:18 Reading: 2,190 times {Economic: Al Furat News} The US dollar exchange rate rose this morning, Tuesday, in Baghdad markets. The prices are as follows: The selling price is 142,500 Iraqi dinars for $100, and the buying price is 140,500 Iraqi dinars for $100. LINK
Gold Retreats After Approaching A Four-Week High
Money and Business Economy News - Follow-up Gold prices fell on Tuesday, after approaching a four-week high, as a modest rise in the dollar pressured the yellow metal. However, uncertainty over the US-China trade deal kept investors cautious and limited gold's decline.
Spot gold fell 0.3% to $3,369.98 per ounce by 02:49 GMT, after hitting its highest level since May 8 earlier in the session. U.S. gold futures were steady at $3,390.
The yellow metal rose about 2.7% in the previous session, recording its strongest daily performance in more than three weeks.
"The dollar has recovered a bit and gold has fallen, so they are inversely related at this point," said Brian Lan, general manager at GoldSilver Central in Singapore. But he added that gold still closely tracks developments related to global trade. The dollar index recovered slightly from a six-week low.
The White House said on Monday that US President Donald Trump and his Chinese counterpart, Xi Jinping, are likely to speak this week, days after Trump accused Beijing of violating an agreement to reduce tariffs and trade restrictions.
The United States is set to double tariffs on steel and aluminum imports to 50% starting Wednesday, the deadline set by the Trump administration for countries to submit their best proposals in trade negotiations.
Meanwhile, a memo published by Russian media showed that Moscow informed Kyiv during peace talks on Monday that it would only agree to end the war if Kyiv ceded significant new territory and accepted limits on the size of its military.
As for other precious metals, spot silver fell 2.1% to $34.07 per ounce, platinum was steady at $1,062.46, and palladium rose 0.1% to $990.26. https://economy-news.net/content.php?id=56135
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