Iraq Economic News and Points To Ponder Tuesday Evening 8-11-26

Baghdad To Host Arab Small And Medium Enterprises Summit In October

Money and business   Economy News — Baghdad  The fourth edition of the Arab Summit for Small and Medium Enterprises for the year 2026, under the patronage of Prime Minister Ali Faleh Al-Zaidi, will be launched in Baghdad for the period from 18 to 20 October.

The spokesman for the General Secretariat of the Council of Ministers and Chairman of the Media Committee of the conference, Haider Majeed, said that "the work of the conference is organized by ESCWA in partnership with the Ministry of Planning, and with the participation of a wide range of ministries, government institutions, the private sector, financial and banking institutions, universities, entrepreneurs, startups, international and regional organizations, experts and specialists in the fields of economic development and entrepreneurship."

He added that "the conference comes as an embodiment of the government's directions in supporting the national economy, enhancing the role of the private sector, and empowering small and medium enterprises as one of the most important engines of sustainable development, by providing a national platform to exchange experiences, review successful experiences and discuss policies and programs to develop the entrepreneurship system and improve the business environment in Iraq."

He pointed out that "the partnership with regional and international organizations embodies the importance of cooperation with specialized international organizations, and benefit from their technical and advisory expertise in supporting development policies and strengthening the capabilities of national institutions, in line with international best practices and sustainable development goals."

He added that the conference will contribute to the development of practical recommendations that support the development of policies for small and medium enterprises, expand financing and investment opportunities, stimulate innovation, create new job opportunities, and strengthen partnership between the public and private sectors, thus contributing to the diversification of the national economy and raising the contribution of entrepreneurial projects to achieve sustainable economic growth

https://www.economy-news.net/content.php?id=72478

EIA: US Crude Imports From Iraq Fall To Zero

2026-08-11 Shafaq News- Washington   US crude oil imports from Iraq fell to zero in the latest four-week average, down from 45,000 barrels per day in the preceding period, according to the US Energy Information Administration (EIA).

The drop extends a sharp decline in Iraqi crude shipments to the United States. EIA weekly data showed no imports from Iraq in the weeks ending July 3, July 10, and July 17, after shipments had already fallen to zero in two weeks of June.

Iraq, OPEC's second largest producer, ranked seventh among the United States' top 10 crude oil suppliers based on 2024 volumes, according to the EIA's weekly import table. The United States imported an average of about 179,000 barrels per day of Iraqi crude in 2025, compared with 198,000 bpd in 2024 and 213,000 bpd in 2023.

https://www.shafaq.com/en/Economy/EIA-US-crude-imports-from-Iraq-fall-to-zero

Non-Oil Weakness Clouds Iraq Economy Despite 10% Money Growth

2026-08-11 Shafaq News- Baghdad   Iraq’s money supply has risen by nearly 10% since the start of the year while inflation has remained around 3%, a combination that could signal weaker non-oil activity or increased cash hoarding, economist Manar Al-Obaidi warned on Tuesday.

Under stable money velocity and output growth, a larger money supply would normally put upward pressure on prices. Al-Obaidi argued that the absence of such an increase points to two possible explanations: a marked slowdown in non-oil GDP or weaker circulation of money through the economy.

Read more: Iraq turns to bank borrowing to cover August salaries amid oil-revenue collapse

A non-oil slowdown, he warned, would directly hit private-sector employment. Trade, which is Iraq’s “third-largest contributor to GDP after oil and the government sector,” has also been pressured by the ASYCUDA customs system, higher tariffs and transport and shipping problems.

As an indicator of weaker commercial activity, Al-Obaidi cited a 41% year-on-year decline in Central Bank of Iraq sales, acknowledging that precise data measuring the fall in company activity and demand for jobs remain unavailable.

The second possibility is increased cash hoarding, driven by market concerns over government liquidity and leaving a larger share of issued money outside active circulation.

Al-Obaidi called for urgent stimulus for the commercial and industrial sectors through easier business procedures and tax and customs exemptions, arguing that low inflation should be maintained without constraining private-sector growth and job creation.

Iraq is also facing a liquidity squeeze, with the government moving to borrow more than 3 trillion dinars (about $2.3B) from local private banks to cover August salaries. Government spokesman Haidar Al-Aboudi put monthly state spending needs at about 10.8 trillion dinars (around $8.2B), against oil revenues of roughly 2.5 trillion dinars (nearly $1.9B), while economist Ahmed Eid warned that heavier public borrowing could restrict credit to private businesses and further slow economic activity.

Read more: 2026 budget: Iraq confronts unprecedented fiscal strain

https://www.shafaq.com/en/Economy/Non-oil-weakness-clouds-Iraq-economy-despite-10-money-growth

USD/ IQD Exchange Rates Climb In Baghdad, Erbil

2026-08-11  Shafaq News- Baghdad/ Erbil   The US dollar closed Tuesday’s trading higher in Baghdad and Erbil, hovering around 154,000 dinars per 100 dollars.

According to Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya central exchanges at 153,750 dinars per 100 dollars, up from 153,250 dinars in morning trading.

In the Iraqi capital, exchange shops sold the dollar at 154,250 dinars and bought it at 153,250 dinars, while in Erbil, selling prices stood at 153,450 dinars and buying prices at 153,400 dinars.

https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-climb-in-Baghdad-Erbil-3

Gold Rises In Baghdad, Stabilizes In Erbil

2026-08-11 Shafaq News- Baghdad/ Erbil   Gold prices rose in Baghdad on Tuesday, with 21-carat foreign gold reaching 948,000 Iraqi dinars per mithqal, up 8,000 dinars from Monday, while prices in Erbil held steady.

According to Shafaq News market survey, wholesale markets on Baghdad’s Al-Nahr Street priced 21-carat Gulf, Turkish, and European gold at 948,000 dinars per mithqal for sale and 944,000 dinars for purchase. The selling price stood at 940,000 dinars on Monday.

Iraqi 21-carat gold was quoted at 918,000 dinars per mithqal for sale and 914,000 dinars for purchase.

At Baghdad jewelry shops, retail prices for 21-carat Gulf gold ranged between 950,000 and 960,000 dinars per mithqal, while Iraqi gold traded between 920,000 and 930,000 dinars.

In Erbil, gold prices were unchanged, with 22-carat gold selling at 978,000 dinars per mithqal, 21-carat at 935,000 dinars, and 18-carat at 800,000 dinars.

https://www.shafaq.com/en/Economy/Gold-rises-in-Baghdad-stabilizes-in-Erbil-3