Iraq Economic News and Points To Ponder Saturday Afternoon 9-12-26

CBI Tightens Rules For State Bank Advisers

2026-09-12 08:05   Shafaq News- Baghdad   Iraq’s central bank (CBI) has tightened oversight of advisers at state-owned banks, requiring licensed financial institutions to clearly define consultants’ responsibilities and keep their roles separate from executive management, Shafaq News learned on Saturday.

In an official circular, the CBI noted that the rules apply to both Iraqi and foreign advisers, stressing that experts cannot be given authority to perform executive duties. They are also barred from holding positions or serving on the board of the bank they advise or any other bank supervised by the CBI.

Financial institutions will bear legal responsibility for any violations of the directive, according to the circular.

Read more: Source: Political pressure stalls changes at Finance Ministry

An informed source also told Shafaq News that some advisers had received substantial payments and benefits, while allegations had emerged that bribes were offered to certain consultants.

Other cases involve specialists who were believed to have followed up on, promoted or facilitated banking transactions, raising potential concerns about conflicts of interest and blurred lines of responsibility.

The source also pointed to individuals who allegedly had little attendance or no clearly defined duties corresponding to their contracts, despite receiving substantial compensation.

“Some contracts may have resulted from favoritism, personal connections or ties to administrative officials,” he said, calling on the government, parliament and the Finance Ministry to review advisory and expert contracts at state-owned banks.

Read more: Iraq’s Dawn Crackdown spreads through state institutions: What the latest cases reveal

https://www.shafaq.com/en/Economy/CBI-tightens-rules-for-state-bank-advisers

Iraq Inks 25-Year Deal To Develop Ajeel Oil Field

2026-09-12 12:41   Shafaq News- Baghdad  Iraq signed a 25-year contract on Saturday to develop and operate the Ajeel oil field in Saladin province, with plans to more than double gas production and strengthen energy security, according to the Prime Minister’s Media Office.

Prime Minister Ali Faleh Al-Zaidi presided over the signing between the state-run North Oil Company and KEPT, with the contract aiming to gradually raise gas production from about 135 million to 300 million standard cubic feet per day and oil output from 30,000 to 40,000 barrels per day.

The agreement is part of the Oil Ministry’s efforts to “maximize the utilization of hydrocarbon resources,” increase oil and gas production, and support Iraq’s electricity generation system.

https://www.shafaq.com/en/Economy/Iraq-inks-25-year-deal-to-develop-Ajeel-oil-field

US Dollar Tops 236,000 Iranian Tomans

2026-09-12 14:08    Shafaq News- Tehran   The US dollar climbed above 236,000 Iranian tomans in Iran's free market on Saturday, reaching a new high, according to Tejarat News, a website that tracks free-market exchange rates.

The euro also rose about 5.6% over the past week to around 274,760 tomans, while the British pound gained about 5.8% to top 319,000 tomans.

US Treasury Secretary Scott Bessent unveiled “Operation Economic Outcast” on August 24, targeting nearly 60 Iran-linked individuals, entities and vessels and widening potential secondary sanctions across sectors including digital assets, technology, gold, aviation and shipping.

Renewed US-Iran military exchanges and a US blockade have added pressure on Iran's economy and crude exports. Iranian loadings fell to about 220,000 to 255,000 barrels per day (bpd) in August from roughly 2 million bpd in March, according to industry data cited by Reuters.

Iran's central bank has sought to contain the pressure. Governor Abdolnaser Hemmati said on September 1 that Iran had sufficient foreign-currency reserves and was prepared to inject up to $2 billion into the market to curb volatility.

https://www.shafaq.com/en/Economy/US-dollar-tops-236-000-Iranian-tomans

Basrah Crude Rallies Around 16% In A Week

2026-09-12 07:25    Shafaq News- Basrahm  Basrah Heavy and Medium crude posted weekly gains of $13.45 and $13.43 a barrel, or 16.27% and 15.62%, respectively, after climbing in the final trading session despite losses in global oil prices.

Basrah Heavy gained $5.90 a barrel, or 6.54%, in the final session to settle at $96.11. Basrah Medium also rose $5.90, or 6.37%, to close at $99.41.

On global markets, West Texas Intermediate (WTI) fell $2.19, or 2.14%, to $99.89 a barrel, while Brent crude declined $2.70, or 2.51%, to $104.93. The UAE’s Murban crude dropped $2.48, or 2.02%, to $120 a barrel.

Gold Prices Fall In Baghdad, Erbil Markets

 2026-09-12 05:09    Shafaq News- Baghdad/ Erbil   On Saturday, gold prices hovered around 960,000 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 960,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 956,000 IQD. The same gold had sold for 970,000 IQD on Thursday.

The selling price for 21-carat Iraqi gold stood at 930,000 IQD, with a buying price of 926,000 IQD.

In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 960,000 and 970,000 IQD, while Iraqi gold sold for between 930,000 and 940,000 IQD.

In Erbil, 22-carat gold was sold at 1 million IQD per mithqal, 21-carat gold at 955,000 IQD, and 18-carat gold at 818,000 IQD.

https://www.shafaq.com/en/Economy/Gold-prices-fall-in-Baghdad-Erbil-markets-9

Basrah Medium Rises 4.7% In August

2026-09-12 03:02   Shafaq News- Basra  Iraq’s Basrah Medium crude rose $3.67 per barrel in August to average $82.04, up 4.68% from $78.37 in July, according to OPEC’s latest monthly report.

The Iraqi grade outperformed Saudi Arab Light, which fell $1.36 to $86.52 per barrel, and Kuwait Export, which gained $0.76 to $82.78.

Other regional grades posted larger gains. UAE Murban climbed $11.81 to $90.96 per barrel, while Algeria’s Sahara Blend rose $10.53 to $94.32.

OPEC’s Reference Basket averaged $86.44 per barrel in August, up $3.45, or 4.1%, from $82.99 in July.

https://www.shafaq.com/en/Economy/Basrah-Medium-rises-4-7-in-August