Hantoush: Liberation From Dollar Restrictions Marks A New Beginning For The Iraqi Banking Sector.
Information / Baghdad.. Financial and banking expert Mustafa Hantoush confirmed on Saturday that the banking sector in Iraq is on the verge of a new phase towards liberation from the restrictions of dealing in dollars, stressing that this requires comprehensive and radical reforms to modernize the banking structure and enhance its efficiency.
Hantoush told Al-Maalomah News Agency that “about 90% of the Iraqi banking system is still subject to the impact of restrictions imposed on dealing in dollars, as a result of the problems and suspicions that the sector witnessed during the past periods,” indicating that “the latest indicators are positive, and it is expected that some banks will begin to gradually free themselves from these restrictions during the next three months.
” He added that “the banking sector still lacks real activity, as it needs to activate the deposit, lending and investment system in an integrated manner, with a review of regulatory standards in coordination with the Central Bank of Iraq.”
Hantoush called for “a shift towards full financial inclusion through diversifying banking services and expanding the customer base, as well as strengthening cooperation with international banks and opening new correspondent channels that enable Iraqi banks to integrate into the global financial system.”
Hantoush concluded by emphasizing that “developing technological systems and streamlining procedures to better serve citizens represent the most important step in the reform process, as they are fundamental to eliminating the bureaucracy that hinders the sector’s progress and limits its competitiveness.” End / 25s
https://almaalomah.me/news/114332/economy/حنتوش:-التحرر-من-قيود-الدولار-بداية-جديدة-للقطاع-المصرفي-الع
World Gold Council: Global Demand Rises 3% To A Record High
Money and Business Economy News – Follow-up The World Gold Council said on Thursday that global gold demand rose 3% year-on-year to 1,313 tons, the highest quarterly figure on record, in the third quarter of the year, with a sharp rise in investment demand.
Gold prices in spot trading have risen 50% since the beginning of this year, hitting an all-time high of $4,381 per ounce on October 20, driven by safe-haven demand due to geopolitical tensions, uncertainty over US tariffs, and more recently by a wave of buying motivated by fear of missing out.
Louise Street, chief market analyst at the World Gold Council, said, “The outlook for gold remains bullish, as continued weakness in the US dollar, expectations of lower interest rates, and the risk of stagflation could boost investment demand.”
Demand for gold bars and coins rose 17% in the third quarter, led by India and China.
The World Gold Council reported that inflows into gold exchange-traded funds jumped 134%.
The World Gold Council estimated that central banks, another major source of gold demand, increased their purchases by 10% to 219.9 tons in the third quarter, based on reported data and its estimates of unreported purchases.
The council explained that central banks bought 634 tons of gold between January and September, an amount “less than the exceptional levels recorded in the past three years, but still significantly higher than pre-2022 levels.”
https://economy-news.net/content.php?id=61767
Iraqi Oil Exports To America Declined During The Week
Economy | 10:08 – 02/11/2025 Mawazin News – Follow-up: The US Energy Information Administration (EIA) announced a decline in Iraqi oil exports to the United States last week.
In its statistics, the EIA stated that “the average US crude oil imports last week from nine major countries reached 4.708 million barrels per day, a decrease of 508,000 barrels per day from the previous week’s average of 5.216 million barrels per day.”
It added that “Iraqi oil exports to the US averaged 92,000 barrels per day, a decrease of 163,000 barrels per day from the previous week’s average of 255,000 barrels per day.”
The EIA also indicated that “the largest source of US oil imports last week came from Canada, averaging 3.580 million barrels per day, followed by Saudi Arabia at 257,000 barrels per day, Mexico at 256,000 barrels per day, and Brazil at 141,000 barrels per day.”
According to the table, “US imports of crude oil from Venezuela averaged 121,000 barrels per day, from Nigeria 119,000 barrels per day, from Colombia 72,000 barrels per day, and from Ecuador 70,000 barrels per day, while no quantity was imported from Libya.” https://www.mawazin.net/Details.aspx?jimare=269517
Border crossings: Customs revenues are expected to exceed 2.7 trillion dinars
Economy | 02/11/2025 Mawazin News – Baghdad: The Border Ports Authority expects customs revenues in Iraq to reach between 2.5 and 2.7 trillion dinars by the end of 2025, confirming that this growth is the highest since 2003.
In a statement received by Mawazin News, the Authority said, “The electronic and monitoring procedures adopted by the government, implemented according to well-defined timelines and with on-the-ground follow-up by port staff, have contributed to a significant increase in revenue collected between 2023 and 2025, after remaining stable at around one trillion dinars annually in previous years.”
The statement added, “The first ten months of 2025 saw revenues exceed 2.1 trillion dinars, the highest figure since 2003, while estimates indicate the possibility of reaching 2.7 trillion dinars by the end of the current fiscal year. This reflects the success of government measures in controlling ports, reducing financial leakage, and improving collection.”
The authority explained that “the improvement was achieved thanks to enhanced oversight and e-governance, expanded security and financial coordination to curb smuggling, and a reduction in illegal exemptions, in addition to the stages of automation and electronic linking, and the auditing of assessment, inspection, and financial transfer processes.”
It noted that “monitoring financial transfers of commercial companies in coordination with governmental and judicial bodies resulted in the recovery of funds and the taking of legal action against violators, as well as obligating hundreds of companies to pay the fees and tax deposits owed after arrest warrants were issued against their authorized managers.”
The authority affirmed that “the improvement in collecting customs and tax revenues represents a strategic achievement that strengthens the state’s non-oil resources and supports the stability of fiscal policy and Iraq’s credit rating with international institutions, in line with the objectives of the government program to maximize non-oil revenues.”
It concluded by stating that “the Prime Minister has directed the completion of the comprehensive automation project for customs during 2026, similar to the electronic procedures adopted at border crossings, within a national plan aimed at increasing revenues and achieving sustainable financial and economic reform.” https://www.mawazin.net/Details.aspx?jimare=269516
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