Iraq Economic News and Points To Ponder Thursday Evening 7-10-25
Iraq Affirms Its Keenness To Enhance Cooperation With The United States
Political | 10/07/2025Mawazine News - Baghdad - Deputy Prime Minister and Minister of Foreign Affairs Fuad Hussein affirmed on Thursday the Iraqi government's keenness to enhance cooperation with the United States.
The ministry said in a statement received by Mawazine News that "Deputy Prime Minister and Minister of Foreign Affairs, Fuad Hussein, met with the Chargé d'Affaires at the US Embassy in Iraq, Ambassador Stephen Fagin." The ministry added that "the meeting discussed the latest developments in the political situation in Iraq, especially the relationship between the federal government and the Kurdistan Regional Government, with a focus on financial challenges and related problems."
He continued, "The two sides touched on the conditions of American companies operating in the Kurdistan Region, and the relations between Baghdad and Erbil regarding the management of oil extracted from fields located within the region."
According to the statement, Fuad Hussein stressed "the importance of reaching realistic solutions that ensure the equitable management of national wealth and achieve the public benefit of Iraq."
During the meeting, the minister affirmed "the Iraqi government's keenness to enhance cooperation with the United States in various fields, and to support political and economic stability in the country, in a way that serves the common national interest." https://www.mawazin.net/Details.aspx?jimare=263701
Rafidain Bank Announces Raising Electronic Tax Settlements To More Than 4 Trillion Dinars During The First Half Of This Year.
Thursday, July 10, 2025 | Economic Number of reads: 141 Baghdad / NINA / Rafidain Bank announced, on Thursday, that electronic collection settlements increased to more than 4 trillion dinars during the first half of the current year 2025.
The bank said in a statement: "It achieved a qualitative leap in the volume of electronic collection settlements transferred to government departments, as the total settlements implemented in the first half of 2025 exceeded 4.03 trillion dinars, compared to about 1.89 trillion dinars in the same period in 2024, reflecting an annual growth of nearly 113%."
It added, "Data from the Electronic Collection Settlements Department showed an expansion in the base of government agencies activating the system from 1,395 agencies by the end of January 2024 to 1,979 agencies by the end of June 2025, which directly contributed to the escalation of the pace of electronic collection."
He pointed out that "May 2025 recorded the highest monthly settlement value at 761 billion dinars, compared to 571 billion dinars in May 2024, confirming the improvement in the system's operational efficiency and the consolidation of government institutions' confidence in the electronic payment services provided by the bank."
The bank explained that "this performance falls within its comprehensive strategy to support the government's digital transformation program and enhance collection efficiency and public revenues, while adhering to the highest standards of transparency and financial governance, in line with official directives aimed at building an integrated and effective financial system." /End https://ninanews.com/Website/News/Details?key=1240032
The Ministry Of Commerce Reveals The Iraqi Government's Measures To Confront US Customs Duties.
Economy | 10/07/2025 Mawazine News - Baghdad - The Ministry of Trade confirmed, on Thursday, that the US decision to impose a 30% customs duty on Iraqi imports to the United States is part of the reciprocal tariff policy pursued by the Trump administration to control the US trade deficit.
Ministry spokesman Mohammed Hanoun said in a statement that "these duties directly impact Iraqi exports to the United States, which amounted to approximately $7.4 billion in 2024, with a US trade surplus of $5.8 billion."
He added that "the ministry, in coordination with the Ministries of Foreign Affairs and Finance, has launched a negotiating team" to discuss with the US negotiating team the aim of postponing implementation, reducing tariff rates, or exempting some vital sectors.
Hanoun continued, "The Iraqi embassy in Washington has been tasked with conducting immediate contacts with its American counterparts to explain the extent of the financial and economic impact.
The opening of markets has also been accelerated to reduce dependence on a single export destination, and the agricultural and industrial sectors will be supported to enhance their competitiveness and secure alternative markets."
Regarding burden-sharing and mitigating the domestic impact, Hanoun indicated that "the ministry has developed plans to provide exemptions or partial support to affected small and medium-sized enterprises.
The measures include temporary financial support for Iraqi exporters whose interests are affected by fees, ensuring the speedy processing of customs transactions and logistical procedures, in addition to strengthening infrastructure and legislation.
The government will work to accelerate the economic reform process by amending tax and fee systems and improving the business environment."
Within the framework of a medium-term strategy, Hanoun confirmed that development projects will be added to the 2025 budget to increase local production and boost exports.
He noted that "the ministry is fully prepared to avoid any negative impacts on supply chains and local product prices. It also affirms the government's commitment to protecting the interests of Iraqi producers and exporters alike, ensuring sustainable economic growth, and diversifying trade partnerships.
The ministry continues to coordinate with all national and international entities to overcome the difficulties resulting from the US decision." https://www.mawazin.net/Details.aspx?jimare=263697
Last June, Iraq Exported 6 Million Barrels Of Oil To The United States.
Economy | 10/07/2025 Mawazine News - Follow-up The US Energy Information Administration announced, on Thursday, that Iraq's oil exports to the United States exceeded six million barrels during last June.
The administration stated in a table reviewed by Mawazine News, that "Iraq exported 6.433 million barrels of crude oil to the US during last June, up from 5.548 million barrels last May."
It added that "Iraq exported an average of 213,000 barrels per day of crude oil to the US during the first week of June, while it exported an average of 183,000 barrels per day in the second week, an average of 212,000 barrels per day in the third week, and an average of 164,000 barrels per day in the fourth week."
The US Energy Information Administration explained that "Iraq ranked sixth in its exports to the US during last month after Canada, which ranked first as the largest oil exporter to the US, followed by Mexico, then Saudi Arabia, Brazil, and Nigeria."
The administration noted that "Iraq ranked second among Arab countries as the largest exporter of oil to the United States, after Saudi Arabia, which came in first with exports of 10 million barrels, and Libya came in third with exports of 4.166 million barrels." https://www.mawazin.net/Details.aspx?jimare=263691
Gold Prices Rise Globally
Economy | 04:17 - 10/07/2025 Mawazine News - Follow-up Gold prices rose today, supported by a weaker dollar and the possibility of a US interest rate cut later in the year, while investors await more details on US trade policy. Spot gold rose 0.4% to $3,327.42 per ounce by 11:08 GMT. US gold futures rose 0.5% to $3,336.40 per ounce.
In the currency market, the dollar index, which measures the value of the greenback against a basket of currencies, fell 0.2%, making gold less expensive for holders of other currencies. https://www.mawazin.net/Details.aspx?jimare=263696
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