Iraq Economic News and Points To Ponder Wednesday Afternoon 11-19-25
Economist: Concerns About A Possible Change In The Exchange Rate With The Formation Of The New Government
economy | 09:12 - 19/11/2025 Mawazin News - Baghdad: Economic researcher Diaa Abdul Karim believes there is anticipation and apprehension among the Iraqi public regarding a potential decision by the incoming government to change the exchange rate of the dollar against the dinar.
Abdul Karim stated, "Previous governments have altered the exchange rate, and this has negatively impacted the Iraqi people, particularly individuals and their cost of living."
He added, "Changing the exchange rate to devalue the dinar means a general rise in prices, which is a source of concern for Iraqi citizens who have become accustomed to such decisions with the formation of new governments."
He emphasized the urgent need for assurances from those leading the political process, or the largest bloc, clarifying the nature of the government's program for the upcoming phase: whether it includes a change in the dinar's value against the dollar or maintaining the current status quo. https://www.mawazin.net/Details.aspx?jimare=270471
The National Bank Of Iraq Successfully Completes Its Transition To The New Global Standard, SWIFT MX.
November 19, 2025 Last updated: November 18, 2025 The Independent/-The National Bank of Iraq announced that it has successfully completed the transition to the new global standard SWIFT MX for financial messages, in a step that constituted a prominent milestone in the process of modernizing the bank’s technological infrastructure and enhancing its readiness for digital transformation.
The bank said in a statement, “The implementation of this transformation comes as part of the bank’s transition from the old MT standard to the MX ISO 20022 model, which is the most advanced, structured and data-rich framework in the global financial messaging sector.
The transformation process was carried out across all operational channels with high efficiency and minimal downtime, reflecting the bank’s strong technical readiness, accurate planning, and commitment to providing its services without any significant interruption.”
He pointed out that “this transformation is an advanced step within the strategic roadmap of the National Bank of Iraq to modernize its systems, enhance its compatibility with global best practices, and provide an advanced digital banking experience for its individual and corporate clients.”
For his part, the Chief Operating Officer and Deputy CEO of the National Bank of Iraq, Aqeel Ezzedine, explained that
“the smooth transition to the MX standard came as a result of a robust system of governance, teamwork and careful planning, and represents an important step in modernizing the payments infrastructure and enhancing the reliability and security of banking operations.”
Hani Khalil, head of the transformation department at the National Bank of Iraq, said that “achieving this transformation embodies the bank’s commitment to keeping pace with the latest international standards in payment systems, and building a more transparent, integrated and high-quality financial data structure, which enhances customer experience and strengthens the bank’s position within the regional financial system.”
The MX standard enables a more accurate and richer exchange of information in financial messages, with substantial improvements in transaction tracking and identification of parties, supporting global trends towards greater efficiency and transparency in payments.
Since the new system came into effect, the bank has not recorded any significant problems, which confirms the success of the implementation process and the close coordination between the transformation, IT and operations teams, in addition to effective cooperation with partners and regulatory authorities. https://mustaqila.com/المصرف-الأهلي-العراقي-يستكمل-بنجاح-ال/
9 Billion Tons Of Silica In Anbar And Najaf... Opportunities For 10,000 Jobs And Billions Of Dollars In Revenue
Reports The Iraqi economy is witnessing promising shifts towards diversifying national income sources away from over-reliance on oil. In this context, silica sand stands out as an untapped natural resource with immense potential to contribute to sustainable economic development.
The Eco-Iraq Observatory has revealed vast quantities of silica sand discovered in the Anbar and Najaf governorates, describing it as "white gold," while highlighting what it called government neglect of investment opportunities in this resource.
The observatory explained that initial explorations indicate approximately 600 million tons of discovered silica sand in Anbar, with reserves exceeding one billion tons and a purity of up to 98%. Meanwhile, Najaf governorate contains an estimated 330 million tons of sand suitable for glassmaking and about 577.5 million tons for colored glass production, totaling approximately 907.5 million tons with a purity of nearly 95%.
