The price difference between the "blue" and "white" dollars decreased to 900 dinars following a fatwa prohibiting it.
The exchange markets in Erbil witnessed a significant decrease in the price difference between the two denominations of the US dollar known locally as (blue and white) on Thursday, as the difference dropped to only 900 dinars after it had previously reached 4000 dinars, following the issuance of a religious edict prohibiting price discrimination between them.
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In a press statement he made today, Thursday, January 15, 2026, to Kurdistan 24, Kifi Khoshnaw, spokesman for the dollar market in Erbil, said: “The fatwa issued by the Supreme Council for Fatwas in the Kurdistan Region yesterday was a very positive and necessary step, as citizens were bearing large additional financial burdens when buying real estate or cars or in their other commercial transactions because of this difference.”
Khoshnaw added that the price difference, which had remained at a high of 4,000 dinars for a long time, decreased today immediately after the fatwa was issued, reaching 900 dinars. He expects this difference to disappear completely within the next few days, so that the two categories will be completely equal in value.
The market spokesperson also called on the relevant authorities and banks to find radical solutions to the problem of old or "torn" banknotes, stressing that addressing this issue will greatly contribute to facilitating financial transactions and easing the burden on citizens.
For his part, Abdullah Sherkawi, spokesman for the Supreme Council for Fatwas, explained the Sharia position in a statement to Kurdistan 24, saying: “Charging any additional amounts under the pretext of the difference in the type of dollar (white or blue) when exchanging is something forbidden by Sharia.”
Sherkawi pointed out that, from a legal and religious standpoint, the dollar, in both its denominations, is considered a single monetary unit of equal value; therefore, the exchange must be done “hand to hand” and in the same amount without any increase, stressing that any increase stipulated in this regard falls under the category of forbidden.
The Supreme Council for Fatwas issued its official fatwa yesterday, Wednesday, stressing the prohibition of discrimination between dollar denominations, while putting in place legitimate solutions that ensure fairness in financial transactions away from exploitation.
Expected US sanctions on Iraqi entities and networks – Savaya statement
Washington reviews financial records
US Special Representative for Iraq, Mark Savaya, announced on Thursday that he met with the US Treasury Department and the Office of Foreign Assets Control (OFAC) to discuss the challenges and opportunities for reform in Iraqi public and private banks, focusing on strengthening governance, compliance, and institutional accountability. Savaya explained that an agreement was reached to conduct a comprehensive review of payment and financial transaction records in Iraq, including those of institutions, companies, and individuals linked to smuggling, money laundering, and fraudulent financial schemes. He emphasized that these steps pave the way for anticipated US sanctions against entities and networks that undermine financial integrity and state authority.
Savaya said in a post on the “X” platform, which was followed by the 964 network , that “Today I met with the US Treasury Department and the Office of Foreign Assets Control to discuss key challenges and reform opportunities in both government and private banks with a clear focus on strengthening financial governance, compliance and corporate accountability.”
He added, “We agreed to conduct a comprehensive review of suspicious payment records and financial transactions involving institutions, companies, and individuals in Iraq that are linked to smuggling, money laundering, and fraudulent financial contracts and projects that fund and enable terrorist activities.”
Savia continued, “We also discussed the next steps regarding the anticipated sanctions targeting malicious entities and networks that undermine financial integrity and state authority. The relationship between Iraq and the United States has never been stronger than it is today under the leadership of President Donald J. Trump.”
Expected US sanctions target "malicious networks"... Savaya: We will not allow the state's authority to be undermined
Amid rapidly evolving regional events and escalating security and economic tensions, Iraq is facing increasing pressure from the United States regarding financial integrity and the state's monopoly on the use of force. This pressure coincides with explicit statements made today, Thursday, by Trump's envoy to Iraq, Mark Savaya, about impending US sanctions targeting entities and "malicious networks."
Savaya said in a post on the “X” platform, which was followed by “The New World” (January 15, 2026): “Today I met with the US Treasury Department and the Office of Foreign Assets Control to discuss key challenges and reform opportunities in both government and private banks, with a clear focus on strengthening financial governance, compliance, and corporate accountability.”
Savaya added: “We agreed to conduct a comprehensive review of suspicious payment records and financial transactions involving institutions, companies, and individuals in Iraq, linked to smuggling, money laundering, and fraudulent financial contracts and projects that fund and enable terrorist activities.”
