Iraq Economic News And Points To Ponder Saturday Afternoon 3-28-26
Saleh: Non-Oil Revenues Are Key To The Sustainability Of The Iraqi Economy In The 2026 Budget.
Money and Business Economy News – Baghdad The Prime Minister’s financial advisor, Mazhar Muhammad Salih, confirmed on Saturday that the 2026 budget is a test of the economy’s ability to adapt to external shocks, while noting that boosting non-oil revenues is key to economic sustainability in Iraq.
Saleh said: “Fiscal policy undoubtedly faces exceptional challenges in preparing the federal general budget for 2026, in light of the rapid regional developments and the fluctuations in the oil export file, the main pillar of state revenues.”
He added: “The heavy reliance on oil revenues reflects the most prominent public finance challenges in the face of price fluctuations and export levels, which requires financial decision-makers to adopt cautious estimates based on realistic and precautionary assumptions to avoid potential shocks.”
He noted that "public finances are expected to adopt a flexible budget capable of adapting to changes, by rearranging priorities, focusing on economically viable projects, and controlling unnecessary operating expenses."
He pointed out that "the vital role of enhancing non-oil revenues is highlighted, through improving collection efficiency and expanding the base of non-oil resources, thereby reducing dependence on oil and enhancing financial sustainability in the medium term."
He added that "given the continued uncertainty in the oil markets, the government may have to adopt a phased financial management approach, by postponing some obligations or adopting temporary spending mechanisms, until the situation becomes fully clear."
He explained that “the 2026 budget is not just a financial document, but represents a test of the Iraqi economy’s ability to adapt to external shocks, especially geopolitical tensions on oil export routes in the Gulf, and to gradually move towards a more diversified and stable financial model that is capable of absorbing the effects of the economic geography of the energy belt in the Middle East, until the war ends.” https://www.economy-news.net/content.php?id=67219
BYD's Profits Fall More Than Expected Amid Electric Vehicle Price War
Money and Business BYD reported a larger-than-expected drop in profits for the final quarter of last year, as intensifying competition and stricter regulations in China increased pressure on the world's largest electric vehicle maker to revive its sluggish momentum.
Net income for the three months ending December 31 was 9.3 billion yuan ($1.3 billion), according to figures extracted from the annual results released today. This represents a 38% decrease compared to the previous year and fell short of the average analyst estimate of 10.5 billion yuan.
Revenue fell by about 14% to 237.7 billion yuan, highlighting concerns that BYD's aggressive discounting policy and diversified product strategy—which enabled it to overtake Tesla as the world's largest electric vehicle seller last year—are beginning to negatively impact its performance.
BYD's global dominance is facing a real-world test as it struggles with slowing domestic sales, forcing the industry benchmark to spend heavily to keep pace with technology-driven models from companies like newcomer Xiaomi. Sales declined in the first two months of this year, and after years of dominating the Chinese market, BYD lost its leading position to Geely Automobile Holdings.
This has led BYD to increasingly focus on overseas markets, where demand for its models is growing strongly and the company is generating higher profits per vehicle sold.
Exports have remained robust so far in 2026, in contrast to the decline in domestic sales, and BYD aims to sell 1.3 million vehicles outside of China by 2026. However, this expansion remains a costly and high-risk undertaking for the electric vehicle brand, which is investing heavily in building overseas factories to circumvent tariffs and other trade barriers.
https://www.economy-news.net/content.php?id=67199
France Is Investigating An Attempted Attack On Bank Of America.
Banks French counter-terrorism authorities on Saturday began investigating an attempted attack near the headquarters of Bank of America in Paris.
The anti-terrorism prosecutor's office reported that suspects attempted to detonate an explosive device near the office, and one person was detained in connection with the investigation, according to Bloomberg News.
A spokeswoman for Bank of America said the bank is "aware of the situation" and is in contact with authorities.
https://www.economy-news.net/content.php?id=67248
Baghdad Suspends Jordan Oil Flow For Second Month
2026-03-28 Shafaq News- Baghdad Iraq has halted crude oil shipments to Jordan for a second consecutive month, with both sides awaiting a renewed agreement after the previous memorandum expired, an energy source told Shafaq News on Saturday.
