MP: Al-Zidi’s government reneged on its promises regarding controlling the dollar exchange rate

MP Miqdad al-Khafaji, from the Rights Bloc in Parliament, announced on Saturday his intention to submit a formal request to the Speaker of Parliament to allocate a session to discuss the continuous rise in the dollar exchange rate on the parallel market and the accompanying increase in the prices of food and basic commodities.

Al-Khafaji told the Information Agency that “the government has not fulfilled its promises made when it adjusted the dollar exchange rate against the Iraqi dinar,” explaining that “it pledged at the time to crack down on currency speculators and control the parallel market to bring the price closer to the official rate.”

He added that “the dollar exchange rate in local markets has reached nearly 1,700 dinars, which raises questions about the effectiveness of the government measures taken to control the market and curb the rise in exchange rates.”

Al-Khafaji clarified that “the government is required to fulfill its previous commitments and take effective measures to control the parallel market and reduce speculation, which will contribute to stabilizing the exchange rate and protecting the purchasing power of citizens.”

These demands come amidst continued fluctuations in the dollar exchange rate on the parallel market, and the resulting impact on the prices of basic goods and commodities, which exacerbates the cost of living for citizens.

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Diversifying foreign currencies: An anticipated Iraqi step to reduce dependence on the dollar

Amid the rapid geopolitical and economic shifts the world is witnessing, calls are growing within Iraqi political and economic circles to reconsider the near-total reliance on the US dollar and to seek alternative currencies that ensure greater flexibility for foreign trade.
These moves stem from a growing conviction among many observers and decision-makers that the US currency is no longer merely a tool for trade exchange, but has become a political and economic weapon used to exert pressure and engage in what they describe as “financial blackmail” against Iraq, through control of the hard currency market and tightening restrictions on foreign financial transfers.

Faced with these challenges, which are casting a heavy shadow on the stability of the local market and import activity, voices are increasingly urging the Iraqi government and the Central Bank to abandon their passive stance and take bold and decisive steps to protect the country’s economic sovereignty.

In this context, Member of Parliament Qusay Abbas announced his categorical rejection of what he described as the continued American blackmail against Iraq through the issue of hard currency and financial transfers. He called on the government and the Central Bank to take decisive and bold steps to protect the country’s economic sovereignty and limit external interference and restrictions in financial and banking affairs.

Abbas told the Al-Maalomah News Agency, “The continued use by the United States of the dollar and financial transfers as a tool to pressure and blackmail Iraq politically and economically is completely unacceptable and represents a violation of national sovereignty and a direct threat to the country’s financial and economic stability.”

He added, “Keeping the Iraqi economy and financial revenues hostage to American measures and restrictions puts the local market in a state of constant instability and negatively impacts trade and the purchasing power of citizens.”

He stressed that “the government and relevant financial authorities are required today to take serious action to activate economic alternatives and diversify the basket of foreign currencies in foreign trade transactions with regional and international partners in order to break the one-sided dependence on the dollar and protect the national economy from any external pressures or dictates.”

For his part, Russian Foreign Minister Sergey Lavrov affirmed that the process of moving away from the dollar globally is well underway, including in Russia’s bilateral relations with various countries.

Speaking to lawmakers during the “Government Hour” session of the State Duma, Lavrov stated, “We must understand the tasks we have set for ourselves. These tasks, as the President has said, are to ensure that, on strategic issues upon which our security, socio-economic development, and the well-being of our citizens depend, we are no longer bound to the discredited mechanisms that have been dominated for many years by the West, led by the United States.”

Lavrov reiterated President Vladimir Putin’s remarks that the US currency has “become a weapon,” leading countries worldwide to question whether they need to use it in their transactions.

Lavrov said: “The process of de-dollarization is well underway, and we are doing it bilaterally. With China, almost 90 percent (of trade volume) is already conducted in national currencies. Around 50 percent with India. Trade figures with Iran and many other countries are similar. The transition to national currencies will continue.”

Almaalomah.me

Disagreements with the Kurdistan Region postpone the extraordinary cabinet meeting to discuss the 2027 budget.

An informed source reported on Saturday that the Cabinet postponed its extraordinary session to discuss the 2027 budget due to disagreements with the Kurdistan Region.
The source told the Information Agency that “the Cabinet postponed its extraordinary session to discuss the 2027 budget because of the unresolved disputes and outstanding issues related to the Kurdistan Region’s budget items.”

