The Border Ports Authority has announced a major boost in revenue collection, reaching 600 billion dinars in the first three months of 2025. This marks a significant increase compared to previous years, as the government continues its push to enhance non-oil revenue streams.
According to a statement from the authority, revenue for March 2025 alone amounted to 214 billion dinars....
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...
The Central Bank of Iraq has launched a comprehensive plan aimed at modernizing the country's private banking sector. This bold initiative focuses on reducing reliance on imported gas by building a resilient, efficient, and modern financial system that supports Iraq’s economic growth.
With full government backing, and in partnership with global consulting firm Oliver Wyman, the Central Bank laid out the roadmap....
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)...
Gold futures for June 2025 delivery reached a historic high on the COMEX exchange, part of the New York Mercantile Exchange, surpassing $3,200 per ounce. This significant rise in gold prices reflects increasing global demand and economic uncertainty.
The price of gold rose by 1.12%, reaching $3,201.6 per ounce. Despite a slight slowdown in growth, the price remained elevated, continuing...
Iraq’s foreign reserves are at historic levels, providing crucial support for the country's economic balance and stability. According to Midhat Mohammad Saleh, the Prime Minister's financial advisor, Iraq's reserves now cover over 100% of the currency in circulation. This highlights a strong position in maintaining economic equilibrium.
Saleh explained that a slight decrease in the Central Bank’s reserves, around 1%,...
Baghdad, Iraq - The increasing use of digital payment systems is helping to lower borrowing costs for citizens. According to Midhat Mohammad Saleh, an advisor to the Prime Minister, these systems play a vital role in boosting economic stability by integrating cash savings into the formal banking sector.
Saleh emphasized that a significant portion of the country's wealth is stored...
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 - Nasser Al-Asadi, the Prime Minister’s Advisor for Transportation Affairs, clarified on Friday the role of the company overseeing the Development Road Project. He emphasized that the company will be fully Iraqi and will operate under direct oversight from the Prime Minister.
During a meeting of the Higher Committee for the Development Road, Al-Asadi explained that a comprehensive...