Iraq Economic News and Points To Ponder Friday Morning 2-6-26
Government Advisor: All Salaries And Pensions Are Fully Secured And The Financial Situation Is Stable.
Economy News – Baghdad The Prime Minister’s financial advisor, Mazhar Muhammad Saleh, confirmed on Friday that all salaries are secured and the financial situation is stable, while explaining that the delay in salaries is due to temporary procedures for disbursement mechanisms and financial timings.
According to the official agency, Saleh said that “any limited delay that may occur in the disbursement of salaries is not in itself a financial crisis, nor does it reflect a shortage of resources or a breach of obligations, but rather it is due to temporary organizational and procedural considerations related to disbursement mechanisms and the management of financial timings.”
He affirmed that “salaries, pensions, and social welfare allowances are fully secured within the approved financial framework,” noting that “regular disbursement is the general rule, with the possibility of limited time differences in some exceptional cases, without this affecting financial stability or the ability to meet entitlements.”
Saleh stressed that "the financial situation is stable, and liquidity management will continue in a way that ensures the sustainability of public spending and protects the incomes of employees, retirees and social welfare beneficiaries, while working to reduce any delays to the lowest possible level, within the priorities of spending in public finance." https://economy-news.net/content.php?id=65384
The Dollar Jumps Near Its Highest Level And Is On Track For Its Strongest Weekly Performance In Months.
Money and Business Economy News - Follow-up The dollar reached near a two-week high on Friday and is on track for its strongest weekly performance since November after a stock sell-off due to concerns about artificial intelligence spending rattled investors, while the yen rose ahead of Sunday's national elections.
The dollar has been rising since US President Donald Trump nominated Kevin Warsh to head the Federal Reserve (the US central bank) last week. Markets expect him to be less aggressive in lowering interest rates, easing some concerns about the central bank's independence.
The sharp decline in technology stocks this week comes as investors worry about massive spending on artificial intelligence, as well as the ripple effect of rapidly evolving AI tools that could turn various sectors upside down.
Investors' appetite for risk aversion provided support for the dollar despite a decline in U.S. Treasury yields after economic data pointed to a weaker-than-expected labor market, ahead of the highly anticipated January jobs report.
The dollar index, which measures the performance of the US currency against six other currencies, reached 97.961, hovering near its highest level since January 23. The index is on track for a 1 percent gain this week, its biggest weekly rise since mid-November.
The yen rose to 156.74 ahead of the national elections to be held early next week, which Prime Minister Sanae Takaichi is likely to win.
The euro reached $1.1784 after the European Central Bank left interest rates unchanged as expected on Thursday, and downplayed the impact of dollar movements on its future decisions.
The British pound suffered sharp losses and settled at $1.3520 after falling by about one percent in the previous session.
The Bank of England kept interest rates unchanged on Thursday, after an unexpectedly close vote of five to four.
In the cryptocurrency market, Bitcoin rose 1.5 percent to $64,158 in volatile trading. The cryptocurrency had earlier hit its lowest level since October 2024 at $60,017. It is on track for a 16 percent weekly decline, its biggest drop since November 2022. https://economy-news.net/content.php?id=65375
Iraq Jumps In Global Gold Reserve Rankings
Money and Business Economy News – Baghdad The latest official global gold reserves data for February 2026 showed that Iraq increased its reserves of the yellow metal to more than 174 tons, which contributed to its advancement to 28th place globally after it was in 29th place.
According to the data, Iraq’s gold reserves reached 174.6 tons, up from 170.9 tons in the previous month, representing 24.6% of the country’s total foreign currency reserves, indicating a growing reliance on the precious metal as a hedging tool and a support for monetary stability.
The United States topped the list with a reserve of 8,133 tons, followed by Germany with 3,350 tons, then Italy in third place with 2,451 tons, France in fourth place with 2,437 tons, while Russia came in fifth with a reserve of 2,326 tons.
Saudi Arabia topped the list of Arab countries with a reserve of 323 tons, followed by Lebanon with 286 tons, while Iraq came in third among Arab countries with a reserve of 174.6 tons, ahead of a number of other Arab countries.
The council added that Iraq bought one ton of gold in March 2025, 1.6 tons in June, 3.1 tons in July, 2.5 tons in August, and 3.8 tons in October 2025.
It is worth noting that the World Gold Council, which is based in the United Kingdom, includes the world’s largest gold mining companies and has extensive experience in analyzing market trends and factors affecting the price of the precious metal. https://economy-news.net/content.php?id=65363
The United States Urges Its Citizens To Leave Iran "Now".
Arabic and international Economy News - Follow-up The "virtual" US embassy in Tehran has asked American citizens to leave Iran immediately. In a "security alert" published Friday, the embassy urged American citizens to "leave Iran now" and prepare exit plans that do not rely on assistance from the U.S. government.
The statement warned American citizens in Iran of the risks of "continued heightened security measures, road closures, disruption of public transportation, internet shutdowns, and the Iranian government's continued restrictions on access to national mobile, fixed-line, and internet networks, as well as airlines reducing or canceling flights to and from Iran."
The statement said that "American citizens should expect continued internet outages, plan for alternative means of communication, and, if safe, consider leaving Iran by land to Armenia or Türkiye."
This comes as the United States and Iran hold negotiations in Muscat in an attempt to reduce tensions in relations between the two countries, amid a massive buildup of US forces in the region and Washington's threats to strike Iran if it refuses to make a deal on its nuclear and missile program and its regional policies. https://economy-news.net/content.php?id=65377
Minister Of Resources: Groundwater Is A National Treasure, And Fines Will Be Imposed For Drilling Wells Without Permits.
Economy News – Baghdad The Ministry of Water Resources confirmed on Friday that it has imposed large financial penalties on those who dig wells without obtaining official approvals, while noting that there is strict governance in place to manage this issue.
Minister of Water Resources, Aoun Diab, said that "the ministry is dealing very cautiously with the groundwater issue and does not support expanding its use," stressing "the existence of strict governance for managing this vital resource."
He explained that "drilling wells is prohibited without the approval of the Ministry of Water Resources, including private wells," noting that "violators are subject to large financial penalties in addition to the filling in of the violating well."
He added that "groundwater represents an important national resource, and preserving it is a national responsibility," noting that "some neighboring countries, including Saudi Arabia, have suffered from the depletion of groundwater as a result of excessive use, which has caused them major problems."
He added that "the Ministry of Water Resources is giving this file great attention, and insists on managing groundwater in a rational and balanced manner, in order to ensure its sustainability for the longest possible period and to extend the life of water reservoirs for future generations." https://economy-news.net/content.php?id=65382