Workers at the West Qurna 2 oil field are protesting and threatening a strike that could endanger oil production in Basra.

Dozens of engineering, technical and administrative staff working at the West Qurna 2 field in Basra Governorate, in the far south of Iraq, demonstrated on Tuesday to demand the settlement of their contractual status and the disbursement of their financial dues, warning that they would resort to a general strike if their demands were not met within a week. Financialnews alerts

The protest representative, Mashreq Abdul-Munim, told Shafaq News Agency that the protesters are demanding the signing of legal employment contracts that guarantee their rights, similar to the previous contracts in place with the Russian company Lukoil, as well as the disbursement of all financial dues owed by the Basra Oil Company without delay or procrastination.

Abdul-Munim explained that the Basra Oil Company and the consortium of operating companies were informed of the requests and the deadline letter, noting that failure to reach solutions would cause an immediate halt to production and export operations within the field.

He added that the field’s current production is about 324,000 barrels per day, while exported quantities reach about 347,000 barrels per day, stressing that the continuation of the crisis without addressing it could put one of the most prominent producing fields in the country in front of major repercussions.

Shafaq.com

With an increase of one ton, Iraq strengthens its gold reserves and continues its global progress.

Data from the World Gold Council for August 2026 showed that Iraq maintained its position among the world’s largest gold holders, with an increase in its holdings compared to its last data. Financialnews alerts

According to data seen by Shafaq News Agency, Iraq’s gold reserves amounted to 175.6 tons, ranking it 28th globally, with gold constituting about 24.8% of its total reserves. The latest data for Iraq dates back to May 2026.

Compared to previous data, Iraq’s holdings increased from 174.6 tons to 175.6 tons, an increase of one ton.

Iraq comes in third place in the Arab world in terms of gold holdings, after Saudi Arabia, which has 323.1 tons, and Algeria, with 173.6 tons.

Globally, the United States topped the list with reserves of 8,133.5 tons, followed by Germany with 3,349.5 tons, then the International Monetary Fund with 2,814 tons, Italy with 2,451.8 tons, and France with 2,437 tons.

Shafaq.com

Al-Hakim: The date for the withdrawal of the international coalition remains unchanged, and the security of Kurdistan is part of the security of Iraq.

The head of the National State Forces Alliance, Ammar al-Hakim, confirmed on Tuesday that the agreement on the withdrawal of the US-led international coalition forces against ISIS from Iraq will come into effect at the end of September. Dailynews subscription

Al-Hakim told reporters on the sidelines of his visit to Dohuk province that this withdrawal “is a message of Iraqi recovery, revealing that the country has managed to overcome terrorism with the help of international and regional partners and primarily through the efforts and sacrifices of its people.”

Regarding the bombing that the Kurdistan Region was subjected to during the escalation of security tensions in the Middle East region, Al-Hakim stressed that the security and safety of the Kurdistan Region is an integral part of the security and safety of Iraq in general, adding: “We are very keen to keep away any targeting that affects all Iraqi lands, including Kurdistan, and we have known in the past and will work in the future to spare Iraq any consequences or targeting from any party.”

Shafaq.com

Spectrum Bank’s guardianship: Will people’s deposits be lost after the Central Bank’s intervention?

The decision by the Central Bank of Iraq to place Al-Taif Islamic Bank for Investment and Finance under guardianship and appoint a guardian to manage it for 18 months due to the presence of “serious violations” that affected its financial position and the depositors’ funds, according to a letter from the bank that was circulated, has led to concerns, especially from the bank’s customers, about their deposited funds.

Immediately, gatherings took place in front of bank branches, where the crowds demanded their deposits. The sudden panic led to a number of depositors gathering in front of branches (such as the Karrada branch) and even in some governorates to demand their money and deposits for fear of losing them.

What is the reality of the crisis, and is there a fear of people losing their deposits and rights, as happened in Lebanon, for example?

