Al-Zaydi reiterates the need to control currency exchange rates and prevent “speculation”

On Monday, Prime Minister Ali Faleh al-Zaidi reiterated his commitment to controlling currency exchange rates in the country, preventing speculation, and eliminating price discrepancies between the official and parallel rates. Financialnews subscription

Al-Zaydi said during a meeting held at the Nineveh Governorate headquarters that “the government is proceeding with the implementation of its development plans for the governorates, and that Nineveh deserves efforts to improve its service and living conditions. The doors are also open to follow up on any shortcomings, in order for the governorate to have a future that befits it, its history and its cultural heritage.”

According to a statement from his media office, he stressed the need to confront any cases of corruption, the importance of preserving public funds, and countering attempts to distort national identity by inciting discord and division among the components of the governorate .

He explained that the government is committed to financial and administrative reform, including controlling foreign exchange rates, preventing speculation, and stopping the economic bleeding represented by exchange rate differences, from which speculators were making profits at the expense of the local economic cycle .

Al-Zaydi explained that his plan for the million-farm project will be in the form of agricultural specializations that suit the governorates and develop agricultural wealth in them, such as making Basra the capital of Iraqi palm trees, and Najaf the capital of rice production, in addition to establishing food factories that will be supplied with the products of the farms, as well as what this plan will provide in terms of job opportunities, an increase in local production and the strengthening of food security.

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Exceeding 442 billion dinars… Significant growth in Iraqi customs revenues for the month of September

The Iraqi General Authority of Customs announced on Monday that it had achieved a significant increase in its total revenues for September 2026, compared to the same month in 2025. Iraqeconomic news

Financial comparison data showed that total customs revenues for September 2026 amounted to (442,266,831,097) four hundred and forty-two billion, two hundred and sixty-six million, eight hundred and thirty-one thousand and ninety-seven Iraqi dinars, compared to (334,196,099,859) three hundred and thirty-four billion, one hundred and ninety-six million, ninety-nine thousand, eight hundred and fifty-nine dinars in September 2025, achieving an increase of (108,070,731,238) one hundred and eight billion, seventy-million, seven hundred and thirty-one thousand, two hundred and thirty-eight dinars.

According to a statement issued by the authority, this increase is a result of efforts to enhance the efficiency of customs performance, raise the level of collection, and continue working on developing non-oil revenues, which strengthens the state’s financial resources and supports the economic development process.

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Talabani calls on Erbil to change its policy towards Baghdad and take advantage of al-Zaidi’s “golden opportunity”.

On Monday, the head of the Patriotic Union of Kurdistan, Bafel Jalal Talabani, warned of the seriousness of the situation in the Middle East and its security and economic repercussions on the Kurdistan Region and Iraq, describing the presence of Prime Minister Ali al-Zaidi as a “golden” opportunity that the regional government should take advantage of by changing its policy of dealing with Baghdad. Financialnews subscription

During a special dialogue session held on the sidelines of the “Miri” forum in Erbil, Talabani said, “The region is going through dangerous conditions that require preparedness and responsible action, starting with resolving the issue of forming the regional government.” He explained that “the security and economic risks are not limited to a specific region, but their effects extend to the entire world, which necessitates finding radical and urgent solutions.”

The opportunity for peace and the Iranian initiative

The head of the Patriotic Union explained that “the current crises hold great opportunities for the Kurds, foremost among them the peace process in Turkey, which everyone must support to achieve a comprehensive peace,” revealing that “the Iranians have proposed starting a general peace process in the region, and we, for our part, are always ready and prepared to play an active role in calming things down based on our historically balanced relations with various parties.”

The relationship between Baghdad and Erbil

Regarding the relationship with the federal government, Talabani stressed the need for the Kurdish forces to change their policy towards Baghdad, saying: “We have a good prime minister, a businessman who does not practice any discrimination or racism towards the Kurds, and this is a golden opportunity for the regional government that should not be wasted.”

He added, “Iraq today is not as it was in the past; if a weak Iraq in the past represented a reason for a strong Kurdistan, the equation today is completely different, as a stable, rich and united Iraq means a stable, rich and united Kurdistan.”

Kurdistan’s internal affairs and the agreement with “New Generation”

Regarding the internal affairs of the region, Talabani referred to the recent political agreement between the Patriotic Union and the New Generation Movement, describing it as a “positive opportunity” for the Kurdistan Democratic Party before it was for the Union, adding: “The entry of the largest opposition party into the political process is a positive step that should have been welcomed instead of being attacked by the media.”

