Iraq Economic News and Points To Ponder Late Wednesday Evening 2-25-26
The Iraqi Trade Bank Responds To Al-Karbouli Regarding "Transfer Exceptions".
Banks The Trade Bank of Iraq (TBI) affirmed on Wednesday its full commitment to the directives of the Central Bank of Iraq and regulatory authorities, clarifying that all international transfers executed through the Central Bank of Iraq's platform are subject to proper notification and approval.
In a statement, the bank said, "With reference to the remarks made by MP Mohammed Al-Karbouli during his appearance on a television program regarding a problem with transfers and his claim of granting exceptions, we would like to clarify that all international transfers executed through the Central Bank of Iraq's platform are subject to proper notification and approval and are carried out in accordance with applicable regulations and instructions.
The Central Bank and relevant regulatory authorities are provided with the relevant documentation after execution." The statement added, "No transfer can be executed without being submitted to an external auditing firm to conduct due diligence and obtain the necessary approvals, in accordance with established procedures. There are no exceptions or exceptions outside the legal framework." The bank further stated,
"The issue raised regarding invoices and their reuse is subject to the nature of the contract between the customer and the supplier and is within the framework of applicable regulations and instructions. It does not constitute a violation as long as it is carried out according to established procedures."
The bank asserted that "the information presented during the program is not based on accurate facts, and such information negatively impacts the bank's reputation and the trust of its clients both domestically and internationally."
It further explained, "The MP should have addressed the bank officially in writing or visited it to inquire and ascertain the facts, rather than disseminating this information through television. This is the proper procedure for regulatory bodies. Therefore, the bank reserves the right to take the necessary legal measures to protect its reputation and standing, and to ensure transparency for the public."
The bank, according to the statement, affirmed its "full commitment to the directives of the Central Bank of Iraq and regulatory authorities, and its dedication to operating with the highest levels of professionalism and transparency in service of the national economy." https://economy-news.net/content.php?id=66072
Al-Rasheed Bank Announces An Increase In The Deposit Limit For The "Nakheel" Card To 25 Million Dinars.
banks Economy News – Baghdad Al-Rasheed Bank announced on Wednesday an increase in the deposit limit for its Nakheel card to 25 million Iraqi dinars.
In a statement received by Al-Eqtisad News, the bank said, "The bank has decided to increase the deposit limit for the Nakheel card to 25 million Iraqi dinars in a move aimed at expanding banking services offered to cardholders and enhancing the flexibility of financial transactions."
The bank explained that "this decision comes as part of its plan to develop electronic banking products and facilitate deposit, withdrawal, and transfer operations in line with the requirements of customers benefiting from the card's services."
The bank emphasized that "this increase will allow Nakheel cardholders to manage their funds with a higher limit, which will contribute to supporting daily financial activities and simplifying banking procedures."
Gold Prices Flat In Baghdad, Tick Up In Erbil
2026-02-25 Shafaq News- Baghdad/ Erbil On Wednesday, gold prices stabilized near 1.12 million IQD per mithqal in Baghdad, while Erbil markets edged higher, with 21-carat gold rising by about 12,000 IQD per mithqal, according to a survey by Shafaq News Agency.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1.120 million IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1.116 million IQD, unchanged from Tuesday.
The selling price for 21-carat Iraqi gold stood at 1.090 million IQD, while the buying price reached 1.086 million IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1.120 million and 1.130 million IQD, while Iraqi gold sold for between 1.090 million and 1.100 million IQD.
In Erbil, 22-carat gold was sold at 1.190 million IQD per mithqal, 21-carat gold at 1.137 million IQD, and 18-carat gold at 975,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-flat-in-Baghdad-tick-up-in-Erbil
USD/IQD Exchange Rates Climb In Baghdad And Erbil
2026-02-25 Shafaq News- Baghdad/ Erbil The US dollar opened Wednesday’s trading higher in Iraq, hovering around 154,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,750 dinars per 100 dollars, up from the previous session’s 153,300 dinars.
