South Korea Is Preparing An Additional $17 Billion Budget Due To The Iran War
Money and Business Economy News – Follow-up A spokesman for the ruling party said on Sunday that South Korea will set aside a supplementary budget of about 25 trillion won ($16.61 billion) to support those affected by rising oil prices due to the conflict in the Middle East.
The spokesman added, after a meeting between the ruling Democratic Party and the government, that an additional government spending plan would be prepared as soon as possible, and that the expected surplus tax revenues for this year would be used without issuing treasury bonds to minimize any impact on the market, according to Reuters.
South Korea announced it is holding talks with Iran after Iranian Foreign Minister Abbas Araqchi said Tehran might allow Japanese ships to pass through the Strait of Hormuz.
South Korea’s foreign ministry said in a statement on Saturday that it is holding “multifaceted” talks with Iran and other relevant countries to find ways to protect its citizens and “secure energy transport routes.” https://www.economy-news.net/content.php?id=67014
Iraq Has The Third Largest Gold Reserves In The Arab World, With 174.6 Tons.
Economy News – Baghdad The latest official global gold reserves data for March 2026 shows that Iraq and five other Arab countries have combined reserves exceeding the 1,000-ton mark.
Saudi Arabia topped the list of Arab countries with a reserve of 323.1 tons, followed by Lebanon with 286 tons, while Iraq came in third among Arab countries with a reserve of 174.6 tons, then Algeria with 173.6 tons, followed by Libya with 146.7 tons.
According to data seen by Shafaq News, Iraq’s gold reserves amounted to 174.6 tons, which constitutes 24.6% of the country’s total foreign currency reserves.
Globally, the United States topped the list with a reserve of 8,133 tons, followed by Germany with 3,350 tons, then Italy with 2,451 tons, France came in fourth with 2,437 tons, while Russia came in fifth with a reserve of 2,326 tons.
The report added that Iraq purchased several quantities of gold during 2025, including one ton in March, 1.6 tons in June, 3.1 tons in July, 2.5 tons in August, and 3.8 tons in October.
It is worth noting that the World Gold Council, based in the United Kingdom, is one of the leading bodies specializing in analyzing global gold market trends and the factors affecting its prices. https://www.economy-news.net/content.php?id=67004
CBI: New Measures To Address Banks’ Dollar Limitations
Today, Baghdad –INA The Central Bank of Iraq CBI announced on Sunday several measures to address the problems faced by Iraqi banks that have been denied access to US dollars.
Ahmed Dawood Salman, Director of the Transfers Department at the Central Bank, told the Iraqi News Agency (INA): “The Central Bank is continuing its procedures with international auditing firms to review past transfer processes that led to some Iraqi banks being denied access to dollars, or any other problems that have prevented Iraqi banks from dealing in dollars.”
He added, “The Central Bank has imposed several conditions and procedures on banks. The Director General of the Investment Department for Foreign Transfers and the Director General of the Banking Supervision Department are working on this matter with the auditing firm Oliver Wyman, and we will see changes in the coming days.” https://ina.iq/en/economy/46949-cbi-new-measures-to-address-banks-dollar-limitations.html
Iranian Ministry Of Petroleum: No Oil Available For International Markets
The spokesperson for the Iranian Ministry of Petroleum, Saman Qoddusi, has responded to statements made by U.S. Treasury Secretary Scott Bessent regarding the lifting of sanctions on Iranian oil currently held on tankers to assist in lowering global prices.
Writing on the “X” platform, Qoddusi stated: “At the present time, Iran fundamentally possesses no floating crude oil or surplus supply for other international markets.”
He added: “The statement by the U.S. Treasury Secretary is intended solely to offer hope to buyers and exercise psychological control over the market.”
Bessent had previously remarked that “in the coming days, we may lift sanctions on Iranian oil located at sea, the quantity of which amounts to approximately 140 million barrels.”
He indicated that releasing sanctioned Iranian oil into global supplies would contribute to reducing crude prices within the next 10 to 14 days.
Source: News Agencies https://ina.iq/en/economy/46888-iranian-ministry-of-petroleum-no-oil-available-for-international-markets.html
Iraq: Gradual Return Of Iranian Gas Supply
INA – BAGHDAD The Ministry of Electricity announced on Saturday the gradual return of Iranian gas supply.
“The flow of Iranian gas to Iraq resumed at a rate of five million cubic meters. These quantities have been gradually restored to bolster the national energy grid and increase the operational capacity of power plants,” said Ministry spokesman Ahmed Moussa.
He added, “Power plants were affected by the temporary halt in Iranian gas supplies due to the bombing of the Iranian Pars gas field. This prompted the Ministry to adopt alternatives by utilizing domestic gas supplies to power some plants and coordinating with the Ministry of Oil to provide gas oil (diesel). The substations were ready to operate the power plants.”
“Following the resumption of Iranian gas supplies, the national grid has stabilized production at 14,000 megawatts. The Ministry’s plans are ongoing and on schedule to ensure readiness before the summer season,” he explained.
Moussa affirmed that “the electricity situation is reassuring, alternatives are available, and we are proceeding with the regular plan. The system has recorded stability and good figures in terms of supply hours.”
“Fuel and domestic gas are secured for the power plants, and there is excellent control over loads and a high degree of efficiency. There is a permanent operations room at the Ministry headquarters working to monitor and follow up on the system and transmission lines to achieve stability in operating hours,” he elaborated. https://ina.iq/en/local/46902-iraq-gradual-return-of-iranian-gas-supply.html
Czech Prime Minister: (Israeli )Attack On Iranian Gas Field Severely Damaged Markets
Czech Prime Minister Andrej Babiš stated on Thursday that the (Israeli ) attack on an Iranian gas field was incomprehensible and had caused significant damage to global markets. According to media reports on Wednesday, the (Israeli ) aggression targeted the largest natural gas processing facility in southwestern Iran. https://ina.iq/en/46807-czech-prime-minister-israeli-attack-on-iranian-gas-field-severely-damaged-markets.html
US Imports Of Iraqi Oil Plunge Amid Hormuz Disruptions
2026-03-22 Shafaq News- Baghdad/ Washington US imports of Iraqi crude fell sharply last week as supply flows through the Strait of Hormuz remained disrupted by escalating tensions in the Middle East, data from the US Energy Information Administration (EIA) showed on Sunday.
Iraqi exports to the United States dropped to 113,000 barrels per day (bpd), down from 309,000 bpd the previous week -a decline of 196,000 bpd.
Overall US crude imports from nine key suppliers rose to 6.391 million bpd, an increase of 592,000 bpd week-on-week.
Canada remained the top supplier at 3.805 million bpd, followed by Saudi Arabia (793,000 bpd), Mexico (640,000 bpd), and Venezuela (423,000 bpd).
Imports from Ecuador reached 271,000 bpd, Colombia 219,000 bpd, Brazil 70,000 bpd, and Nigeria 57,000 bpd, while no shipments arrived from Libya during the period.
The United States, the world’s largest oil consumer, uses roughly 20 million bpd, relying heavily on imports from a group of major suppliers. https://www.shafaq.com/en/Economy/US-imports-of-Iraqi-oil-plunge-amid-Hormuz-disruptions