Regarding the relationship with the Kurdistan Democratic Party, Talabani stressed that the doors of dialogue remain open, noting that “very positive” meetings were held recently between Qubad Talabani and the head of the Democratic Party, Kurdish leader Masoud Barzani, and emphasizing the complete readiness to coordinate and reach agreements that would spare the Kurdish people from crises and dangers.

American withdrawal and the weapons of the factions

Regarding the issue of the American withdrawal, Talabani commented, “America did not go to Mars, and if it wants to return to Iraq again, it will return with ease.”

Regarding the weapons of the armed factions and the state’s monopoly on weapons, Talabani revealed that these factions “agree in principle to hand over their weapons to the government,” explaining that these factions include religious people and fighters who fought ISIS, and they follow the vision of the religious authority in a way that serves the interest of Iraq.

He pointed out that the success of the arms delivery file “requires coordination and cooperation with Iran, as it cannot be achieved without it,” stressing that the matter is not impossible but it needs patience and time.

Repercussions of the Strait of Hormuz crisis

Talabani warned of the economic risks of the Strait of Hormuz crisis, stressing that it is “a very big crisis and casts a shadow over Iraq, which is mainly dependent on oil,” noting that “no tangible reforms or economic development can be expected unless this crisis is resolved.”

Relations with Türkiye and the regional Kurdish issue

In the area of ​​foreign relations, Talabani described the Patriotic Union of Kurdistan’s relations with Ankara as “very good,” noting that significant progress had been made in normalizing them.

He added that “Turkey has reached the conviction that the Kurdish issue can be resolved through dialogue and peaceful means,” revealing that talks have been held with the Iranian side to begin a similar process concerning the Kurds of Iran, stressing that “the region faces great dangers that require solidarity and overcoming secondary differences.”

Iranian-American relations: “An opportunity that will not be repeated”

In the context of regional crises, Talabani highlighted the negotiations between Washington and Tehran, describing the current stage as a “crucial and pivotal opportunity,” stressing that “if Iran cannot reach an agreement with the United States this time, it will never reach an agreement with it.”

The head of the National Union added that after his communication and discussions with several Iranian and American officials, he had reached a firm conviction that reaching an agreement was now inevitable, directing the same message to the American side by saying: “If the Americans cannot reach an agreement with President Pezeshkian’s administration and Foreign Minister Araqchi this time, they will never be able to reach an agreement.”

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Talabani sends a message to the KDP: By uniting our forces in Baghdad, we can govern Iraq and change the Middle East.

On Monday, the leader of the Patriotic Union of Kurdistan (PUK), Bafel Talabani, addressed an open letter to his rival, the Kurdistan Democratic Party (KDP), calling on them to conclude a comprehensive agreement to proceed with forming the new regional government and to unify efforts in the capital, Baghdad, to achieve successful governance throughout Iraq.

Talabani addressed his message at the conclusion of his hosting of the “Miri” forum held in Erbil, in which he said: “There are people within the Democratic Party who are my friends, and there are people in the same party who were comrades of my father and mother and the leader Kosrat Rasul Ali, and we are proud of them.”

He added, “Rest assured that the Patriotic Union of Kurdistan does not want to govern without you, nor can it govern without you,” stressing, “We are ready for all kinds of agreements with you, and this is a historic opportunity for us.”

Talabani continued, saying, “The region and the world are going through complex situations. Look at our relations in Baghdad, and look at your relations there; if we unite these two forces together, we can manage Iraq together and bring about change in the Middle East.”

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Basem Al-Gharibawi: The government chose the easiest path by devaluing the dinar.

Former MP Bassem Al-Gharibawi confirmed on Thursday that the measure taken by the government regarding raising the dollar exchange rate was not well thought out, indicating that the difficult economic conditions that Iraq is going through and the delay in salaries require taking multiple measures before resorting to burdening the citizen with the cost of treatment.

Al-Gharibawi told Al-Maalomah that “the citizen has become the primary target of government measures in every crisis the country faces,” noting that “the decision to raise the exchange rate was made without sufficient study of its repercussions, which will put additional pressure on the economy and could lead to a recession in the markets.”
He added that “before resorting to raising the dollar’s value, the government should have worked on controlling border crossings and combating waste and smuggling, in addition to searching for alternative revenue sources to help reduce dependence on oil revenues, instead of taking the easiest solution by raising the exchange rate.”

Al-Gharibawi explained that “Iraqi employees have lost more than a third of their purchasing power as a result of rising prices and exchange rate fluctuations,” questioning the ability of those with limited incomes, daily wage earners, and the poor to cope with the repercussions of the rising cost of living under the current economic conditions.

