Iraq Economic News and Points To Ponder Wednesday Evening 6-24-26
Parliamentary Finance Committee Denies Any Intention To Raise The Exchange Rate
Information/Baghdad... Member of the Parliamentary Finance Committee, MP Mudhar al-Karawi, confirmed on Wednesday that there is no current intention to raise the dollar exchange rate.
Al-Karawi told Al-Maalouma, “Until this moment, there are no confirmed indications from the government to proceed with raising the dollar exchange rate.” He pointed out that "the government and its financial arms are committed to stabilizing the exchange rate in institutions to maintain the stability of the financial situation and prevent any price increases that would affect the markets."
He added that "any increase in the exchange rate will be directly reflected in prices, especially food items, which would place an additional burden on the poor and the less fortunate." He explained that "any potential increase in the dollar exchange rate would have clear economic repercussions."
Al-Karawi clarified that "although there are no current indications in this direction, this option may be considered at some point." He stressed "the necessity of providing mechanisms and guarantees to protect the situation of the poor and the less fortunate and prevent price increases for basic commodities in the event of any future decision."
Oil Plunges To Four-Month Low On Hormuz Progress
2026-06-24 Shafaq News Oil prices fell more than 1% on Wednesday, extending this week's losses and trading near four-month lows, on signs that more oil tankers stranded in the Gulf are set to move out of the Strait of Hormuz.
Brent crude futures fell 78 cents, or 1.0%, at $76.30 a barrel as of 0350 GMT. U.S. West Texas Intermediate slipped 78 cents, or 1.1%, to $72.43 a barrel.
Both benchmarks settled down around 1% on Tuesday, touching their lowest levels since early March.
"Positive signals from the Persian Gulf are fuelling optimism about oil flows through the Strait of Hormuz. Vessel crossings increased in recent days, although they remain well below pre-war levels," ING commodity strategists said in a note on Wednesday.
Prices have also come under pressure this week after Washington granted Tehran a 60-day sanctions waiver following initial peace talks, allowing it to sell oil, and as hostilities in Lebanon eased.
"Crude oil prices were weighed down by hopes of easing U.S.-Iran tensions and a recovery in oil shipments through the Strait of Hormuz," said Tomomichi Akuta, senior economist at Mitsubishi UFJ Research and Consulting.
"Further progress in nuclear negotiations could push prices back to pre-war levels," he added.
On Tuesday, Oman and Iran agreed to press on with discussions about the future administration of navigation in the Strait. U.S. Secretary of State Marco Rubio said any Iranian attempt to levy transit fees would violate international law.
Still, uncertainty remains over the durability of the accord. U.S. President Donald Trump said on Tuesday that Iran had agreed to nuclear inspections into "infinity," while Tehran said it had made no such concession in negotiations.
Investors are also watching how quickly Middle Eastern producers can restore exports and whether more ships will enter the region.
An Iranian military source told Fars news agency that a limited number of vessels are being allowed to pass through the strait each day under coordination with Iran's Revolutionary Guards Navy.
Ship-tracking data showed that three stranded supertankers passed through the strait on Tuesday. The U.N. shipping agency said an evacuation plan to enable hundreds of ships with 11,000 seafarers stranded in the Gulf to sail through the strait is underway after the U.S.-Iran ceasefire deal.
Meanwhile, crude stocks fell by 765,000 barrels in the week ended June 19, market sources said, citing data from the American Petroleum Institute released on Tuesday. Nine analysts polled by Reuters estimated, on average, that crude inventories fell by about 4.5 million barrels in the last week.
(REUTERS) https://www.shafaq.com/en/Economy/Oil-plunges-to-four-month-low-on-Hormuz-progress
Basrah Crudes Drop Alongside Global Decline
2026-06-24 Shafaq News- Basrah Iraq’s Basrah crude plunged more than 4% on Wednesday as major global benchmarks moved lower.
Basrah Heavy crude dropped to $45.78 per barrel, losing 4.09%, while Basrah Medium crude slipped to $47.88 per barrel, down 3.91%.
Brent crude edged down to $76.30 per barrel, shedding 78 cents, or 1%. US West Texas Intermediate (WTI) crude retreated to $72.43 per barrel, down 78 cents, or 1.1%.
