Rafidain Bank Starts Second Round Of Salary Advances
2026-10-28 02:25 Shafaq News- Baghdad Iraq’s state-owned Rafidain Bank has opened applications for a second round of electronic loans for employees and retirees, the bank said Wednesday. Applicants must receive their salaries through Rafidain Bank and hold a Rafidain card. They can apply through the SuperQi app, a digital financial services platform developed by Iraqi payment company Qi Card, without visiting bank branches. All applications are subject to the bank’s lending requirements.
Last week, the bank launched the first round, accepting 5,000 applications per batch before temporarily closing the application link for administrative reviews and credit checks ahead of the next round. Approved applicants will receive their advances through daily deposits into their accounts.
The loans range from 5 million to 10 million Iraqi dinars ($3,289-$6,579), carry an annual interest rate of 6% and are repayable over five years.
Finance Minister Falih Al-Sari earlier ordered Rafidain Bank to resume lending after months of restrictions at state-owned banks. By September, most had suspended loans and salary advances amid liquidity shortages, while Central Bank data showed deposits falling 5.6% and cash credit declining 5.4% in the first half of 2026.
An informed source also linked the lending freeze at Rafidain and Rasheed banks to poor credit planning and delayed technology upgrades. Both banks faced regulatory scrutiny over their lending practices, investment financing and liquidity management.
Read more: Iraq’s private banks: Capital Growth and the structural credit gap
https://shafaq.com/en/Economy/Rafidain-Bank-starts-second-round-of-salary-advances
US Dollar Edges Lower In Baghdad And Erbil
2026-10-28 Shafaq News- Baghdad/ Erbil The US dollar opened Wednesday’s trading lower in Iraq, hovering around 168,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 167,800 dinars per 100 dollars, down from the previous session’s 168,000 dinars.
In the Iraqi capital, exchange shops sold the dollar at 168,250 dinars and bought it at 167,250 dinars, while in Erbil, selling prices stood at 167,650 dinars and buying prices at 167,550 dinars.
https://shafaq.com/en/Economy/US-dollar-edges-lower-in-Baghdad-and-Erbil-6-8
Gold Advances In Baghdad And Erbil
2026-10-28 Shafaq News- Baghdad/ Erbil On Wednesday, gold prices edged higher in Baghdad and Erbil markets, hovering around 955,000 IQD per mithqal, according to a Shafaq News survey.
Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 950,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 946,000 IQD, up from 940,000 IQD on Tuesday.
The selling price for 21-carat Iraqi gold stood at 920,000 IQD, while the buying price reached 916,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 950,000 and 960,000 IQD, while Iraqi gold sold for between 920,000 and 930,000 IQD.
In Erbil, 22-carat gold was sold at 1,007,000 IQD per mithqal, 21-carat gold at 962,000 IQD, and 18-carat gold at 824,000 IQD.
https://shafaq.com/en/Economy/Gold-advances-in-Baghdad-and-Erbil
Basrah Crudes Fall Despite Rising Brent, WTI
2026-10-28 Shafaq News- Basrah Iraq’s Basrah crude prices fell by up to 2.4% on Wednesday, despite gains in benchmark crude futures.
Basrah Heavy crude slid $1.78, or 2.43%, to $71.42 per barrel, while Basrah Medium crude dropped 2.31%, to $75.42 per barrel.
Brent crude futures rose $1.48, or 1.3%, to $115.36 per barrel. US West Texas Intermediate (WTI) crude gained $1.22, or 1.22%, to $101.12 per barrel.
The OPEC basket price climbed $2.16, or 1.88%, to $117.25 a barrel.
https://shafaq.com/en/Economy/Basrah-crudes-fall-despite-rising-Brent-WTI-7
Turkiye Explores Oil And Gas Investments In Kirkuk
2026-10-28 Shafaq News- Kirkuk Iraqi and Turkish officials discussed investment opportunities for Turkish companies in Kirkuk’s oil and gas sectors on Wednesday, as the two countries seek to expand economic cooperation.
A Shafaq News correspondent said the meeting brought together Minister of State for Foreign Affairs and former Kirkuk Governor Mohammed Samaan Agha, First Deputy Governor Rebwar Taha, and Turkish Ambassador to Iraq Anil Bora Inan, who arrived in the province earlier that day with a delegation from Turkiye’s Foreign Economic Relations Board (DEIK). The talks explored potential partnerships in energy and other investment projects.
The meeting followed Prime Minister Ali Al-Zaidi’s July 28 visit to Ankara, where he and Turkish President Recep Tayyip Erdogan pledged to expand cooperation in energy, trade, investment, and transport, and signed three memorandums of understanding (MOUs) covering industrial cooperation, police training, and youth affairs. Baghdad and Ankara also set a medium-term target of increasing bilateral trade from approximately $17 billion to $30 billion, prioritizing the Kirkuk-Ceyhan oil pipeline and Iraq’s Development Road project.
Read more: Turkiye, Iraq target $30B in bilateral trade
Investment In Kirkuk’s Oilfields
Iraq has tasked BP with redeveloping four Kirkuk oilfields —Kirkuk, Bai Hassan, Khabbaz, and Jambur— aiming to increase their combined production from approximately 328,000 to more than 450,000 barrels per day and improve associated gas recovery.
In July, state-owned Turkish Petroleum Corporation (TPAO) agreed to acquire a 15% stake in BP Energy Company of Kirkuk Limited, which is involved in the redevelopment.
Kirkuk is a major source of Iraq’s northern oil exports through the pipeline network linking the province to Turkiye’s Mediterranean port of Ceyhan. In August, Baghdad and Ankara signed a one-year agreement covering approximately 750,000 barrels per day of pipeline capacity, while Iraqi officials outlined plans to eventually increase exports through Turkiye to around one million barrels per day.
Turkish investment interest extends beyond energy. During a visit to Kirkuk in May, Ambassador Inan explored opportunities in electricity generation, agriculture, industry, infrastructure, and tourism. In July, Turkish Trade Minister Omer Bolat said Turkish contractors had completed more than 1,150 projects across Iraq worth nearly $40 billion.
Read more: Four Iraqi Kirkuk fields target 450K bpd under BP
https://shafaq.com/en/Economy/Turkiye-explores-oil-and-gas-investments-in-Kirkuk
Turkish Exports: Iraq Fourth-Largest Market In September
2026-10-28 Shafaq News- Baghdad Iraq was the fourth-largest destination for Turkish exports in September 2026, taking 4.6% of the total, according to data from the Turkish Statistical Institute (TurkStat) and the Trade Ministry released on Wednesday.
Germany led the list with 7.9%, followed by the United States with 7.4% and the United Kingdom with 5.5%. Italy ranked fifth with 4.3%.
Turkiye's exports rose 15.3% year on year to nearly $26 billion in September, putting Iraq's share at roughly $1.2 billion. Imports increased 5.6% to $31.1 billion, narrowing the trade deficit by about a quarter to $5.16 billion.
Iraq has held fourth place for three consecutive months. In August, Turkish exports to Iraq reached $1.079 billion, and in July they rose 15.5% to about $1.11 billion. Over the first seven months of the year, however, exports to Iraq fell 7.8% to about $6.08 billion, leaving it seventh among Turkiye's markets for the period.
For 2025 as a whole, Iraq ranked fifth among Turkish export destinations with a 4.5% share, behind Germany, the United Kingdom, the United States and Italy.
Read more: Iraq imports from Turkiye down 5% in 2025
https://shafaq.com/en/Economy/Turkish-exports-Iraq-fourth-largest-market-in-September