Iraq Economic News and Points To Ponder Saturday Afternoon 11-8-25
Iraq Avoids Budget Deficit Thanks To One Factor... Expert Reveals The Secret
Time: 2025/11/08 Readings: 210 times {Economic: Al-Furat News} Economic expert, Salah Nouri, revealed that the Financial Management Law No. 6 of 2019 served as a safety valve that saved Iraq from entering a state of financial deficit by addressing cases of delay in approving the federal general budget law or its failure to be approved on the specified dates.
Nouri told Al-Furat News Agency that: “The Financial Management Law has addressed several cases related to the approval of the federal general budget law,” noting that “Article 13 stipulated clear procedures to ensure the continuity of spending even if the budget is delayed beyond December 31 of the year preceding the year in which it was prepared.”
He explained that "the aforementioned article authorized the Minister of Finance to issue an official circular based on specific criteria, whereby it permits spending at a rate of {1/12} or less of the total actual expenditures for current expenses for the previous fiscal year, after excluding non-recurring expenses, to ensure the continuity of employee salaries and the operation of government facilities without interruption."
Nouri added that "the same article allowed for spending from the total annual allocation for ongoing investment projects whose allocations were included during the previous and subsequent fiscal years, according to the actual completion rates or completed stages of preparation, with the aim of preventing the suspension of projects under implementation."
The economist explained that “the third paragraph of the article accurately addressed the situation of the budget not being approved at all, as it stipulated that the final financial data of the previous year be adopted as the basis for the financial data of the new year, provided that this data is submitted to the House of Representatives for the purpose of approval, which ensures the continuation of the state’s financial activity in a legal and organized manner.”
Nouri stressed that “this article, with its three paragraphs, represented a comprehensive solution to the situation of delaying or not approving the budget at the end of the fiscal year,” explaining that “thanks to it, Iraq avoided falling into financial paralysis, especially since the House of Representatives had previously approved a budget for three years {2023 – 2024 – 2025}, which strengthened financial stability and contributed to regulating government spending within specific and clear ceilings.” LINK
In Eight Months, Iraq's Financial Revenues Exceeded 82 Trillion Dinars.
Money and Business Economy News – Baghdad The Iraqi Ministry of Finance revealed on Saturday that the volume of revenues in the federal budget from January to August of last year 2025 exceeded 82 trillion dinars, noting that the contribution of oil to the budget amounted to 90%.
According to the data and tables issued by the Ministry of Finance this November for the accounts for the fiscal year for the first eight months of this year, oil's contribution to the general budget has increased compared to last month, reaching 90%, indicating that the rentier economy is the basis of the country's general budget.
The financial tables indicated that total revenues amounted to 82 trillion, 377 billion, 552 million, 620 thousand and 313 dinars.
According to the financial tables, oil revenues amounted to 73 trillion, 821 billion, 820 million, and 815 thousand dinars, which constitutes 90% of the general budget, while non-oil revenues amounted to 8 trillion, 555 billion, 371 million, and 804 thousand dinars.
She added that the total current expenditures amounted to 73 trillion, 649 billion, 419 million, and 388 thousand, including salaries for employees amounting to 44 trillion dinars, pensions for retirees amounting to 12 trillion and 558 billion dinars, and social welfare salaries amounting to 3 trillion and 710 billion dinars.
In March 2021, the Prime Minister’s financial advisor, Mazhar Muhammad Salih, confirmed that the reasons for the economy remaining rentier were due to the wars and the imposition of the economic embargo on Iraq during the past era, and what we are witnessing today in terms of political conflicts, which led to the dispersal of economic resources.
The Iraqi state’s continued reliance on oil as the sole source of the general budget puts Iraq at risk from global crises that occur from time to time due to the impact on oil, which makes the country resort each time to covering the deficit by borrowing from abroad or internally, and thus indicates the inability to manage state funds effectively, and the inability to find alternative financing solutions. https://economy-news.net/content.php?id=62076
Saleh's Appearance: Hypermarkets Have Stopped The Parallel Market's Influence On Prices
Time: 2025/11/08 Reading: 60 times {Economic: Al-Furat News} The Prime Minister’s financial advisor, Mazhar Muhammad Saleh, confirmed on Saturday that the economic policy adopted basic principles in confronting the parallel exchange market, describing it as a market of information colored with noise, according to economic literature.
He pointed to the success of the “price defense policy” adopted by the branches of commercial policy through the spread of large cooperative shopping centers (hypermarkets) throughout the country’s economic geography and within a record time period.
Saleh told Al-Furat News Agency that "this policy represented one of the most effective tools in addressing the price risks generated by the parallel exchange market, pointing to the effects it had on the price system and the building of inflationary expectations that previously destabilized the economy."
He added that "the policy of price payment based on a stable commodity supply has proven its effectiveness as a strong lever in containing the effects of the parallel market, whose fluctuations practically represented an indirect confiscation of the standard of living and monetary income of individuals." LINK
964 Million Barrels Of Iraqi Oil In 8 Months... And 90% Of Revenues From Oil
Energy Economy News – Baghdad The Eco Iraq Observatory announced on Saturday that the volume of oil production during the first eight months of this year, 2025, reached approximately one billion barrels, while oil export revenues amounted to about 73 trillion Iraqi dinars.
The observatory said in a statement that "oil production during the first eight months amounted to about 964.9 million barrels, mostly from Basra Governorate, while Iraq exported about 816.18 million barrels during the same period."
The statement indicated that the highest production month was August with 124.47 million barrels, and the highest export month was 104.81 million barrels.
The Eco Iraq Observatory added that export revenues amounted to 73,821,820,815,850 Iraqi dinars, representing about 90% of the state's revenues.
The Eco Iraq Observatory is a media research institution specializing in analyzing the country’s financial and economic performance. Its periodic reports focus on monitoring the size of public spending, monthly revenues, and budget funding sources. https://economy-news.net/content.php?id=62077
Gold Prices Remain Stable In Baghdad And Erbil
Saturday, November 8, 2025, 12:29 PM | Economy Number of views: 258 Baghdad/ NINA / Gold prices, both foreign and Iraqi, remained stable in local markets in Baghdad and Erbil on Saturday.
The selling price of a mithqal (approximately 4.5 grams) of 21-karat gold from the Gulf, Turkey, and Europe in the wholesale markets of Al-Nahr Street in Baghdad was 794,000 Iraqi dinars, with a buying price of 790,000 dinars.
The selling price of a mithqal of 21-karat Iraqi gold was 764,000 dinars, with a buying price of 760,000 dinars. In
jewelry shops, the selling price of 21-karat gold ranged between 795,000 and 805,000 dinars, while Iraqi gold ranged between 765,000 and 775,000 dinars.
In Erbil, gold prices also remained stable, with the selling price of 22-karat gold at 843,000 dinars, 21-karat gold at 805,000 dinars, and 18-karat gold at 690,000 dinars. https://ninanews.com/Website/News/Details?key=1260936
The Dollar Begins The Week With A Notable Rise.
Economy | 11:02 - 08/11/2025 Mawazin News - Baghdad: The exchange rate of the US dollar against the Iraqi dinar witnessed a noticeable increase in local markets at the beginning of the week.
The selling price reached 142,500 dinars per 100 US dollars, while the buying price reached 140,500 dinars per 100 US dollars. https://www.mawazin.net/Details.aspx?jimare=269946
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