Iraq Economic News and Points To Ponder Sunday Afternoon 6-22-25

Prime Minister's Advisor: The Country's Financial Situation Is Secure

Money and Business  Economy News – Baghdad   The Prime Minister's Financial Advisor, Dr. Mazhar Mohammed Salih, stated that Iraq's financial situation remains within safe limits, despite regional tensions resulting from the Israeli aggression against Iran. He noted that the country possesses clear financial tools and hedges in the three-year general budget law that enable it to absorb potential shocks.

Saleh said, in an interview with Al-Sabah, followed by Al-Eqtisad News, that “the general budget for the three years (2023-2025) was prepared according to a medium-term financial policy, which includes hedging within the upper spending ceilings, as it was set between an upper limit of 200 trillion dinars, and a lower limit of more than 155 trillion dinars, which ensures meeting the state’s operational and investment obligations.”

He explained that "this hedge is based on the movement of the oil asset cycle, and a hypothetical deficit of 64 trillion dinars has been adopted, which is supposed to be financed in the event of a price decline, which constitutes a strong precaution against any sharp fluctuations in the global oil market."

He explained that "the last two months have indeed witnessed signs of a price contraction in the oil market, but the geopolitical tensions resulting from the war between Iran and the Zionist entity caused a positive price shock, raising oil prices by about $10 per barrel, which improved the country's revenues, although this is fraught with risks related to the security of navigation in the Strait of Hormuz, through which 99% of Iraq's oil exports pass."

The advisor added, "The Iraqi economy is currently supported by a foreign exchange reserve, which is a fundamental pillar of stability, covering 15 months of trade, in addition to the availability of commodity stocks, some of which extend for more than three years, and food security indicators are very reassuring."

Saleh concluded his remarks by emphasizing that "Iraq's fiscal policy is built on a foundation of caution and forward-looking planning to ensure it can address any potential external repercussions, including those that may result from regional conflicts or oil market turmoil." https://economy-news.net/content.php?id=56490

America Reassures Baghdad: We Are Working To Calm Things Down And Will Convey Your Concerns To Washington.

Time: 2025/06/21 17:19:36 Reading: 510 times   {Local: Al Furat News} The Chargé d'Affaires of the US Embassy in Baghdad, Stephen Fagin, confirmed on Saturday that the United States is making intensive efforts to de-escalate the situation in the region and avoid further escalation, stressing that Washington will convey the Iraqi government's concerns to the relevant authorities.

The Ministry of Foreign Affairs stated in a statement received by {Euphrates News} a copy of it, that: “This came during the reception of the Undersecretary of the Ministry of Foreign Affairs for Bilateral Relations, Mohammed Hussein Bahr Al-Ulum, the Chargé d’Affairs of the United States Embassy in Baghdad, Stephen Fagin, and the discussion of developments in the situation in the region.”

Bahr al-Ulum reiterated the Iraqi government's condemnation of the aggression against the Islamic Republic of Iran, affirming "Iraq's absolute rejection of the use of military force, as it poses a threat to the security and stability of the region," and calling for "the adoption of diplomatic means to resolve disputes."

He expressed "Iraq's deep concern over the repeated violations of Iraqi airspace by Israeli aircraft, the most recent of which, on Friday, June 20, 2025, was a clear breach of Iraqi sovereignty through the passage of aircraft over the holy cities of Najaf and Karbala, and their extension southward." He stressed that "this violation is not only an infringement of sovereignty, but also poses a direct threat to the security and safety of civil aviation, especially via Basra International Airport, which is currently the only air outlet for the return of Iraqi citizens stranded abroad and the departure of travelers to their destinations."

Bahr al-Ulum called for "the necessary efforts to stop these violations and enhance Iraq's ability to deter all threats targeting its sovereignty, security, and the integrity of its territory and airspace, based on the strategic framework agreement signed between the two countries in 2008."

For his part, Ambassador Fagin affirmed that "the United States is making intensive efforts to calm the situation and avoid further escalation," noting that he "will convey the Iraqi government's concerns to the relevant authorities in Washington."LINK

The Judiciary Recovers 8 Billion Dinars In Financial Fraud.
 
Economy    June 19, 13:46  Information/Baghdad... Today, Thursday, the Second Karkh Investigation Court  recovered an amount of eight billion Iraqi dinars for a financial fraud crime.
 
The judiciary's media office stated in a statement received by Al-Maalouma Agency that  "the amount was recovered from two companies that violated the law by fraudulently obtaining the difference in the dollar exchange rate through money transfers outside the country." 

He added, "These efforts are continuing to take legal action against the  remaining companies that follow illegal methods to obtain large profits, which harms public funds."

 It is noteworthy that the Second Karkh Investigation Court, with great efforts and under the supervision of the First Judge of the Court, recovered this amount.  https://almaalomah.me/news/101919/local/القضاء-يسترد-8-مليارات-دينار-عن-جريمة-احتيال-مالي  

After The US Strike, Learn About The Dollar Exchange Rate In Iraq.

Economy | 11:53 - 06/22/2025  Mawazine News – Baghdad  The exchange rates of the dollar against the dinar in the Iraqi local markets today, Sunday, June 22, 2025, in the main governorates are as follows:

Baghdad:   Selling price: 145,000   Buying price: 144,000

Erbil : Selling price: 144,650   Buying price: 144,250

Basra:  Selling price: 144,500   Buying price: 143,750

https://www.mawazin.net/Details.aspx?jimare=262923

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