Experts point out that imposing guardianship is a legal step stipulated by banking laws, and its main objective is to intervene to protect depositors’ funds and stabilize the bank’s financial position when a serious administrative or financial defect is detected, and it does not necessarily mean declaring final bankruptcy.

Is there a fear of a scenario similar to the Lebanese crisis? Legal experts agree that comparing Iraq to the Lebanese model is structurally and banking-wise inaccurate for fundamental reasons. In the Lebanese crisis, the collapse resulted from the complete entanglement of the banking sector with a crisis of financial sovereignty and statehood, and a massive deficit that permeated the entire system. In Iraq, however, the intervention is limited to a single private bank (or specific banks) found to have deficiencies or violations related to its individual management. The central bank’s intervention is primarily aimed at preventing the bank’s collapse, not covering it up. Furthermore, the Iraqi central bank enjoys a strong foreign reserve position, which differs radically from the structural and monetary collapse that Lebanon experienced.

Guardianship committees usually aim to audit accounts and restructure assets and liabilities to ensure rights, as official statements emphasize that depositors’ funds are protected by law and the guarantees of the central bank, which will either correct the bank’s course or arrange precise settlement operations to ensure that deposits are not lost.

The nature of the events surrounding Al-Taif Bank may typically trigger a temporary wave of anxiety among some customers of the private banking sector, given the sensitivity of the issue of financial trust in the Iraqi market in general and the public’s memory of past experiences. A segment of depositors, growing impatient, may resort to monitoring their accounts or inquiring about the financial soundness of their private banks, especially given the occasional lack of complete transparency in promptly disclosing details of irregularities before they escalate.

Private banks in Iraq vary greatly in their financial situations, the size of their liquidity, and their compliance with international and local regulatory standards. The Central Bank’s action is a remedial measure directed at an exceptional case in which the defect has been proven, and does not necessarily mean the existence of a structural infection that includes all private banks, as the statements indicate.

The extent of the spread of concerns depends entirely on the speed and transparency of the central bank in containing the crisis, providing practical reassurances to depositors, and confirming the ability of the banking system as a whole to meet its obligations in order to avoid the crisis of one bank turning into a general panic that harms monetary stability.

Legal experts point out that the rights of those affected and depositors are legally protected, and in extreme cases or when any licensed bank is permanently insolvent, there are clear regulatory and institutional mechanisms for compensation and to ensure that funds do not evaporate, as legislation requires all licensed banks to participate in the “Iraqi Deposit Guarantee Company,” which was established with supporting capital between the public and private sectors, and it is the entity legally responsible for paying compensation to depositors within specific limits in the event that the bank is proven to be insolvent or bankrupt.

Appointing a “trustee” does not signify immediate liquidation or bankruptcy, but rather a proactive measure preceded by legal control over the bank’s assets and its real estate and financial holdings to ensure that they are used first to cover the obligations and rights of depositors before any other party. The official data of the Central Bank indicates that the ratio of liquid assets, which are cash or financial resources that can be converted into cash quickly and easily without a significant loss in their value, to short-term liabilities in the banking system as a whole, exceeds the required hypothetical ratio, and is exceeded by 60%, which means that there is sufficient financial cover to contain individual shocks and prevent them from turning into a comprehensive liquidity crisis.

While many depositors wonder why they were surprised by the decision, and why a statement should have been issued before it was released, specialists say that legal obligation and regulatory secrecy usually prevent banks from issuing such individual statements before the Central Bank intervenes. Decisions to impose guardianship and appoint a guardian are made suddenly and immediately to ensure that funds are not smuggled out or assets are not manipulated by the management that has been found to have committed violations.

