The Central Bank Of Iraq Sold More Than $35 Billion In Sales Over The Past Five Months
Banks Economy News – Baghdad The Central Bank’s hard currency sales on Monday amounted to more than $35 billion over the past five months.
The bank stated in a statistic that “the bank’s hard currency sales during the first five months of 2025 amounted to $35 billion and 201 million.”
He continued, “Sales were distributed between external transfers amounting to $30.264 million, international settlements amounting to $3.649 billion, and cash sales amounting to $1.288 billion.”
The bank noted that these sales, during the first five months of the current year, amounted to $35.2 billion, a 15.66% increase over the same period last year, which amounted to $30.435 billion. https://economy-news.net/content.php?id=58926
A Slight Rise In The Dollar Price In The Markets Of Baghdad And Erbil
Monday, August 18, 2025 | Economic Number of reads: 188 Baghdad / NINA / The US dollar exchange rate rose slightly, Monday morning, in the markets of Baghdad and Erbil.
The selling price of the dollar in the Al-Kifah and Al-Harithiya stock exchanges recorded 140,950 Iraqi dinars for $100, compared to 140,450 dinars for $100 yesterday, Sunday.
The selling price in the exchange market in the local markets in Baghdad recorded 142,000 dinars for $100, and the buying price was 140,000 dinars for $100.
In Erbil, the dollar recorded a similar rise, as the selling price reached 140,750 dinars for every $100, while the buying price was 140,650 dinars for $100. / End https://ninanews.com/Website/News/Details?key=1246943
Al-Alaq Details Iraq’s Banking Reform Plan
Banks Economy News – Baghdad Central Bank Governor Ali Al-Alaq clarified the details of the banking reform plan on Monday, particularly regarding the foreign partner and the plan’s objectives.
He emphasized that the foreign partner is not a condition of the reform plan, while noting that the banking reform is based on international laws and standards.
Al-Alaq said, “The banking reform plan is not a surprise, but rather a well-thought-out plan that took more than a year to develop, in coordination with banks and international bodies. It was agreed upon the need to review the Iraqi banking sector after years of practical experience.”
He pointed out that, “After the emergence of many problems, an agreement was reached between all parties to adopt a plan that places our banks within international standards and practices, and within the framework of the Central Bank Law and the Iraqi Banking Law.
Therefore, the standards are not innovative, but rather stem from the Central Bank Law and international practices and standards.” He explained that, “The goal of these standards is to ensure that the status of banks is stable and secure, that they have the ability to deal externally, and that they are accepted internally and externally.”
Regarding enhancing confidence in banks, Al-Alaq explained: “It is often mentioned that the plan included the inclusion of a foreign partner, while the plan, in all its details, did not include this. We are talking about diversified ownership by financial institutions and individuals, and these Iraqi institutions are more deserving of participation.”
He continued, “The plan also included the establishment of a fund for Iraqis that would allow a number of local shareholders, and even citizens, to enter into partnerships with banks.” He emphasized that “bringing in a foreign partner is not prohibited, but it is not a requirement, as rumored. We publish all the criteria in detail, and this is not mentioned in them.”
The Central Bank Governor added, “After a thorough study of the plan and in agreement with international bodies and correspondent banks, we believe that banks that can adhere to these standards will have their dollar transactions lifted and will establish normal relationships with foreign correspondent banks.
Therefore, the matter is optional, and banks that do not wish to participate in this plan have another option, but they must present alternatives that enable them to be accepted locally and internationally.”
He pointed out that “one of the outcomes of the plan we are working on is to address the situation of deprived banks. If banks are able to adhere to the agreed-upon local and international standards, restrictions related to dealing in dollars will be lifted from them.”
He emphasized that “the plan is designed to benefit banks, and those who believe they are unable to implement it should offer themselves other solutions to address the problem.” https://economy-news.net/content.php?id=58922
The Planning Ministry Is Discussing With Sectoral Ministries The Mechanisms For Proposing And Financing Projects With World Bank Loans
Monday, August 18, 2025 | Economic Number of reads: 213 Baghdad / NINA / The Ministry of Planning held its third joint meeting on Monday with a number of sectoral ministries to discuss mechanisms for proposing projects and financing them through World Bank loans.
The meeting was chaired, according to a statement by the ministry, by the Director General of the Sector Planning Department at the ministry, Basem Dhari Mahmoud, with the participation of representatives from the Ministries of Construction, Housing, Municipalities and Public Works, Water Resources, Agriculture, Environment, Education, in addition to the Baghdad Municipality.
The meeting discussed most of the projects submitted by the sectoral agencies and completing their financing ceilings in line with the national development plan and the integrated strategy for education. The projects will be presented and approved during the coming period in coordination with the World Bank, in preparation for their inclusion in the general budget law for next year. https://ninanews.com/Website/News/Details?key=1246992
Gold Prices Rebound From Lows, Eyes On Trump-Zelensky Meeting
Monday, August 18, 2025 | Economic Number of reads: 245 Baghdad / NINA / Gold prices rose on Monday, after hitting their lowest level in two weeks, supported by a decline in US Treasury yields, as investors awaited a meeting between US President Donald Trump, Ukrainian President Volodymyr Zelensky, and European leaders to discuss a peace agreement with Russia.
By dawn today, spot gold rose 0.3% to $3,345.64 per ounce, after recording its lowest level since August 1. US gold futures for December delivery also rose 0.3%, to $3,391.80.
Investors are also awaiting the annual conference of the Federal Reserve (the US central bank) in Jackson Hole, Wyoming.
Economists largely expect the US central bank to announce an interest rate cut in September, its first cut this year, with a second cut possible by the end of the year amid mounting US economic woes.
As for other precious metals, silver rose in spot transactions by 0.3% to $38.08 per ounce, platinum rose by 0.8% to $1,346.61 per ounce, and palladium rose by 1.3% to $1,126.85 per ounce. /End
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