Trump’s controversial envoy noted that he discussed in the same meeting “the next steps regarding the anticipated sanctions targeting malicious entities and networks that undermine financial integrity and state authority.”
Savaya concluded his statement by saying, “The relationship between Iraq and the United States has never been stronger than it is today under the leadership of President Donald J. Trump.”
On January 12, 2026, the US Chargé d'Affaires in Iraq, Joshua Harris, said that “Iranian-backed terrorist militias, which ignore Iraq’s calls for disarmament, have no place in the Iraqi government in any capacity,” stressing that “the United States will continue to demand that Iraq take urgent action to dismantle these groups that seek to implement foreign agendas that undermine the country’s sovereignty, threaten the security of Iraqis and Americans, and drag Iraq into a regional conflict.”
The head of the parliamentary design bloc, Amer Al-Fayez, confirmed that the forces of the coordination framework are in complete agreement on supporting the issue of restricting weapons to the state, denying the existence of any disagreements on this matter.
The winner pointed out that “the first phase of the weapons control process is likely to begin immediately after the formation of the next government, after the agreement on the mechanisms is completed,” stressing that “the file is purely Iraqi and is managed with an independent national will, far from any external interference.”
Last November, Iraqi armed factions announced their agreement to the call to restrict weapons. Official statements were issued by the Secretary-General of the Imam Ali Brigades, Shibl al-Zaidi, followed by a call from the Secretary-General of the Asa’ib Ahl al-Haq Movement, Qais al-Khazali, as well as the Ansar Allah al-Awfiya faction, in addition to the spokesman for the Sayyid al-Shuhada Brigades.
However, despite the announcement by four major Iraqi armed factions that they would disarm and call for weapons to be confined to the state, and despite the head of the Supreme Judicial Council, Judge Faiq Zaidan, thanking the factions that responded to his call to lay down their weapons and engage in political work, Kataib Hezbollah and Harakat al-Nujaba showed a contrary and opposing stance to handing over their weapons to the state.
Al-Alam Al-Jadeed had previously highlighted in a report the position of both Kataib Hezbollah and Harakat al-Nujaba, which defied calls to restrict weapons to the state, refusing to give up their weapons without achieving “full sovereignty,” as they put it.
In early October 2025, the US Treasury Department announced “actions against individuals and companies that help the Iranian regime evade US sanctions, smuggle weapons, and engage in widespread corruption in Iraq.” These included Olympic Committee Chairman Aqeel Muftan, the Engineer Company affiliated with the Popular Mobilization Forces and the Prime Minister’s Office, as well as Ali Gholam.
Hours after the Treasury statement, the US Embassy in Baghdad emphasized its efforts to exert maximum pressure on what it called “Iran’s proxies” in the region. The embassy stated in a post on its official “X” platform account that these “militias effectively undermine Iraq’s sovereignty and weaken its economy, and launch attacks against US personnel and interests throughout the Middle East.”
Iraq's domestic public debt has decreased
The Central Bank of Iraq revealed on Thursday that domestic public debt decreased by the end of October 2025.
The bank said in an official statistic seen by Shafaq News Agency that “Iraq’s domestic public debt decreased at the end of October of last year to reach 88 trillion and 515 million dinars, a decrease of 0.32% from September, which amounted to 90 trillion and 615 billion dinars, and an increase of 6.58% from 2024, which amounted to 83.050 trillion dinars, and an increase of 25% from 2023, which amounted to 70.558 trillion dinars.”
He added that "the decrease came as a result of the decrease in loans from government banks from 7.010 trillion dinars to 5.600 trillion dinars."
He pointed out that “the debt has not changed, whether it is the financial debt, which amounted to 556 billion dinars, the discounted transfers at the Central Bank, which amounted to 50.486 trillion dinars, the treasury transfers at the Ministry of Finance, which amounted to 1.5 trillion dinars, the loans of financial institutions, which amounted to 14.366 trillion dinars, and the bonds, which amounted to 14.137 trillion dinars.”
Fuad Hussein discusses with the US Chargé d'Affaires the formation of the Iraqi government and regional tensions
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Foreign Minister Fuad Hussein discussed on Thursday, January 15, 2026, with the US Chargé d'Affaires Joshua Harris, the process of forming the Iraqi government and regional tensions.
