Iraq Economic News and Points To Ponder Saturday Afternoon 9-5-26
CBI: No US Dollar Rate Change
2026-09-05 Shafaq News- Baghdad The Central Bank of Iraq (CBI) on Saturday denied changing the official US dollar exchange rate, following social media claims that deposits would be priced at 1,460 dinars per dollar starting September 6.
CBI media director Haider Ghazi told Shafaq News that the reports were intended to destabilize the economy and the exchange rate. The bank’s latest published data, dated September 3, list the US dollar at 1,310 dinars.
In June, the CBI also rejected a forged document claiming the government had requested a rate of 1,600 dinars per dollar.
https://www.shafaq.com/en/Economy/CBI-No-US-dollar-rate-change
CBI Reassures Depositors Their Funds Are Safe
2026-09-05 Shafaq News- Baghdad The Central Bank of Iraq (CBI) reassured depositors on Saturday that their funds are protected and the country’s banking system has sufficient liquidity, with liquid assets exceeding 60% of short-term liabilities.
In a statement, the CBI stressed that placing a licensed bank under direct supervision or guardianship does not mean it is bankrupt, rejecting claims circulated on social media. It described such measures as legal, precautionary steps aimed at safeguarding banks and maintaining stable operations.
The clarification follows the CBI’s decision on Wednesday to place Al-Taif Islamic Bank for Investment and Finance under guardianship over violations that affected its financial position and depositors’ funds.
The CBI affirmed that depositors' funds are protected under existing laws, regulations, and instructions, adding that it monitors banks to ensure customers can access their money without delay. All licensed banks also participate in Iraq’s deposit insurance company, which compensates depositors if a bank is unable to meet its obligations in accordance with applicable laws.The assurances coincide with increased regulatory scrutiny of Iraq’s banking sector. Informed sources told Shafaq News on Saturday that the Federal Integrity Commission and other regulatory bodies are investigating declining liquidity, loans, investment financing and exceptional approvals at state-owned banks, particularly Rafidain and Rasheed.
A broader review disclosed in August also examined alleged misuse of public funds, declining liquidity and misleading reports submitted by some bank managers to senior officials.
Prime Ministerial economic adviser Mudher Mohammed Saleh previously told Shafaq News that weaknesses in management and oversight, along with declining public confidence, had constrained banks’ ability to attract savings and finance investment. He highlighted stronger governance, supervision and compliance, as well as restructuring troubled banks, as key elements of banking reform.
CBI data showed that total bank deposits fell 5.6% in the first half of 2026, from 111.065 trillion dinars (about $84.41B) at the end of 2025 to 104.875 trillion dinars (about $79.71B) by the end of June. Cash credit declined 5.4% to 71.511 trillion dinars (about $54.35B) over the same period.
https://www.shafaq.com/en/Economy/CBI-assures-depositors-of-fund-safety
US Escorts 7M Barrels Through Hormuz
2026-09-05 Shafaq News- Hormuz Oil and gas tankers carrying approximately 7 million barrels are preparing to transit the Strait of Hormuz under US military protection, amid a surge in shipping activity in the Gulf of Oman, maritime tracking service TankerTrackers.com reported on Saturday.
The service tracked 17 ship-to-ship oil and gas transfers in the Gulf of Oman on Friday, involving an estimated 24 million barrels.
US Central Command (CENTCOM) detailed that more than 200 mine-like objects had been cleared from the strategic gateway, including 11 confirmed mines. CENTCOM commander Adm. Brad Cooper said internationally recognized shipping lanes were now “free” of Iranian sea mines and that traffic was increasing. Yet shipping through Hormuz remains below recent levels.
Preliminary Kpler data showed four commodity vessels crossing on Sept. 1, down from a 10-day average of about 13.
The United States and Iran this week exchanged their most intense military strikes since July, with US forces hitting Iranian military sites and Tehran responding with missile and drone attacks on US bases in Bahrain, Jordan, Kuwait and Iraq.
https://www.shafaq.com/en/Economy/US-escorts-7M-barrels-through-Hormuz
Basrah Crude Gains Over 10% On Week
2026-09-05 Shafaq News- Basrah Basrah Heavy and Medium crude posted weekly gains of $8.14 and $8.16 a barrel, or 10.93% and 10.49%, respectively, despite falling in the final trading session, while global oil prices moved higher.
Basrah Heavy fell 80 cents a barrel, or 0.96%, in the final session to settle at $82.66. Basrah Medium also declined 80 cents a barrel, or 0.92%, to close at $85.98.
On global markets, West Texas Intermediate (WTI) fell $0.66, or 0.72%, to $90.64 a barrel, while Brent crude declined $0.14, or 0.1%, to $95.38 a barrel. https://www.shafaq.com/en/Economy/Basrah-crude-gains-over-10-on-week
Dollar Stabilizes In Baghdad, Rises In Erbil
2026-09-05 Shafaq News- Baghdad/ Erbil The US dollar opened Saturday’s trading mixed in Iraq, hovering around 155,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 154,650 dinars per 100 dollars, unchanged from the previous session.
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 154,650 dinars and buying prices at 154,550 dinars.
https://www.shafaq.com/en/Economy/Dollar-stabilizes-in-Baghdad-rises-in-Erbil-0
EXCLUSIVE: Iraq Probes State Banks Over Liquidity Depletion
2026-09-05 Shafaq News- Baghdad Iraq’s Federal Integrity Commission, the country’s anti-corruption watchdog, and other regulatory bodies are investigating declining liquidity at state-owned banks, exceptional lending and financing approvals, and the funding of investment projects, informed sources told Shafaq News on Saturday.
The inquiry covers loans and credit facilities starting at one billion dinars (≈ $760,000), particularly at state-owned Rafidain and Rasheed banks, to determine whether they complied with banking regulations. Investigators are also examining the companies and individuals that benefited, how the funds were used and the procedures behind exceptional approvals.
Preliminary data currently under audit indicate a “significant depletion” of liquidity and financial resources at state-owned banks in recent years, including funds available to Rafidain and Rasheed, according to the sources.
Some of the files date to the previous government and involve financial and banking policies and procedures adopted at the time. The investigation and audit findings will determine the extent of any responsibility and whether violations occurred.
The regulatory measures, the sources said, come amid financial challenges facing the state and efforts to strengthen liquidity management, safeguard the financial resources of government institutions and ensure their use within established legal and economic frameworks.
The latest inquiry follows a separate Federal Integrity Commission investigation disclosed earlier this week into contracts signed by state-owned banks in recent years, along with loans and advances granted to companies and investors.
In August, a source informed Shafaq News that authorities began a broader review of several state-owned banks and financial institutions amid a cash crunch and delays in public-sector salaries, examining alleged misuse of public funds, declining liquidity and misleading reports submitted by some bank managers to senior officials.
Prime Minister Ali Al-Zaidi had also ordered a specialized Federal Board of Supreme Audit team that month to review designated government contracts before signing, describing inflated project costs as a major source of corruption.
Read more: Iraq’s Dawn Crackdown spreads through state institutions
https://www.shafaq.com/en/Economy/EXCLUSIVE-Iraq-probes-state-banks-over-liquidity-depletion
Gold Prices Hold Steady In Baghdad, Erbil
2026-09-05 Shafaq News- Baghdad/ Erbil Gold prices remained near 960,000 IQD per mithqal in Baghdad and Erbil markets on Saturday, according to a Shafaq News survey.
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 970,000 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 1,004,000 IQD per mithqal, 21-carat gold at 960,000 IQD, and 18-carat gold at 822,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-hold-steady-in-Baghdad-Erbil-0