Central Bank: Liquidity Is Available And Our Reserves Have Exceeded $100 Billion
The Central Bank of Iraq confirmed on Monday that liquidity is fully available in both local and foreign currencies, revealing that foreign reserves have exceeded $100 billion, in addition to possessing a gold reserve exceeding 163 tons.
Muhammad Younis, Director General of the Bank’s Investment Department, told the Iraqi News Agency (INA), “Liquidity is fully available, whether in Iraqi dinars or US dollars, and there is no shortage in this regard,” noting that “the Central Bank’s reserves have exceeded $100 billion.”
Younis explained that “Iraq also has a large gold reserve of more than 163 tons,” indicating that “the Central Bank is not an investment entity, but rather is concerned with managing foreign exchange reserves according to well-thought-out policies and high security standards.”
He pointed out that “the goal of these reserves is not to make profits, but rather to ensure reasonable returns through safe financial instruments,” stressing that “Iraq is on a good economic path.” https://www.radionawa.com/all-detail.aspx?jimare=41960
Al-Sudani Directs The Removal Of All Obstacles Hindering The Tax Reform Process
Monday, June 2, 2025 | Economic Number of reads: 327 Baghdad / NINA / – Prime Minister Mohammed Shia Al-Sudani issued a number of directives regarding tax reform during his visit to the General Tax Authority, today, Monday.
Al-Sudani directed, according to a statement by his media office, to remove all obstacles hindering the tax reform process. He also directed the Higher Committee for Tax Reform to prepare unified designs for model buildings for the Authority and its branches across Iraq, provided that the Ministry of Finance allocates the necessary lands.
The Prime Minister also directed to contact specialized international companies to submit bids related to the comprehensive tax system, while directing the Higher Commission for Coordination between Governorates to allocate technical employees, engineers and specialists in tax issues to work in the branches of tax units in the governorates.
He directed the Ministry of Communications to complete the network connection of the General Tax Authority and its branches in order to facilitate tax accounting, in addition to directing to resolve all problems related to employees in order to remove any obstacles to the work of the Authority.
The Prime Minister visited the General Tax Authority today, Monday, during which he toured the Authority’s headquarters to review its work mechanisms. He met with the employees working there, the citizens who reviewed it, and the lawyers representing the companies.
Al-Sudani was briefed on a number of problems related to the tax sector and its workers, most notably the lack of infrastructure and the Ministry of Finance’s weak follow-up of this Authority, starting with the failure to provide the amounts of notifications that could provide tax revenues, its delay in dealing with the issue of automation, and the lack of a main contracting party to conclude contracts with foreign companies specialized in this matter, as well as the problem of routine communication between the General Tax Authority and the Ministry of Finance, and other problems and obstacles facing the Authority that require the Ministry to pay the necessary attention to this vital institution.
He pointed out that there is a weakness in dealing with the reform packages developed by the Higher Committee for Tax Reform approved by the Prime Minister, and that they cannot be implemented due to some obstacles from within the Authority or by other official bodies. / End https://ninanews.com/Website/News/Details?key=1231375
Oil Prices Rise Despite Increased OPEC+ Supplies
Time: 2025/06/02 Read: 2,115 times {Economic: Al Furat News} Oil prices rose by more than $1 per barrel in trading on Monday, after the OPEC+ group decided to increase production in July at the same pace it has adopted over the past two months, in line with market expectations.
Brent crude futures rose to $64.44 per barrel, after ending Friday’s session down 0.9%. US West Texas Intermediate crude also rose 2.8% to $62.54, after a slight decline of 0.3% in the previous session.
However, both crudes ended last week down more than 1%.
This price surge follows a decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies on Saturday to increase production by 411,000 barrels per day in July, marking the third consecutive monthly increase. The group, known as OPEC+, seeks to regain market share and enforce discipline on members who have exceeded their production quotas.
The group was expected to consider raising production at a higher rate, but the decision was in line with expectations. LINK
Gold Prices Rise In Baghdad And Erbil Markets
Monday, June 2, 2025 | Economic Number of reads: 176 Baghdad/ NINA / The prices of “foreign and Iraqi” gold rose in the local markets on Monday, in Baghdad and Erbil.
The selling price of one mithqal of Gulf, Turkish and European gold, 21 carats, in the wholesale markets on Al-Naher Street this morning was 667 thousand dinars, and the purchase price was 663 thousand dinars.
The selling price of one mithqal of 21 carat Iraqi gold was 637 thousand dinars, and the purchase price was 633 thousand dinars.
In goldsmiths’ shops, the selling price of one mithqal of 21 carat Gulf gold ranged between 670 thousand and 680 thousand dinars, while the selling price of one mithqal of Iraqi gold ranged between 640 thousand and 650 thousand dinars.
In Erbil, gold prices also witnessed a rise, as the sale of 24 karat gold reached 765 thousand dinars, 22 karat gold reached 700 thousand dinars, 21 karat gold reached 670 thousand dinars, and 18 karat gold reached 575 thousand dinars. / End https://ninanews.com/Website/News/Details?key=1231347
The Dollar’s Price Rose Against The Dinar In Local Markets
Monday, June 2, 2025, | Economic Number of readings: 124 Baghdad / NINA / The price of the dollar rose against the dinar, Monday afternoon, in the markets of Baghdad and Erbil, with the closing of the stock exchange.
The price of the dollar witnessed a rise in the Al-Kifah and Al-Harithiya stock exchanges, recording 141,700 dinars for every $100, while this morning
it recorded 141,300 dinars for every $100. The selling price rose in exchange shops in the local markets in Baghdad, recording 142,750 dinars for every $100, while the purchase price reached 140,750 dinars for every $100.
In Erbil, the dollar also recorded a rise, as the selling price reached 141,550 dinars for every $100, and the purchase price reached 141,450 dinars for every $100. /End https://ninanews.com/Website/News/Details?key=1231403
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