CBI: 94% Of Iraq's Cash Circulates Outside Banks
2026-11-15 04:08 Shafaq News- Baghdad Nearly 94% of Iraq's currency in circulation remained outside the banking system in September 2026, compared with just 6% held by banks, according to the Central Bank of Iraq (CBI).
Cash outside banks rose by 1.7% to 101.868 trillion Iraqi dinars (approximately $67.02B) in September, up from 100.186 trillion dinars ($65.91B) in August, an increase of 1.682 trillion dinars ($1.11B).
Meanwhile, cash held by banks fell 17.6% to 6.438 trillion dinars ($4.24B), down from 7.812 trillion dinars ($5.14B) the previous month. Total currency issued by the CBI increased by 308 billion dinars ($202.63M) to 108.306 trillion dinars ($71.25B), up from 107.998 trillion dinars ($71.05B) in August.
Compared with the end of 2025, cash circulating outside banks increased by approximately 10%, from 92.560 trillion dinars ($60.89B), while total currency in circulation rose from 99.799 trillion dinars ($65.66B) to 108.306 trillion dinars ($71.25B).
https://www.shafaq.com/en/Economy/CBI-94-of-Iraq-s-cash-circulates-outside-banks
Dollar Climbs In Baghdad, Erbil Markets
2026-11-15 02:48 Shafaq News- Baghdad/ ErbilThe US dollar opened Sunday’s trading higher in Iraq, hovering around 170,000 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 169,900 dinars per 100 dollars, up from the previous session’s 169,350 dinars.
In the Iraqi capital, exchange shops sold the dollar at 170,500 dinars and bought it at 169,500 dinars, while in Erbil, selling prices stood at 170,000 dinars and buying prices at 169,900 dinars.
https://www.shafaq.com/en/Economy/Dollar-climbs-in-Baghdad-Erbil-markets-1
US Imports No Iraqi Crude For Seventh Week
2026-11-15 01:35 Shafaq News- Baghdad/ Washington US crude oil imports from Iraq, OPEC's second-largest producer, remained at zero for the seventh consecutive week, according to the latest data from the US Energy Information Administration (EIA).
Average daily US crude imports from nine major suppliers rose by 283,000 barrels to 6.286 million barrels per day (bpd) last week, compared with 6.003 million bpd the previous week.
Canada led US crude suppliers with 4.352 million bpd, followed by Venezuela at 603,000 bpd, Brazil at 330,000 bpd, and Saudi Arabia at 291,000 bpd.
Mexico supplied 262,000 bpd, Colombia 150,000 bpd, Guyana 148,000 bpd, Argentina 138,000 bpd, and Nigeria 12,000 bpd.
https://www.shafaq.com/en/Economy/US-imports-no-Iraqi-crude-for-seventh-week
Gold Prices Rise In Baghdad, Erbil Markets
2026-11-15 04:30 Shafaq News- Baghdad/ Erbil On Sunday, gold prices hovered around 940,000 IQD per mithqal in Baghdad and Erbil markets, continuing their upward trend, according to a Shafaq News market survey.
Gold prices on Baghdad's Al-Nahr Street recorded a selling price of 923,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 919,000 IQD. The same gold had sold for 920,000 IQD on Saturday.
The selling price for 21-carat Iraqi gold stood at 893,000 IQD, with a buying price of 889,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 925,000 and 935,000 IQD, while Iraqi gold sold for between 895,000 and 905,000 IQD.
In Erbil, 22-carat gold was sold at 992,000 IQD per mithqal, 21-carat gold at 948,000 IQD, and 18-carat gold at 812,000 IQD.
https://www.shafaq.com/en/Economy/Gold-prices-rise-in-Baghdad-Erbil-markets-2-0
Maysan’s Noor Station Records 11.6% Oil Output Increase
2026-11-15 06:17 Shafaq News- Maysan Crude oil output at the Noor gas separation station in Iraq’s Maysan province has risen by 11.6%, from 9,291 to 10,373 barrels per day (bpd), Maysan Oil Company Director General Hussein Kadhim Luaibi said on Sunday.
