Iraq Economic News and Points To Ponder Saturday Afternoon 7-11-26
Iraq’s Finance Ministry Insists On Full Recovery Of Corruption Funds
2026-07-11 03:29 Shafaq News- Baghdad Iraq’s Finance Ministry Said On Saturday That Any Mechanism For Repaying Funds Owed By Convicted Corruption Offenders Must Guarantee The Full Recovery Of State Money, Stressing That Judicial Matters Remain Outside Its Mandate.
The Ministry Explained That Its Role In Corruption-Related Cases Is Limited To Financial Matters And Safeguarding The Treasury's Rights, While Any Repayment Arrangement Must Be Binding And Enforceable To Protect Public Funds. It Also Confirmed That Requests For Amnesty And Other Judicial Procedures Remain Solely Within The Judiciary's Authority Under The Applicable Legal Framework.
On Friday, The Supreme Judicial Council Said It Was Coordinating With Prime Minister Ali Al-Zaidi's Government On A Legal Framework That Would Ease Judicial Measures Against Corruption Suspects Who Voluntarily Return Stolen Public Funds. Najaf's Friday Prayer Leader, Sadr Al-Din Al-Qubanji, Rejected The Proposal, Warning It Would Encourage Further Corruption And Urging The Judiciary To Handle Corruption Cases "With Complete Justice And Firmness."
Read More: Iraq Detains Top Officials In Anti-Corruption Sweep
Dollar Falls In Baghdad, Erbil Markets
2026-07-11 04:00 Shafaq News- Baghdad/ Erbil The Us Dollar Opened Saturday’s Trading Lower In Iraq, Hovering Around 154,000 Dinars Per 100 Dollars.
According To Shafaq News Market Survey, The Dollar Traded In Baghdad's Al-Kifah And Al-Harithiya Exchanges At 153,750 Dinars Per 100 Dollars, Down From The Previous Session’s 154,500 Dinars.
In The Iraqi Capital, Exchange Shops Sold The Dollar At 154,250 Dinars And Bought It At 153,250 Dinars, While In Erbil, Selling Prices Stood At 153,900 Dinars And Buying Prices At 153,850 Dinars.
Https://Www.Shafaq.Com/En/Economy/Dollar-Falls-In-Baghdad-Erbil-Markets-9
Rafidain Bank Reshuffles Department Leadership
2026-07-11 05:02 Shafaq News- Baghdad Iraq's state-owned Rafidain Bank has introduced a series of leadership changes across key departments as part of an internal restructuring, a source told Shafaq News on Saturday.
According to an administrative order dated July 9, 2026, Sanaa Sabeeh Mousa was reassigned from head of the Compliance Department to lead the Bank Restructuring Division, while Mohammed Karim Hussein was appointed acting head of the Compliance Department.
In the Risk Management Department, Zainab Hussein Ghaib was relieved of her duties as first assistant to the department's director, Ahmed Bashar Abdul Aziz was named acting director, and Lubna Mahmoud Tawfiq was appointed as an auditor.
The order stipulates that the performance of Hussein and Tawfiq will be evaluated three months after they assume their new positions.
The changes take effect upon the officials' formal handover of their previous duties, with all transfer procedures to be completed in accordance with the bank's administrative regulations.
https://www.shafaq.com/en/Economy/Rafidain-Bank-reshuffles-department-leadership
Basrah Crudes Post Weekly Losses Amid Global Declines
2026-07-11 02:39 Shafaq News- Basrah Iraq’s Basrah crude lost more than 24% over the past week, as major global benchmarks weakened.
Basrah Heavy crude dropped by $1.65 in its last trading session to $48.27 per barrel, down 3.31% on the day and recording a weekly loss of $11.82, or 24.49%. Basrah Medium crude slipped by $1.65 to settle at $50.37 per barrel, falling 3.17% in its final session and posting a weekly loss of $6.82, or 13.54%.
Brent futures settled at $76.30 a barrel, down $1.72, or 2.2%, while US West Texas Intermediate (WTI) crude closed at $72.08 a barrel, down $1.44, or 2.0%.
https://www.shafaq.com/en/Economy/Basrah-crudes-post-weekly-losses-amid-global-declines-5
Iraq’s Banking Sector Grows To 81 Institutions
2026-07-11 05:31 Shafaq News- Baghdad Iraq’s banking sector has expanded to 81 financial institutions, making it one of the largest banking markets in the Middle East by the number of banks, the Eco Iraq Observatory reported on Saturday.
Describing Iraq’s banking sector as one of the most active in the region, the Observatory listed eight state-owned banks, 24 local commercial banks, 31 local Islamic banks, 16 foreign banks, and two representative offices of foreign banks. It also pointed to the rapid growth of electronic payment services, noting that the country has 20 electronic payment companies and 25 million active bank cards in circulation.
Despite the increase in the number of banks and financial institutions, the Observatory said that the sector’s economic and service role remains limited, with many institutions yet to fully adopt the technological advances that have reshaped global banking.
“Iraq still does not have a fully integrated electronic bank capable of providing comprehensive online financial services,” it stated, hailing the country’s recent efforts to modernize the financial sector, expand electronic payments, and reduce reliance on cash-based transactions.
Read more: Debt without contracts: Iraq's shadow credit market
https://www.shafaq.com/en/Economy/Iraq-s-banking-sector-grows-to-81-institutions
Dollar Declines In Baghdad, Erbil Markets
2026-07-11 09:52 Shafaq News- Baghdad/ Erbil The US dollar closed Saturday’s trading lower in Iraq, hovering around 153,000 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 153,250 dinars per 100 dollars, down from the morning session’s 153,750 dinars.
In the Iraqi capital, exchange shops sold the dollar at 153,750 dinars and bought it at 152,750 dinars, while in Erbil, selling prices stood at 153,250 dinars and buying prices at 153,250 dinars.
https://www.shafaq.com/en/Economy/Dollar-declines-in-Baghdad-Erbil-markets-2
Gold Prices Decline In Baghdad, Erbil Markets
2026-07-11 05:14 Shafaq News- Baghdad/ Erbil On Saturday, Gold Prices Hovered Around 890,000 IQD Per Mithqal In Baghdad And Erbil Markets, According To Shafaq News Market Survey.
Gold Prices On Baghdad's Al-Nahr Street Recorded A Selling Price Of 884,000 IQD Per Mithqal (Equivalent To Five Grams) For 21-Carat Gold, Including Gulf, Turkish, And European Varieties, With A Buying Price Of 881,000 IQD. The Same Gold Had Sold For 887,000 IQD On Thursday.
The Selling Price For 21-Carat Iraqi Gold Stood At 854,000 IQD, With A Buying Price Of 851,000 IQD.
In Jewelry Stores, The Selling Price Per Mithqal Of 21-Carat Gulf Gold Ranged Between 885,000 And 895,000 IQD, While Iraqi Gold Sold For Between 855,000 And 865,000 IQD.
In Erbil, 22-Carat Gold Was Sold At 940,000 IQD Per Mithqal, 21-Carat Gold At 897,000 IQD, And 18-Carat Gold At 770,000 IQD. https://www.shafaq.com/en/Economy/Gold-prices-decline-in-Baghdad-Erbil-markets-0-1