Iraq Economic News and Points To Ponder Monday Evening 2-9-26

Iraq–Saudi Trade Jumps 35% In 2024, Deficit Widens

2026-02-09   Shafaq News- Baghdad/ Riyadh   Trade between Iraq and Saudi Arabia rose by about 35% in 2024 to nearly $1.8 billion, driven mostly by Iraqi imports, Iraq’s Trade Ministry said on Monday.

In a statement, the ministry said that the Iraqi imports from Saudi Arabia climbed to roughly $1.73 billion in 2024, up from about $1.30 billion a year earlier, marking a growth rate of 33.4%. Construction materials, electrical and electronic goods topped the import list at more than $838 million, fueled by reconstruction and urban expansion, followed by food products at $416 million.

Imports of machinery, equipment, and industrial devices recorded the fastest annual growth, exceeding 136%, pointing to expanding investment projects and rising demand for capital goods. Pharmaceutical imports also rose by 32%, reflecting increased pressure on Iraq’s health sector.

Iraqi exports to Saudi Arabia increased by nearly 145% in 2024 to about $49.5 million, accounting for only a small fraction of total bilateral trade, which is conducted mainly through the Arar land border crossing in Al-Anbar. Iraq’s trade deficit with Saudi Arabia widened to approximately $1.69 billion.   https://www.shafaq.com/en/Economy/Iraq-Saudi-trade-jumps-35-in-2024-deficit-widens

Dollar Gains In Baghdad And Erbil Markets

2026-02-09   Shafaq News- Baghdad/ Erbil  The US dollar closed Monday’s trading higher in Iraq, hovering around 150,000 dinars per 100 dollars.

According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 150,000 dinars per 100 dollars, up from the morning session’s 149,800 dinars.

In the Iraqi capital, exchange shops sold the dollar at 150,500 dinars and bought it at 149,500 dinars, while in Erbil, selling prices stood at 149,850 dinars and buying prices at 149,750 dinars.   https://www.shafaq.com/en/Economy/Dollar-gains-in-Baghdad-and-Erbil-markets-7

USD/IQD Exchange Rates Dip In Baghdad, Hold Ground In Erbil

2026-02-09   Shafaq News- Baghdad/ Erbil   The US dollar opened Monday’s trading on a mixed note, slipping by 150 Iraqi dinars in Baghdad while remaining steady in Erbil compared with the previous session.

According to a Shafaq News market survey, the dollar traded in Baghdad at 149,800 Iraqi dinars per 100 dollars, after closing at 149,950 dinars in the previous session at the Al-Kifah and Al-Harithiya exchanges.

Local exchange shops in the capital sold the dollar at 150,250 dinars per 100 dollars, while buying prices stood at 149,250 dinars.  In Erbil, the selling price reached 149,750 dinars for every 100 dollars, and the buying price was 149,650.   https://www.shafaq.com/en/Economy/USD-IQD-exchange-rates-dip-in-Baghdad-hold-ground-in-Erbil-7

Gold Prices Rise In Baghdad And Erbil Markets

2026-02-09 Shafaq News- Baghdad/ Erbil   On Monday, gold prices hovered around 1.08 million IQD per mithqal in Baghdad and Erbil markets, continuing their upward trend, according to a survey by Shafaq News Agency.

Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 1,059,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,055,000 IQD. The same gold had sold for 1,044,000 IQD on Sunday.

The selling price for 21-carat Iraqi gold stood at 1,029,000 IQD, with a buying price of 1,025,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,060,000 and 1,070,000 IQD, while Iraqi gold sold for between 1,030,000 and 1,040,000 IQD.

In Erbil, 22-carat gold was sold at 1,160,000 IQD per mithqal, 21-carat gold at 1,105,000 IQD, and 18-carat gold at 949,000 IQD.   https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-and-Erbil-markets-8-6

Gold Reclaims $5K Milestone Following Dollar Slide

2026-02-09 Shafaq News   Gold and silver extended gains on Monday, with the former trading just above the $5,000-per-ounce level as the dollar dipped, while investors awaited key jobs and inflation data due later in the week to gauge U.S. interest rate trajectory.

Spot gold rose 1.1% to $5,012.76 per ounce after a 4% climb on Friday. U.S. gold futures for April delivery gained 1.1% to $5,033.80 per ounce.

"This could be the very short-term intraday correlation between the dollar and silver as well as gold (driving the metals up)," said Kelvin Wong, a senior market analyst at OANDA.

