Iraq Economic News and Points To Ponder Sunday Morning 5-17-26
The International Monetary Fund Comments On Reports That Iraq Has Requested Financial Assistance.
Money and Business Economy News — Baghdad The International Monetary Fund said it continues to discuss the possibility of providing financial support to countries affected by rising energy and commodity prices due to the war in the Middle East, without confirming reports that Iraq had requested financial assistance.
Reuters quoted the IMF spokeswoman, Julie Kozak, as saying during a press conference that the Fund continues to discuss potential financial assistance for member countries suffering from high energy and commodity costs, but she did not provide details on specific countries, and declined to comment on a report that Iraq had requested financial support.
Kozak added that a number of countries are asking the Fund for support in the area of economic policies and advice on how to respond to economic shocks according to the circumstances of each country.
Media reports had indicated that Iraq had requested financial assistance from the Fund as a result of the repercussions of the war in the Middle East and rising energy prices, at a time when the Fund’s Managing Director, Kristalina Georgieva, had previously indicated that about 12 countries might need financial support ranging between $20 billion and $50 billion.
https://www.economy-news.net/content.php?id=69157
Finance Minister: The Current Stage Requires Exceptional Work And Rapid Progress
Economy News – Baghdad On Sunday, Iraqi Finance Minister Faleh Sari chaired an expanded meeting with the directors general of the ministry's headquarters and its affiliated departments, following his official commencement of duties, to discuss the priorities of the next phase and mechanisms for enhancing financial and administrative performance.
During the meeting, the minister stressed that the current stage requires “exceptional work, highly efficient management, and financial discipline,” emphasizing the importance of unifying efforts and working as a team to confront the current economic and financial challenges.
Sari called for maximizing public revenues in the ministry’s affiliated bodies and departments, in order to contribute to fulfilling the state’s financial obligations, in light of the challenges related to energy markets and the decline in Iraqi oil exports to levels he described as “unprecedented”.
The Minister of Finance also stressed the need to adopt clear time limits for completing files, stressing that the current stage requires officials capable of diagnosing problems and providing practical solutions, and that the standard of success will be linked to achievement and taking responsibility. https://www.economy-news.net/content.php?id=69170
Russian Banks Enter Into Financial Cooperation With Iran
banks Economy News - Follow-up The former head of Iran’s Trade Development Organization, Peyman Pak, announced on Saturday that a number of major Russian banks, including Sberbank and VTB Bank, have established active correspondent accounts with the Central Bank of Iran and banks operating in the country.
Fars News Agency quoted Pak as saying that the assets of these banks range between $400 and $500 billion for each bank, which is almost double the total assets of Iranian banks, providing a great capacity to expand financial exchanges between the two sides.
He added that linking the Iranian financial payment system “SPAM” to the Russian SPFS network contributed to reducing the time required for currency transfers for traders from several months to about 48 hours, which led to a significant increase in the volume of cash exchanges.
The financial cooperation between the two sides comes at a time when the US Treasury Department imposed new sanctions on Monday related to Iran, targeting individuals and companies run from several countries, including China.
On April 28, 2026, the US Treasury Department announced sanctions against 35 entities and individuals in Iran for helping them evade sanctions. https://www.economy-news.net/content.php?id=69127
Financial Times: Shipping Companies Are Transporting Fuel By Truck Amid The Strait Of Hormuz Crisis.
energy Economy News - Follow-up The Financial Times reported that major shipping companies have begun using trucks to transport fuel amid the partial closure of the Strait of Hormuz due to the crisis in the Middle East.
The newspaper confirmed that, with the Strait of Hormuz closed, shipping rates on the Shanghai-Gulf and Red Sea route reached record levels this week, exceeding the levels recorded during the COVID-19 pandemic.
Citing data from Clarksons research firm, she noted that the shipping cost for a standard container on this route has risen from $980 to $4,131 since May 15.
The magazine stated that "all major shipping companies, including Mediterranean Shipping Company (MSK), Maersk, CMA-CGM and Hapag-Lloyd, have opened routes to transport goods from Red Sea and Gulf of Oman ports."