He pointed out that “there are questions about whether some political parties benefited from raising the exchange rate,” indicating that “the political class was aware beforehand of the possibility of raising the dollar’s value, and that some entities bought dollars before the decision, which led to an inflation of their wealth after the exchange rate increase.”
Al-Gharibawi questioned the rationale behind creating new positions, such as deputy prime ministers or other posts, at a time when the government acknowledges the country is facing difficult economic circumstances and is simultaneously raising the dollar exchange rate. He called for a reduction in government spending and unnecessary expenditures.

He noted that the repercussions of the decision have already begun to be reflected in market prices, warning of continued price hikes and worsening living conditions. He indicated that the continuation of these policies could lead to increased public anger towards the government.

Almaalomah.me

This evening, a government-parliamentary meeting will be held in the Constitutional Hall to discuss the “exchange rate”.

An informed source reported on Thursday that the House of Representatives will hold a joint government-parliamentary meeting regarding changing the dollar exchange rate.

The source told Shafaq News Agency that “a meeting will be held in the Constitutional Hall inside the Iraqi Parliament at 8 pm.”

He added that “the meeting will be attended by the Prime Minister, the Speaker of Parliament, the heads of the blocs, the Minister of Finance and the Governor of the Central Bank to discuss the issue of raising the dollar exchange rate and its repercussions.”

Today, a parliamentary source reported that the governor of the Central Bank informed members of the parliamentary finance committee that the exchange rate of the dollar would remain fixed at 1,500 dinars, stressing that it could not be changed .

The source told Shafaq News Agency that the Central Bank Governor explained to the committee members that any change in the dollar exchange rate within the general budget law would lead to a change in all the budget tables and items that were built on the basis of an exchange rate of 1,500 dinars per dollar .

He added that the Minister of Finance and the Governor of the Central Bank did not come to the House of Representatives building, while the Governor merely informed the members of the Finance Committee of the Central Bank’s position on the new exchange rate.

The Central Bank announced yesterday, Wednesday, the adoption of new exchange rates, according to which it set the price of buying the dollar from the Ministry of Finance at 1500 dinars, and selling it to banks at 1510 dinars, and to the public at 1520 dinars, starting from October 7, 2026.

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The new exchange rate is a “double shock”… An economic proposal to freeze customs tariffs for a year

On Thursday, Manar Al-Obaidi, head of the “Iraq Future” Foundation for Economic Studies and Consultations, called on the Council of Ministers and the Parliament to take a temporary economic measure for one year to mitigate the effects of adjusting the dinar exchange rate on commodity prices and to protect commercial and industrial activity from recession.

Al-Obeidi proposed, in a statement received by Shafaq News Agency, freezing the provisions, schedules and rates of the amended Customs Tariff Law No. 22 of 2010 for a period of one year, and resuming during the transitional period the mechanism of Coalition Provisional Authority Order No. 38 of 2003, which adopts a unified fee of 5% of the customs value of the imported goods covered, instead of the current multiple and high rates of tariffs.

He also called for obligating the Ministry of Finance and the General Authority of Customs, immediately upon the amendment taking effect, to issue a unified schedule and instructions for all border crossings, in order to prevent differences in application between them and to ensure clarity of cost for traders and importers.

He suggested that the measure be limited to 12 months, with a review after six months to measure its impact on inflation, prices, import activity, revenues and industrial activity, with the normal tariff to be reinstated after the end of the period or reassessed according to the results of the review.

Al-Ubaidi said that changing the dollar purchase price from about 1300 to 1500 dinars raised, according to his estimate, the dinar equivalent per dollar by about 15.4%, considering that the state had indeed obtained an important additional financial space from adjusting the exchange rate.

He added that applying high customs tariff rates in conjunction with the new price means that the imported goods bear two effects at the same time, namely the rise in the price of the dollar and the rise in customs tariff, indicating that their effect is transferred to varying degrees to the cost of food, medicines, factory inputs, machinery, spare parts and transportation, all the way to the consumer.

He pointed out that the commercial sector faces the risk of declining demand and rising capital requirements for import financing, while the industrial sector faces rising prices for raw materials and imported components.

Al-Ubaidi stressed the need to ensure that addressing the state’s financial imbalance, in his view, does not turn into double pressure on the citizen and the private sector, noting that protecting Iraqi industry and agriculture does not necessarily mean imposing high tariffs in general on thousands of goods.

He explained that the Iraqi Products Protection Law can be activated to protect local products in a targeted manner when they are exposed to dumping, foreign subsidies, or harmful increases in imports, instead of imposing high fees on all goods and consumers.