The U.S. dollar was at its lowest level since February 4, making greenback-priced metals cheaper for overseas buyers. The yen strengthened after Japanese Prime Minister Sanae Takaichi swept to victory in Sunday's election.

"Bargain-hunting is (also) pushing gold back above the $5,000 level," said KCM chief analyst Tim Waterer.

Investors await monthly reports on employment and consumer prices this week and expect at least two 25-basis-point rate cuts in 2026, with the first one expected in June. Non-yielding bullion tends to do well in low-interest-rate environments.

"Any softness in the jobs data could help gold's rebound efforts. We are not expecting a rate cut from the Fed until mid-year, unless the jobs data really starts to drop off a cliff," Waterer added.

San Francisco Federal Reserve President Mary Daly said on Friday she thinks one or two more interest rate cuts may be needed to counteract weakness in the labour market.

Spot silver climbed 4.6% to $81.54 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

"Unless silver's able to clear above that key resistance at $92.24, I'm not so convinced in terms of a probability perspective of a medium uptrend," Wong said.  Spot platinum edged 0.3% lower to $2,090.13 per ounce, while palladium gained 1% to $1,723.41. (Reuters)   https://www.shafaq.com/en/Economy/Gold-reclaims-5K-milestone-following-Dollar-slide

Oil Prices Retreat Despite Lingering Tehran Threats

2026-02-09   Shafaq News   Oil prices fell 1% on Monday as immediate fears of a conflict in the Middle East eased after the U.S. and Iran pledged to continue talks about Tehran's nuclear programme over the weekend, calming investors anxious about supply disruptions.

Brent crude futures fell 67 cents, or 1%, to $67.38 a barrel on Monday, while U.S. West Texas Intermediate crude was at $62.94 a barrel, down 61 cents, or 1%.

"With more talks on the horizon the immediate fear of supply disruptions in the Middle East has eased quite a bit," IG market analyst Tony Sycamore said.

Iran and the U.S. pledged to continue the indirect nuclear talks following what both sides described as positive discussions on Friday in Oman despite differences. That allayed fears that failure to reach a deal might nudge the Middle East closer to war, as the U.S. has positioned more military forces in the area.

Investors are also worried about possible disruptions to supply from Iran and other regional producers as exports equal to about a fifth of the world's total oil consumption pass through the Strait of Hormuz between Oman and Iran.

Both benchmarks fell more than 2% last week on the easing tensions, their first decline in seven weeks.

However, Iran's foreign minister said on Saturday Tehran will strike U.S. bases in the Middle East if it is attacked by U.S. forces, showing the threat of conflict is still alive.

"Volatility remains elevated as conflicting rhetoric persists. Any negative headlines could quickly reignite risk premiums in oil prices this week," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Investors are also continuing to grapple with efforts to curb Russian income from its oil exports for its war in Ukraine. The European Commission on Friday proposed a sweeping ban on any services that support Russia's seaborne crude oil exports.

Refiners in India, once the biggest buyer of Russia's seaborne crude, are avoiding purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, which could help New Delhi seal a trade pact with Washington.

"Oil markets will remain sensitive to how broadly this pivot away from Russian crude unfolds, whether India’s reduced purchases persist beyond April, and how quickly alternative flows can be brought online," Sachdeva said.

(Reuters)   https://www.shafaq.com/en/Economy/Oil-prices-retreat-despite-lingering-Tehran-threats

ISX Posts +$10M Dinars Turnover In January

2026-02-08   Shafaq News- Baghdad   The Iraq Stock Exchange (ISX) recorded trading of more than 13.23 billion shares during January, with a total value of 15.99 billion Iraqi dinars (about $10.66M).

According to data released by the exchange, trading took place across 18 sessions, with shares of 78 companies traded out of 104 listed firms, executed through 13,704 buy and sell contracts.

The ISX60 index closed the month at 953.94 points, marking a 2.99% decline compared with the previous period.

In December 2025, the ISX recorded trading of 63.67 billion shares worth 78.7 billion Iraqi dinars (about $52.49M), executed through 18,173 buy and sell contracts, with the ISX60 index closing the month at 983.31 points, up 2.92%.

The Iraq Stock Exchange holds five trading sessions per week, from Sunday to Thursday, and includes 104 Iraqi joint-stock companies operating across banking, telecommunications, industry, agriculture, insurance, financial investment, tourism, and hospitality sectors.   https://www.shafaq.com/en/Economy/ISX-posts-10M-dinars-turnover-in-January