Iraq Economic News and Points to Ponder Late Saturday Evening 4-5-25
Iraq Takes Steps To Protect Its Economy From Trump's Tariffs
Economy | 09:47 - 04/05/2025 Mawazine News – Baghdad The Office Of Prime Minister Mohammed Shia al-Sudani issued several directives on Saturday to protect the country's economy following the tariffs imposed by US President Donald Trump on a large number of countries.
A statement from his office received by Mawazine News stated that "Al-Sudani chaired a meeting today, Saturday, dedicated to examining the economic and commercial impacts of the US government's decision to increase customs tariffs on their imports of goods from countries around the world, and the repercussions of this step on the global economy as a whole, on crude oil prices, and the extent to which the Iraqi economy will be affected in this regard."
According to the statement, "The meeting reviewed the digital data issued by the Ministry of Trade, which reveals that the percentage of the increase in US customs tariffs on Iraqi goods was based on the difference in the trade balance between the two countries, and not because of the customs duties imposed by Iraq on US goods." https://www.mawazin.net/Details.aspx?jimare=260571
Iraq Exports More Than $7 Billion Annually To The United States
Energy Economy News – Baghdad The US Bureau of Commerce revealed that Iraqi exports to the United States amounted to more than $7 billion annually.
The office stated in a statistic that "the value of Iraqi exports of goods to America amounts to an average of 7 billion and 420 million dollars annually," noting that "America imposed a customs tariff on Iraq amounting to 39%."
She added that "the share of Iraqi goods in total US imports from countries around the world is equal to 0.22%," noting that "the value of the trade balance is equal to $5.70 billion."
The trade balance is the difference between the value of goods a country exports and the value of goods it imports. If exports exceed imports, the country has a trade surplus and the trade balance is said to be positive. https://economy-news.net/content.php?id=54104
Resuming Oil Exports From Kurdistan: A Step Toward Additional Resources For The Federal Government
Time: 2025/04/05 Read: 1,770 times {Economic: Al Furat News} Jamal Kocher, a member of the Parliamentary Finance Committee, confirmed today, Saturday, that the invitation of the Federal Ministry of Oil to the Kurdistan Region to meet regarding the resumption of the region’s oil exports represents an important and positive step.
"There is a significant financial resource that has not been fully utilized by the federal government," Kocher told Al Furat News Agency. "Resuming oil exports will boost the country's economic resources."
He added, "The federal government continues to pay the Kurdistan Region's dues, including salaries, noting that oil exports represent an additional source that can be leveraged to support the general budget and strengthen the country's financial situation."
He explained that "this cooperation between the federal government and the Kurdistan Region may contribute to achieving greater economic stability in the future." LINK
Exchange Rates Rise In Baghdad: 148,750 Dinars Per $100
Economy | 11:02 - 04/05/2025 Mawazine News – Baghdad The exchange rate of the US dollar against the Iraqi dinar rose in currency markets in the capital, Baghdad.
The dollar exchange rate on the Al-Kifah and Al-Harithiya stock exchanges in Baghdad
recorded 147,700 dinars for every $100. The selling price at exchange shops in local markets in Baghdad reached 148,750 dinars, while the buying rate reached 146,750 dinars for every $100.
https://www.mawazin.net/Details.aspx?jimare=260559
Gold Prices Decline In Baghdad
Economy | 12:51 - 04/05/2025 Mawazine News – Baghdad Foreign and Iraqi gold prices witnessed a decline in the local markets in the capital, Baghdad.
Gold prices in the wholesale markets on Al-Nahr Street in Baghdad recorded a selling price of one mithqal of 21-karat Gulf, Turkish and European gold at 625,000 dinars, and a purchase price of 621,000 dinars.
The selling price of one mithqal of 21-karat Iraqi gold reached 595,000 dinars, and a purchase price of 591,000 dinars.
As for gold prices in jewelers' shops, the selling price of one mithqal of 21-karat Gulf gold ranges between 625,000 and 635,000 dinars, while the selling price of one mithqal of Iraqi gold ranges between 595,000 and 605,000 dinars. https://www.mawazin.net/Details.aspx?jimare=260568
Jordanian Banks Are Making Huge Profits Despite The Ban On Iraqi Banks
Buratha News Agency1072025-04-04 Huge profits... The financial policy has created financial inflation for Jordanian banks.
Jordanian banks are generating huge profits in Iraq due to a fiscal policy pursued since 2004. Jordanian banks are experiencing greater financial flows than local banks due to Iraqi banks' inability to enter the remittance market or transfer funds. https://burathanews.com/arabic/economic/458417
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