Hussein said in a post on Al-Jabal, “I met with the American Chargé d’Affaires, Joshua Harris, and we discussed Iraqi-American relations. I was briefed on the results of his visit to the Kurdistan Region and his meetings with the leaders of the Kurdistan Democratic Party and the Patriotic Union of Kurdistan.”
He added, "We also discussed the process of forming the Iraqi government, regional tensions, and US policy towards developments in the region."
Kurdistan Democratic Party: Seven salaries have not reached the region, and we demand that our share of the budget be raised to 14.1%.
Wafa Mohammed Karim, a member of the Kurdistan Democratic Party, said on Thursday (January 15, 2026) that the Kurdistan Regional Government meeting, chaired by Masrour Barzani, discussed a number of key issues related to the financial and administrative situation in the region.
Karim indicated in a special statement to “Baghdad Today” that seven salaries owed to employees of the Kurdistan Region, dating back to the government of Mohammed Shia Al-Sudani, have not been sent yet despite continuous demands.
He added that the Kurdistan Region’s share, according to the results of the latest population census, amounted to 14.1%, which is a clear legal entitlement, which requires amending the percentage adopted in the general budget from 12.67% to 14.1%.
The member of the Kurdistan Democratic Party stressed that the issue of the region’s revenues should be managed through consultation and consensus, and based on sound scientific and economic studies, far from any decisions imposed unilaterally.
The previous session of the Kurdistan Regional Government’s Council of Ministers was largely devoted to the issue of financial relations with Baghdad, where the Prime Minister and members of the Council renewed the demand to ensure that the accumulated salaries and the salaries for the coming months are sent according to fixed timetables, and that the livelihood of employees is not linked to political disputes.
The region also presented a set of demands at that session, most notably the confirmation of its actual share in the federal budget based on the results of the population census, and the resolution of the mechanism for delivering oil and non-oil revenues through a law or an agreement binding on both parties, in a way that preserves the region’s constitutional powers and spares its citizens a recurrence of salary crises and ambiguity in resource management.
The US Treasury imposes sanctions on Larijani and the "architects of the crackdown on protests" in Iran.
The US Treasury Department announced on Thursday sanctions against 11 Iranians, including the Secretary of the Supreme National Security Council, Ali Larijani, and six Iranian companies, for their direct involvement in the "brutal" crackdown on protesters in the country, in addition to taking action against informal financing networks that enable the "Iranian elite" to steal and launder the proceeds from the country's natural resources.
US Treasury Secretary Scott Bessent said, "The United States stands firmly with the Iranian people in their demands for freedom and justice," stressing that, at the direction of President Donald Trump, the Treasury Department is imposing sanctions on prominent Iranian leaders involved in the brutal campaign of repression against the Iranian people, and that the department will use all available means to target those responsible for human rights abuses committed by the "tyrannical regime."
According to a statement issued by the Treasury, translated by Shafaq News Agency, among the Iranian security officials sanctioned is the Secretary of the Supreme National Security Council, Ali Larijani, who was one of the first Iranian leaders to call for the use of violence in response to the legitimate demands of the Iranian people.
The Office of Foreign Assets Control also designated 18 individuals and entities playing pivotal roles in laundering proceeds from Iranian oil and petrochemical sales to foreign markets, within the secretive “parallel banking” networks of sanctioned Iranian banks Melli and Shahr.
The ministry asserted that these funds, instead of being used for the benefit of the Iranian people who are facing a severe economic crisis as a result of inflation and the regime's mismanagement, are being used to "finance internal repression and support terrorist groups abroad."
According to the US Treasury, these measures are in implementation of Executive Orders 13553, 13876 and 13902, in addition to completing the implementation of the second National Security Presidential Memorandum, which limited the Iranian regime’s ability to sell its oil and use its proceeds to support its destabilizing behavior. The Treasury noted that during 2025, the Office of Foreign Assets Control imposed sanctions on more than 875 individuals, vessels and aircraft as part of this campaign.
Suppression of protesters
In this context, the U.S. Treasury Department’s Office of Financial Assets listed a number of senior Iranian officials who oversee security forces involved in the violent crackdown, including Ali Larijani, who it said “is coordinating the response to the protests on behalf of Supreme Leader Ali Khamenei and has publicly called for the use of force against peaceful protesters.”
The sanctions also targeted Mohammad Reza Hashemi Far, the commander of the law enforcement forces in Lorestan province, and Nematollah Bagheri, the Revolutionary Guard commander in the same province, whose forces committed serious violations against civilians, including killing civilians in the city of Azna and holding their bodies to force their relatives to make false confessions, according to the Treasury statement.