The source added that “the region refused to accept the budget unless its share of the funds was increased.”

Almaalomah.me

Iraq’s internal debt exceeded 117 trillion dinars during September.

Iraq’s domestic public debt rose to more than 117.2 trillion dinars by the end of September 2026, registering an increase of about 26.7 trillion dinars compared to the end of 2025, when it stood at 90.5 trillion dinars, according to economic indicators issued by the Central Bank of Iraq.

The data, which was reviewed by Shafaq News Agency, shows that domestic debt rose by 29.5% during the first nine months of 2026, while it recorded a monthly increase of about 3.7 trillion dinars compared to last August, when it reached 113.4 trillion dinars.

At the end of September, domestic debt was distributed across four main components, led by the Ministry of Finance’s claims in favor of the Central Bank, which amounted to 80.499 trillion dinars, followed by loans with a value of 18.932 trillion dinars, then bonds with about 9.330 trillion dinars, and treasury bills which amounted to 8.461 trillion dinars.

The data showed that the Ministry of Finance’s claims in favor of the Central Bank represent about 68.7% of the total domestic debt, making it the largest component in Iraq’s domestic debt structure.

The domestic public debt had reached 70.5 trillion dinars at the end of 2023, before rising to 83.05 trillion dinars at the end of 2024, then to 90.5 trillion dinars at the end of 2025, to continue its upward trajectory during 2026, reaching 117.2 trillion dinars at the end of September.

Shafaq.com

A mysterious loan and international conditions: The World Bank proposes “financing” Iraq in exchange for three years of economic reform.

Economic expert Ziad Al-Hashemi announced (Thursday, November 12, 2026) that the Iraqi Ministry of Finance, during its discussions with the World Bank aimed at obtaining “urgent financing loans” for the Iraqi economy, “has made progress in the discussions.”

Al-Hashemi said, according to a post, that the Iraqi government, which is seeking funding from the World Bank, faced “international conditions” including “implementing a three-year economic reform program in cooperation with the World Bank.”

He continued, “The discussions moved from discussing financial problems in general to developing a medium-term reform framework extending from 2027 to 2029,” adding, “The World Bank has developed a framework for four main priorities: public financial management, private and government banks, controlling money laundering and combating the financing of terrorism, in addition to the energy sector and anti-corruption efforts.”

He added, “So far, the Iraqi Ministry of Finance has not explicitly announced the value of the loans or provided explanations for the conditions requested by the World Bank in return,” stressing, “Until now, the value of the loan and the areas in which it will be spent have not been announced.”

The economist expressed doubt about the Iraqi government’s ability to implement the economic reform program requested by the World Bank, stressing that “implementing such programs will deprive the political class of its financial privileges, which can only be maintained by keeping the current economic situation without reforms,” ​​as he described it.

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The International Energy Agency expects a surplus in the global oil market.

The International Energy Agency (IEA) predicted on Friday that the global oil market would return to a surplus in the last quarter of this year, as Middle East exports recover at a faster pace than global oil demand growth, despite continued attacks on maritime shipping.

The agency provided more details about the remaining quantities that will come from an unprecedented withdrawal of oil from the emergency reserves of its member states, which was pledged last March.

The agency said that 71 million barrels of oil, including 15 million barrels of diesel, would be available by the end of February to alleviate the shortage of supply in the market.

The agency stated in its monthly oil report that oil supplies will average 105 million barrels per day during the fourth quarter, exceeding expected demand by 1.7 million barrels per day. The agency had previously predicted a supply deficit during the fourth quarter.

The agency added: “The oil market is showing initial signs of returning to balance, as oil supplies to global markets have exceeded demand for the first time since the outbreak of the Iran war.”

The International Energy Agency pointed to increased supply from outside OPEC+, along with increased production from the alliance.

The agency projected that production in the United States, Canada, Brazil, Argentina, and Guyana would increase by 1.6 million barrels per day this year. It added that global supply is expected to rise by 6.6 million barrels per day in 2027, reaching 108.1 million barrels per day, including a 5.3 million barrel per day increase in production from the Gulf countries.

The agency had predicted that supply would exceed demand by about 3.8 million barrels per day in 2027, compared with a surplus of 3.94 million barrels per day in last month’s report.

This report comes after numerous indications of a recovery in exports by Gulf oil producers, which have been disrupted since the start of the war on February 28, using alternative solutions such as the so-called secret passage through the Strait of Hormuz, in which oil tankers disable tracking signals to avoid attacks.

