What are the reasons for the decline in the value of the issued currency printed in Iraq?
Data from the Central Bank of Iraq (CBI) showed that the value of the issued currency (printed) in Iraq is currently at its lowest level in a year.
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According to the latest statistical data on the issued currency in Iraq in April 2025, the value of the issued currency (printed) amounted to 98.4 trillion Iraqi dinars, down from 99.8 trillion Iraqi dinars in March 2025.
This value of the issued money in Iraq is the lowest in two years, specifically since March 2024, when the issued money reached 98.3 trillion Iraqi dinars.
Al-Sudani: 80 locally manufactured goods are being exported, and the development path will create a new Iraq.
Prime Minister Mohammed Shia al-Sudani announced on Sunday that approximately 80 locally manufactured goods are currently being exported abroad, considering the vital "Development Road" project to enable Iraq to become an economic corridor serving the entire world.
Al-Sudani said in a statement during his meeting with a number of sheikhs and tribal leaders in Iraq, on the occasion of Eid al-Adha, that: “The fields of work are witnessing today a great deal of effort and the treatment of poor management and planning, and they have been returned to their proper path.”
He added that there are significant economic reforms underway, and that we have focused on the parallel economic sectors to oil, activating their contribution to the economy. He added, "We have been able to identify 80 Iraqi-made products that are currently being exported."
Al-Sudani continued, saying that Iraq could be an economic corridor serving global trade and the countries of the region, and that the path to development would create a new Iraq. He added, "We have established Iraq's position on various issues and the independence of its political decision-making."
In April 2024, Iraq, Turkey, the UAE, and Qatar signed a quadripartite agreement on the Iraq Development Road Project, under the auspices of Iraqi Prime Minister Mohammed Shia al-Sudani and Turkish President Recep Tayyip Erdoğan.
The agreement aims to enhance cooperation regarding Iraq's strategic development project, as the four countries will work to establish the necessary frameworks for its implementation, according to a statement issued by the Prime Minister's Office.
The strategic development road project is expected to contribute to stimulating economic growth and strengthening regional and international cooperation, achieving economic integration and sustainability between East and West.
The project will also increase international trade, facilitate the movement of goods, provide a new competitive transportation route, and enhance regional economic prosperity.
It's worth noting that the "Development Road" project is a land and railway route extending from Iraq to Turkey and its ports. The road and railway span 1,200 kilometers within Iraq and are primarily intended to transport goods between Europe and the Gulf states.
The project's investment budget is approximately $17 billion, including $6.5 billion for the expressway and $10.5 billion for the electric train. It will be completed in three phases, the first of which will end in 2028, the second in 2033, and the third in 2050.
The project is expected to provide approximately 100,000 job opportunities in the first phase, and one million job opportunities upon completion.
The Ministry of Finance completes the 2025 budget schedules, and Al-Kadhimi warns: It must reflect the economic reality and the decline in oil prices.
The Ministry of Finance is moving toward completing final preparations for the 2025 budget schedules within the next few days. Meanwhile, parliamentary finance committee member Moeen Al-Kadhimi stressed the need for these schedules to reflect the current economic reality, especially in light of the decline in oil prices.
Al-Kadhimi explained in a statement followed by (Al-Mada) that "the schedules the ministry is working on are routine and were prepared according to a mechanism that has been followed for a long time," adding that it is likely that "they will be presented to the Finance Committee after the Eid al-Adha holiday, where they are expected to be reviewed in a single session during which recommendations will be presented and ratified by Parliament."
He explained that "the House of Representatives has the authority to reduce financial allocations without increasing them," adding that "the Finance Committee intends to use this right to control the size of public spending and align it with available resources."
He pointed out that "the 2023 budget amounted to 199 trillion dinars, but the actual expenditure did not exceed 146 trillion dinars. As for 2024, the budget was estimated at 211 trillion dinars, while only 156 trillion dinars have been implemented so far."
Al-Kadhimi stressed that "the 2025 budget schedules must be more realistic and based on actual revenues, not estimates," emphasizing "the need to take into account the financial challenges associated with declining oil revenues, while achieving a balance between the requirements of ministries and the aspirations of governorates, on the one hand, and the government's actual ability to finance, on the other."
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Iraq drops to 29th place globally in gold reserves
The World Gold Council announced on Sunday that Iraq has dropped one place in its ranking of the world's top gold-holding countries.
According to the latest index published by the Council in June, and reviewed by Iraq Observer, Iraq ranked 29th out of 100 countries listed, down from 28th globally and fourth in the Arab world, after Saudi Arabia, Lebanon, and Algeria.
