CBI Bars Sanctioned Iraqi Bank From Dollar Transactions
2026-10-22 13:27 Shafaq News- Baghdad The Central Bank of Iraq (CBI) barred the International Development Bank (IDB) on Thursday from dealing in US dollars “in any form”. The order was issued by the CBI's Banking Supervision Department and addressed to all licensed banks and non-bank financial institutions.
The move follows US sanctions imposed on the Baghdad-based bank last week. On Oct. 15, the Treasury Department designated IDB as part of a wider action against Iran-linked financial networks that targeted 16 individuals and 10 entities. Washington accused the bank of giving Iran access to US dollars and of maintaining ties with Iranian government entities and Iran-aligned armed groups in Iraq. The Treasury also said the bank was initially established by Iranian companies and sends its profits to Iran in dollars every month.
The bank's management rejected what it called the Treasury's accusations on Friday. It said it was dealing with the developments "with the utmost seriousness, responsibility and transparency."
https://shafaq.com/en/Economy/CBI-bars-sanctioned-Iraqi-bank-from-dollar-transactions
Iraqi bank deposits gain $1.57B while lending shrinks
2026-10-22 06:14 Shafaq News- Baghdad Deposits in Iraq's banking system recovered in August after a sharp fall the month before, while lending kept shrinking, according to Central Bank of Iraq (CBI) data released on Thursday. The figures point to tight liquidity across the sector this year.
Total deposits rose about 2% to 103.065 trillion dinars (about $78.7 billion) at the end of August, up from 101.008 trillion dinars ($77.1 billion) in July, which had seen a 3.7% drop. The gain was not enough to recover earlier losses. Deposits remain 7.2% below their level at the end of 2025, a shortfall of 8 trillion dinars ($6.1 billion).
Households and businesses hold almost half of the total. Private-sector deposits stood at 48.751 trillion dinars ($37.2 billion), central government deposits at 30.447 trillion dinars ($23.2 billion) and public institution deposits at 23.867 trillion dinars ($18.2 billion).
Credit fell for another month. Total cash lending slipped by 172 billion dinars ($131 million) to 71.261 trillion dinars ($54.4 billion), leaving it 5.7% below where it ended 2025. Most of the lending went to the private sector, which accounted for 46.810 trillion dinars ($35.7 billion). The central government received 22.039 trillion dinars ($16.8 billion), and public institutions 2.412 trillion dinars ($1.8 billion).
Lending has slowed this year as state banks struggle with liquidity. By September, most had suspended loans and salary advances. On Oct. 19, Finance Minister Falih Al-Sari ordered the state-owned Rafidain Bank, the country's largest lender, to resume lending to public employees and expand financing for private businesses.
The data covers the period before Iraq devalued the dinar on Oct. 7, raising the official selling price of the dollar to 1,520 dinars from 1,320. https://shafaq.com/en/Economy/Iraqi-bank-deposits-gain-1-57B-while-lending-shrinks
Iran, Iraq Target Upgraded Mandali-Somar Crossing
2026-10-22 07:04 Shafaq News- Tehran/ Baghdad Iran and Iraq are working to ease trade restrictions and upgrade the Somar border crossing, with officials discussing infrastructure improvements, streamlined customs procedures and preparations for an expected 100,000 visitors next year, Iranian state news agency IRNA said on Thursday.
The talks focused on the crossing linking Somar in Iran’s Kermanshah province with Mandali in Iraq’s Diyala province. Both sides examined ways to address transportation problems, accelerate infrastructure projects, activate a dedicated passport control gate for pilgrims and coordinate technical work to finalize the crossing’s master plan.
Heshmat Rezaei, governor of Gilan-e Gharb in western Iran, called for closer coordination between Iranian and Iraqi technical teams on border maps, entry and exit gates, and infrastructure development. He said better coordination would help expand trade, facilitate truck movements and unlock the crossing’s economic potential.
With 100,000 visitors expected to pass through Somar next year, Rezaei pointed to the historical and cultural ties between communities along the Iran-Iraq border, adding that easier travel could strengthen local connections, support tourism and boost economic activity.