The pause stems from procedural delays linked to structuring shipments and setting preferential pricing, rather than a broader breakdown in energy cooperation.
Under the earlier arrangement, Jordan imported between 10,000 and 15,000 barrels per day (bpd) of Iraqi crude at prices below global market levels as part of a bilateral energy cooperation framework.
Earlier this week, Iraqi lawmaker Ali Shaddad noted that Baghdad is exploring several options to secure alternative oil export routes as regional tensions disrupt shipments through the Strait of Hormuz and curtail output from southern oil fields. One immediate option under consideration involves transporting oil by tanker trucks to neighboring countries, including Turkiye, Jordan, and Syria.
He underscored the need to accelerate work on key pipeline projects, including the planned Basra–Aqaba pipeline to Jordan, with a projected capacity exceeding 600,000 bpd, and the Iraq–Turkiye pipeline, which can carry about 400,000 bpd. https://www.shafaq.com/en/Economy/Baghdad-suspends-Jordan-oil-flow-for-second-month
Read more: Iraq's energy vulnerability: When a petro-state has no buffer
Basrah Crudes Rise 6% At Friday Close As Oil Prices Climb
2026-03-28 Shafaq News- Basrah Iraq’s Basrah crude rose on Friday, tracking gains in global oil markets amid uncertainty over prospects for a ceasefire in the ongoing US-Israel-Iran war.
Basrah Heavy crude increased by $5.95, or 6%, to $105.10 per barrel, while Basrah Medium crude gained $5.95, or 5.95%, to $107.20 per barrel.
Global benchmarks also advanced, with Brent crude at $114.53 per barrel and US West Texas Intermediate (WTI) at $101.18.
Iraqi crude is priced by destination: Exports to Asia track the average of Dubai and Oman crude, shipments to Europe are benchmarked to Brent, and exports to the United States follow WTI, each with premiums or discounts based on market conditions. https://www.shafaq.com/en/Economy/Basrah-crudes-rise-6-at-Friday-close-as-oil-prices-climb
Gold Prices Rise In Baghdad, Erbil Markets
2026-03-28 Shafaq News- Baghdad/ Erbil On Saturday, gold prices hovered around 980,000 IQD per mithqal in Baghdad and Erbil markets, according to a survey by Shafaq News Agency.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 978,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 974,000 IQD. The same gold had sold for 965,000 IQD last Thursday.
The selling price for 21-carat Iraqi gold stood at 948,000 IQD, while the buying price reached 944,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 980,000 and 990,000 IQD, while Iraqi gold sold for between 950,000 and 960,000 IQD.
In Erbil, 22-carat gold was sold at 1,050,000 IQD per mithqal, 21-carat gold at 1,002,000 IQD, and 18-carat gold at 859,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-Erbil-markets-3
Dollar Rises In Baghdad, Stabilizes In Erbil
2026-03-28 Shafaq News- Baghdad/ Erbil The US dollar closed Saturday’s trading mixed in Iraq, hovering around 154,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,500 dinars per 100 dollars, up from the morning session’s 154,450 dinars.
In the Iraqi capital, exchange shops sold the dollar at 155,000 dinars and bought it at 154,000 dinars, while in Erbil, selling prices stood at 154,400 dinars and buying prices at 154,300 dinars. https://www.shafaq.com/en/Economy/Dollar-rises-in-Baghdad-stabilizes-in-Erbil-3
Dollar Dips At Opening In Baghdad And Erbil
2026-03-28 Shafaq News- Baghdad/ Erbil The US dollar opened Saturday’s trading lower in Iraq, hovering around 154,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,450 dinars per 100 dollars, down from 154,700 dinars recorded last Thursday.
In the Iraqi capital, exchange shops sold the dollar at 155,000 dinars and bought it at 154,000 dinars.
in Erbil, selling prices stood at 154,400 dinars and buying prices at 154,300 dinars.
https://www.shafaq.com/en/Economy/Dollar-dips-at-opening-in-Baghdad-and-Erbil