Iraq Economic News and Points To Ponder Monday Afternoon 7-28-25
Iraq Replaces The Dollar With Gold: A Yellow Shield Against Economic Storms.
Today's Economy , | 1035 Baghdad Today – Baghdad Economic expert Nasser Al-Kanani revealed on Monday (July 28, 2025) that Iraq's position as the Arab country with the largest gold purchases represents a strategic shift in the Central Bank's approach to enhancing the country's financial stability. Al-Kanani told Baghdad Today,
"Iraq's purchase of more than 20 tons of gold in a single year, and its rise to seventh place globally in this field, reflects a calculated move by the Central Bank to protect the national economy from fluctuations in foreign currency prices, especially the dollar."
He pointed out that "gold is considered one of the safest reserve instruments, as it is not affected by fluctuations in the monetary market, unlike paper currencies.
This gives Iraq a strategic advantage in confronting sudden crises and enhances confidence in its financial policies, both domestically and internationally." Al-Kanani explained that
"this trend will positively impact the value of the Iraqi dinar in the medium term.
It will also contribute to the stability of the local market and reduce reliance on the dollar, giving the Central Bank greater flexibility in managing monetary policy and achieving economic stability in light of current regional and global challenges." https://baghdadtoday.news/279606-.html
Trade: Expanding The Horizons Of Economic And Trade Cooperation Between Iraq And The United States Of America.
Sunday, July 27, 2025 | Economic Number of readings: 410 Baghdad / NINA / Minister of Trade Athir Dawood Al-Ghariri discussed, on Sunday, with the US Chargé d'Affaires in Baghdad, Ambassador Stephen Fagin, ways to expand the horizons of economic and trade cooperation between Iraq and the United States of America.
The Minister affirmed the Iraqi government's commitment to strengthening international economic partnerships, noting that the United States is a strategic partner in Iraq's ongoing efforts to develop the business environment and stimulate foreign investment.
Al-Ghariri highlighted the efforts made by the Ministry, in cooperation with relevant authorities,
to hold the third round of negotiations for Iraq's accession to the World Trade Organization, after a hiatus of more than 16 years.
He noted the submission of goods and services files, a review of key economic and legislative reforms, including the adoption of the Intellectual Property Law, and the launch of the "Electronic Trader" platform as a step towards digital transformation.
Al-Ghariri explained that the Ministry of Commerce is working to simplify the entry and operation procedures for American companies in Iraq, pointing to the achievement of self-sufficiency in wheat production over the past two years, and the continuation of work on memoranda of understanding with the American side to meet the country's needs in a number of vital sectors.
The Minister called on American companies to organize a "Made in America" exhibition in Iraq and proposed holding a joint forum between the Iraqi and American private sectors to showcase investment opportunities and available projects.
He emphasized the importance of American companies' participation in the Baghdad International Fair.
For his part, Ambassador Fagin expressed his country's desire to expand bilateral cooperation,
praising the ongoing economic reforms in Iraq and the Ministry of Commerce's role in supporting the work of American companies and providing an environment conducive to investment.
At the end of the meeting, the two sides agreed to enhance bilateral coordination and joint work to expand the base of trade exchange, in a way that contributes to serving the common interests between the two friendly countries. /End 3 https://ninanews.com/Website/News/Details?key=1243139
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