Iraq Economic News and Points To Ponder Monday Afternoon 10-27-25
MP: The Parallel Market Is Behind The Rise In The Dollar Exchange Rate.
economy | 10/27/2025 Mawazine News - Baghdad - MP Moeen Al-Kadhimi confirmed that the rise in the dollar exchange rate is mainly due to the trend of most traders toward the parallel market (black market) to purchase hard currency to finance import operations.
Al-Kadhimi said, "Most traders resort to the parallel market to obtain dollars," indicating that "this trend has led to an increase in demand for the dollar on the black market, which has caused a significant rise in the exchange rate."
He added, "The solution requires the Central Bank and the Ministry of Finance to facilitate banking procedures for real traders and control the movement of funds through the official banking system to reduce the need for the parallel market," noting that "the continuation of this situation will lead to increased economic pressures and higher prices in local markets."
Al-Kadhimi concluded his remarks by stressing that "the Parliamentary Finance Committee is closely monitoring this issue and will work to find urgent solutions that ensure the stability of the exchange rate and protect consumers from the repercussions of the dollar's rise." https://www.mawazin.net/Details.aspx?jimare=269199
Trade: Iraq Seeks To Open Up To The Global Economy By Joining The WTO.
Economy | 01:46 - 10/26/2025 Mawazine News - Baghdad - The official spokesperson for the Ministry of Trade, Mohammed Hanoun, confirmed that the Iraqi government continues to implement its reform program aimed at completing the requirements for the Republic of Iraq's accession to the World Trade Organization (WTO), in line with the state's orientations towards openness to the global economy and strengthening Iraq's position within the multilateral trading system.
Hanoun explained in a statement received by Mawazine News that "the ministry, through the National Committee for Iraq's Accession to the Organization, was able, during the years 2023 and 2024, to make tangible progress in completing the basic negotiating documents and updating the required technical files, reflecting Iraq's commitment to international standards and implementing the principles of transparency and economic openness."
He pointed out that "Iraq officially resumed the accession negotiations process after a hiatus of more than 16 years. In July 2024, the third meeting of the working group concerned with Iraq's accession was held at the organization's headquarters in Geneva, headed by the Minister of Trade, who gave a comprehensive presentation on the ongoing economic and legislative reforms. This presentation was widely welcomed by member states, which praised Iraq's commitment to the requirements of full membership."
He added, "The Ministry, in cooperation with relevant government agencies, has completed the update of the customs tariff system to HS2022, in addition to preparing and amending a package of commercial laws and legislation, including intellectual property rights laws, commercial arbitration, technical standards, and regulations related to foreign trade. The Ministry of Finance is also working to complete the stages of approving the new customs system within the national legal framework."
The official spokesman explained that "Iraq participated for the first time in twenty years as an observer" in the 13th Ministerial Conference of the World Trade Organization (MC13), held in Abu Dhabi, stressing that this participation reflects the strong political support for the accession process and the government's will to accelerate structural economic reforms in line with the organization's requirements.
He added that "the National Committee and its subcommittees, after the last meeting, began updating the memorandum on the foreign trade system and submitting detailed answers to 175 questions" submitted by member states, in preparation for holding the fourth meeting of the working group during the next phase."
Hanoun concluded his statement by emphasizing that "the Ministry of Trade, under the direct guidance of the Prime Minister, is proceeding to complete all technical and legal requirements in cooperation with relevant ministries and agencies, with the goal of achieving Iraq's full membership in the World Trade Organization in the coming period, which will contribute to enhancing the competitiveness of the national economy and attracting foreign investment."https://www.mawazin.net/Details.aspx?jimare=269143
A Slight Decrease In The Dollar Price In Local Markets.
Monday, October 27, 2025, 11:35 AM | Economics Number of reads: 233 Baghdad / NINA / The exchange rate of the dollar against the dinar decreased slightly in the markets of the capital, Baghdad, with the opening of the stock exchanges today, Monday.
