Iraq Economic News and Points To Ponder Wednesday Morning 1-28-26

Parliament Is Moving To Host The Minister Of Finance To Follow Up On Economic Issues And Enhance Financial Transparency.

Money and Business   Economy News – Baghdad  In a move aimed at strengthening parliamentary oversight of financial and economic affairs, the House of Representatives is moving to host the Minister of Finance as part of its efforts to follow up on issues that directly affect the lives of citizens, particularly with regard to customs tariffs and public revenue procedures.

This move comes in the context of parliamentary efforts to regulate financial performance and address the country’s economic challenges, in a way that ensures transparency and protects the interests of citizens.

MP Abdul Amir Al-Mayahi confirmed that the House of Representatives is determined to host the Minister of Finance to follow up on financial and economic files, noting that working with the automation system in customs ports would control procedures, without imposing additional burdens on the citizen or the merchant.

Al-Mayahi explained that what is being circulated about imposing taxes or price increases is not based on actual procedures, warning that raising such issues in an inaccurate manner leads to unhealthy uproar and inflames public opinion, stressing that parliamentary hearings are an important oversight tool to address shortcomings and improve financial performance.

Regarding parliamentary procedures related to hosting, Al-Mayahi said: Every deputy works within his jurisdiction to legislate and amend laws in a way that serves the public interest, expressing his hope to develop the mechanisms of hosting and address the problems that it faces, especially in the necessary files that affect the lives of citizens.

In the same context, MP Haider Kadhim stated that 48 MPs had collected official signatures to summon the Minister of Finance, indicating that the First Deputy Speaker of Parliament had referred the request to the Presidency Council for the necessary procedures. These parliamentary actions fall within the framework of the Council's oversight role, aimed at monitoring the financial situation and discussing economic policies to ensure transparency and address issues affecting citizens' living conditions.   https://economy-news.net/content.php?id=65063

PM Al-Sudani: Iraq Targets Oil Derivatives Exports By 2030

2026-01-28   Shafaq News– Baghdad   The year 2030 will mark the launch of Iraq’s exports of oil derivatives to global markets, Iraqi caretaker Prime Minister Mohammed Shia al-Sudani vowed on Wednesday.

Speaking at an energy conference in Baghdad, Al-Sudani clarified that his government has set a strategic goal to export 40 percent of Iraq’s oil derivatives by 2030, noting that Iraq’s gas resources had been widely flared over the past years, but recent discoveries have helped raise associated gas production to about 132 million cubic meters.

“Work is underway to fully invest this gas by 2028, through the efforts of workers in the oil sector,” Al-Sudani stated.

On electricity production, he said Iraq has reached its highest-ever generation levels, producing 29,000 megawatts, adding that integrated plans in the transmission and distribution sectors, including new transformer stations, have helped ease pressure on the national power grid, particularly during periods of high temperatures.

Al-Sudani noted the government’s plan also includes completing procedures to build new power stations with a total capacity of 57,000 megawatts. “34 of these plants are being developed in cooperation with specialized international companies.”

According to the Ministry of Finance, Iraq’s federal budget collected more than 82.377 trillion dinars ($62.9 billion) from January to August 2025. Official data showed that oil revenues reached 73.822 trillion dinars ($56.5 billion), accounting for 90% of total income, while non-oil revenues stood at 8.555 trillion dinars ($6.5 billion). https://www.shafaq.com/en/Economy/PM-Al-Sudani-Iraq-targets-oil-derivatives-exports-by-2030

Gold Prices Climb In Baghdad And Erbil Markets

2026-01-28   Shafaq News– Baghdad/ Erbil  Gold prices increased on Wednesday in Baghdad and Erbil, with 21-carat gold selling at more than 1.14 million Iraqi dinars per mithqal, according to a Shafaq News market survey.

In wholesale markets on Baghdad’s Al-Nahr Street, 21-carat gold, including Gulf, Turkish, and European varieties, sold at 1.141 million dinars per mithqal (five grams), with buying prices at 1.137 million dinars, up from 1.105 million dinars on Tuesday.

21-carat Iraqi gold recorded a selling price of 1.111 million dinars per mithqal, while buying prices stood at 1.107 million dinars.

In retail jewelry shops, 21-carat Gulf gold sold for between 1.140 million and 1.150 million dinars per mithqal, while Iraqi gold ranged from 1.110 million to 1.120 million dinars.

In Erbil, 22-carat gold sold at 1.210 million dinars per mithqal, 21-carat gold at 1.155 million dinars, and 18-carat gold at 990,000 dinars.

Gold prices have continued to climb since surpassing the one-million-dinar threshold for the first time in Iraqi local markets on January 21.