Al-Ubaidi concluded by saying that the exchange rate decision gave the public treasury a larger dinar resource, considering that it is natural for it to be met with a measure that reduces the burden on the citizen and the private sector, while warning against using the exchange rate and customs tariff at the same time as two tools to increase state revenues, which would burden the citizen and the market with the cost of both tools together.

It is noted that the warehouses of merchants and shops in the Al-Shourja market, and “Alwa Jamila”, and a number of money exchange and transfer companies closed their doors yesterday, Wednesday, following the Iraqi Central Bank’s raising of the official exchange rate of the US dollar against the Iraqi dinar from 1320 dinars per dollar to 1520 dinars. IraqiDinar News

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Iraq enters the race to regain its oil share in the Gulf markets

Middle Eastern oil producers have entered a race to regain market share lost during the Iran war, as crude exports through the Strait of Hormuz gradually improve, according to a Reuters analysis.

Reuters noted that Iraq and Saudi Arabia were among the producers offering significant discounts to buyers willing to load oil shipments within the Gulf region, in an effort to win back customers who had turned to alternative suppliers during the period of unrest.

Energy Aspects predicted that total crude oil production in Saudi Arabia, the UAE, Iraq and Kuwait would average around 17.3 million barrels per day during October, compared to around 21 million barrels per day in the six months preceding the war.

According to the report, crude oil exports from the Middle East exceeded pre-war average levels of 18 million barrels per day for most of the week ending October 3, as oil flows improved through the Strait of Hormuz and alternative routes.

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Parliament cancels “dollar session” and settles for a meeting with the Minister of Finance and the Governor of the Central Bank

A parliamentary source reported on Thursday that the Speaker of Parliament decided to cancel the parliamentary session scheduled for today, which was to include hosting Finance Minister Faleh Sari and Central Bank Governor Nizar Nasser Hussein to discuss the repercussions of the decision to raise the exchange rate of the dollar against the Iraqi dinar. IraqiEconomy News

For his part, MP Sipan Shirwani, from the Kurdistan Democratic Party bloc, told Shafaq News Agency that the parliamentary finance committee will hold a meeting this afternoon, in the presence of the Minister of Finance and the Governor of the Central Bank, to discuss the reasons for the change in the exchange rate of the dollar against the Iraqi dinar.

Sherwani added that the meeting will be dedicated to discussing the change in the dollar exchange rate, and it is also likely to address the draft federal budget law.

It is worth noting that the Iraqi Parliament voted yesterday, Wednesday, to postpone the agenda of yesterday’s session and convert it into a general discussion session regarding the decision to raise the exchange rate of the dollar against the Iraqi dinar, while it set a special session for today, Thursday, to host the Governor of the Central Bank and the Minister of Finance to discuss the reasons for the decision and its repercussions.

The Central Bank of Iraq announced (yesterday, Wednesday) a change in the official exchange rate of the Iraqi dinar against the US dollar to be 1,520 dinars per dollar instead of 1,320 dinars per dollar, which generated angry popular reactions.

The Central Bank also described yesterday the decision to raise the exchange rate of the dinar against the US dollar as a “strategic step” to enhance financial stability, reassuring citizens and the economic sector of the adequacy and strength of its foreign reserves.

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The Central Bank Governor tells Parliament: The new exchange rate is fixed and can never be changed.

A parliamentary source reported on Thursday that the governor of the Central Bank informed members of the parliamentary finance committee that the exchange rate of the dollar would remain fixed at 1,500 dinars, stressing that it could not be changed.

The source told Shafaq News Agency that the Central Bank Governor explained to the committee members that any change in the dollar exchange rate within the general budget law would lead to a change in all the budget tables and items that were built on the basis of an exchange rate of 1,500 dinars per dollar.

He added that the Minister of Finance and the Governor of the Central Bank did not come to the House of Representatives building, while the Governor merely informed the members of the Finance Committee of the Central Bank’s position on the new exchange rate.

The parliamentary finance committee was scheduled to hold a meeting with the finance minister and the central bank governor to discuss the decision to change the dollar exchange rate and its repercussions, in addition to discussing the draft federal budget law, but the officials did not attend parliament.

The Speaker of Parliament decided to cancel today’s scheduled session, which was to include hosting Finance Minister Faleh Sari and Central Bank Governor Nizar Nasser Hussein to discuss the repercussions of the decision to raise the exchange rate of the dollar against the Iraqi dinar, and to settle for holding a meeting of the Finance Committee.

The Central Bank announced yesterday, Wednesday, the adoption of new exchange rates, according to which it set the price of buying the dollar from the Ministry of Finance at 1500 dinars, and selling it to banks at 1510 dinars, and to the public at 1520 dinars, starting from October 7, 2026.

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