Issuing a statement of reassurance on its own initiative contradicts supervisory mechanisms due to the nature of the violations. If the management is implicated in financial irregularities or suspicions that prompted the Central Bank’s intervention, it is unlikely to be transparent with depositors and may even attempt to conceal the truth to avoid public backlash. Once the trusteeship decision is issued, executive powers are immediately withdrawn from the bank’s management and board of directors and transferred to the trustee appointed by the Central Bank. This renders any previous or subsequent statements outside the purview of the former management. Crisis management and the dissemination of reassuring messages become the exclusive responsibility of the Central Bank of Iraq and the new legal trustee, who is tasked with accurately assessing the financial situation and addressing the public with facts, rather than empty promises that might be made by a compromised or complicit management.

Shafaq.com

Iraq awaits its 2027 budget… assurances that it will focus on securing expenditures and addressing some economic issues.

The Iraqi people are awaiting the 2027 budget to address the country’s financial crisis and to determine the government’s ability to secure operational expenses. These expenses are a major concern for government employees and other groups receiving government payments. Many other sectors, such as farmers, contractors, and companies operating in Iraq, are also waiting for this budget to learn the fate of their dues.

Meanwhile, the government continues to borrow money to pay salaries and secure essential supplies. Parliamentary assurances indicate that the upcoming budget will focus on securing expenditures and implementing some economic reforms in light of the current situation.

Economic expert Dr. Safwan Qusay told Al-Maalomah, “Iraq still lacks a specialized company that purchases debt at a discount, while most countries in the world have such companies that buy debt, whether governmental or otherwise.”

He added, “Iraq needs to establish a clear mechanism for repaying internal and external debts. While borrowing is not difficult and can be undertaken by government ministries, the repayment process requires a defined mechanism.”

He explained that “alleviating the financial crisis requires collecting taxes from companies operating within Iraq and recovering their outstanding debts, in addition to utilizing the credit portfolios offered by the Central Bank.”

For his part, economic expert Abdul Rahman al-Mashhadani told Al-Maalomah that “the government has set an estimated price for a barrel of oil next year between $60 and $70, a figure difficult to rely on given the war and low export rates, as well as the fact that oil is being sold at the port.”

He added that “the initial estimates for the total budget amount to 150 trillion dinars, of which 135 trillion will go to the operational budget (salaries and daily expenses), and a meager 15 trillion for the investment budget, thus deepening the financial deficit to dangerous levels.”

Al-Mashhadani explained that “these challenges and others will be the primary obstacle to finalizing the 2027 budget.” He pointed out that “the crisis coincides with a frightening decline in the reserves of the Central Bank of Iraq as a result of its continued sale of foreign currency to the private sector to finance imports, without any corresponding compensatory dollar inflows.” He revealed that “what has recently reached the Central Bank has not exceeded one billion dollars.”

In a related matter, Member of Parliament’s Finance Committee, Muhammad al-Shammari, told Al-Maalomah that “there is ongoing communication between the Finance Committee and the Ministry of Finance regarding the date for submitting the 2027 budget, and it is expected to reach Parliament in mid-October.” He emphasized that “salaries are secured and there are no concerns about their disbursement.”

He added that “the upcoming budget will be distinctly economic and will focus on economic and financial aspects in line with the requirements of the current phase.” He explained that “the Finance Committee is continuously monitoring the details of preparing the draft budget and the expected date for its submission to Parliament with the relevant government agencies.”

Al-Shammari pointed out that “the early arrival of the draft budget to Parliament would give the Finance Committee ample time to study its articles and allocations, and to discuss the financial and economic sections contained therein, thus contributing to making the necessary amendments and approving it within the specified deadlines.”

He stressed “the importance of expediting the completion of the budget preparation procedures and sending it to the House of Representatives, given its significance in regulating government spending and determining the financial and economic priorities for the next phase.”

Almaalomah.me

Al-Saadi: An agreement to finalize the nine ministerial portfolios may be reached next week.

Former MP Baqir al-Saadi confirmed on Friday that a final agreement on nominating candidates for the remaining ministerial portfolios may be reached during the next week, while noting that there will be important meetings and encounters during the next three days.