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 153,500 dinars and buying prices at 153,450 dinars.
https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-climb-in-Baghdad-and-Erbil-6-9
Dollar Steadies In Baghdad, Slips In Erbil
2026-02-25 Shafaq News- Baghdad/ Erbil The US dollar closed Wednesday’s trading flat in Baghdad, hovering near 154,000 dinars per 100 dollars, while edging lower by about 150 dinars in Erbil.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,750 dinars per 100 dollars, unchanged from the morning session.
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 153,300 dinars and buying prices at 153,200 dinars.
https://www.shafaq.com/en/Economy/Dollar-steadies-in-Baghdad-slips-in-Erbil
Iraq’s Basrah Crude Slips More Than 1% Despite Global Gains
2026-02-25 Shafaq News- Baghdad Iraq’s Basrah Heavy crude fell to $67.35 per barrel on Wednesday, down 79 cents, or 1.16%, in the latest trading session.
Basrah Medium declined to $69.60 per barrel, also losing 79 cents, marking a 1.12% decrease.
Brent crude traded at $71.26 per barrel, while US West Texas Intermediate stood at $66.02, as markets monitored US–Iran talks and rising tensions that could affect global oil supplies.
Iraq, OPEC’s second-largest oil producer, exports roughly 70% of its crude to Asia, 20% to Europe, and 10% to the United States.
Oil Prices Near Seven-Month Highs On US-Iran Tensions
2026-02-25 Shafaq News Oil prices were hovering near seven-month highs on Wednesday as the threat of military conflict between the US and Iran that could disrupt supply continued to worry investors as talks between the parties are set for Thursday.
Brent futures were up 43 cents, or 0.6%, at $71.20 per barrel at 0400 GMT. WTI futures rose 38 cents, or 0.6%, to $66.01.
Brent prices reached their highest since July 31 on Friday, while WTI hit its highest since August 4 on Monday, and both contracts have held near there as the US has positioned military forces in the Middle East to compel Iran to negotiate an end to its nuclear and ballistic missile program.
An extended conflict could disrupt supplies from Iran, the third-biggest crude producer in the Organization of the Petroleum Exporting Countries, and other countries in the key Middle East producing region.
"This uncertainty means the market will continue to price in a large risk premium and remain sensitive to any fresh developments," ING commodities strategists said on Wednesday.
US envoys Steve Witkoff and Jared Kushner are slated to meet with an Iranian delegation for a third round of talks on Thursday in Geneva.
Iran's Foreign Minister Abbas Araqchisaidon Tuesday that a deal with the US was "within reach, but only if diplomacy is given priority".
"(US) President (Donald) Trump has warned that without a deal, there will be 'very bad consequences'. Whether (Iran's) concessions will meet the US's 'zero enrichment' red line remains to be seen," Tony Sycamore, IG market analyst, said in a note.
Amid the heightened tensions, Iran and China haveacceleratedtalks to purchase Chinese anti‑ship cruise missiles, according to Reuters sources, which could target the US naval forces that have assembled near the Iranian coast.
Anti‑ship cruise missiles would enhance Iran's strike capabilities and threaten the US naval forces, according to experts.
Trump will deliver the traditional State of the Union address to Congress on Tuesday evening. Two White House officials, speaking on condition of anonymity, said Trump will discuss his plans for Iran but did not offer details.
While geopolitical tensions have supported prices, the market is also contending with concerns of large inventory gains as global supply is exceeding demand.
According to market sources, the American Petroleum Institute late on Tuesday reported a massive increase in US oil stockpiles of 11.43 million barrels in the week ended February 20.
However, gasoline and distillate inventories fell, the sources said, citing the API data.
Official US oil inventory reports from the Energy Information Administration are due later on Wednesday.
(Reuters) https://www.shafaq.com/en/Economy/Oil-prices-near-seven-month-highs-on-US-Iran-tensions