Iraq Economic News and Points To Ponder Late Friday Evening 10-17-25

New Instructions From The Central Bank Of Iraq To Prevent Dollar Smuggling Starting Next Month.

Money and Business  Economy News – Baghdad   On Saturday, the Echo Iraq Observatory revealed new instructions issued by the Central Bank to all authorized banks in the country regarding financial transfers and customs clearance procedures related to the requirements for approving special commercial invoices.

The Observatory said in a statement, "The Central Bank, in Circular No. (267/4/9) dated 10/15/2025, decided to include in commercial invoices a set of basic information, including: shipping and payment terms, value and invoice currency, and the Global Harmonized System of Customs (GHS) code," adding, "As well as the addresses of the importer and destination, an accurate description of the goods, their origin, brand, quantity and unit of measurement, and the unit and total price."

He explained that "the circular stipulates that one of the following invoices must be approved: the final commercial invoice, or the preliminary invoice attached to the sales contract, provided that the final invoice contains all the data of the preliminary invoice."

According to Echo Iraq, "these instructions will be implemented starting November 1, 2025," noting that "the aim of the decision is to regulate foreign financial transfers and enhance transparency and accuracy in customs clearance as part of the national automation project."

The Observatory believes that "this step has several positive aspects, most notably enhancing the standardization of procedures and reducing errors in commercial transactions, in addition to supporting the customs automation project."

This decision comes as part of the efforts of the Central Bank of Iraq and government agencies to develop the financial and administrative environment and improve the level of oversight and compliance with international standards in foreign trade.    https://economy-news.net/content.php?id=61284

The Central Bank Announces An Increase In Iraq's Internal And External Debt.

Economy | 10/18/2025  Mawazine News - Baghdad - The Central Bank of Iraq announced on Saturday that Iraq's domestic debt has risen to 91 trillion dinars, while its external debt has reached $54 billion.

This came according to documents the bank provided in response to a parliamentary question, the text of which is here:  https://www.mawazin.net/Details.aspx?jimare=268699

Government Financial Advisor: The Ministry Of Finance Has Begun Preparing The 2026 Budget.

Buratha News Agency2062025-10-18  The Prime Minister's Financial Advisor, Mazhar Mohammed Salih, confirmed on Saturday that the Ministry of Finance has begun preparing the 2026 budget, while specifying the disbursement mechanism in the event that the budget cannot be approved. Salih told the official agency,

"In accordance with the Federal Financial Management Law No. 6 of 2019, as amended, the Federal Ministry of Finance is proceeding with preparing the draft federal general budget law for the country for the fiscal year 2026."

He pointed out that "in the event that it cannot be approved within the specified constitutional or legislative timeframes due to the upcoming parliamentary term, the government will undertake disbursements in 2026 on a monthly basis at a rate of 1/12 of the actual current expenditures for the year 2025, including spending on ongoing investment projects, external obligations, and other due expenses."

He also stated that "the Financial Activity will continue to manage revenue collection and continue disbursing through the expenditure items specified under the aforementioned Federal Financial Management Law until the 2026 budget is approved by the House of Representatives. At that point, allocations will be released for any activities required by economic growth and sustainable development, including new investment projects and other emerging commitments."
https://burathanews.com/arabic/economic/466622

Iraq's Foreign Exchange Reserves Declined In A Month.

Money and Business  Economy News – Baghdad   The Central Bank announced on Saturday that its foreign exchange reserves had fallen to more than $2 billion by the end of July.

The bank said in an official statistic that "the Central Bank's foreign reserves reached $94.714 billion as of July 31 of this year, equivalent to 123.128 trillion Iraqi dinars, a decrease of $2.305 billion compared to last June, when reserves reached $97.019 billion, equivalent to 126.125 trillion dinars."

He added, "These reserves also decreased from last May, which amounted to $96.799 billion, equivalent to 125.839 trillion dinars."

The bank indicated that "these reserves decreased from last year's 2024 figure of $100.276 billion, or the equivalent of 130.347 trillion dinars, and decreased from 2023, when reserves reached $111.736 billion, or the equivalent of 145.257 trillion dinars."      https://economy-news.net/content.php?id=61287

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