The sanctions also included Azizollah Maleki and Yadollah Bouali, commanders of the National Liberation Front Corps and the Revolutionary Guard in Fars province, where a large number of peaceful protesters were killed, Shiraz hospitals were overflowing with gunshot victims, and families of the dead were forced to give false testimonies on state television.
Money laundering networks
The US Treasury Department reiterated that Iran’s “parallel banking” network is the primary tool for facilitating billions of dollars in trade annually through the international financial system, via “Rahbar” companies established by Iranian banks to manage international transactions using shell companies and exchange offices in several countries.
The ministry warned that Bank Melli had established a wide network of intermediary companies, including Nikan Bizvak Arya Kish in Iran and Empire International Trading in the UAE, to process billions of dollars in transactions for the benefit of the National Iranian Oil Company, the Revolutionary Guard, and the Central Bank of Iran.
The money laundering network of “Bank Shahr”, which includes HMS Trading FZE and “Tejarat Hermes Energy Qeshm”, as well as a number of shell companies in the UAE and the UK, was also listed. It was used to facilitate the export of Iranian oil and the transfer of its proceeds.
The US Treasury concluded by saying that all assets and interests of the listed individuals and entities will be frozen in the United States or under the control of US persons, with any transactions with them prohibited, stressing that violating the sanctions could expose the individuals and entities to civil or criminal penalties.
The ministry concluded by emphasizing that the primary objective of the sanctions is not punishment, but rather to bring about a positive change in behavior, noting that the Office of Foreign Assets Control retains the possibility of lifting the sanctions in accordance with the approved legal frameworks.
An economist warns: Any regional crisis will directly impact the Iraqi economy.
Al-Mashhadani told Al-Furat News Agency that “the international situation, especially in the region, greatly affects Iraq and its economy. If war breaks out, and despite the high oil prices, Iraq will be affected by Iran closing the Strait of Hormuz, as Iraq is considered the only outlet and main artery for exporting Iraqi oil. Even if the closure does not last long, it will have a significant impact.”
Al-Mashhadani added that "the Iraqi economy will also be affected beyond oil due to the market's reliance on many basic Iranian materials, which are included in the food basket of fruits. If these are cut off, it will be difficult to replace them from other countries, which will require time and new contracts. Iraq also depends on Iranian gas, and this interdependence means that any problem in the region will be reflected 100% on the Iraqi economy, and Iraq will be the most affected."
Savaya discusses Iraq-related issues at the White House
The US envoy to Iraq, Mark Savaya, stated that he had finalized arrangements for a meeting at the White House with Secretary of Defense Pete Hegseth and Director of Counterterrorism Sebastian Gorka to discuss a number of issues related to the situation in Iraq.
Savaya said in a tweet on the “X” platform, which was followed by the “Al-Sa’a” network: “Today I finalized arrangements for a meeting at the White House with Secretary of Defense Pete Hegseth, Sebastian Gorka, Director of Counterterrorism Affairs.”
He added: "We agreed that the issues discussed will be addressed during my upcoming visit to Iraq, where I will communicate with the appropriate decision-makers to confront the situation on the ground, in a way that serves the interests of the Iraqi people."
He concluded by saying, "Let's make Iraq great again."
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US Signals New Sanctions as Treasury Reviews Iraqi Financial Networks
link this is in Kurdish news
US Special Envoy to Iraq Mark Savaya said he has held talks with the Department of the Treasury and the Office of Foreign Assets Control (OFAC) on tightening oversight of Iraq’s banking sector, as Washington steps up efforts to curb money laundering, smuggling and the financing of militant groups.
In a statement, Savaya said the discussions focused on reforming both state-owned and private banks, with an emphasis on improving financial governance, compliance and institutional accountability. He said US officials and Treasury specialists agreed to carry out a comprehensive review of suspected payment records and financial transactions involving Iraqi institutions, companies and individuals believed to be linked to illicit activity, including money laundering, fraudulent contracts and projects that fund or enable terrorist operations.
Savaya said the meeting also covered “next steps related to forthcoming sanctions targeting malign actors and networks that undermine financial integrity and state authority,” signalling that additional designations could follow as investigations advance.