According to the table, Iraq's gold holdings amounted to 162.7 tons, representing 12.9% of its total other reserves.
The Council noted that "the United States of America tops the list of the world's largest gold holders, with 8,133,000 tons, followed by Germany with 3,351,000 tons, then Italy with 2,451,000 tons, while Iceland and Tobago come in last with 2 tons."
The World Gold Council, headquartered in the United Kingdom, has extensive experience and in-depth knowledge of the factors influencing market changes, and its members include the world's largest and most advanced gold mining companies.
Rafidain Bank: Distributing 38,000 electronic rewards during Eid, and we will continue to distribute 50,000.
The bank's media stated in a statement received by {Euphrates News}, a copy of which stated: "These rewards were directed to customers who interacted most with electronic cards in the areas of savings, shopping, and daily payments, in support of the transition from cash transactions to a more secure and advanced digital payment system."
The bank confirmed in its statement that "the distribution process is still ongoing, and aims to exceed the 50,000 beneficiaries mark in the coming days, in appreciation of customer confidence and in support of financial inclusion and digital transformation efforts in Iraq."
Iraq Announces 350 Million Dinar Loans for Youth Projects
The Iraqi Ministry of Labor and Social Affairs announced a new initiative on Sunday, June 8, 2025, aimed at empowering youth through small business loans. The program will offer loans ranging from 20 million to 350 million Iraqi dinars to individuals with viable business ideas.
Ministry spokesman Hassan Khawam stated that the project is being launched in collaboration with the International Labor Organization (ILO), the German Development Bank (KfW), and a local Iraqi company. The initiative aims to support job creation and entrepreneurial efforts in the country’s struggling labor market.
Khawam emphasized that the loan program is open to all job seekers who register through the national career platform, which serves as a bridge between employers, investors, workers, and entrepreneurs.
The platform is designed to streamline employment opportunities while also enabling aspiring business owners to access financial support, especially young Iraqis eager to launch startups or expand small-scale enterprises.
This move is part of broader economic reforms aimed at reducing unemployment and enhancing private sector engagement in Iraq’s post-conflict recovery and development strategy.
A new financial reality imposes amendments to the upcoming budget schedules.
The Ministry of Finance is moving toward completing final preparations for the 2025 budget schedules within the next few days. Meanwhile, parliamentary finance committee member Moeen Al-Kadhimi stressed the need for these schedules to reflect the current economic reality, especially in light of the decline in oil prices.
Al-Kadhimi explained in a statement to Al-Maalouma News Agency that “the ministry’s schedules are working on are routine and have been prepared according to a long-standing mechanism,” adding that it is likely that “they will be presented to the Finance Committee after the Eid al-Adha holiday, where they are expected to be reviewed in a single session during which recommendations will be presented and ratified by Parliament.”
He explained that "the House of Representatives has the authority to reduce financial allocations without increasing them," adding that "the Finance Committee intends to use this right to control the size of public spending and align it with available resources."
He pointed out that "the 2023 budget amounted to 199 trillion dinars, but the actual expenditure did not exceed 146 trillion dinars. As for 2024, the budget was estimated at 211 trillion dinars, while only 156 trillion dinars have been implemented so far."
Al-Kadhimi stressed that "the 2025 budget schedules must be more realistic and based on actual revenues, not estimates," emphasizing "the need to take into account the financial challenges associated with declining oil revenues, while achieving a balance between the requirements of ministries and the aspirations of governorates on the one hand, and the government's actual ability to finance on the other."
Baghdad to KRG: No Delegation Welcome Without Revenue Transfer
Baghdad has sent a clear message to the Kurdistan Regional Government (KRG), stating that no delegation from the region will be welcomed in the capital until the handover of oil and non-oil revenues is completed.
According to reports by Iraqi media on Sunday, the federal government will not engage in any negotiations regarding the payment of May salaries to employees, pensioners, and those on social welfare in the Kurdistan Region. This marks a continuation of a hardline stance by the federal authorities in Baghdad over revenue disputes.
The decision comes in response to the KRG’s alleged failure to comply with a ruling by the Federal Court. The court had previously mandated that all oil and non-oil revenues generated in the Kurdistan Region must be handed over to the federal treasury, a requirement the KRG has so far not fulfilled.
Officials in Baghdad say the current position will not change unless the Kurdistan Region meets its financial obligations. The dispute continues to impact public sector salary disbursements in the region, exacerbating existing economic tensions.
out at night for EID
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