Iraq Economic News And Points To Ponder Tuesday Afternoon 10-6-26
U.S. Sends Strong Warning To Financial Institutions Dealing With Iran
Money and business Economy News - Follow-up The U.S. Treasury Department has warned foreign financial institutions that they will face sanctions without prior notice if they continue to engage with Iran or its financial sector.
According to a notice issued by the Office of Foreign Assets Control (OFAC) of the Treasury Department on Monday, October 5, 2026, financial institutions that deal with sanctioned Iranian entities may be targeted at any time, and must cease these activities and relations immediately.
The notice indicates that this step comes within the framework of the economic process announced by US Treasury Secretary Scott Bissent (August 24, 2026). In this process, the Treasury Department expanded the scope of sanctions risk under Executive Order (13902) to include individuals and entities that support the digital asset, technology, gold, aviation, and shipping sectors in Iran.
During the past period, the United States has imposed sanctions on several banks in this regard, including:
On August 28, he imposed sanctions on Banque Misr in the UAE, which was an important point for Iran’s access to the US dollar.
On September 4, he imposed sanctions on the branches of the Turkish-based Golden Global Bank for facilitating the transfer of tens of millions of dollars to the Revolutionary Guards’ Quds Force.
On September 14, he imposed sanctions on VTB for his involvement in activities to circumvent sanctions imposed on Iranian banks.
The Treasury Department has warned that institutions that facilitate Iran’s access to the global financial system (including the provision of services to Iranian banks or their affiliates in third countries) will face tough sanctions. It could also face civil and criminal sanctions if its dealings lead to sanctions violations by U.S. institutions or individuals.
The prohibition of opening or maintaining bank accounts in the United States is one of the most severe measures that may be imposed on it.
In recent weeks, the United States has warned other countries to cut trade ties with Tehran, otherwise it risks being deprived of the dollar-based financial system https://www.economy-news.net/content.php?id=74695
More Than $ 51 Billion Volume Of Trade Exchange Between China And Iraq During 2025
Money and business Economy News – Baghdad The Chinese ambassador to Iraq, Chiangpuh, said on Tuesday that the volume of trade exchange between Iraq and China exceeded 51 billion dollars during the past year, pointing to the development of relations between the two countries and the strengthening of cooperation in various fields.
"Sino-Iraqi relations are witnessing in-depth and continuous developments and have achieved practical cooperation between the two countries," he said, noting that "Iraq is an important partner for China in building the Belt and Road, which has achieved fruitful results."
He added that "large Chinese companies are involved in the construction and development of several sectors in Iraq, including oil, electricity, infrastructure and other fields," pointing out that "the volume of trade exchange between the two countries exceeded during the past year 51 billion dollars."
He explained that "cooperation between the two countries is based on mutual interests and is witnessing continuous developments," expressing his hope that "cooperation will continue and expand to other areas, thus contributing to building a comprehensive relationship between the two countries."
"Cooperation will continue in new areas in the future," the Chinese ambassador said, adding that "the two sides enjoy strong economic integration, which provides a guarantee for a promising future and enormous potential for cooperation between the two countries." https://www.economy-news.net/content.php?id=74709
Industry Follows Up On The Latest Developments Of Iron And Steel Factories In Basra
Money and business Economy News – Baghdad The Technical Undersecretary of the Ministry of Industry and Minerals, Eng. Juma Diwan Al-Bahadli, held a meeting that included the general managers of the investment and technical departments at the ministry's headquarters, the General Iron and Steel Company, and Ibn Majid General Company to follow up the reality of iron and steel factories in the province of Basra.
The meeting discussed extensive discussions on the current situation of the factories of the General Company for Iron and Steel, and the latest developments in the measures taken on them, and discussed the most prominent existing problems and ways to address and overcome them in order to contribute to the activation of work and production in these factories.
The meeting stressed the importance of continuing follow-up and enhancing joint coordination between the relevant authorities to address the problems and resolve the outstanding files in accordance with the frameworks, laws and instructions in force, in order to support the ministry's directions in the development of the iron and steel sector and enhance its role in supporting the national industry https://www.economy-news.net/content.php?id=74702
Iraq Third In The Arab World And 28 Globally With Cash Reserves Of $ 85 Billion
Money and business Economy News – Baghdad Iraq ranked 28th in the world among the countries with the largest foreign exchange reserves out of 30 countries listed in the table, with a total of about $ 85 billion, according to a classification published by the Canadian site "Vigoal Capital East" based on the latest data of the International Monetary Fund.
According to the classification, Iraq came after France, which ranked 27th with reserves of $ 86 billion, and Romania ranked 29th with $ 78.2 billion, while Turkey came in 30th and last place with $ 76.6 billion.
China topped the list with reserves of $3.41 trillion, followed by Japan with $1.259 trillion, Switzerland with $932.3 billion, Taiwan with $602.5 billion and India with $543 billion.
In the Arab world, Saudi Arabia ranked sixth in the world with reserves of 458.6 billion dollars, and the UAE ranked 12th with 251.4 billion dollars, while Iraq ranked third in the Arab world among the 30 largest countries.
The classification, based on the International Monetary Fund’s International Monetary Fund (IMF) database data, noted that foreign exchange reserves are an essential tool to cope with economic shocks, support currency stability, financing imports and servicing foreign debt.
The rating excludes gold from foreign exchange reserves and is based on the latest reporting periods available between mid-2025 and the second quarter of 2026 https://www.economy-news.net/content.php?id=74701
The Supreme Commission for Governorates discusses the obstacles of the Basra-Shalamjah railway project and ways to accelerate its implementation
Money and business Economy News – Baghdad The Supreme Commission for Coordination between the provinces, on Tuesday, discussed the challenges of the Basra-Shalamjah railway project.
The authority said in a statement received by "Economy News" that it "held a consultative meeting under the chairmanship of the General Coordinator for Provincial Affairs Ahmed Abdul Zahra Al-Fatlawi, in the presence of the Governor of Basra As'ad Al-Eidani, and representatives of the ministries of transport and finance, to discuss the project of establishing the Basra-Shalamjah railway."
She added that "during the meeting, they discussed the reality of the project, and discussed the most prominent financial and technical conflicts and obstacles facing the stages of its implementation, in addition to reviewing the procedures required to address the challenges and accelerate the pace of work on the project."
She added that "the meeting stressed the importance of coordination and integration between the concerned government agencies, which contributes to overcoming obstacles to the implementation of the project and achieve its objectives in supporting the transport sector and strengthening the railway link between Iraq and neighboring countries."