The renewed push comes as the US intensifies scrutiny of Iraq’s financial system, which has long been vulnerable to corruption, smuggling and the diversion of public funds through weak oversight and politically connected networks. In recent years, the Treasury Department and its enforcement arms have sanctioned banks, businesses and individuals accused of laundering money or facilitating financing for armed groups operating in Iraq and across the region.
US authorities have also tightened monitoring of dollar transactions involving Iraqi banks, citing concerns that some channels were being used to move illicit funds or bypass international restrictions. Iraqi officials say they are working to improve compliance with international standards and to strengthen regulatory institutions, but acknowledge that structural weaknesses and political interference remain major obstacles.
The issue has taken on added importance as Baghdad seeks greater foreign investment and financial stability amid budget pressures and ongoing security challenges. Western officials argue that stronger transparency and enforcement are essential not only for economic reform but also for curbing the financing of extremist groups and criminal networks that undermine state authority.
Savaya said the talks reflected the broader direction of bilateral ties, adding that relations between Iraq and the US are at their strongest under President Donald Trump, with both sides seeking deeper cooperation on governance, security and economic reform.
Iraq is drowning in 11 million poor people and 12 million unemployed... Are we living through the "final moments" before the big explosion?
Ghazi Faisal, director of the Iraqi Center for Strategic Studies, paints a bleak picture of the Iraqi scene, combining political turmoil, economic paralysis, and the collapse of social structures, culminating in shocking figures on unemployment, poverty, orphans, and slums. In his latest remarks, Faisal warned that the political landscape is "experiencing a clear state of turmoil and suffering from a lack of stability" as a result of the accumulation of deep-seated political, economic, and security crises. He emphasized that what is happening is not a passing crisis but rather reflects "a prolonged trajectory of structural failure" spanning more than two decades.
A turbulent political scene and a looming constitutional deadlock
Faisal believes that Iraq is on the brink of a new constitutional deadlock, given the disputes over electing a president and agreeing on the next prime minister. He warns that any failure to elect a president "will inevitably lead to the obstruction of the prime minister's appointment and plunge the country into an open-ended constitutional crisis." This warning recalls previous crises, most notably the 2021-2022 crisis when political forces were unable for months to elect a president and form a government, before finally reaching a difficult agreement on a government headed by Mohammed Shia al-Sudani, amidst deep mistrust among the competing factions.
Today, with the results of the recent elections and the accompanying struggle over the largest bloc and the arrangement of alliances, the country finds itself once again facing a complex scene: a ruling bloc seeking to extend its influence, divided opposition forces, pressure from a disgruntled street, and repeated threats from some parties to resort to street options, boycotts, or parliamentary paralysis, making the scenario of a "constitutional vacuum" a present danger, not just a theoretical possibility.
A rentier economy burdened by debt... and a chronic failure to transition to production
On the economic front, Faisal points to “high debt, budget problems, low oil prices, and the state’s failure to transition from a rentier economy to a productive economy for more than 22 years,” considering these factors to be the core of the structural crisis.
The figures circulating in local and international reports reflect one aspect of this concern; the public debate revolves around high poverty rates, widening social inequality, and a clear absence of a genuine diversification strategy in a country that possesses large natural and human resources, but still relies on oil as the almost sole source of budget revenues.
In contrast, unemployment rates, especially among young people, remain at alarming levels, with a clear inability to absorb new entrants into the labor market, and weak productive growth in industry, agriculture and advanced services, turning the young population surplus from a potential opportunity into a pressing burden on the state and society.
In addition, Faisal links these economic imbalances to “the direct effects of the deep crisis in Iranian relations with the United States and the countries of the region, and the repercussions of the October War on the internal Iraqi situation,” where Iraq finds itself at the heart of an economic-financial tug-of-war: sanctions and pressure on Tehran, a slowdown in the flow of gas and energy, fluctuations in oil prices, and a constant fear of the turmoil in global markets, all of which puts pressure on a budget that depends almost entirely on crude oil revenues.
Weapons outside the state and loyalties that transcend borders
One of the most serious points Faisal makes is the issue of armed factions, which he describes as "one of the most prominent problems," explaining that some of these factions, especially those strategically linked to the Iranian Revolutionary Guard and adopting the doctrine of the Guardianship of the Islamic Jurist, "refuse to give up weapons or move towards recognizing a civil democratic state based on respect for the constitution, away from the theocratic doctrines of the religious state."
