Iraq Economic News and Points To Ponder Monday Afternoon 8-25-25
An Economist Calls On The Central Bank To Review Its Policies After The Decline In Non-Oil Revenues.
Time: 2025/08/25 12:41:51 Reading: 780 times {Economic: Al Furat News} Economic expert Nabil Al Marsoumi said on Monday that the Central Bank should have evaluated its policies to ensure they achieve their desired goals, otherwise it should reverse those decisions and return to the previous approach.
Al-Marsoumi added in an interview with Al Furat News Agency that "the recent measures have negatively impacted the state's revenues from fees imposed on the real estate market, which is one of the reasons for the significant decline in non-oil revenues, which recorded less than half a trillion dinars during the first half of this year, i.e. approximately 2 trillion dinars less than the same period last year." Al-Marsoumi stressed the "need for the Central Bank to review its procedures to restore order." LINK
Oil Products Estimate Their Revenues For Electronic Payment.
Economy | 11:35 - 08/25/2025 Mawazine News - Baghdad - The General Company for Oil Products at the Ministry of Oil achieved 720 billion dinars per month from electronic payment transactions for services it provides to citizens.
The company's general manager, Hussein Talib, said in a statement to the official newspaper, followed by Mawazine News, that "the plan developed by the company to end cash transactions and shift to electronic payments has reached advanced stages."
He explained that "the company's sales of its products amounted to 1 trillion and 100 billion monthly, of which 720 billion dinars were from electronic payments, representing two-thirds of the company's sales." https://www.mawazin.net/Details.aspx?jimare=265688
Oil Prices Jump, Brent Hits $67.79
Economy | 09:09 - 08/25/2025 Mawazine News - Follow-up Oil prices rose slightly on Monday, as expectations of a US interest rate cut boosted the outlook for global growth and fuel demand.
Brent crude futures rose 6 cents, or 0.09 percent, to $67.79.
US West Texas Intermediate (WTI) crude futures rose 9 cents, or 0.14 percent, to $63.75.
Investor risk appetite increased after Federal Reserve Chairman Jerome Powell indicated on Friday that the US central bank could cut interest rates at its meeting next month. https://www.mawazin.net/Details.aspx?jimare=265683
Launching The "Meezan" Program To Increase Tax Revenues By 30% In Iraq
Money and Business Economy News – Baghdad The Osool Economic Development Foundation announced on Monday the launch of the "Meezan" program, aiming to increase tax revenues by 30% over the next year. It also noted that the national tax awareness campaign has contributed to fostering a new awareness among society about rights and duties.
Khaled Al-Jaberi, Chairman of the Osool Foundation for Economic and Sustainable Development and a member of the Higher Committee for Implementing Tax Reform, said in a speech during the Tax Conference for Economic Development and Stimulating the Investment Environment, "The tax conference is the first of its kind in Iraq, under the patronage of the Prime Minister and the supervision of the Higher Committee for Implementing Tax Reform.
It will present and discuss tax reform packages, the draft of the new income tax law, simplification of procedures, and the role of the tax system in supporting the national economy and attracting investment."
He continued: "The convening of today's conference is the result of significant efforts made over the past months. It is the first conference of its kind in Iraq, bringing together various stakeholders from the public and private sectors at one dialogue table with the shared goal of enhancing economic activity, which is the cornerstone of supporting national revenues and laying the foundations for economic construction and development."
He added, "The Osool Economic Development Foundation was tasked by the Prime Minister with leading a broad national tax awareness campaign. It went beyond mere media campaigns, workshops, or technical consultations, but rather transformed into a genuine reform movement, exposing challenges and conveying citizens' concerns and observations directly to decision-making centers."
He pointed out that "this campaign has contributed to fostering a new awareness in society about tax rights and obligations, and has opened the door to numerous reform initiatives, some of which will be presented at this conference, while others have already been implemented."
He pointed out that "the new national program, the Balance Program, was launched today, aiming to increase tax revenues by more than 30 percent over the next year, while achieving a high level of taxpayer compliance."
He explained that "the success of this national effort requires the participation of everyone from the media, universities, educational institutions, and ministries, in addition to the creative Iraqi youth, in whose ability we trust to develop smart applications that keep pace with the demands of the times."
He expressed his "aspiration for the international community to contribute by intensifying its support and transferring its scientific and practical expertise to the Iraqi experience."
He added, "Tax and economic reform is not an option, but a collective responsibility. It is the path to building a robust economy based on justice and transparency, in line with international standards, which will enhance non-oil revenues and achieve sustainable development." https://economy-news.net/content.php?id=59219
The dollar continues to decline against the dinar in Baghdad
Stock Exchange The dollar exchange rate against the dinar fell on Monday, with the closure of the two main stock exchanges in Al-Kifah and Al-Harithiya. The selling price was 143,000 dinars for $100.
The buying price was 141,000 dinars for $100. https://economy-news.net/content.php?id=59230
Yellow Metal Prices Fall From A Two-Week High
economy | 11:44 - 08/25/2025 Mawazine News - Follow-up Gold prices retreated on Monday from their highest level in nearly two weeks as the dollar strengthened, despite growing bets on an interest rate cut by the US Federal Reserve.
By 11:05 Moscow time, December gold futures (Comex) fell 0.23% to $3,410.60 per ounce. Spot gold fell 0.18% to $3,365.64 per ounce, after hitting its highest level since August 11 last Friday.
The dollar index, which measures the greenback's value against a basket of currencies, rose 0.20% against its rivals after falling to a four-week low, making gold less attractive to foreign buyers.
Markets are currently expecting a quarter-point cut in US interest rates at the monetary policy meeting scheduled for September 17. https://www.mawazin.net/Details.aspx?jimare=265689
Washington Appoints Josh Harris As Chargé d'Affaires To Baghdad
Political | 08/25/2025 Mawazine News – Baghdad The US Embassy in Baghdad announced on Monday the end of the term of Chargé d'Affaires Stephen Fagin and his replacement by Josh Harris.
The embassy said in a post on the X platform, "We express our gratitude to Chargé d'Affaires Fagin for his steadfast leadership throughout Iraq and for his efforts to strengthen ties and create opportunities for American investment."
It added, "As Chargé d'Affaires Fagin prepares to depart Iraq, we look forward to welcoming the new Chargé d'Affaires, Josh Harris, next week to continue this important work.
" Josh Harris has held several positions, most notably as Policy Director for the Special Presidential Envoy for the Global Coalition to Defeat ISIS and Director of Iraq Affairs at the US National Security Council.
https://www.mawazin.net/Details.aspx?jimare=265713
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