Iraq Economic News and Points To Ponder Saturday Afternoon 2-7-26

Elon Musk Predicts America Will Go Bankrupt Due To Mounting Debt.

Money and Business    Economy News - Follow-up   American businessman Elon Musk stated on Friday that "only robots and artificial intelligence are capable of helping the United States overcome the problem of accumulating public debt, which threatens the country with bankruptcy," as he put it.

Musk added, in an interview with bloggers Duvarsh Patel and John Collison: "Perhaps we can slow down America's approach to bankruptcy and buy enough time until artificial intelligence and robots can help solve the problem. That is the only thing capable of addressing the public debt situation."

He explained that interest payments on the US public debt exceed the size of the country's military budget, saying, "More than a trillion dollars are paid in interest," expressing his displeasure with the matter.

Musk added: "Without artificial intelligence and robots, we are in trouble, because public debt is accumulating at an insane rate."   https://economy-news.net/content.php?id=65376

The World's Richest Man Admits: Wealth Does Not Guarantee Happiness

Money and Business   Economy News - Follow-up   Elon Musk, whose net worth reached $668 billion and who became the richest man on Earth, believes that money does not bring happiness.

Although his wealth enables him to pursue his dream of colonizing Mars, make huge donations to politicians like US President Donald Trump, and not feel any financial hardship, it seems that it is not worth it for him.

“Whoever said money can’t buy happiness really knew what they were saying,” Musk wrote on the X platform, which he bought for $44 billion in 2022, according to Agence France-Presse (AFP).

 The post, which included a sad emoji, had garnered more than 66 million views by Thursday morning.

Reactions to Musk ranged from sympathy to ridicule, with some advising him to turn to religion or charity work.

One of the replies from Charmaine Harbert's account, commenting on the relationship between wealth and happiness, said: "But it certainly gives you a good start."

Another added: "Are you worried about providing a home for your children?... No?... Then stop complaining and thank God for His blessings."

Musk's net worth is $668 billion, and late last year Tesla shareholders approved a compensation package for him as CEO that could be worth up to $1 trillion.

Musk's group includes Tesla, the electric car manufacturer; XAI, an artificial intelligence startup; and SpaceX, an aerospace company.   https://economy-news.net/content.php?id=65380

Dollar Closes Strong In Baghdad, Erbil

2026-02-07 Shafaq News– Baghdad/ Erbil   The US dollar closed Saturday’s trading at a higher rate in Baghdad and Erbil, rising by 100 Iraqi dinars compared with the previous session.

According to a Shafaq News market survey, the dollar traded in Baghdad at 149,950 Iraqi dinars per 100 dollars, after opening at 149,850 dinars in the previous session at the Al-Kifah and Al-Harithiya exchanges.

Local exchange shops in the capital sold the dollar at 150,500 dinars per 100 dollars, while buying prices stood at 149,500 dinars.

In Erbil, the selling price reached 149,750 dinars for every 100 dollars, and the buying price was 149,600.

https://www.shafaq.com/en/Economy/Dollar-closes-strong-in-Baghdad-Erbil-8

Surprise Deductions Hit Iraqi Salaries, Pensions

2026-02-07 Shafaq News- Baghdad   Iraqi public-sector employees and retirees saw unexpected cuts to their monthly salaries and pensions on Saturday after state banks deducted multiple loan installments at once.

A source explained to our agency that the deductions were linked to outstanding loans and cash advances, but some state-run banks, including Rafidain and Rasheed, recovered two or more installments in a single payment instead of applying standard monthly deductions.

Several affected individuals told Shafaq News, on condition of anonymity, that the reduced payments disrupted household finances, prompting demands for an urgent investigation by parliament and oversight bodies.

Authorities, including the National Pensions Authority and the banks involved, have yet to issue an official explanation.

The salary shock comes as broader disruptions continue to strain state finances, such as decisions to raise customs tariffs on certain luxury goods, triggering protests and causing a buildup of cargo containers at border crossings and ports. The resulting slowdown in trade has weighed on public revenues, which economic experts say was among the factors contributing to delays in paying state employee salaries for January.

Read more: Iraq’s budget paralysis: How the 1/12 rule reduced state finances to salary payments

https://www.shafaq.com/en/Economy/Surprise-deductions-hit-Iraqi-salaries-pensions  

Gold Prices Rise In Baghdad And Erbil Markets

2026-02-07 Shafaq News- Baghdad/ Erbil   On Saturday, gold prices hovered around 1.06 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 1,044,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 1,040,000 IQD. The same gold had sold for 1,037,000 IQD on Thursday.

The selling price for 21-carat Iraqi gold stood at 1,014,000 IQD, with a buying price of 1,010,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 1,045,000 and 1,055,000 IQD, while Iraqi gold sold for between 1,015,000 and 1,025,000 IQD.

In Erbil, 22-carat gold was sold at 1,150,000 IQD per mithqal, 21-carat gold at 1,095,000 IQD, and 18-carat gold at 940,000 IQD.   https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-and-Erbil-markets-8-4

Basrah Oil Prices End Week In Decline

2026-02-07 Shafaq News- Baghdad   Basrah Heavy and Basrah Medium crude grades closed the week lower, retreating as global oil markets eased amid reduced concerns over supply disruptions in the Middle East.

Basrah Heavy edged up 7 cents in its final Friday session to $63.35 a barrel, but posted a weekly loss of 40 cents, or 0.63%.

Basrah Medium also rose 7 cents on Friday to settle at $65.80 a barrel, recording a weekly decline of 40 cents, equivalent to 0.61%.

The pullback came as Brent and US crude headed for their first weekly losses in more than a month, trading more than 3% below their recent six-month highs.

Oil prices softened as fears of Middle East supply disruptions eased and investors shifted focus to the outcome of ongoing US–Iran nuclear talks.   https://www.shafaq.com/en/Economy/Basrah-oil-prices-end-week-in-decline