The Organization of the Petroleum Exporting Countries (OPEC) said last Wednesday that the OPEC+ alliance, which includes it and other allies such as Russia, pumped 41.23 million barrels per day of crude oil in October, up 2.04 million barrels per day from September, equivalent to 97 percent of pre-war production.

Other analysts also predicted a return to oversupply despite the lack of a ceasefire and continued attacks on oil tankers in the Gulf. JPMorgan last week forecast a global surplus of 1.4 million barrels per day in October.

Shafaq.com

Iraqi Airways resumes flights to Dubai from Erbil and Sulaimaniyah airports

The Director General of Iraqi Airways, Mustafa Talib, announced on Friday the resumption of direct flights to Dubai from Erbil and Sulaimaniyah airports, starting on the 26th and 27th of this month.

Talib confirmed in a statement received by Shafaq News Agency that the first flight from Erbil International Airport to Dubai will depart on the 26th, while the 27th will be the date for the first flights from Sulaimaniyah International Airport.

He pointed out that the company’s management is working on organizing the flight schedule to meet the requirements of travel and keep pace with the needs of travelers, in addition to launching competitive ticket price offers.

Shafaq.com

“C” alert to all military units under the command of the Commander-in-Chief of the Iraqi Armed Forces

A security source reported on Friday that directives had been issued to place all military units under the command of the Commander-in-Chief of the Armed Forces on “C” alert status.

The source told Shafaq News Agency that the reasons for declaring the state of alert are still unknown, and that the directives did not include specifying a date for ending the state of alert.

Alert “C” is the highest level of military and security alert in Iraq, and requires raising the readiness of units to the highest degree of preparedness, the joining of personnel to their units, and restricting or suspending leaves, in preparation for dealing with any security emergency.

This development comes amid escalating tensions between the Iraqi government and Kataib Hezbollah over the Jurf al-Sakhr area north of Babil province, following the formation of a government committee to investigate information about oil and petroleum product smuggling operations from the area.

Reports spoke of government forces moving towards the perimeter of the area, with the aim of securing the entry of the investigative committee and conducting a field inspection of the sites covered by the investigation, before political interventions and mediations led to the suspension of the movement, amid a dispute over the mechanism for the committee’s entry and the entity supervising its work.

Shafaq.com

An economic expert discusses seven conditions for releasing the Kurdistan Region’s share of the 2027 budget.

Economic expert Nabil Al-Marsoumi revealed on Friday seven conditions set by the federal government in exchange for releasing the Kurdistan Region’s share in the 2027 budget. Among the most prominent conditions is the marketing of at least 400,000 barrels per day of crude oil through the national marketing company “SOMO” to the Turkish port of Ceyhan.

Al-Marsoumi reviewed the conditions in a post, saying that the settlement of financial dues between the federal government and the Kurdistan Regional Government will take place for the years (2024 to 2026), amounting to 12.775 trillion dinars, over a period of 3 years.

Regarding the second condition, “The Kurdistan Regional Government is committed to marketing a quantity of no less than 400,000 barrels per day through the SOMO company to the Turkish port of Ceyhan. In the event that exports stop or become impossible, this oil must be delivered to the Federal Ministry of Oil for local use.”

Regarding the third condition, Al-Marsoumi said that Kurdistan must hand over non-oil revenues to the state’s general treasury, with the data to be audited monthly by the Federal and Kurdistan Region Financial Control Offices.

The expert continued by presenting the fourth condition, which stipulates that the regional government must deliver the quantities of gas that exceed its local needs to the federal government; and if it is not delivered, its value will be deducted from Kurdistan’s share.

Regarding the fifth condition, Al-Marsoumi pointed out that, based on the decision of the Supreme Federal Court dated (15-2-2022), the Kurdistan Regional Government may not sign any investment or operation contracts for oil and gas with foreign and local companies, except through the Federal Ministry of Oil.

The economist concluded his remarks by stating that the sixth and seventh conditions are that the region’s share in the budget should be 12.7% and not 14.14%, and that the region’s share in the budget should be determined according to actual spending and not planned spending after deducting sovereign expenses.

This comes in conjunction with a recent visit by the Prime Minister of the Kurdistan Region, Masrour Barzani, to the capital, Baghdad, where he held meetings with Prime Minister Ali al-Zubaidi and ministers of the federal government to discuss the region’s share of the 2017 budget.

Shafaq.com