Younes Amiri, an adviser to the governor of Kermanshah province on Iraqi affairs, praised the work of border guards, customs officials, road authorities and other agencies, urging continued cooperation to resolve outstanding issues.
According to Iraq’s Ministry of Interior, the two countries are connected by nine major recognized border crossings. On September 12, Iraqi authorities temporarily shut Al-Sheeb, Shalamcheh and Mandali crossings to review security and administrative procedures.
Earlier this week, Iraq closed Al-Sheeb again until further notice. No further details were provided about the decision, prompting Tehran to criticize Baghdad for acting without prior notice and argue that the move violated notification requirements under a bilateral agreement between the two countries.
https://shafaq.com/en/Economy/Iran-Iraq-target-upgraded-Mandali-Somar-crossing
Fly Erbil Secures Iraqi Air Operator Certificate
2026-10-22 07:18 Shafaq News- Erbil Fly Erbil has obtained an air operator certificate (AOC) from the Iraqi Civil Aviation Authority, with plans to expand its routes to cities across Iraq and new destinations across the region and beyond.
The Erbil-based airline also pledged to upgrade its services to meet international standards and passengers’ expectations. https://shafaq.com/en/Economy/Fly-Erbil-secures-Iraqi-air-operator-certificate
Iranian Toman Weakens Against US Dollar
2026-10-22 09:00 Shafaq News- Tehran Iran's currency continued to weaken against the US dollar on Thursday, with the US dollar trading at 272,200 tomans on the parallel market, according to exchange-rate tracker Bonbast.
The toman has depreciated sharply in recent months amid the economic fallout from Iran-US-Israel tensions and restrictions on oil exports and reduced foreign currency inflows. Demand for dollars and gold has also risen as Iranians seek to protect their savings from inflation.
Earlier this month, Iran's central bank announced plans to inject up to $2 billion into the foreign exchange market through state-owned banks to support the currency and curb volatility.
Meanwhile, figures from the Statistical Center of Iran showed annual inflation reaching 73.6% in September, while consumer prices were 89.8% higher than a year earlier, adding to pressure on household purchasing power. One toman equals 10 rials. https://shafaq.com/en/Economy/Iranian-toman-weakens-against-US-dollar-5
US dollar steady in Baghdad, falls in Erbil
2026-10-22 09:52 Shafaq News- Baghdad/ Erbil The US dollar closed Thursday's trading steady in Baghdad, hovering around 170,000 dinars per 100 dollars, while it fell in Erbil.
According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchange markets at 169,500 dinars per 100 dollars, unchanged from the morning session.
In the Iraqi capital, exchange shops sold the dollar at 170,000 dinars and bought it at 169,000 dinars, while in Erbil, selling prices stood at 169,400 dinars and buying prices at 169,300 dinars.
https://shafaq.com/en/Economy/US-dollar-steady-in-Baghdad-falls-in-Erbil
Representative Of The Prime Minister In The Governance Forum: Digital Transformation Is One Of The Tools Of Reform
Money and business Economy News _ Baghdad Yousef Khalaf, representative of Prime Minister Ali al-Zaidi, said on Thursday that digital transformation is one of the tools of reform for the government to provide services to citizens.
Khalaf said in a speech during the Governance Forum and his follow-up "Economy News", that one of the goals of the new government is "the economic empowerment of the country, the government faces a lot of challenges and when diagnosing the challenges must develop solutions and look at the possibilities to reach the goal."
He added that "digital transformation represents a rapid step led by technology, and transformation represents the tools of reform for government, decision-making and the organization of services for citizens."
He pointed out that "the addition of a ministry of a new nature, the Ministry of Digital Economy and Governance, focuses on the philosophy of government and procedures, and we expect the issuance of an important document for the exchange of data between institutions under the auspices of the concept of digital sovereignty in Iraq to develop clear regulatory steps for all data to preserve citizens' data."
He added that "the Supreme Committee for Digital Transformation is developing a strategy in this regard, and the government is determined to show the results and the draft of the document has been completed digital transformation in Iraq for issuance."
He pointed out that "today we are witnessing a state of conflict between the major countries of armament in artificial intelligence, which is a very vital weapon for the provision of services in the government and private sector." https://www.economy-news.net/content.php?id=75288