Economist: Declining Purchasing Power Limits The Rise In The Exchange Rate
Time: 2025/08/02 Reading: 435 times {Economic: Al Furat News} Economic expert Salah Nouri confirmed on Saturday that the dollar exchange rate on the parallel market depends primarily on trade demand from neighboring countries.
He added in a statement to Al Furat News that “demand depends on the purchasing power of the Iraqi citizen. Currently, purchasing power is weak and is likely to continue due to the financial crisis and delays in salary disbursements, which is a large segment.”
Nouri pointed out that “if the election campaign proceeds along the correct democratic path, without exploiting public funds or influx of foreign funds, the dollar’s value will remain at its current level without excessive increases.” LINK
The Dollar Exchange Rate Remains Stable In Baghdad.
Economy | 02/08/2025 Mawazine News – Baghdad – The dollar exchange rate stabilized on Saturday at the Baghdad Stock Exchange and money exchanges. The dollar exchange rate was recorded at 140,000 dinars for every $100 in morning trading at the main stock exchange in the capital, Baghdad. The exchange rate in local markets in Baghdad reached 141,000 dinars for sale, while the purchase price reached 139,000 dinars. https://www.mawazin.net/Details.aspx?jimare=264498
Basra Crude Records Weekly Gains
Time: 2025/08/02 09:01:02 Reading: 435 times {Economic: Al Furat News} Basra crude oil posted weekly gains, despite the decline in global oil prices at the end of the week’s trading.
Basra Heavy crude closed its last session on Friday down $1.80, reaching $69.28, but posted weekly gains of $1.85, or 2.75%.
Basra Medium crude closed its last session with a similar decline of $1.80, settling at $72.33, but recorded weekly gains of $1.85, or 2.62%.
Global oil prices fell at settlement amid expectations of increased OPEC production and the potential impact of new US tariffs, which could undermine economic activity and reduce global energy demand.
Brent crude posted weekly gains of about 4.9%, while West Texas Intermediate crude gained 6.4%. LINK
Al-Sudani: Baiji Will Be An Important Industrial Oil City That Represents One Of The Pillars Of The Iraqi Economy.
Saturday, August 2, 2025 | Economic Number of reads: 316 Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani stressed: “Baiji will be an important industrial oil city that represents one of the pillars of the Iraqi economy.”
The Prime Minister said during the inauguration of the fat refinery in Baiji: “Rehabilitating the refinery was not easy, because it consists of units with modern technology and supporting industrial units, and it was restarted with the energy and capacity of national effort.”
He added: “The rehabilitation of the refinery was carried out with all its production lines and at the same level at which it was established by foreign companies.”
Al-Sudani stressed that: “We have national competencies capable of achieving accomplishments and implementing projects that were previously the preserve of foreign companies.”
He explained: “The economic dimension is always present, and to a large extent, in the priorities for implementing government projects.
” Al-Sudani continued, saying: “By rehabilitating this refinery, and other refineries and facilities, we will reach the export stage after covering the needs of the local market.”
He pointed out: “The sectors contributing to the economy represent a priority in economic reform, so the contribution rate increased from 7% to 14%.”
The Prime Minister explained: “The government has been able to achieve optimal investment in the oil and gas sector to meet the market’s needs for petroleum products.” He concluded by saying: “Our vision for the oil sector is comprehensive, from Basra to Nineveh.” /End https://ninanews.com/Website/News/Details?key=1244188
A Security Conference Discusses Preparations And Capacity Building For Upcoming National Challenges.
Saturday, August 2, 2025, | Number of reads: 171 Baghdad / NINA / The Deputy Commander of Joint Operations, Lieutenant General Qais Al-Muhammadawi, held an expanded security conference via closed-circuit television on Saturday, with the participation of a number of operations and axes commanders, and in the presence of the Commander of the Land Forces, the Director of Military Intelligence, and the Joint Operations Command Staff.
The Joint Operations Command said in a statement, “During the conference, an extensive discussion took place on current and future military and security plans, with a focus on mechanisms for operational reopening in areas of responsibility and confronting challenges.”
The statement added, “The conference discussed ways to enhance the readiness of the forces and the importance of high coordination between the various formations to carry out duties with high efficiency and professionalism.
” It indicated that “the Deputy Commander of Joint Operations directed, at the conclusion of the conference, a set of recommendations, including specific timings and distribution of responsibilities, with an emphasis on reviewing plans in line with current challenges, the mechanism for coordination with neighboring commands, and dealing with intelligence information, as well as discussing preparations and capacity building to face upcoming national entitlements.” LINK
Parliamentary Economy Committee: We Refuse To Vote On This Agreement. We Proposed A Package Of Comments Before Presenting It To Parliament.
Saturday, August 2, 2025, | Economic Number of reads: 182 Baghdad / NINA / The Parliamentary Committee on Economy, Industry and Trade announced the collection of signatures to reconsider the draft law ratifying the afforestation and mutual protection of investment agreement between the governments of the Republic of Iraq and the Kingdom of Saudi Arabia.
The Parliament Presidency also demanded that the vote on the agreement be postponed and that it be returned to the Council of Ministers for approval first, before proceeding with its submission to Parliament.
The committee’s deputy chairman, Yasser Al-Husseini, said in a joint press conference on Saturday that “this agreement was not discussed or presented to the committee, and its opinion was not taken into account at all. Therefore, we collected signatures to demand that the Presidency hold workshops with legal and economic specialists and representatives of government agencies to determine the feasibility of passing this agreement, amending it, or proceeding with ratification or not.”
In turn, MP Saud Al-Saadi said, “We noted that the Parliamentary Foreign Relations Committee did not send a photocopy of the draft law, nor did it send the committee’s special report to the representatives two days before the session, as required by the internal regulations.”
He added, “This agreement includes, in Article 9 of Annex A, excessive facilitation for the expropriation of lands and projects in Iraq for the Saudi side, and it also conflicts with the Iraqi Expropriation Law No. 12 of 1981, as amended, and the provisions of other applicable laws.”
He continued, “Article 11 of the agreement included exceptions and permissions for financial transfers to Saudi Arabia under the guise of investment without restrictions or conditions, and Article 13 permitted the dispute to be referred to the Arab Court of Arbitration or to resort to international arbitration, which may harm the national interest.”
He explained, “We believe it is necessary to stipulate that the dispute regarding the agreement be referred to Iraqi courts, and that investment disputes be subject to the Iraqi judiciary, before resorting to Arab arbitration or international arbitration chambers.”
He added, “The current Council of Ministers did not approve this agreement because the draft law was sent to Parliament during the fourth legislative session in 2019, and no new government decision was issued including the consistency of the provisions of this agreement with the ministerial program or not.” /End https://ninanews.com/Website/News/Details?key=1244283
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