Al-Saadi explained in his interview with Al-Maalouma that “there are important consultations and meetings being held between the forces of the Coordination Framework and the rest of the political forces in order to proceed with completing the formation of what remains of the government, in light of the existence of nine ministerial portfolios, including security portfolios that are run by an acting minister.”

He added that “a final agreement to resolve this issue within the next week is very likely, according to the information available to us,” noting that the next three days will witness intensive meetings in Baghdad, and may lead to an agreement that sets a date for a session of the House of Representatives to vote on the candidates for the nine ministerial portfolios.

Al-Saadi pointed out that “it is not yet possible to say for certain that some of the candidates will proceed, as the matter is subject to political consultations, and therefore the ball will remain in the court of the House of Representatives to determine the names that will proceed to assume the nine ministerial portfolios.”

Almaalomah.me

MP holds financial and legal oversight bodies responsible for oil corruption: Recovered funds will not solve the crisis

On Friday, Abu Turab al-Tamimi, a member of the Iraqi parliament, held the financial and legal oversight departments of the Ministry of Oil responsible for the “corruption” linked to the Deputy Minister of Oil, Adnan al-Jumaili, and the Director General of the Oil Products Distribution Company, Hussein Talib, who was arrested on corruption charges.

Al-Tamimi told Shafaq News Agency that “the two departments bear responsibility for corruption because the former Prime Minister, Muhammad Shia Al-Sudani, when he granted Al-Jumaili conditional powers, stipulated that they be consistent with the regulations and laws of the Financial and Legal Control Departments in the Ministry of Oil.”

He added that “the corruption of the Director General of the Oil Products Distribution Company, who was arrested on charges of involvement in corruption cases, exceeds the cases of Adnan al-Jumaili, given that the latter does not have a support base.”

Regarding the possibility that funds recovered from those convicted of corruption cases could contribute to addressing the country’s financial crisis, Al-Tamimi pointed out that recovering these funds could be an important resource, but it is not enough on its own to address the financial crisis.

He continued, saying that “corruption in the Ministry of Electricity is more widespread and significant, but it has not received the same level of attention as corruption in the Ministry of Oil,” noting that there are “numerous corruption cases in some institutions.”

It is worth noting that the case of the Undersecretary of the Ministry of Oil for Refining Affairs, Adnan al-Jumaili, has been ongoing for more than two months, and has affected deputies and officials, a number of whom were arrested in various areas of Baghdad, including the Green Zone, as part of what was known as the “Dawn Charge”.

According to government data and statements, the subsequent measures resulted in the seizure of billions of Iraqi dinars and millions of dollars, as well as jewelry and gold bullion, in homes and farms belonging to Iraqi officials and politicians.

Last July, Iraqi security forces in Baghdad arrested Hussein Talib Aboud Marouh Al-Fadhli, the general manager of the Oil Products Distribution Company, hours before he was scheduled to be sworn in as a replacement member of the Iraqi parliament.

Meanwhile, the judiciary and the Integrity Commission vowed to continue pursuing and arresting those accused of corruption, as part of a campaign launched by Prime Minister Ali Faleh al-Zaidi to combat corruption.

Shafaq.com

Documents reveal details of the verdict: imprisonment, fine, and confiscation of real estate and vehicles belonging to former MP Talal al-Zubaie.

Court documents obtained by Shafaq News Agency revealed details of the verdict issued by the Central Anti-Corruption Criminal Court against former MP Talal Khudair Abbas Kaid Al-Zubaidi, including criminal and financial penalties and the confiscation of a wide range of movable and immovable assets.

According to documents dated August 30, 2026, the court issued its ruling of seven years imprisonment for the convicted Talal Al-Zubaidi, based on the provisions of Article (19/ Second) and in reference to Article (16/ First/ B) of the Integrity and Illicit Gains Commission Law No. 30 of 2011, as amended.

Determining inflation and financial penalties

The court ruling obligated the convicted person to pay the amount of illicit gains and inflated funds amounting to 5 billion, 549 million, 969 thousand Iraqi dinars, in addition to the amount of 128 million, 961 thousand US dollars.

