Iraq Economic News and Points To Ponder Saturday Morning 7-18-26
US Clears Seven Iraqi Banks For Dollar Transactions
026-07-18 06:06 Shafaq News- Washington/ Baghdad Seven Iraqi banks have been cleared to resume correspondent banking relationships in foreign currencies, after meeting compliance and governance requirements, which Prime Minister Ali Al-Zaidi on Saturday hailed as “an important step” in Iraq’s banking reform program.
Al-Zaidi said the agreement between the Central Bank of Iraq and the US Treasury Department would “strengthen confidence” in Iraqi lenders, attract investment, and support economic growth.
Read more: Iraq-US investment deals depend on implementation
The step will renew US dollar transactions after US authorities had restricted Iraqi lenders for years over compliance concerns. According to the Eco Iraq economic observatory, 35 of Iraq’s 72 operating banks had lost access to US dollar transactions by August 2025. The affected institutions included Al-Janoob Islamic Bank, one of the country’s largest private lenders, previously chaired by Al-Zaidi before becoming prime minister.
Read more: Sovereignty strain: US sanctions trigger Iraq's liquidity nightmare
Dollar Edges Up In Baghdad And Erbil
2026-07-18 04:12 Shafaq News- Baghdad/ Erbil The US dollar opened Saturday’s trading higher in Iraq, hovering around 153,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 153,250 dinars per 100 dollars, up from the previous session’s 153,000 dinars.
In the Iraqi capital, exchange shops sold the dollar at 153,750 dinars and bought it at 152,750 dinars, while in Erbil, selling prices stood at 153,250 dinars and buying prices at 153,150 dinars.
https://www.shafaq.com/en/Economy/Dollar-edges-up-in-Baghdad-and-Erbil
Gold Steadies In Baghdad And Erbil Markets
2026-07-18 05:08 Shafaq News- Baghdad/ Erbil On Saturday, gold prices hovered around 860,000 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 862,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 858,000 IQD, unchanged from Thursday.
The selling price for 21-carat Iraqi gold stood at 832,000 IQD, while the buying price reached 828,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 860,000 and 870,000 IQD, while Iraqi gold sold for between 830,000 and 840,000 IQD.
In Erbil, 22-carat gold was sold at 915,000 IQD per mithqal, 21-carat gold at 874,000 IQD, and 18-carat gold at 749,000 IQD.
https://www.shafaq.com/en/Economy/Gold-steadies-in-Baghdad-and-Erbil-markets
Basrah Crudes Jump 10%+ For The Week
2026-07-18 02:44 Shafaq News- Basrah Iraq’s Basrah crude prices rose more than 12% over the past week, outperforming several major global oil benchmarks.
Basrah Heavy crude fell by $1.94 in its latest trading session to $54.89 per barrel, a daily decline of 3.41%, but recorded weekly gains of $6.62, or 12.06%. Basrah Medium crude also dropped by $1.94 to settle at $57.19 per barrel, down 2.78% on the day, while posting weekly gains of $7.42, or 12.84%.
Brent crude futures settled at $87.68 per barrel, gaining $3.45, or 4.10%. US West Texas Intermediate (WTI) closed at $82.10 per barrel, up $3.99, or 3.15%, compared with the previous week. https://www.shafaq.com/en/Economy/Basrah-crudes-jump-10-for-the-week
Iraq Approves Starlink For Satellite Internet Services
2026-07-17 18:59 Shafaq News- Washington Iraq has officially granted Starlink a license to provide satellite internet services, as Baghdad seeks to expand connectivity options and improve access to high-speed internet, the Communications and Media Commission (CMC) reported on Friday.
The agreement was signed at the US Chamber of Commerce in Washington during a ceremony attended by Iraqi Prime Minister Ali al-Zaidi and CMC Executive Chairman Baligh Abu Kalal.
According to the CMC, Starlink's entry into Iraq is expected to give consumers and businesses more choices for internet access, particularly in remote areas where infrastructure remains limited. The service could also support investment and advance the country's broader digital transformation efforts.
Operated by SpaceX, Starlink delivers internet service through a network of low Earth orbit satellites, extending connectivity to areas where traditional broadband infrastructure is limited or unavailable.
Earlier today, Shafaq News learned that Iraq will sign 48 agreements and memoranda of understanding (MoUs) with the US government, international companies, and global institutions, with energy, infrastructure, and technology projects accounting for the largest share of the package.
Al-Zaidi praised the expanding economic ties with the United States, describing the recently signed arrangements as a sign of growing confidence between Baghdad and Washington.
Read more: Al-Zaidi's Washington visit links US oil investment to September disarmament deadline
https://www.shafaq.com/en/Economy/Iraq-approves-Starlink-for-satellite-internet-services
Full List: Firms, Details Of PM Al-Zaidi’s US Deals
2026-07-17 16:53 Shafaq News- Washington Iraq will sign 48 agreements and memoranda of understanding (MoUs) with the US government, international companies and global institutions, with energy, infrastructure and technology projects accounting for the largest share of the package, Shafaq News learned on Friday.
According to an official list, major global energy companies account for a significant portion of the planned arrangements, including Chevron, Shell, BP, ConocoPhillips, Halliburton, Excelerate Energy, HKN Energy and GE Vernova, alongside Iraq’s KAR Group.
The package also features technology and telecommunications partnerships with companies such as Starlink and Cisco, financial cooperation with JPMorgan, and healthcare initiatives involving Abbott and Thermo Fisher Scientific.
Other planned projects cover education, institutional accreditation, real estate development, food industries and investment ventures involving US and international companies.
The list includes an agreement between the Iraqi and Syrian governments, a memorandum of understanding with the American University of Iraq-Baghdad and PepsiCo, as well as cooperation frameworks with firms specializing in engineering, infrastructure and energy.
It also outlines a partnership between the US-Iraq Business Council (USIBC) and the Federation of Iraqi Chambers of Commerce.
Earlier today, Iraq’s Prime Minister Ali al-Zaidi praised expanding economic ties with the United States, describing the recently signed arrangements as a sign of growing confidence between Baghdad and Washington.
Al-Zaidi, who began his first official foreign visit since taking office on July 13, has held talks with US President Donald Trump and senior American officials on security cooperation, investment, energy and economic partnerships. The discussions also covered the future of the US military presence following the conclusion of the Global Coalition’s mission, as well as Iraq’s commitment to placing all weapons under state control by the end of September.
Read more: Iraq-US investment deals depend on implementation
https://www.shafaq.com/en/Economy/Full-list-Firms-details-of-PM-Al-Zaidi-s-US-deals