Iraq Economic News and Points To Ponder Thursday Afternoon 8-28-25
Maximizing Revenue
Economic 08/28/2025 Abdul Zahra Muhammad Al-Hindawi When I say that the Iraqi economy is still unilateral and moving on one foot,I do not consider myself the discoverer of electricity, which still represents Iraq's first story! Rather,
everyone knows and acknowledges this, as the non-oil sectors are still crawling on their seats and have not recorded a notable presence in the economic scene, at a time when the state has no choice but to move towards maximizing its revenues, in light of the escalation of expenditures to the point that oil revenues are no longer able to meet the requirements of that spending, whether operational or investment.
So, how can we find other resources to support the budget and thus reduce our dependence on oil?
Maximizing revenues necessarily leads to increased financial resources through economic diversification.
The five-year development plan for the years 2024-2028 talks about its goal of raising the contributions of the agriculture, industry and tourism sectors to rates ranging between 2-4%, and improving the collection of direct and indirect taxes, which will contribute to achieving an amount of 79 trillion dinars over five years, compared to more than 600 trillion dinars representing oil revenues, which is a very small percentage.
Hence, it is imperative that all state institutions strive diligently to search for sources to maximize their revenues.
However, this maximization should not be at the expense of the people, and this maximization
should not go entirely to the public treasury (Ministry of Finance).
Rather, there must be an incentive for the entity that has succeeded in finding sources to maximize its resources, so that it has a share of these resources, which it can invest in maintenance, or in developing the resource itself, or granting incentive bonuses to its workers, so that this will be an incentive for others to strive diligently. On this path.
Perhaps among the sources of maximizing the state’s resources are addressing tax evasion, simplifying procedures, controlling border crossings, and investing in infrastructure and strategic projects, such as the development road, the Grand Faw Port project, airports, industrial and economic cities, and most importantly, strengthening, encouraging, and improving partnerships with the private sector, especially after the establishment of the Special Council to manage and develop this sector.
Naturally, this also necessarily requires developing the financial and banking sector, in addition to adopting a digital transformation policy to increase sales, without forgetting the importance of improving human resources management, as it is the main driver and guide for all paths. Development. https://alsabaah.iq/119693-.html
The Ministry of Planning announces the adoption of a mechanism to combat counterfeit gold on a large scale. Buratha News Agency1632025-08-27
The Ministry of Planning announced on Wednesday the adoption of a mechanism to combat counterfeit gold on a large scale, while indicating that the counterfeit gold pieces leaking into the markets do not pose a significant risk.
The spokesperson for the Ministry of Planning, Abdul Zahra Al-Hindawi, told the official agency that “the Central Organization for Standardization and Quality Control in the Ministry of Planning is the body responsible for following up on the granting of licenses to practice goldsmithing and the marking of gold jewelry, where the marking is done through the presence of inspection units at airports (Baghdad Airport, Najaf Airport, Basra Airport, and Kirkuk Airport),” indicating that “these units affiliated with the Central Organization for Standardization and Quality Control inspect and mark any gold shipment entering Iraq directly at the airport, after which a license is granted for trading in the markets.”
He added, "There are committees from the Central Agency for Standardization and Quality Control that conduct continuous visits to inspect goldsmith shops and ensure that the gold in circulation is sound gold, marked with the agency's stamp and is not adulterated. In the event that any violation is detected, such as the presence of adulterated gold or otherwise, legal measures are taken or the violator is referred to the judiciary to take legal action against him."
He explained that "this mechanism has been able to contribute significantly to combating adulterated gold, but there may be some gold pieces that are leaked into the markets and do not pose a significant risk, and they are quickly discovered, even by consumers themselves."
Al-Hindawi also pointed out that "the agency's teams are continuing their work in this area, whether through airport inspections or monitoring goldsmiths' shops. In addition, there are other regulatory bodies, not just the Ministry of Planning, that are concerned with market and economic issues and monitor gold." He noted that "gold represents a significant economic sector, and it is very important that this commodity be monitored extensively and continuously." https://burathanews.com/arabic/economic/464337
Kurdistan deposits 120 billion dinars of non-oil revenues into the federal finance account.
Economy | 08/28/2025 Mawazine News – Baghdad The Ministry of Finance of the Kurdistan Regional Government deposited 120 billion dinars of non-oil revenues into the account of the federal Ministry of Finance.