The ruling also obliged the convicted person to pay a financial penalty equal to the value of the illicit gains and inflation, while continuing his imprisonment and not releasing him after the expiry of the sentence period except after paying all the amounts and fines imposed on him.

Property and confiscation details

The decision included the confiscation of a number of properties and funds for the benefit of the Ministry of Finance, most notably:

Properties inside Iraq: Property No. (5262/3 M 20 Al-Dawudi), and Property (2933/406 M Karrada Maryam).

Apartments outside Iraq: Residential apartment number (4252/AW) located in the Jordanian capital, Amman.

Money and possessions: Confiscation of sums of money seized in Iraqi currency, US dollars and Jordanian dinars, in addition to the confiscation of 10 wristwatches, 17 prayer beads and gold jewelry.

Confiscation of cars and purchases

The court also ordered the confiscation of a fleet of luxury cars registered to and used by the convicted man and his family, including:

Two Land Cruiser vehicles, models 2014 and 2022.

Mercedes Station Wagon, 2021 model.

GMC car, 2025 model.

Land Cruiser 2024 model.

A 2023 model “Armored Land Cruiser”.

Precautionary seizure and failure to provide proof

The justifications contained in the documents indicated the imposition of a precautionary seizure on the movable and immovable assets of the convicted person, his wife and children, confirming Al-Zubaidi’s inability to prove the legitimacy of the sources of his money and real estate and his claims regarding the ownership of profits from a business or companies that have been inactive for years, in addition to his failure to declare them in the financial disclosure forms to the Integrity Commission.

Shafaq.com

Syrian-Iraqi trade is recovering… Oil and transit open a new route

Trade between Syria and Iraq is gradually recovering, with the return of activity at border crossings and the emergence of new routes in the energy and transit sectors, amid expectations of increased trade in the coming months.

Louay Al-Ashqar, a member of the board of directors of the Damascus Chamber of Commerce, told Shafaq News Agency that the current volume of trade between Syria and Iraq is still modest and does not reflect the available potential, noting that trade through the Al-Qaim-Al-Bukamal crossing used to reach about one billion dollars annually before 2011.

Al-Ashqar explained that Syria at that time provided between 60 and 80% of Iraq’s imports of food, clothing and medicines, while Syrian exports to Iraq amounted to $58 million in 2024 and $62 million in 2025.

He added that “the current low level of trade is not related to a decline in demand, but rather to the closure of border crossings and the repercussions of the war, at a time when Iraq relies heavily on imports to meet its needs.”

Al-Ashqar continued, saying that Syrian exports to Iraq are currently concentrated in vegetables and fruits, food industries, clothing and textiles, plastics, medicines and detergents. In contrast, Syria used to import dates, date paste and wheat from Iraq, while the exchange is currently witnessing a remarkable shift towards the energy sector.

He pointed out that Iraq began in April 2026 to transport fuel oil and crude oil by truck through Syrian territory to the port of Banias for re-export, at a rate of up to 900 trucks per day, in a move aimed at bypassing the Strait of Hormuz. He indicated that four sectors are poised for rapid growth in the coming period: agriculture and food industries, pharmaceuticals and plastics, building materials and reconstruction, in addition to the energy and transit sector, which he described as the most important, with the possibility of turning Syria into a corridor for exporting Iraqi oil to the Mediterranean.

Regarding the digital targets for trade exchange, Al-Ashqar pointed out that there is no official figure announced by the two governments so far, explaining that there has been an agreement since the beginning of 2026 to open the import and export of all materials according to the principle of reciprocity.

According to the Syrian official, the Iraqi border authority expected that the opening of the “Rabia – Yarubiyah” border crossing would lead to an increase in trade exchange of between 10 and 20% during the first few months, while it is expected that trade will gradually return to much higher levels than the current ones.