Read more: $10K per kilo: The new fee killing Iraq’s gold trade

https://www.shafaq.com/en/Economy/Gold-prices-climb-in-Baghdad-and-Erbil-markets-9-4

Gold Cracks $5,200 Milestone Following 20% Annual Rally

2026-01-28   Shafaq News  Gold broke through $5,200 for the first time on Wednesday, after rising more than 3% on Tuesday, as the dollar plunged to a near four-year low amid persisting geopolitical concerns, ahead of a U.S. Federal Reserve monetary policy decision.

Spot gold jumped 1.1% to $5,243.58 per ounce, as of 0314 GMT, after scaling a record high of $5,247.21 earlier, up more than 20% since the start of the year.

U.S. gold futures for February delivery surged 3.1% to $5,237.70 per ounce.

"(Gold's rise) is due to the very strong indirect correlation with the dollar and yesterday's price-rise in gold in the U.S. session was due to Trump's remark to a casual question about the dollar which implied that (there is) a broad-based consensus within the White House to have a weaker greenback going forward," said Kelvin Wong, a senior market analyst at OANDA.

The U.S. dollar was grappling with a "crisis of confidence" as ⁠it struggled near four-year lows, exacerbating dollar selling, after President Donald Trump said the currency's value is "great" when asked whether he thought it had declined too much.

U.S. consumer confidence, meanwhile, slumped to its lowest level in more than 11-1/2 years in January amid mounting anxiety over a sluggish labor market and high prices.

Trump added that he will soon announce his pick to serve as head of the U.S. central bank, and predicted interest rates would decline once the new chair takes over.

The ⁠Fed is widely expected ⁠to hold rates steady at its January monetary policy meeting, currently underway. FEDWATCH

Wong added that near-term resistance for gold could be seen around $5,240/oz. Deutsche Bank said on Tuesday that gold could climb to $6,000 per ounce in 2026, citing persistent investment demand as central banks and investors increase allocations to non-dollar and tangible assets.

Spot silver was up 1.9% at $115.11 an ounce, after hitting a record high of $117.69 on Monday. The white metal has already jumped almost 60% so far this year.

Spot platinum gained 2% to $2,692.60 per ounce after hitting a record $2,918.80 on Monday, while palladium was up 1.4% at $1,961.68.   (Reuters)  https://www.shafaq.com/en/Economy/Gold-cracks-5-200-milestone-following-20-annual-rally

Dollar Eases Slightly In Baghdad And Erbil

2026-01-28   Shafaq News– Baghdad/ Erbil   The US dollar opened Wednesday’s trading slightly lower in Baghdad and Erbil, declining by about 1,200 Iraqi dinars compared with the previous session.

According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 153,000 Iraqi dinars per 100 dollars, down from 154,200 dinars recorded on Tuesday.

In the Iraqi capital, exchange shops sold the dollar at 153,500 dinars per 100 dollars, while buying prices stood at 152,500 dinars.

In Erbil, the dollar also declined, with selling prices reaching 154,600 dinars per 100 dollars and buying prices at 154,500 dinars    https://www.shafaq.com/en/Economy/Dollar-eases-slightly-in-Baghdad-and-Erbil   

Al-Rasheed Bank Continues Dollar Sales To Travelers At Official Rate

Today, 12:34   Baghdad-INA   Al-Rasheed Bank announced on Wednesday that it will continue selling US dollars to travelers at the airport and designated bank branches at the official exchange rate.

A statement from the bank, received by the Iraqi News Agency (INA), said, "Al-Rasheed Bank announces the continuation of providing dollar sales services to travelers through branches operating within airports and other designated branches to facilitate citizens' access to the currency."

The bank confirmed that its branches in Baghdad, Najaf and Basra airports continue to operate, including selling dollars to travelers according to currency sales instructions and providing them with cash needs during official holidays, calling on travelers to visit the approved branches inside the airports and the branches designated to ensure receiving dollars directly at the official rate.  https://ina.iq/en/economy/45107-al-rasheed-bank-continues-dollar-sales-to-travelers-at-official-rate.html    

Basrah Crude Slips Against Global Upward Trend

2026-01-28   Shafaq News– Basrah  Iraq’s Basrah crude recorded modest losses on Wednesday, with prices easing by 2.34%, despite a surge in global oil prices.

Basrah Heavy crude fell to $60.16 per barrel, and Basrah Medium crude declined 1.29%, reaching $62.61 per barrel.

Brent crude futures rose 28 cents, or 0.4%, to $67.85 a barrel. US West Texas Intermediate (WTI) crude climbed 35 cents, or 0.6%, to $62.74 a barrel.   https://www.shafaq.com/en/Economy/Basrah-crude-slips-against-global-upward-trend