The selling price of the dollar in the Al-Kifah and Al-Harithiya stock exchanges was recorded at 140,400 dinars for every 100 dollars.
The selling price in exchange shops in the local markets in Baghdad reached 141,500 dinars for every 100 dollars, while the purchase price reached 140,500 dinars.
In Erbil, the dollar also decreased, as the selling price reached 141,250 dinars for every 100 dollars, and the purchase price was 140,250 dinars for every 100 dollars. /End https://ninanews.com/Website/News/Details?key=1259009
Oil: Iraq Continues Its Vision To Develop Its Resources And Maximize The Economy.
Energy Economy News – Baghdad Oil Minister Hayan Abdul-Ghani said on Monday that Iraq continues to work with confidence and a clear vision to develop its oil and gas resources and maximize their economic value.
A statement from the ministry, received by Al-Eqtisad News, stated that "the Minister of Oil, Hayan Abdul-Ghani Al-Sawad, affirmed during the opening of the first edition of the Iraq Oil Industry Workshop (IPIW 2025), organized by the Ministry of Oil, that the global oil industry is undergoing a period of fundamental transformations in light of the diversity of energy sources and the development of production and consumption technologies."
He pointed out that "the transformations have imposed new challenges related to sustainable growth, securing supplies, and achieving a balance between economic abundance and environmental responsibility."
He explained, "In light of this reality, Iraq continues to work with confidence and a clear vision to develop its oil and gas resources and maximize their economic value in a way that serves its national interests." He noted that "the ministry has taken a series of strategic measures to keep pace with these transformations, including developing major oil fields, increasing production efficiency using the latest operational and administrative technologies, accelerating associated gas investment programs to meet the needs of power plants, and reducing reliance on imports."
He stressed that "Iraq possesses one of the largest oil reserves in the world and continues to work to optimally exploit this national resource through integrated investment plans that ensure sustainable production, diversify partners, and expand the technical and administrative base of national companies."
He explained that "the Ministry pays special attention to the issue of technology transfer and knowledge localization through strategic partnerships with international companies, by transferring operational and administrative expertise and employing it to build national capabilities and train Iraqi personnel in the latest technical applications in the fields of drilling, production, processing, and transportation." https://economy-news.net/content.php?id=61652
Iraqi Oil Prices Rise In Global Markets
Economy | 10/27/2025 Mawazine News – Baghdad Iraqi oil prices rose during weekly trading in the global market. According to specialized data, Basra Medium crude rose to $65.85 per barrel, while Basra Heavy crude recorded $64.70 per barrel, with a change rate of +0.76 for both.
Regarding global oil prices, British Brent crude recorded $66.41 per barrel, while US West Texas Intermediate crude recorded $61.93 per barrel, with changes rates of +0.43 and +0.47, respectively.
https://www.mawazin.net/Details.aspx?jimare=269190
Gold Declines As The Dollar Rises Amid Easing US-China Tensions.
Economy | 09:28 - 10/27/2025 Mawazine News - Follow-up: Gold prices fell, affected by the strengthening US dollar and signs of easing trade tensions between the United States and China, at a time when investors are awaiting meetings of major central banks this week for signals on monetary policy.
Spot gold fell 0.7% to $4,082.77 per ounce by 01:58 GMT, while US gold futures for December delivery fell 1% to $4,095.80.
The US dollar rose to its highest level in more than two weeks against the yen, making gold more expensive for holders of other currencies.
Top US and Chinese economic officials agreed on Sunday on the framework for a trade deal, which President Donald Trump and his Chinese counterpart Xi Jinping are scheduled to discuss later this week.
The Federal Reserve is widely expected to cut interest rates by a quarter percentage point at its meeting next Wednesday, buoyed by last Friday's weaker-than-expected inflation report, which typically boosts the appeal of non-yielding assets like gold.
Among other precious metals, spot silver fell 0.3% to $48.42 an ounce, while platinum rose 0.1% to $1,607.24, and palladium fell 0.2% to $1,426.06. https://www.mawazin.net/Details.aspx?jimare=269184
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