Reports from the Geological Survey indicate the presence of 220 million cubic meters of sand suitable for glassmaking in Najaf and 385 million cubic meters for colored glass production.
Meanwhile, Anbar province holds significant deposits in the Al-Gharra, Wadi Al-Amj, and Ardhama areas west of Rutba, estimated at over 330 million cubic meters, in addition to a new reserve estimated at one billion tons with a purity level of up to 99%, making this sand suitable for use in precision engineering industries.
The global price of silica ranges between $100 and $150 per ton, making investment in this material capable of contributing billions of dollars to the national budget, as well as creating more than 10,000 direct and indirect job opportunities in the two provinces.
Despite these substantial figures, the Observatory criticized the weakness of government procedures and its failure to activate these resources, calling for amendments to the Mineral Investment Law No. 91 of 1988 to allow for broader opportunities for exploration and development.
Silica sand is used in the manufacture of glass, silicon, building materials, electronics, solar cells, and filtration systems. Global consumption reached approximately 479 million tons in 2024, with a market value ranging from $14 billion to $72 billion, depending on the sand's quality and market price.
In a significant development within this sector, a cooperation agreement was signed on April 29th between the Iraqi General Company for Glass and Refractories and the Saudi company Ajial to establish the largest integrated industrial complex for silica projects in Anbar Governorate, spanning 800 dunams.
The project, still in its initial stages, will include silicon and flat glass production with a capacity of 700 tons per day, as well as factories for producing bottles and jars with an initial capacity of 200 tons, expandable to 800 tons.
Additionally, a factory for producing medical bottles with a capacity of 120 tons per day will be established to support the Iraqi healthcare sector. The project also includes the construction of a special electrical complex to supply the factories, along with residential complexes for workers, which opens the door to extensive urban and economic development in the desert areas of Anbar.
The Director General of the General Company for Glass, Hamid Mohammed Koudi, explained that Anbar was chosen due to the abundance of high-purity silica and the expertise of Iraqi personnel.
He emphasized that the project will create between 5,000 and 10,000 job opportunities and will serve as a base for other downstream industries, including the production of glass sheets, silicon, sodium silicate, automotive glass, and solar panels. He added that the number of finished products is expected to reach approximately 12 upon completion of the complex.
Economic expert Mustafa Hantoush, for his part, affirmed that Anbar province occupies a strategic location in this sector and that Saudi investments reflect Iraq's growing attractiveness as an investment destination. He pointed out that creating a favorable investment environment by streamlining procedures, providing loans, and offering tax exemptions has become a necessity, not a luxury.
He also highlighted key challenges, most notably the weak industrial infrastructure, the need to control imports, and the importance of supporting local products.
The silica project in Iraq represents a historic opportunity to rebuild the national industry and enhance the diversification of the economy. It also demonstrates the country’s ability to move from exporting raw materials to manufacturing them locally, which opens up broad prospects for sustainable development, employing Iraqi human resources, and attracting quality investments, at a time when there is an urgent need for a new economic vision that keeps pace with global changes and invests in the sources of national strength. https://economy-news.net/content.php?id=62469
Basra Crude Oil Prices Fell In Tandem With The Decline In Global Oil Prices
Wednesday, November 19, 2025, 10:28 AM | Economy Number of views: 233 Baghdad / NINA / Prices of Basra crude oil, both heavy and medium, fell on Wednesday, mirroring the decline in global oil prices.
Basra Heavy crude dropped $1.25, or 2.02%, to $60.63, while Basra Medium crude fell $1.35, or 2.12%, to $62.38.
Global oil prices declined Wednesday morning after a report showed a rise in US inventories, easing concerns about the impact of Western sanctions on Russia. Brent crude traded near $65 a barrel after gains on Tuesday, while West Texas Intermediate crude was close to $60. /End https://ninanews.com/Website/News/Details?key=1262712
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