Iraq Economic News and Points To Ponder Monday Morning 2-23-26
CBI Warns Of Fraud Schemes Involving Various Banknotes
Baghdad – INA The Central Bank of Iraq on Monday warned of fraud and scam operations being carried out using different types of banknotes.
In a statement received by the Iraqi News Agency (INA), the bank’s media office said it had detected several fraud schemes carried out by individuals seeking illicit financial gain, urging citizens to exercise caution to avoid falling victim to such practices.
The bank explained that the most prominent schemes observed inside Iraq include the sale of a so-called $1,000,000 banknote presented as legal tender, when in fact it is merely a non-circulating commemorative note. It stressed that the highest denomination of U.S. currency in circulation is the $100 bill.
It added that scammers are also promoting black-coated paper cut to the same dimensions as a $100 bill, falsely claiming the notes will return to circulation once the black substance is removed—an assertion the bank categorically denied.
The statement further noted that fraudsters are circulating withdrawn foreign banknotes that no longer hold any monetary value and exchanging them for Iraqi currency at inflated amounts using various deceptive pretexts.
It also warned against counterfeit or printed dollar and dinar notes marked with terms such as “specimen,” “invalid,” or similar labels, often marketed as genuine currency despite being intended only as toys or samples.
The Central Bank confirmed that the relevant authorities have been notified to prevent the printing or import of such materials into Iraq. https://ina.iq/en/economy/45673-cbi-warns-of-fraud-schemes-involving-various-banknotes.html
The Dollar Is Falling Against The Euro And The Pound After Trump Restricts His Customs Powers.
Money and Business Economy News - Follow-up The dollar fell on Monday as traders saw the U.S. Supreme Court's decision to overturn tariffs imposed by President Donald Trump as supportive of global growth, but remained cautious due to the continuing risk of repercussions from the Iranian issue.
The euro rose 0.4% to $1.1820 and sterling gained 0.3% to $1.3516 in Asian trading, which was relatively quiet due to a holiday in Japan and Lunar New Year celebrations in China. The dollar fell 0.4% to 154.40 yen.
The Supreme Court ruled on Friday that Trump's sweeping tariffs exceeded his authority. Trump responded by strongly criticizing the court and imposing a 15% tariff on all imports, insisting on maintaining high tariff agreements with trading partners, according to Reuters.
Sim Moh Siong, a currency strategist at OCBC Bank in Singapore, said: "This weakens the dollar because it could benefit economic growth in regions outside the United States."
He added that the long-term implications for the exchange rates of other currencies are less clear, as the decline in US revenues is likely to have a negative impact on the financial situation and the dollar, while oversight of Trump’s power may be a positive thing, by limiting one of the sources of policy volatility.
The New Zealand dollar rose slightly, but the Australian dollar fell a little to $0.7070.
The Swiss franc, a safe-haven currency, rose significantly by 0.5% to 0.7727 per dollar.
In addition to the implications of the tariff issue, markets are focusing on the US military buildup in the Middle East and the pressure on Iran regarding the nuclear issue, and are awaiting Trump's State of the Union address on Tuesday. https://economy-news.net/content.php?id=65971
The Imminent Opening Of Nasiriyah International Airport After The Completion Of The Final Stages Of Rehabilitation.
Money and Business Economy News – Baghdad The Ministry of Transport will soon officially open Nasiriyah International Airport, after the rehabilitation work on its various components and main facilities has reached its final stages.
The director of the ministry’s media office, Maitham Al-Safi, explained that the engineering and technical teams are continuing to work at an increasing pace to complete the remaining sections of the rehabilitation work, especially the air navigation systems and devices, and the communications and safety systems, in preparation for entering the trial operation phase in the next few months.
He stated that the airport represents a strategic addition to the network of operating airports in the country, as it will serve Dhi Qar and the neighboring governorates, which will contribute effectively to relieving pressure on other airports, as well as supporting tourism, religious and commercial activity and opening up broad and wide horizons for businessmen and investment funds to enter the governorate.
Al-Safi explained that the civil works on the main runway and aircraft parking areas are largely complete, while the passenger terminals and service buildings are nearing completion. Internal road networks and airport infrastructure are also nearing completion.
Currently, coordination is underway with relevant authorities to finalize accreditation and operational requirements in accordance with internationally recognized civil aviation standards.
He noted that the airport's operation will provide direct and indirect job opportunities for hundreds of residents of Dhi Qar Governorate, and will contribute to revitalizing the service and commercial sectors, in addition to strengthening air connectivity between southern Iraq and regional and international destinations.
The ministry's media office director noted that the final opening date for the airport will be officially announced after all technical tests and operational safety requirements are completed, ensuring its readiness to operate at full capacity. He described the airport as one of the most important strategic projects through which the government hopes to strengthen the infrastructure of the air transport sector, in addition to supporting economic development plans in the governorates. https://economy-news.net/content.php?id=65974
SOMO: All Correspondence With U.S. Confirms The Soundness Of Our Procedures, No Threat Of Sanctions
Baghdad-INA The State Oil Marketing Organization (SOMO) on Sunday denied receiving any official notification or threat of U.S. sanctions, affirming that its oversight mechanisms for crude oil and petroleum product exports are robust and coordinated with international authorities.
Ali Nizar al-Shatri, Director General of SOMO, told the Iraqi News Agency (INA) that “we have not received any official communication regarding U.S. sanctions. We rely exclusively on formal documents and official correspondence, and do not rely on statements circulating informally.”
He added that “all understandings and discussions, including those with the U.S. Department of the Treasury, confirm the soundness of the mechanisms, documentation, and procedures employed by SOMO.”
The company enforces strict control mechanisms over all tankers entering Iraqi territorial waters, issuing daily reports detailing the nature of vessels and their destinations, in coordination with security authorities overseeing the territory. “These measures provide full reassurance regarding the institution’s integrity and the safeguarding of the national budget’s lifeline,” al-Shatri said.
He also explained that “Iraq has now become a major exporter of petroleum products,” noting that revenues from these exports have begun to rival crude oil earnings, underscoring the company’s commitment to preserving this vital economic sector. https://ina.iq/en/economy/45663-somo-all-correspondence-with-us-confirms-the-soundness-of-our-procedures-no-threat-of-sanctions.html