Iraq Economic News and Points To Ponder Tuesday Afternoon10-20-26
The Central Bank Of Iraq Resolves The Issue Of Merchants' Remittances And Confirms The Continuation Of Import Financing In Dollars.
October 20, 2026Last updated: October 20, 2026 The Central Bank of Iraq confirmed on Tuesday, October 20, 2026, the continuation of financing imports and providing foreign currency through official banking channels, announcing the completion of fulfilling external transfer requests that were suspended before the adjustment of the dinar exchange rate on October 7, in a step aimed at addressing outstanding issues, protecting the rights of traders and ensuring the smooth flow of foreign trade.
The Central Bank explained in an official statement that the applications covered by the procedure are those that meet the approved conditions and controls, calling on traders and companies to review the banks they deal with to ensure that their foreign transfers are carried out and the procedures related to them are completed.
The bank stressed the need to report any unjustified delays in the execution of transfers, or demands from merchants for additional amounts that violate the approved instructions, confirming its readiness to take the necessary measures against violating banks, by following up on complaints submitted through its official electronic platform.
This confirmation comes in the wake of the adjustment of the official exchange rate on October 7, 2026, from 1320 to 1520 dinars per dollar, and the accompanying questions in business circles regarding the fate of remittances that were submitted or financed before the new rate came into effect, particularly the financial obligations related to import and external supply contracts.
The Central Bank had explained in a previous statement, issued on October 10, that it had strengthened bank accounts to cover transfers due before the exchange rate adjustment, stressing the need not to charge traders financial differences for transfers that were proven to have been purchased and covered at the previous rate.
In a related development, the Parliamentary Investment and Development Committee announced on Monday, October 19, that the issue of exchange rate differences for previous remittances had been resolved, noting that banks are obligated to implement remittances covered by the old rate and not to require customers to pay differences resulting from the adjustment, in exchange for adopting the new rate for remittances accepted starting from October 7.
On the economic level, the statement carries two main messages; the first is directed to traders and importers regarding the continued provision of dollars to finance commercial operations that meet the regulations, and the second is to banks regarding the need to adhere to the instructions and not exploit the change in the exchange rate to impose additional unjustified costs.
These measures are of particular importance given the Iraqi market’s extensive reliance on imports to provide food, consumer goods, medicines, and raw materials, as the regularity of foreign transfers is a key factor in companies’ ability to meet their obligations to suppliers and maintain supply chains.
From a monetary perspective, continued financing of foreign trade through official banks could help reduce the reliance of some traders on the parallel market for dollars, which could alleviate some of the pressure on exchange rates. However, achieving this effect remains contingent on the speed of transfers, the efficiency of banks, and the capacity of official channels to absorb actual trade demand.
The Central Bank’s announcement that it will continue to provide foreign currency does not necessarily mean the end of fluctuations in the parallel market, given that exchange rates are affected by other factors including traders’ expectations, speculation, the size of cash demand, and economic and regional conditions.
The Central Bank had confirmed in a previous statement during September that it had sufficient foreign reserves to meet the demands related to financing foreign trade through the approved channels, stressing the continued provision of the market’s needs for foreign currency.
Economic analysis suggests that the real test of the recent measures will not be limited to announcing the completion of funding for delayed remittances, but will extend to the extent of banks’ commitment to actual implementation, settling traders’ complaints, and ensuring that importers are not burdened with illegal financial burdens that may later be passed on to the prices of goods and services.
In this context, banking supervision is a crucial factor in the success of the central bank's policy, especially since any delay in the arrival of foreign payments may affect the cost of imports and shipping and supply dates, thus impacting the movement of local markets.
The data indicates that the central bank is seeking to separate the repercussions of adjusting the exchange rate from the continuity of foreign trade, while preserving the rights of previous remittance holders and preventing the emergence of additional obligations as a result of changing the official rate.
In conclusion, the statement reflects a trend towards containing the effects of the exchange rate adjustment on the commercial sector and enhancing confidence in official banking transactions. However, its repercussions on market stability and dollar prices will remain linked to practical implementation, the speed of completing transfers, and the continued flow of goods to Iraqi markets.
Traders and companies can submit their complaints through the official complaints platform of the Central Bank of Iraq , in case of an unjustified delay or a demand for additional amounts that violate regulations
https://mustaqila.com/البنك-المركزي-العراقي-يحسم-ملف-حوالات/
"Raising Readiness And Immediate Response"... Interior Minister Yasser Al-Maliki Inspects The National Command Center And Directs The Development Of Security Plans And The Strengthening Of Combat Readiness Throughout Iraq
Baghdad - One News - 10/19/2026 Interior Minister Yasser al-Maliki conducted an inspection tour of the ministry's operations department and the National Command Center to review the overall security situation and the readiness level of the security services, directing them to develop plans and enhance immediate response to incidents in various Iraqi governorates.