In this sense, the crisis appears twofold: on the one hand, a political system incapable of enforcing the rules of legitimate arms monopoly, and on the other hand, factions that see themselves as part of a broader "regional axis" and deal with Iraq as a link in a network of influence that transcends national borders, which is reflected in a chronic tension in the relationship of the state with its security and military institutions, and weakens the citizen's confidence in the state's ability to protect his security from a single sovereign position rather than from multiple spheres of influence.
A dissatisfied religious establishment and a recycled political class
Faisal also points out that the religious authority in Najaf “has expressed on more than one occasion its dissatisfaction with recycling political figures who have been tried before and have not succeeded in achieving security and stability or building a neutral state capable of adopting an economic strategy that guarantees sustainable development.”
This stance recalls previous speeches that criticized rampant corruption, the failure of successive governments to provide services and combat nepotism, and called for the selection of "competent, honest, and patriotic" figures instead of reproducing the same elite that has run the country for decades without achievements commensurate with the available resources. This gap between the religious establishment and the ruling political class deepens the legitimacy crisis, as it appears that the public and the religious establishment are moving in one direction, while a large segment of the political elite is moving in another.
Water, agriculture, and imported food... a state failing to protect the basics of life.
In the area of resources and the environment, Faisal points to "a clear failure in managing the water resources file, and a significant decline in the agricultural sector," noting that Iraq "still imports about 92 percent of its food from abroad, especially from Iran and Turkey," in addition to the crises related to the marshes and livestock.
Declining river levels, recurring droughts, expanding desertification, and the erosion of productive agricultural land have all compounded the situation, exacerbated by a confused approach to negotiations with upstream countries, structural weaknesses in irrigation infrastructure, and corruption plaguing numerous dam, canal, and irrigation network projects. The result is that food security has become dependent on imports, and any disruption to supplies or prices quickly translates into severe economic hardship for millions of Iraqis.
Random cities and a multi-layered social catastrophe
What is most striking about Faisal’s speech are the figures he cites about the social reality: “Unemployment rates exceeding 12 million people, illiteracy with similar numbers, about 6 million orphans, 2 million widows, more than 11 million people below the poverty line, and nearly 4 million citizens living in slums,” figures which – in his reading – reflect “the magnitude of the social and humanitarian catastrophe” that Iraq is going through.
In addition to this picture, field data indicates a widespread presence of slums and unplanned residential communities, which often lack basic services, sewage networks, and regular electricity, and which house large segments of the poor, the unemployed, the displaced, and the irregular workers, turning them into fragile environments in terms of security and social stability, and easily penetrated by crime, drug, and extremism networks.
These figures, whether those cited by Faisal or those reflected in official and unofficial estimates, take on a more serious dimension when read in light of the rapid population increase, the predominance of young age groups, and their need for education, job opportunities, health services, and decent housing; requirements that the state seems unable to meet at the minimum level under the current circumstances.
Cause and effect simultaneously
In concluding his reading, Ghazi Faisal asserts that "the turbulent political landscape is both a cause and a consequence of these dangerous conditions," meaning that the political class, which failed to build strong institutions, a productive economy, and a cohesive society, is now facing the repercussions of this failure in the form of unemployment, poverty, slums, and social fragmentation, while these crises, in turn, fuel further political and security instability.
From this perspective, Iraq does not appear to be facing a single "issue" that can be resolved through a political settlement or a change of government alone. Rather, it faces a complex web of crises: a dysfunctional political system, a fragile rentier economy, weapons outside state control, a deteriorating environment, and a society bleeding from poverty, unemployment, and illiteracy. Unless these elements are addressed as a unified system within a genuine reform project, the figures presented by experts, however shocking they may seem, may only represent the initial outlines of a broader crisis whose chapters are yet to unfold.
A high-level delegation from the Kurdistan Region is participating in the Davos World Economic Forum.
The head of the Kurdistan Region's Department of Foreign Relations, Safeen Dizayee, announced on Thursday (January 15, 2026) that a high-level delegation from the Kurdistan Region will participate in the Davos Forum this year.
Dziyi told Kurdistan Media Network that the high-level delegation will hold several meetings and discussions with participating delegations during the forum.
He noted that during the World Economic Forum in Davos in the Swiss Alps, from January 19 to 23, political issues, challenges, regional and international changes, and economic issues will be discussed.
This year's forum will be attended by US President Donald Trump, leading the "largest US delegation" in the history of participation, as announced by the forum's president, Børge Brende, on Tuesday.
