Iraq Economic News and Points To Ponder Saturday Afternoon 8-28-26
Basrah Crude Loses Over 6% On Week
2026-08-29 Shafaq News- Basra Basrah Heavy and Basrah Medium crude each lost $5.37 a barrel over the week, falling 6.72% and 6.46%, respectively. Both grades nevertheless rose in the final trading session.
Basrah Heavy gained $1.67 a barrel, or 2.29%, in the final session to settle at $74.52. Basrah Medium also rose $1.67 a barrel, or 2.19%, to close at $77.82.
Global oil prices moved lower. West Texas Intermediate fell $0.08, or 0.10%, to $83.46 a barrel, while Brent declined $0.33, or 0.37%, to $89.37. https://www.shafaq.com/en/Economy/Basrah-crude-loses-over-6-on-week
Dollar Edges Higher In Baghdad, Erbil
2026-08-29 Shafaq News- Baghdad/ Erbil The US dollar edged higher against the Iraqi dinar in Baghdad and Erbil on Saturday, hovering around 154,000 dinars per $100.
According to a Shafaq News market survey, the dollar rose in Baghdad to 154,000 dinars per $100 at the al-Kifah and al-Harithiya central exchanges, up from 153,550 dinars on Thursday.
At currency exchange shops in Baghdad, the dollar was selling for 154,500 dinars per $100 and buying for 153,500 dinars.
In Erbil, the dollar was selling for 153,900 dinars per $100 and buying for 153,850 dinars.
https://www.shafaq.com/en/Economy/Dollar-edges-higher-in-Baghdad-Erbil-8
Gold Prices Fall In Baghdad And Erbil
2026-08-29 Shafaq News- Baghdad/ Erbil On Saturday, gold prices hovered around 970,000 IQD per mithqal in Baghdad and Erbil markets, according to a Shafaq News market survey.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 970,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 966,000 IQD. The same gold had sold for 995,000 IQD on Thursday.
The selling price for 21-carat Iraqi gold stood at 940,000 IQD, with a buying price of 936,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 970,000 and 980,000 IQD, while Iraqi gold sold for between 940,000 and 950,000 IQD.
In Erbil, 22-carat gold was sold at 1,000,000 IQD per mithqal, 21-carat gold at 955,000 IQD, and 18-carat gold at 820,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-and-Erbil-7
Kirkuk-Baniyas Pipeline To Boost Iraq’s Exports By 2.25M Bpd
2026-08-29 Shafaq News- Baghdad Iraq is pushing ahead with a strategic oil pipeline that could open new export routes for up to 2.25 million barrels per day (bpd), Oil Minister Basim Mohammed Khudair al-Abadi said on Saturday.
At a meeting attended by Deputy Oil Minister for Extraction Affairs Nasir Aziz and the directors-general of the state-run South Oil Company and North Oil Company, al-Abadi directed officials to accelerate the technical and commercial arrangements and finalize preparations ahead of the contract signing.
The proposed pipeline would run from the southern oil hub of Basra through Haditha to Fishkhabur in northern Iraq. A separate section would connect Haditha with Baniyas on Syria’s Mediterranean coast.
https://www.shafaq.com/en/Economy/Kirkuk-Baniyas-pipeline-to-boost-Iraq-s-exports-by-2-25M-bpd
CBI Steps Up Monitoring Of Officials’ Wealth
2026-08-29 Shafaq News- Baghdad The Central Bank of Iraq (CBI) has instructed financial institutions to tighten scrutiny of senior officials and other high-ranking public figures, targeting unexplained wealth and transactions linked to corruption, money laundering, and terrorist financing.
A CBI document sets minimum requirements for monitoring such customers during and after their time in office, including wealth inconsistent with declared income or known finances and unusual or high-value transactions that do not match their activities or positions.
Other red flags include dealings with high-risk jurisdictions without clear economic justification, unexplained financial activity involving relatives or close associates, and the use of third parties, companies, or complex ownership structures to conceal beneficiaries or sources of funds.
Banks must also consider credible information linking customers to corruption, bribery, fraud, or other financial crimes, along with insufficient documentation of assets and sudden changes in spending patterns or holdings.
The CBI said these criteria will form part of its supervisory activities when assessing the effectiveness of financial institutions’ anti-money laundering and counter-terrorist financing systems.
The directive comes amid Iraq’s nationwide Dawn Crackdown, launched on June 28 to pursue corruption cases, including illicit enrichment and unexplained wealth among officials and political figures. The campaign has revived the “Where Did You Get This?” initiative, introduced in 2023 to examine whether officials’ assets match their declared income.
On Aug. 28, the CBI imposed a precautionary asset freeze on 12 current and former political figures in connection with corruption investigations, requiring banks to identify and report any funds held in their names.
Read more: Corruption arrests in Iraq pass 210 under PM al-Zaidi
https://www.shafaq.com/en/Economy/CBI-steps-up-monitoring-of-officials-wealth
UK exports to Iraq rise 3.7% in Q2 2026
2026-08-29 Shafaq News- London Iraq imported about $111 million in British goods in the second quarter of 2026, up 3.7% from roughly $107 million in the previous quarter, data from HM Revenue and Customs (HMRC) showed on Saturday.
Vehicles and automotive components led purchases at about $33 million, followed by pharmaceuticals at $20 million and machinery and mechanical equipment at $12 million.
Electrical equipment accounted for around $6.9 million, while essential oils, perfumes, cosmetics, and personal care products reached $6.2 million. Other goods included optical and medical instruments, fuels, beverages, chemicals, paints, and inks.
Bilateral trade remains heavily tilted toward UK exports. UN Comtrade figures released in April 2026 put Iraqi exports to the British market at only about $4 million in 2025. Unlike Iraq’s exports to many other markets, which are dominated by crude oil, sales to Britain consisted largely of food products.
An Iraqi Ministry of Finance report published in 2025 valued overall trade between the two countries at $1.108 billion in 2024, up from $1.072 billion a year earlier.https://www.shafaq.com/en/Economy/UK-exports-to-Iraq-rise-3-7-in-Q2-2026
USD Prices Stabilize In Baghdad, Increase In Erbil
2026-08-29 Shafaq News- Baghdad/ Erbil The US dollar closed 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 exchange markets at 154,000 dinars per 100 dollars, the same price recorded in the morning’s session.
In the Iraqi capital, exchange shops sold the dollar at 154,500 dinars and bought it at 153,500 dinars, while in Erbil, selling prices stood at 154,000 dinars and buying prices at 153,900 dinars.
https://www.shafaq.com/en/Economy/USD-prices-stabilize-in-Baghdad-increase-in-Erbil
Iraq Ranks Third In July 2026 Foreign Visitors To Turkiye
2026-08-29 Shafaq News- Ankara/ Baghdad Iraqi visitors to Turkiye rose 8.59% in July from a year earlier, putting Iraq in third place among the country's largest sources of foreign visitors, according to the Turkish Ministry of Culture and Tourism.
A total of 131,607 Iraqis visited Turkiye in July 2026, up from 121,191 in the same month of 2025. They accounted for 1.85% of all foreign arrivals in July, compared with 1.70% in July 2025 and 1.53% in July 2024.
Iran ranked first with 322,256 visitors, followed by Saudi Arabia with 191,125. Iranian arrivals rose 27.11% year-on-year, while arrivals from Saudi Arabia declined 3.97%.
Across Asia, Turkiye received 1.039 million visitors in July 2026.
Read more: Iraqi visits to Turkiye surpass 80K in May
https://www.shafaq.com/en/Economy/Iraq-ranks-third-in-July-2026-foreign-visitors-to-Turkiye