Iraq Economic News and Points To Ponder Wednesday Morning 1-7-26
Iraq's Gold Reserves Remain Stable At 170 Tons.
Economy News – Baghdad The World Gold Council announced on Wednesday that Iraq maintained its global ranking with reserves exceeding 170 tons of gold, without any change.
The council stated in its latest statistics for January, which were reviewed by "Economy News", that Iraq maintained its 29th position globally out of 100 countries that possess the largest reserves of the precious metal.
He explained that Iraq’s gold reserves amounted to 170.9 tons, equivalent to 22.1% of its total other hard currency reserves, ranking fourth at the Arab level after Saudi Arabia, Lebanon and Algeria.
It is worth noting that the World Gold Council, which is based in the United Kingdom, includes the world’s largest gold mining companies and has extensive experience in analyzing market trends and factors affecting the price of the precious metal. https://economy-news.net/content.php?id=64277
Central Bank: The Dollar Is Stable At 1320 Dinars, And The Rise In The Parallel Market Is Due To Demand Outside
Banks. Economy News – Baghdad Haider Ghazi, the media officer of the Central Bank of Iraq, confirmed that there has been no change in the exchange rate of the dollar against the dinar, and it remains fixed at 1320 dinars per dollar, explaining that what is being circulated as an exchange rate is only the demand of the unofficial market for dollars outside the system of banks licensed to work in foreign transfers through correspondent banks.
Ghazi, in a statement according to the official newspaper, attributed the main reason for the rise in the parallel market to the customs duty due to demand outside the banking system, noting that the application of the prior customs duty for transfer purposes may have put significant pressure on those seeking cash dollars, and was behind the rise in demand for the dollar against the dinar in the local markets.
He explained that traders are required to bring the customs declaration (customs statement) from the ASYCUDA system before the bank transfer is made to them, adding that on many occasions the Central Bank of Iraq stated that the ways to obtain dollars are through:
First, external transfers through banks in a systematic and documented manner with all parties, and second, through the traveler's dollar after depositing an amount in Iraqi dinars with companies of categories A and B, and it is received through outlets inside Iraqi airports, as the bank set the traveler's share per month at $3,000. https://economy-news.net/content.php?id=64273
Gold Prices In Baghdad Have Decreased.
Economy News – Baghdad Gold prices, both foreign and Iraqi, fell on Wednesday in local markets in the capital, Baghdad. Gold prices in the wholesale markets of Al-Nahr Street in Baghdad this morning recorded a selling price of 914,000 dinars per mithqal of 21-karat gold from the Gulf, Turkey, and Europe, while the buying price was 910,000 dinars, after the prices were at 924,000 dinars yesterday, Tuesday.
The selling price of one mithqal of 21-karat Iraqi gold reached 884,000 dinars, while the buying price reached 880,000 dinars. He pointed out that gold prices in jewelry stores varied, as the selling price of a mithqal of 21-karat Gulf gold ranged between 915,000 and 925,000 dinars, while the selling price of a mithqal of Iraqi gold ranged between 885,000 and 895,000 dinars. https://economy-news.net/content.php?id=64275
Basra Crude Oil Prices Decline
Time: 2026/01/07 10:04:49 Reading: 45 times {Economic: Al-Furat News} Basra Heavy and Basra Medium crude oil prices fell by more than 2% on Wednesday, as oil prices declined in global markets.
Basra Heavy crude prices fell by $1.38, or 2.35%, to $57.27, and Basra Medium crude prices fell by $1.38, or 2.26%, to $59.82.
Oil prices fell globally after US President Donald Trump said Venezuela would return between 30 and 50 million barrels of sanctioned oil to the United States, increasing concerns about a supply glut in the global market.
Oil products explain the reason for the disruption to gas transport.
Time: 2026/01/07 13:14:37 Reading: 180 times {Economic: Al-Furat News} The Undersecretary of the Ministry of Oil for Gas Affairs, Izzat Saber Ismail, explained that there was a problem in the gas transportation process, as a result of a technical malfunction that affected the pipeline from Basra to Baghdad, while praising the high level of coordination between the two companies and the speed with which solutions were found to the emergency problems.
The media office of the Oil Products Distribution Company stated in a statement received by Al-Furat News that “the company’s Director General, Hussein Talib Aboud, and the senior staff received the Undersecretary of the Ministry of Oil for Gas Affairs, Izzat Saber Ismail, accompanied by the Director General of the Gas Filling and Services Company, Anmar Ali Hussein, where the meeting witnessed a discussion of the reality of cooking gas and the problems that accompanied it in the supply during the past two days.”
The statement added that "the Undersecretary chaired, on the sidelines of the meeting, a joint meeting of senior owners in the oil products distribution and gas filling and services companies, stressing that gas production exceeds the level of consumption, as the concerned parties produce more than (9) thousand tons per day, while the daily consumption rate is (7) thousand tons."
The agent explained that "the problem in transporting the gas is due to a technical malfunction in the pipeline transporting from Basra to Baghdad, praising the high level of coordination between the two companies and the speed with which they addressed the emergency problems." LINK https://alforatnews.iq/news/
In A New Clarification, The Ministry Of Oil Identifies The Reasons For The Cooking Gas Shortage And Reassures Citizens.