This year's forum is expected to be attended by a record 64 heads of state and government, along with 850 global business leaders, as part of a gathering of approximately 3,000 participants from 130 countries.
High dowries
The "poisoned" bill of joy: How does the "gold mafia" devour Iraqis' savings to support the parallel dollar market?
In recent weeks, gold in Iraq has become a clear reflection of both the economic crisis and the exchange rate. In Baghdad markets, one mithqal of 21-karat gold (Gulf, Turkish, European) reached approximately 940,000 dinars, while the same Iraqi gold mithqal reached approximately 911,000 dinars, according to a recent survey of gold prices on Al-Nahr Street.
In terms of grams, the price today is around 194,000 dinars per gram of 24-karat gold, with an increase of nearly 3.5% in just one week, amid continuous fluctuations directly linked to the dollar exchange rate in the parallel market, and to the state of tension in the global economy.
In the background, the Central Bank continues its policy of strengthening gold reserves; Iraq currently possesses about 162.7 tons of gold, representing approximately 17% of its total foreign reserves, ranking 29th globally and fourth in the Arab world in terms of reserve size, following successive increases during 2024 and 2025.
These figures reflect a striking paradox: the state is strengthening its gold reserves as a tool for monetary stability, while the citizen is scrambling for gold coins as the only refuge for saving in the face of the erosion of the dinar and rising prices.
Gold and purchasing power under pressure
Gold is no longer just an adornment or a quiet savings for the future in the minds of Iraqis; it has become a daily test of their income's ability to cope. Economic expert Rashid al-Saadi confirms to "Baghdad Today" that "the significant and rapid rise in gold prices recently has become a real burden on the purchasing power of families, especially young people about to get married, and we must be wary of the social and economic repercussions that extend far beyond the precious metals market."
Al-Saadi links global and local factors, explaining that “gold prices have reached unprecedented levels as a result of several overlapping factors, most notably global economic turmoil, rising inflation rates, and increased demand for gold as a safe haven in light of fluctuating currencies and financial markets. These factors combined have directly impacted the local consumer, who has become unable to keep up with these successive increases.”
In this way, the margin of maneuver for the Iraqi family is eroding: every jump in the price of gold means a recalculation of the budget, a reduction in other expenses, and a decline in the ability of families to deal with health, educational, or housing emergencies, in a country where fixed income is subjected to successive blows from inflation and the rising cost of living.
Marriage under the pressure of gold: From a symbol of joy to a reason for postponement
The most sensitive aspect of rising gold prices appears at the marriage gate. In a society that places gold at the heart of customs related to engagement, dowry, and "engagement jewelry," any significant rise in prices becomes a direct threat to the path of family formation.
Al-Saadi explains that “the purchasing power of citizens has declined significantly, as buying gold, which is an essential element in social customs related to marriage, has become a financial burden that exceeds the capabilities of many young people. What we are witnessing today is the transformation of gold from a symbol of joy and family stability into a source of anxiety and postponement of marriage, especially in light of the stability or slow growth of incomes compared to the rapid rise in prices.”
This transformation does not remain within the realm of numbers, but rather leaves its mark on the social structure itself. The rise in gold prices has contributed to an increase in the costs of marriage in general, which, according to Al-Saadi, has led to “postponing the age of marriage for a wide segment of young people, and opening the door to social and economic problems, including an increase in psychological and financial burdens, and a decline in the rates of forming new families.”
Faced with this reality, some societies have begun to witness a gradual change in the view of dowries, as “some families have moved towards reducing their requirements or replacing gold with less expensive alternatives, in an attempt to adapt to the new economic reality,” says Al-Saadi, considering that these transformations, despite their difficulty, may represent an opportunity “to reconsider the exaggeration of marriage costs and promote a culture of facilitation,” so that the dowry does not become an impossible condition that closes the door of marriage to an entire generation.
Tons flowing and reserves rising: Where is all this gold going?
Behind the social scene, heavy figures are moving in the background. The Ministry of Planning announced that Iraq imported more than 28.3 tons of gold through Baghdad and Najaf airports, during the period from October 2023 until the end of December 2024, with customs revenues and fees exceeding 5.5 billion dinars.
Other data indicates that Iraq imports between 50 and 75 kilograms of gold daily through official channels, with an expansion in opening centers to examine and mark imported gold at airports such as Baghdad and Kirkuk to speed up procedures and improve technical control.