The Financial Times quoted Maersk CEO Vincent Clerc as saying that a large number of trucks were used to transport the shipments.
He noted that Saudi Arabia and Iraq have allowed large numbers of trucks to enter from Iraq, Jordan and Turkey.
However, the newspaper stressed that trucks can only partially replace the capacity of container ships and large cargo vessels that used to serve the Arab Gulf states via the Strait of Hormuz. https://www.economy-news.net/content.php?id=69171
EIA: Iraq’s Oil Exports To US Rise Over The Week
2026-05-17 Shafaq News- Baghdad/ Washington Iraq’s crude oil exports to the United States rose 24,000 barrels per day (bpd) last week, US Energy Information Administration (EIA) data showed on Sunday.
Iraqi shipments averaged 100,000 bpd last week, 31.6% higher than the previous week’s average of 76,000 bpd.
Total US crude imports from nine major suppliers reached 5.404 million bpd last week. Canada remained the top supplier at 4.067 million bpd, followed by Venezuela with 588,000 bpd, Colombia with 164,000 bpd, Saudi Arabia with 154,000 bpd, and Brazil with 109,000 bpd.
Imports also included Nigeria at 87,000 bpd, Mexico at 71,000 bpd, and Ecuador at 64,000 bpd. No oil was imported from Libya this week. https://www.shafaq.com/en/Economy/EIA-Iraq-s-oil-exports-to-US-rise-over-the-week
Dollar Slips In Baghdad, Steady In Erbil
2026-05-17 Shafaq News- Baghdad/ Erbil The US dollar opened Sunday's trading slightly lower in Baghdad and unchanged in Erbil, hovering around 154,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,800 dinars per 100 dollars, down from Saturday's 153,900 dinars.
In the Iraqi capital, exchange shops sold the dollar at 154,500 dinars and bought it at 153,500 dinars, while in Erbil, selling prices stood at 153,500 dinars and buying prices at 153,400 dinars.
https://www.shafaq.com/en/Economy/Dollar-slips-in-Baghdad-steady-in-Erbil
Gold Prices Stable In Baghdad And Erbil
2026-05-17 Shafaq News- Baghdad/ Erbil Gold prices on Sunday remained constant in Baghdad and Erbil markets, hovering below the million-dinar mark, according to Shafaq News market survey.
On Baghdad's Al-Nahr Street, wholesale markets recorded a selling price of 982,000 IQD per mithqal (equivalent to five grams) for 21-carat Gulf, Turkish, and European gold, with a buying price of 978,000 IQD, the same as the previous session.
Iraqi 21-carat gold sold at 952,000 IQD per mithqal, with a buying price of 948,000 IQD.
In jewelry stores, 21-carat Gulf gold ranged between 985,000 and 995,000 IQD per mithqal, while Iraqi gold sold between 955,000 and 965,000 IQD.
In Erbil, prices also declined, with 22-carat gold selling at 1.021 million IQD per mithqal, 21-carat at 975,000 IQD, and 18-carat at 835,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-stable-in-Baghdad-and-Erbil
CBI: Iraq's Foreign Reserves Shed $1.8 Billion In A Single Week
2026-05-17 Shafaq News- Baghdad Iraq's foreign currency reserves fell sharply in the final week of April, according to fresh financial indicators published by the Central Bank of Iraq (CBI).
Net foreign assets held by the central bank declined from 125.614 trillion dinars on April 23 to 123.269 trillion dinars —approximately $93.3 billion— by the end of the month, a drop of 2.345 trillion dinars in seven days, equivalent to some $1.8 billion based on a Shafaq News calculation derived from central bank data. Other official reserves fell in parallel, settling at 122.780 trillion dinars.
Economic analyst Nabil al-Marsoumi attributed the continued decline directly to falling oil revenues.
CBI: Iraq's foreign reserves shed $1.8 billion in a single week - Shafaq News
https://www.shafaq.com/en/Economy/CBI-Iraq-s-foreign-reserves-shed-1-8-billion-in-a-single-week