Iran Central Bank Chief Dismisses Currency Concerns Over Essentials
2026-09-30 Shafaq News- Tehran Iranian Central Bank Governor Abdulnaser Hemmati said on Wednesday there were “no concerns” over securing the foreign currency needed to import medicines and essential goods.
Speaking on the sidelines of a meeting of the Economic Commission of the Iranian parliament, Hemmati stressed that ensuring access to basic needs was among the central bank’s top priorities.
Responding to US Treasury Secretary Scott Bessent’s claim that “the Iranian economy will collapse within two weeks,” Hemmati invoked a Persian proverb: “Chickens are counted at the end of autumn,” meaning that outcomes should be judged after they materialize rather 000 tomans on Iran’s open market on Tuesday than in advance.
The remarks came as the US dollar surpassed 250,000 tomans on Iran’s open market on Tuesday.
Earlier, the US Treasury Department sanctioned 10 individuals and entities for allegedly helping Iran’s Defense Ministry procure weapons and components through networks spanning several countries.
Oil Prices Drop On Rising US Inventories
2026-10-01 Shafaq News Oil prices fell 1% on Thursday as recovering crude exports from the Gulf and a surprise rise in US inventories eased supply concerns, while investors weighed renewed US-Iran diplomatic efforts to end their conflict in the Middle East.
Brent crude futures fell 1.1% to $96.92 a barrel by 0420 GMT, and US West Texas Intermediate crude dropped 1.4% to $89.18 a barrel.
Both benchmarks rose about $1 a barrel on Wednesday. Brent recorded a monthly gain of around 14% in September, its biggest since July, while WTI increased by about 5% on the month.
“Oil’s near-term bias remains negative as recovering shipments from the Gulf region, resumed Saudi exports through Yanbu and a buildup in US inventories ease supply concerns,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.
Saudi Arabia resumed oil tanker loadings from Yanbu, Reuters reported on Tuesday, after earlier restarting operations on its East-West Pipeline.
Meanwhile, US crude inventories rose by 922,000 barrels to 427.3 million barrels in the week ended September 25, the Energy Information Administration said, compared with expectations in a Reuters poll for a 264,000-barrel draw.
“Renewed US-Iran diplomatic engagement could further reduce the geopolitical risk premium, although a breakthrough remains uncertain,” Sachdeva said.
Iran said on Wednesday it had received a US response to its latest proposal to resurrect the collapsed ceasefire in the Gulf.
US President Donald Trump denied reports by Axios and CNN, however, that cited US officials as saying he was willing to give Iran sanctions relief and release frozen Iranian funds in return for “concrete” steps by Tehran on its nuclear programme.
Goldman Sachs estimates Gulf oil exports, including “dark exports” involving ships operating with their location transponders turned off, have recovered to 23.3 million barrels per day over the last week, in line with their 2025 average, as exports doubled in September, it said in a note on Tuesday.
Also, OPEC+ oil-producing countries are likely to keep their oil production targets steady for November when they meet on Sunday, two people with knowledge of the matter told Reuters. (REUTERS)
Basrah Crudes Retreat Alongside Global Decline
2026-10-01 03:23 Shafaq News- Basrah Iraq’s Basrah crude prices fell by less than 1% on Thursday, tracking a broader decline in major global oil benchmarks.
Basrah Heavy crude fell to $73.12 per barrel, down 0.79%, while Basrah Medium crude slipped to $76.42 per barrel, a decline of $0.58, or 0.75%.
Brent crude edged lower to $96.92 per barrel, losing 1.1%. US West Texas Intermediate (WTI) crude also declined, falling 1.4% to $89.18 per barrel.
OPEC’s basket fell by $2.22 to $109.53 a barrel, a decline of 1.99%.
USD/IQD Falls In Baghdad And Erbil
2026-10-01 Shafaq News- Baghdad/ Erbil The US dollar opened Thursday’s trading lower in Iraq, hovering around 156,900 dinars per 100 dollars.
According to a Shafaq News market survey, the dollar traded in Baghdad’s Al-Kifah and Al-Harithiya exchanges at 156,850 dinars per 100 dollars, down from the previous session’s 157,250 dinars.
In the Iraqi capital, exchange shops sold the dollar at 157,250 dinars and bought it at 156,250 dinars, while in Erbil, selling prices stood at 157,000 dinars and buying prices at 156,900 dinars.
Gold Prices Fall In Baghdad, Erbil Markets
2026-10-01 Shafaq News- Baghdad/ Erbil On Thursday, gold prices hovered around 915,000 IQD per mithqal in Baghdad and Erbil markets, according to a Shafaq News market survey.
Gold prices on Baghdad’s Al-Nahr Street recorded a selling price of 920,000 IQD per mithqal (equivalent to five grams) for 21-carat gold, including Gulf, Turkish, and European varieties, with a buying price of 916,000 IQD. The same gold had sold for 930,000 IQD on Wednesday.
The selling price for 21-carat Iraqi gold stood at 890,000 IQD, with a buying price of 886,000 IQD.
In jewelry stores, the selling price per mithqal of 21-carat Gulf gold ranged between 920,000 and 930,000 IQD, while Iraqi gold sold for between 890,000 and 900,000 IQD.
In Erbil, 22-carat gold was sold at 970,000 IQD per mithqal, 21-carat gold at 926,000 IQD, and 18-carat gold at 794,000 IQD.
Al-Taif Bank To Resume Percentage-Based Withdrawals
2026-10-01 Shafaq News- Baghdad Depositors at Iraq’s Al-Taif Islamic Bank will be able to withdraw part of their funds starting next week under a percentage-based payout system, nearly a month after the central bank placed the lender under guardianship, the bank said on Thursday.
Withdrawals will be capped at fixed percentages to keep payouts orderly. Branches across the country have already received cash, with further steps under way to ease access.
The percentages will be based on the balances available in each account, a measure the committee running the bank announced on September 19 to ensure fair distribution.
A Month Under Guardianship
The Central Bank of Iraq (CBI) placed Al-Taif Islamic Bank for Investment and Finance under guardianship for 18 months on September 2, citing violations that had damaged the bank’s financial position and depositors’ funds. Acting CBI Governor Nizar Nasser Hussein appointed Imad Mohammed Hamad to run it.
The move froze banking services and halted all withdrawals and deposits. On September 6, depositors protested outside the bank’s branch in Baghdad’s Karrada district, demanding access to their money.
The CBI has insisted the bank is not bankrupt, calling the guardianship a precautionary step to protect depositors. Most deposits at Al-Taif are guaranteed, according to Hussein, and the central bank would step in to cover any shortfall.
Under a phased plan announced by the CBI on September 8, withdrawals and other obligations are being settled gradually, with salary payments given priority.