In parallel, the central bank increased its reserves by purchasing about 17 additional tons during 2024 alone, taking advantage of a global trend in which central banks increased their gold holdings, bringing global reserves up to about 32,000 tons by 2024, as part of a strategy to diversify assets and reduce dependence on the dollar.
But what matters to the citizen at the end of the day is not the size of the reserve or the number of tons imported, but rather the extent to which these figures are reflected in the stability of the price in the local market, and in the ability of young people to buy a reasonable “wedding set” that does not turn the marriage project into an open-ended debt project.
Smuggling routes: When gold becomes a cover for the dollar
Gold is not just jewelry displayed in jewelry stores. In an economy with fluctuating exchange rates, it can easily become a complex financial instrument and a cover for dollar smuggling operations.
At the level of the broader financial system, Iraq has witnessed, over the past two years, a US pressure campaign on banks and channels used to smuggle hard currency to Iran, which included banning a number of Iraqi banks from dealing in dollars in 2024, and then adding other banks in 2025, under the pretext of combating money laundering and currency smuggling.
In this context, gold stands out as part of the broader picture:
The state is encouraging importers of goods – including gold – to use official channels to obtain dollars through the platform, in order to reduce pressure on the parallel market.
On the other hand, economists warn that inflating gold import invoices or recycling part of the shipments could create a practical channel for taking dollars out of the country under the guise of legitimate trade; the difference between the official dollar rate and its rate in the parallel market tempts people to turn gold into a tool for speculation and not just a commodity for consumption or saving.
In this way, the mithqal that the citizen sees in the shop window becomes part of a longer chain that begins with import invoices, bank transfers and internal distribution, and may end with a portion of the hard currency leaving the country, far from the eyes of oversight.
Who controls the market... and why aren't the big gold traders held accountable?
The daily market is controlled by hundreds of goldsmiths and small gold shops, but the bigger file – in terms of its impact on the exchange rate and dollar flows – is in the hands of a narrower circle of large importers and companies linked to ports, airports and banks.
The experience with the dollar file over the past two years has shown that part of these circles operate under a political, partisan, or factional cover, which has emerged in reports linking certain banks to networks of influence connected to Iran, which have benefited from the price difference between the official and parallel markets, whether through remittances, payment cards, or export and import.
In the gold sector specifically, oversight remains less stringent than in the banking sector:
The focus is often on checking the caliber and weight and collecting the fees.
While the movement of funds in banks is subject to "Know Your Customer" standards and the reporting of suspicious transactions, the gold trade remains, for the most part, outside this integrated system.
This space allows for the following:
Making large cash transactions with no clear banking trace.
Gold is being circulated between provinces and borders without accurate tracking of the route of each shipment.
It created a class of "big traders" who are difficult to approach due to the overlap of their interests with influential powers.
When questions are raised about accountability, an additional contradiction emerges: the authorities pursue those accused of selling dollars in the alleys, but they do not go with the same intensity to the files of huge invoices and cross-border deals, where the interests of trade, money and politics intersect.
Where to? Between changing customs and tightening control
What Iraq is experiencing today with gold is akin to a stress test for both its economy and society. On a social level, calls to simplify dowries and reduce the demands for bridal jewelry appear to be part of a societal effort to catch its breath, lest marriage become a losing investment that young people are afraid to undertake.
On a financial level, policymakers need to treat gold as part of the financial structure, not merely as a luxury commodity. This can be achieved through several parallel approaches, including:
Introducing major gold traders into a regulatory system closer to the banking system (registering large transactions, reporting suspicious deals, unifying databases between Baghdad and the region).
Completing the inspection and coding centers at all air and land ports, and linking them to a central electronic platform that shows the path of each shipment.
Linking gold import policies to reserve management and exchange rate policies, so that the official platform does not turn from a stabilization tool into a new gateway for leakage.
Ultimately, gold in Iraq will remain an integral part of people's daily lives; it will continue to be a part of their memories, customs, and celebrations. However, there is a vast difference between gold that safeguards family savings and gold that becomes a silent conduit for dollar smuggling and the entrenchment of the dinar's fragility. The dividing line between the two is defined today by the state's ability to break the cycle of smuggling and monopoly, and by society's capacity to redefine "dignified marriage" beyond a burden that weighs down the shoulders before it adorns them.
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