The facility processes crude from 18 wells as part of the Oil Ministry’s efforts to expand production and improve operational efficiency, he added.
Maysan is home to several major oilfields, including Halfaya, which yielded around 400,000 bpd in August and processed 190 million standard cubic feet of associated gas daily, and Amarah, where a new gas separation station began trial operations earlier this month at 3,000 bpd, with plans to reach 8,000 bpd.
Iraq aims to raise national oil production to 10 million bpd by 2030 to support economic growth, Prime Minister Ali Al-Zaidi revealed last Sunday. https://www.shafaq.com/en/Economy/Maysan-s-Noor-station-records-11-6-oil-output-increase
Aleppo Factories Revive Despite Soaring Production Costs
2026-11-15 07:35 Shafaq News- Damascus Aleppo's Sheikh Najjar Industrial City is gradually recovering from years of war-related damage, with 291 factories beginning production in 2026 and 515 industrial plots receiving building permits. However, manufacturers say rising energy costs, shortages of skilled workers and limited access to financing continue to hamper recovery.
The industrial city's administration told Shafaq News that measures to encourage production include logistical support, extended deadlines for factory rehabilitation and assistance in resolving legal issues. Manufacturers are also being supported in participating in local and international trade exhibitions.
Plans include launching a "Syrian Industry" platform to connect Aleppo manufacturers with foreign markets, improving industrial services and strengthening exports. Security patrols operate around the clock to protect industrial facilities.
Despite the gradual recovery, manufacturers say production remains far below pre-2011 levels, with many factories struggling to regain their former capacity.
Rebuilding an Industrial Base
Mohammad Nassaj, owner of a chenille yarn and circular knitting factory, told Shafaq News that restoring production in Sheikh Najjar was more like rebuilding from scratch than simply reopening factories.
According to Nassaj, most industrial facilities are operating at just 30% to 50% of their production capacity, with many owners running only some production lines to avoid high fixed costs.
Years of conflict left factories with stolen or destroyed machinery, damaged buildings and warehouses, and deteriorating infrastructure. Reopening has required substantial investment in repairs, replacement equipment and production lines.
Nassaj identified the lack of affordable bank loans as a major obstacle, alongside high electricity tariffs and frequent power outages that force manufacturers to rely on costly generators.
Rising prices for raw materials, shipping and transportation have further increased production costs, while the departure of skilled technicians has left factories struggling to recruit experienced workers without paying higher wages.
Iraq Remains a Vital Export Market
Nassaj described Iraq as one of the most important export markets for Aleppo's textile, clothing and furnishing industries.
However, he said shipments remain below expectations because of transit restrictions, border charges and competition from lower-cost regional products.
Jack Bahadi, owner of Bahadi Brothers, a factory specializing in traditional carved home and office furniture, said his business had resumed operations after repairing damage sustained during the war.
He explained that furniture manufacturing depends heavily on skilled craftsmen, making labor shortages a greater challenge than electricity costs.
Many experienced workers left Syria during the conflict and have yet to return, forcing manufacturers to offer higher wages to attract qualified staff.
Although Bahadi does not export directly to Iraq, he described the country as a promising market for Aleppo's manufacturers, citing geographical proximity and opportunities to expand trade.
Energy-intensive industries, including iron production, textile manufacturing and fabric dyeing, face even greater difficulties because of electricity and diesel costs, as well as competition from imported goods, he added.
Energy Costs
Abu al-Sajjad, a carpet factory owner, said high electricity and fuel prices, rising raw material costs and customs duties were placing additional pressure on local manufacturers.
Duties on imported fabrics and yarns increase production costs before goods reach the market, making Syrian products less competitive against imports, particularly from Turkiye, he explained.
Frequent power outages also disrupt production and damage machinery, forcing factory owners to spend more on spare parts and repairs.
Manufacturers urged the Syrian government to reduce electricity and fuel costs for industrial facilities, provide long-term low-interest loans to rehabilitate production lines and protect local industries from unfair competition.
They also called for export incentives and fewer customs and transit barriers, particularly for goods entering Iraq.
https://www.shafaq.com/en/Economy/Aleppo-factories-revive-despite-soaring-production-costs