According to Al-Ashqar, traders face three main obstacles: the frequent closure of border crossings, the failure to register Syrian companies in Iraq, and the absence of official banking channels, which forces traders to resort to unofficial remittances, in addition to the high costs of production in Syria. He added that the obstacles are not limited to the customs aspect, but are distributed across three axes: the first is customs and regulatory and relates to specifications and company registration; the second is logistical and relates to the closure of border crossings and the high costs of transportation and insurance; and the third is financial as a result of the absence of banking links.

He noted that steps have been taken to speed up the movement of trucks, including the reopening of the Al-Qaim-Al-Bukamal crossing in June 2025, where more than 7,000 trucks have crossed since its reopening. He explained that the recent reopening of the Rabia-Al-Yarubiyah crossing aims to relieve pressure on other crossings and speed up the movement of trade.

He also pointed to the expansion of unloading capacity at the port of Banias, in addition to opening offices for the Iraqi SOMO company, stressing that there is a trend towards simplifying documents and reducing fees, noting that the agreement on the principle of reciprocity represents the basis for this.

He concluded by saying that the Iraqi side announced that operating the Rabia crossing would reduce waiting times and logistical costs, but so far no new unified fee schedule has been issued. He pointed out that traders have begun to see partial results since last June with the return of truck traffic, but tangible and significant results remain linked to the continued opening of the two crossings, achieving security stability, and simplifying procedures.

On Friday, July 17, Iraq and Syria, under US auspices, signed a memorandum of understanding to rehabilitate and operate the Kirkuk-Banias oil pipeline, which had ceased operations due to damage sustained during the US invasion of Iraq in 2003.

The agreement and memorandum of understanding were signed in Washington, D.C., between the Basra Oil Company and the Syrian Petroleum Company, in the presence of U.S. Energy Secretary Chris Wright and Iraqi Prime Minister Ali al-Zaidi. The U.S. company Chevron, through an international consortium, will manage the technical and financial aspects of the rehabilitation project.

The Iraqi market is considered one of the most important foreign markets neighboring Syria, due to its large  economic size and strong geographical and social ties between the two countries.

On August 5, an Iraqi trade delegation, including members of the Baghdad Chamber of Commerce and businessmen, discussed with the head of the Federation of Syrian Chambers of Commerce, Alaa Al-Ali, at the Federation’s building in Damascus, ways to expand economic cooperation and open new horizons for joint investment between the two countries.

Osama al-Qadi, the senior advisor to the Syrian Ministry of Economy and Industry, told Shafaq  News Agency on May 22 that “the Iraqi market represents a strategic opportunity for the Syrian economy, as Damascus and Baghdad seek to strengthen cooperation and trade partnership in a way that serves the interests of both countries and contributes to the development of national economies in the medium and long term.”

The Iraqi-Syrian border crossing of Al-Qaim is considered one of the important gateways for trade between the two countries, as the volume of trade through it reached one billion dollars during 2024, according to statistics from the Iraqi-Syrian Business Council.

Sfaq.com

MP: The anti-corruption crackdown must include corrupt leaders and figures.

MP Mohammed Abu Al-Eis affirmed on Thursday that the anti-corruption campaign must include leaders and figures suspected of corruption, clarifying that combating corruption should not be limited to specific entities or levels.

Abu Al-Eis told the Information Agency, “The anti-corruption campaign must include leaders and figures proven to be involved in corruption,” stressing the necessity of handling all cases within the legal framework.

He added, “Combating corruption requires including all individuals accused of corruption without exception or selectivity,” emphasizing the importance of taking the necessary measures against anyone found responsible.

He pointed out that achieving tangible results in this matter necessitates pursuing corruption cases and exposing those involved, thus strengthening efforts to protect public funds and solidify the principle of accountability.
Earlier, MP Ahmed Kain called on the Prime Minister to launch new anti-corruption campaigns and not be satisfied with the measures taken within what was known as “Operation Dawn.”

Almaalomah.me