Most crude grades across Arab and global benchmarks recorded losses, with Saudi Arabia’s Arab Light crude shedding 2.52% to $78.69 per barrel, while the UAE’s Das crude declined 2.90% to $69.31 and Qatar Marine crude decreased 2.91% to $69.01. OPEC’s basket also fell 1.89% to $81.59 per barrel. Dubai crude eased 1.15% to $80.35.
https://www.shafaq.com/en/Economy/Basrah-crudes-drop-alongside-global-decline
Iraq Sets Two-Week Timeline For Kirkuk-Ceyhan Trial Pumping
2026-06-24 Shafaq News- Kirkuk Trial pumping through the Kirkuk-Ceyhan oil route will begin within two weeks after the state-run North Oil Company finalized all engineering and technical work needed to restart the Iraq-Turkiye pipeline, a senior company source told Shafaq News on Wednesday, paving the way for the resumption of stable exports.
The company has also restored the strategic Kirkuk-Baiji-Haditha-Basra route, allowing crude from southern fields to reach gathering stations in Kirkuk before being pumped to the Turkish port of Ceyhan. Operating the two lines together would provide greater flexibility in managing crude flows, strengthen Iraq's northern export capacity, and improve the efficiency of the country's oil transport network, the source added.
Earlier this month, SOMO chief Ali Nizar told Reuters that Iraq had formally requested a one-year extension of the agreement governing the Kirkuk-Ceyhan pipeline, which is due to expire on July 27, to allow more time for negotiations on a new export arrangement. Reuters, citing a senior Turkish official, reported that Ankara opposes extending the current deal under existing conditions.
Prime Minister Ali al-Zaidi and Turkish President Recep Tayyip Erdogan recently discussed exports through the Kirkuk-Ceyhan pipeline and ways to boost Iraq's oil flows to European markets through existing infrastructure.
https://www.shafaq.com/en/Economy/Iraq-sets-two-week-timeline-for-Kirkuk-Ceyhan-trial-pumping
Hantoush Reveals The Priorities Of The New Central Bank Governor: Implementing "Oliver Wyman" Standards Is Of Utmost Importance
Economy News – Baghdad Economic expert Mustafa Hantoush revealed on Monday the priorities of the new Central Bank Governor, Nizar Nasser, stressing that the standards of the Oliver Wyman Foundation are imposing a new banking reality in Iraq.
Hantoush explained to "Al-Eqtisad News" that the appointment of Nizar Nasser to this position represents a fundamental step for Iraqi monetary policy, noting that the next phase will focus on two main sectors: achieving monetary stability and restructuring the banking system.
Hantoush explained that "the Iraqi banking system, especially the private sector, has suffered from severe restrictions in the past that led to the freezing of about $10 billion, which poses a real risk to any market."
He added that the central bank has begun a series of important reforms in cooperation with the Oliver Wyman Foundation, which have reached final meetings with the US Treasury with the aim of freeing the banking system from dollar restrictions, something the market has been waiting for for months.
The economist pointed out that "restoring the banking system to operate on sound foundations represents the beginning of a sound monetary policy, as Oliver Wyman's standards impose a new reality in which banks are not only required to make profits, but are also obliged to attract deposits, provide loans, and finance projects."
Hantoush stressed that "pushing towards an integrated banking system in terms of operations and the market value of shares is a priority, as the continuous increase in capital for banks has become undesirable because it leads to a collapse in the share price on the stock exchange, stressing that these files will be at the forefront of the new governor's concerns."
Added 2026/06/22 - 11:06 AM https://www.economy-news.net/content.php?id=70547
Al-Aboudi: Al-Zidi Deals With Combating Corruption Far Removed From Any Political Or Electoral Calculations And Works To Save The Country
latest news Wednesday, June 24, 2026 Baghdad - One News - 6/24/2026 Government spokesman Haider al-Aboudi confirmed that Prime Minister Ali al-Zaidi is dealing with the anti-corruption file without any political or electoral considerations, noting that his personality and previous experience have made him more capable of making decisions related to running the state and confronting corruption.
Al-Aboudi said that Al-Zidi is not seeking a second term, will not run in the next elections, and does not have a project to establish a political party, which keeps him away from the pressures and obligations associated with political competition.
He added that the absence of these considerations gives the Prime Minister more room to deal with state files, citizens’ affairs and combating corruption from the perspective of the public interest, away from any constraints or prior calculations.
Al-Aboudi pointed out that Al-Zaydi is focused on saving what can be saved and addressing the challenges facing the state, stressing that corruption is one of the most dangerous issues that threaten state institutions and requires taking decisive measures to confront it.https://1news-iq.net/العبودي-الزيدي-يتعامل-مع-مكافحة-الفسا/