According to a source in the Ministry of Finance of the regional government, it was explained that "the ministry began yesterday, Wednesday, the procedures for depositing the amount, which were completed today," noting that the amount was deposited into the account of the federal Ministry of Finance at the Erbil branch of the Central Bank of Iraq.
The source added that the Kurdistan Region has fulfilled all its obligations towards Baghdad, and all that remains is for Baghdad to finance the June salaries of the Kurdistan Region's employees in accordance with the agreement.
The Iraqi Council of Ministers had approved on (August 26, 2025) the Ministry of Finance's disbursement of the salaries of the Kurdistan Region for the month of June 2025, "with the regional government paying (120) billion dinars as an installment for non-oil revenues, according to the text of Council of Ministers Resolution No. 636 of 2025."
The Council instructed the joint committees to continue their work and directed the "formation of a legal team" comprising the Prime Minister's legal advisor and the heads of legal departments in the General Secretariat of the Council of Ministers, the Ministry of Finance, and the Federal Board of Supreme Audit, in coordination with representatives of the Kurdistan Regional Government, to "resolve legal disputes related to non-oil revenues, in accordance with the law."
Over the past four months, Kurdistan Region employees have received only one salary: the May salary, which was disbursed on July 24. https://www.mawazin.net/Details.aspx?jimare=265851
Central Bank: Iraq imported goods worth $87 billion in 2024.
Economy | 08/28/2025 Mawazine News – Baghdad The Central Bank revealed the value of Iraq's imports of goods from abroad during 2024.
The bank stated in a statistic monitored by Mawazine News that the value of goods imported from outside Iraq during 2024 amounted to $87 billion.
The bank indicated that "the value of imported goods amounted to $87.410 billion, an increase of 32.78 percent compared to 2023, when the value of Iraqi imports amounted to $65.826 billion."
It indicated that "Asian countries came first in terms of the value of imports, which amounted to $59.045 billion, followed by Western European countries with a value of $11.058 billion."
He added that the statistics showed that "Arab countries came third with a value of $9.073 billion, South American countries came fourth with a value of $4.082 billion, and North American countries came fifth with a value of $2.736 billion."
The bank explained that imports from Eastern Europe amounted to $1.031 billion, from Oceania countries $140 million, from non-Arab African countries $131 million, and finally from Central American countries $114 million.
The bank continued that the most important imports included transportation equipment and machinery worth $33.653 billion, followed by miscellaneous goods worth $13.811 billion, manufactured goods worth $9.965 billion, mineral fuels worth $8.566 billion, and food products worth $4.720 billion. https://www.mawazin.net/Details.aspx?jimare=265872
A Government Bank Launches An Account Statement Service For Visa Purposes.
Banks Economy News – Baghdad Rafidain Bank announced today, Thursday, the launch of its account statement service for visa purposes via the Ur portal, as part of its ongoing efforts to streamline procedures and develop its services.
In a statement received by Al-Eqtisad News, the bank stated that, "In line with its plans to simplify procedures and enhance the path of continuous development, and in cooperation with the Information Technology Department at the Ministry of Finance, the account statement service for visa purposes has been launched via the Ur Government Services Portal."
He added, "The service aims to enable customers to obtain a bank statement detailing their financial transactions and verify their financial capacity when applying for travel visas, in accordance with the requirements of several embassies and relevant authorities, and in a simple and quick electronic manner that reduces the need for direct review."
The bank confirmed that "this service is available to customers who have current, savings, or deposit accounts and whose salaries are domiciled with the bank. Customers must provide identification documents, a national ID card, and an electronic payment card (MasterCard), in addition to accurately entering data and uploading documents to successfully complete the application." https://economy-news.net/content.php?id=59361
The Dollar Exchange Rate Stabilized At 142,200 Dinars.
Economy | 12:18 - 08/28/2025 Mawazine News - Baghdad: The dollar exchange rate stabilized on the two main stock exchanges in Baghdad, Al-Kifah and Al-Harithiya, recording 142,200 dinars per $100, the same rate as yesterday, Wednesday.
Selling prices at exchange shops in local markets in Baghdad remained stable, with the selling price reaching 143,250 dinars per $100, and the buying price reaching 141,250 dinars per $100.
https://www.mawazin.net/Details.aspx?jimare=265854
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