Time: 2026/01/07 11:52:4 {Local: Al-Furat News} The Ministry of Oil clarified today, Wednesday, the reasons for the recent shortage of cooking gas, while indicating that a plan has been put in place to expand the pipelines and increase reserves.
The Undersecretary of the Ministry of Oil for Gas Affairs, Izzat Saber, said in a press statement that "the recent shortage of cooking gas is due to a leak in one of the gas pipelines heading to the capital, Baghdad," stressing that "technical and engineering teams are currently working to repair it in order to bring it back into service."
Saber added that "the ministry resorted to using tankers to transport gas production as an alternative measure to ensure the continuity of supplies," noting that "some tried to exploit this emergency situation to raise prices for citizens."
He added that "100 tankers transport gas daily to factories and direct sales outlets for citizens to meet the need," revealing that "there is a plan to further expand the pipeline in order to increase the strategic gas reserves in equipped factories and avoid any shortages in the future."
The Ministry of Oil announced yesterday, Tuesday, that what is being circulated regarding the existence of a cooking gas crisis is inaccurate, indicating that the crisis is fabricated, while announcing the dispatch of additional shipments to processing stations to meet the demand.
The ministry said, "There is no real crisis in cooking gas cylinders, and what is happening now is deliberate disruption by some transporters," stressing that "the ministry will take deterrent measures against those responsible for this."
She added that "cooking gas is available at all processing stations in large quantities," noting that the ministry will send additional shipments of gas to stations and any area experiencing an increase in demand LINK
The UAE Will Have The Highest Cost Of Living In The Arab World, While Iraq Will Have The Lowest, In 2026.
Economy News - Follow-up The 2026 cost of living index for Arab countries showed that Iraq was among the countries with a low cost of living, according to data issued by Numbeo, a website specializing in comparing price levels between countries.
The United Arab Emirates topped the list of countries with the highest cost of living in the Arab world, after recording 55.2 points, followed by Yemen with an index of 53.1 points, then Qatar with 50.4 points, Palestine with 48.1 points, and Bahrain with 47.6 points, amid high price levels compared to the rest of the countries in the region.
The following countries came in the next positions with an index of 43.9 points, Oman with 43.6 points, Kuwait with 42.5 points, Lebanon with 41.7 points, then Jordan with 39.4 points, while Morocco recorded 31.4 points, and Tunisia with 29.1 points.
At the bottom of the list, Iraq ranked among the Arab countries with the lowest cost of living, scoring 28.4 points, ahead of Algeria, which scored 28.0 points, Syria, 25.0 points, and Egypt, 21.6 points, while Libya came at the bottom of the list with an index of 18.3 points.
It should be emphasized that the index measures price levels only in comparison to New York City, and does not reflect income levels or quality of life. https://economy-news.net/content.php?id=64231
Mr. Al-Hakim Outlines 11 Paths To Ensure The Iraqi Army's Performance In Protecting The Homeland And The Democratic System.
Time: 2026/01/07 13:52:14 Reading: 45 times {Political: Al-Furat News} The head of the National State Forces Alliance, Mr. Ammar Al-Hakim, outlined 11 paths today, Wednesday, to ensure the performance of the Iraqi army in protecting the homeland and the democratic system.
In a speech on the occasion of the 105th anniversary of the founding of the Iraqi Army, Mr. Al-Hakim said: “The Iraqi Army, with its long history, is not just an armed formation, but rather the memory of a state and the experience of a nation; a journey that went through stages of establishment and building, and a journey that was exposed to the upheavals of politics, wars and challenges, but it remained in its essence linked to the soil of Iraq and the identity of the Iraqis.”
He added: “Our army, in the battles against terrorism, has set an example of patience, cohesion, and capacity building, moving from the stage of challenge to the stage of initiative, until the victories that we are all proud of were achieved, and they would not have been achieved without the blood of the martyrs, the sacrifices of the wounded, the vigilance of the fighters, and the support and assistance of their families.”
He continued: “One of the most important things that distinguishes the military institution is that it pays a heavy price and makes great sacrifices so that we can live a normal life. Therefore, talking about the army should not remain in the realm of slogans, but should turn into a moral, political and legislative commitment to the rights of the fighters and their families.”
He added that the main paths to strengthening the army's position and ensuring its constitutional role in protecting the homeland, preserving the democratic system, and maintaining sovereignty are:
Establishing a national constitutional military doctrine.
Building a sovereign armament decision through diversifying sources of power.
Upgrading the air defense and airspace protection system.
Investing in quality training and continuous development.
Strengthening command, control, and communications.
Developing cyber capabilities and electronic warfare.
Combating corruption and administrative mismanagement within the military establishment.
Supporting military manufacturing, local maintenance, and building a national supply chain.
Deepening the integration between the army and the rest of the security system.
Updating the military intelligence and early warning system.
Caring for combatants, their families, the wounded, and disabled veterans. LINK