Baghdad - The Central Bank of Iraq announced updated guidelines regarding the use of credit and debit cards outside the country, outlining monthly spending caps for various categories including travel, medical expenses, and commercial transactions.
As per the bank’s statement, individuals are permitted to spend up to $5,000 per month — or its equivalent in foreign currencies — on each...
The dollar to dinar rate remains stable across Iraq, despite noticeable differences between bank rates and exchange shop prices. This gap affects both everyday transactions and broader financial activities.
In government banks, the official rate holds steady at 1,309 dinars per US dollar. Many businesses use this rate for formal contracts and imports. The Central Bank of Iraq sets this...
Baghdad, Iraq - Iraq continues to prioritize Economic Stability First by carefully managing its financial resources and budget strategies. The Prime Minister’s Financial Advisor, Mazhar Muhammad Salih, detailed the government’s strategy to cover the projected deficit in the federal budget.
He explained that the national budget was built on cautious assumptions. Officials based the revenue model on an oil price of $70...
The Ministry of Electricity unveiled a strategic plan focused on reducing reliance on imported gas, a goal central to Iraq’s energy future. Spokesperson Ahmed Mousa outlined the government's new direction and emphasized efforts to strengthen the national power grid.
Prime Minister Mohammed Shia’ Al-Sudani and the Minister of Electricity both called for public transparency. They urged clear communication about the challenges...
Baghdad, Iraq - The US Embassy in Baghdad announced on Monday the arrival of a trade mission consisting of 60 American companies to Iraq. The mission aims to strengthen economic relations between the United States and Iraq, with a focus on the private sector. During the visit, the American Chamber of Commerce will sign a memorandum of understanding (MoU)...
Baghdad, Iraq - Prime Minister Mohammad Shia' al-Sudani chaired a crucial meeting to discuss the economic and trade effects of the United States' decision to increase tariffs on imports. In response to this decision, the Prime Minister outlined four key measures aimed at protecting Iraq’s economic interests.
The meeting focused on understanding the broader impacts of the US tariff hike,...
Baghdad, Iraq - The Ministry of Oil provided details on Monday regarding the contract signed with BP to develop the Kirkuk oil fields.
According to Bassim Muhammed Khudair, Undersecretary for Extraction Affairs at the Ministry, the agreement will boost production from the fields to 420,000 barrels per day, with 85% of the workforce under the contract being Iraqi.
Khudair explained that...
Baghdad, Iraq - The Spanish ambassador to Iraq, Alicia Rico, announced her country's readiness to support the development of Iraq's energy sector.
Rico made the statement during a meeting with Iraqi Minister of Electricity, Ziyad Ali Fadel, where they discussed ways to strengthen cooperation between the two nations in the energy field.
The Spanish ambassador highlighted that Spanish companies specializing in...
Baghdad, Iraq - The Ministry of Justice has announced the formation of a new committee tasked with overseeing the implementation of Law 3 of 2025. This law focuses on returning properties to their rightful owners. According to the Ministry, the law’s implementation will take approximately six months.
Spokesperson Ahmed Laibi stated that the committee met to discuss the enforcement of...
During a media briefing at the Chinese consulate in Erbil on Sunday, China’s Consul General, Jiu Jun, highlighted several key positions regarding regional developments, trade relations, and foreign policy. His statements focused on Iraq’s economic potential, China’s diplomatic stance on regional conflicts, and China’s relations with the United States.
China’s Economic Partnership with Iraq
Consul General Jiu Jun emphasized Iraq’s importance...