The Interior Minister’s media office stated that during his tour, Al-Maliki followed up on the daily briefing of security incidents and developments, and inspected the Central Response and Control Directorate 911, where he was briefed on the nature of the tasks and duties assigned to it, and listened to a detailed explanation regarding its work mechanisms and its ability to deal with reports and emergency cases.
He added that the minister held a meeting with the senior staff of the ministry’s operations department and a number of department directors, during which a comprehensive review of the incidents recorded within the security command sectors and governorates was conducted, and procedures to raise performance efficiency and enhance coordination between the various security formations were discussed.
Al-Maliki stressed the need to maintain the full readiness of the security forces, and to develop communications and control systems, in order to ensure a rapid response to incidents and immediate handling of security challenges, as well as to review and update the approved plans in accordance with the requirements of the security situation.
The Minister of Interior also reviewed the force structure and combat readiness, and examined precautionary measures and readiness levels at security and border points, outposts, and fortifications, stressing the importance of enhancing constant preparedness and raising the level of field coordination among security agencies.
https://1news-iq.net/رفع-الجاهزية-والاستجابة-الفورية-وز/
The Central Bank told Nina: Removing zeros is not within our authority and requires a legal and legislative process
Baghdad/ NINA / The Central Bank of Iraq confirmed that the issue of removing zeros from the currency is not within its jurisdiction, but rather requires legislation.
The bank's media director, Haider Ghazi, told the Iraqi National News Agency ( NINA "The issue of removing zeros is not within the bank's authority; it requires legislation, as it is linked to the settlement of debts, legal obligations, and punitive fines under current Iraqi laws. All of these require legislation and codification before the bank can proceed with implementation."
Ghazi added: "If the removal of zeros is enacted, it will require clarification and public awareness campaigns to ensure a new valuation similar to that of the old currency."
Regarding the economic impact of removing zeros, he explained: "The process is simple and has no impact except in accounting; for example, instead of 'million,' it will be 'thousand,' and instead of 'trillion,' it will be 'billion,' and so on."
It should be noted that there is unofficial talk circulating among the public about a decision to remove zeros from the national currency. This has revived discussions about a project that has been proposed on several occasions in recent years, amidst questions about the details of the decision, the entity authorized to implement it, and its potential economic and financial consequences if it moves from the proposal stage to implementation. /End
https://ninanews.com/website/News/Details?key=1320862
Iraq's Rasheed Bank expands lending options
2026-10-20 06:07 Shafaq News- Baghdad Iraq's state-owned Rasheed Bank offers loans and advances of up to 125 million IQD ($82,200) for employees, pensioners, and other borrowers, according to an official bank document.
The document, dated October 19, lists advances for public-sector employees ranging from 5 million to 25 million IQD ($3,290 to $16,450), repayable over five years at an annual declining-balance interest rate of 8%, without a guarantor. Contract employees can receive up to 5 million IQD ($3,290) under the same terms, while pensioners qualify for advances of 5 million to 15 million IQD ($3,290 to $9,870), also over five years at 8% declining interest and without a guarantor.
Other services include installment financing of 5 million to 125 million IQD ($3,290 to $82,200), repayable over 12 months, and financing of 250,000 to 25 million IQD ($165 to $16,450) for employees and pensioners, with repayment periods of 12, 24, or 36 months.
The bank also offers Visa credit cards with limits of up to 5 million IQD ($3,290), marriage advances of up to 10 million IQD ($6,580) over five years, and home renovation and maintenance loans of up to 75 million IQD ($49,340). Healthcare professionals can obtain loans of up to 80 million IQD ($52,630) over five years.
The document further lists university advances of 25 million to 50 million IQD ($16,450 to $32,890) over five years, loans of up to 100 million IQD ($65,790) for special-grade officials, and loans of up to 50 million IQD ($32,890) for notaries public.
Separately, on October 19, Finance Minister Falih Al-Sari directed state-owned Rafidain Bank to resume lending to public-sector employees, simplify loan applications, and expand financing for private businesses.
Iraq's state-owned banks have faced months of lending restrictions due to liquidity shortages. Central Bank of Iraq data showed deposits falling 5.6% and cash credit contracting 5.4% in the first half of 2026.
1 US dollar = 1520 Iraqi dinars https://shafaq.com/en/Economy/Iraq-s-Rasheed-Bank-expands-lending-options