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Short, verified market news summaries; every item names its source and publication date.
Turkey's Central Bank Holds Rate at 37% as Oil Surge Raises Imported-Inflation Risk
The Central Bank of the Republic of Turkey held its policy rate at 37% for a third straight meeting in June and warned that the recent rise in energy prices amid the regional war has lifted the underlying inflation trend. Turkey's annual inflation rate eased to 32.11% in June, slightly below the previous month's 32.61% and the lowest level since March. Turkey imports about 90% of its oil and gas needs, making it one of the G20 economies most exposed to energy inflation. Brent crude passing $90 a barrel amid the Strait of Hormuz crisis has increased pressure on the lira and on the country's inflation expectations. The central bank's projections are based on an average oil price assumption of $89.4 a barrel for 2026.
Trading Economics · Jul 20, 2026
Iraq to Triple Ceyhan Pipeline Oil Exports to Bypass Hormuz Disruption
Iraq has approved a plan to ramp up crude exports through the Ceyhan pipeline to Turkey to bypass the disrupted Strait of Hormuz route. According to reports, Baghdad aims to raise flows along the route from about 220,000 barrels per day to roughly 770,000 barrels per day within about two and a half months, and Iraq and Turkey have signed a one-year deal to keep the Ceyhan pipeline running. Iraq's seaborne crude exports from its southern ports had collapsed to about 260,000 barrels per day in May (around 8 percent of its 2025 average). As routes partly reopened, Iraq's combined Hormuz and Ceyhan exports reached about 1.5 million barrels per day in July before the latest escalation, roughly three times the June estimate. Iraq is OPEC's second-largest producer, so its export path affects global supply balance and oil prices.
Arab News · Jul 20, 2026
Turkey's central bank keeps its policy rate at 37% as the Iran war slows disinflation
Turkey's central bank has kept its easing cycle on hold, leaving the policy rate at 37 percent, the highest among G20 economies. It has now held for three straight meetings since March, as the energy price shock from the Iran-US war has delayed the fall in inflation. Annual inflation, which had eased from a peak near 85 percent to around 32 percent, ticked back up, rising from 30.9 percent in December 2025 to about 32.4 percent in April 2026. In its mid-May quarterly report the bank raised its end-2026 inflation forecast to 24 percent from 16 percent, calling the war's short-term effect "pronounced." Governor Fatih Karahan said in mid-July that disinflation was "on course," but that the bank would wait for the July inflation reading and greater clarity on the war before resuming rate cuts. Turkey imports roughly 25 percent of its gas from Iran, leaving it exposed to the region's energy tensions. The lira traded around 47 to the dollar at the end of the week.
Daily Sabah · Jul 19, 2026
Turkey's central bank became the world's largest official gold seller in 2026, selling about 81 tonnes net to defend the lira
According to reports carried by Turkish media, Turkey's central bank has become the world's largest official seller of gold in 2026. Over the first five months of the year the bank sold about 81 tonnes of gold on a net basis from its reserves, using the proceeds to supply dollar liquidity and defend the lira against external shocks. Pressure on the lira intensified after the Iran war began on February 28, 2026, and the resulting energy-price surge drove the currency to a fresh record low. The central bank first spent roughly US$26 billion of its foreign exchange reserves supporting the lira and, when that proved insufficient, turned to selling and swapping more than 127 tonnes of gold in the weeks that followed; its currency interventions peaked at close to US$60 billion. Turkey's gold reserves had climbed to a record 823.5 tonnes in the week ending March 6 before starting to decline. The trend shows that, rather than serving as a safe haven during the war, gold became Ankara's defensive tool for containing the lira's slide. The lira is an important regional variable for Iran's market, since part of the trade and commodity pricing between the two countries is linked to it.
Türkiye Today · Jul 19, 2026
CENTCOM: Two US service members killed in Jordan and one missing; US military death toll in the war rises to 16
US Central Command (CENTCOM) said on Saturday, 18 July 2026, that two US service members were killed on Friday, 17 July, in Jordan while defending against Iranian missile and drone attacks, and that a third is missing. According to the statement, four other personnel were medically evacuated to hospitals in Jordan and later discharged, while several with minor injuries returned to duty. The deaths bring the US military toll in the current war with Iran to 16. CENTCOM said the identities of the fallen would be withheld until 24 hours after next of kin are notified. The announcement came alongside a seventh consecutive night of US airstrikes on military targets in Iran and continued Iranian retaliatory strikes on Gulf states hosting US bases.
CBS News · Jul 18, 2026
Iraq and Jordan revive the Basra to Aqaba oil pipeline plan as southern Iraqi crude exports slump
With the Strait of Hormuz crisis continuing, Iraq and Jordan are again studying a roughly 1,600 km oil pipeline to link Basra to the port of Aqaba, a plan dormant since 2019. The United States is encouraging regional countries to find alternatives to the Strait of Hormuz. Iraq, OPEC's second largest producer, ships most of its crude from the southern port of Basra and has limited alternatives. According to reports, exports from Iraq's southern fields have fallen by about 70 percent during the recent fighting. The development matters for Iran because it shows how the Hormuz disruption is reshaping the entire map of Persian Gulf energy export routes.
The National · Jul 17, 2026
Turkish Lira Hits Record Low as Dollar Nears 47 Lira
The Turkish lira fell to a record low against the US dollar on Thursday, July 16, 2026, with the exchange rate weakening to around 47 lira per dollar. The currency has extended a gradual slide since mid-May, when it passed 45.5 per dollar, and is down roughly 7 percent since the start of the year. Turkey's central bank had already warned that disinflation would be slower than expected, largely because of the surge in energy and food prices tied to the Iran-US war and the Strait of Hormuz crisis. As a major importer of oil and gas, Turkey sees higher energy costs widen its current-account deficit and lift demand for foreign currency, adding to the pressure on the lira. Sahmino's live feed also puts the dollar-to-lira rate near 47.
Trading Economics · Jul 16, 2026
Jordan intercepts and downs three ballistic missiles fired from Iran early Wednesday
Jordan's army said its air defenses intercepted and downed three ballistic missiles that entered Jordanian airspace from Iranian territory at dawn on Wednesday, July 15, 2026, causing no casualties or material damage. According to the army's statement, engineering teams collected shrapnel that fell in several locations under approved technical and security procedures. The interception followed what sources described as Iranian kamikaze drone strikes on a hangar for F/A-18 fighter jets, accommodation buildings and a large equipment depot used by US forces at Jordan's al-Azraq air base. The events are part of the escalating US-Iran conflict of recent days, which has also rippled into Iran's gold and currency markets.
Xinhua · Jul 15, 2026
Central Bank of Iraq Sells $275 Million in Monday's Dollar Auction
The Central Bank of Iraq (CBI) sold $275,296,889 in its Monday, July 6, 2026 (14 Tir 1405) dollar auction. Of that, the large majority, $265.25 million (about 96 percent), went to letters of credit and outward remittances, while only $10.05 million was cash sales. The remittance and letter-of-credit rate was set at 1,310 dinars per dollar and the cash-sale rate at 1,305 dinars per dollar. The dominance of the outward-remittance channel over cash liquidity is a marker of dollar liquidity flows between Iraq and its trading partners, including Iran.
Iraqi News · Jul 11, 2026
Turkish Central Bank Chief Ties Early Rate Cut to Clarity on Iran Conflict
Turkish central bank governor Fatih Karahan told investors at an Istanbul conference on Friday, July 10, 2026 (19 Tir 1405), that the bank wants to see the July inflation print and more clarity on the Iran conflict before resuming rate cuts, ruling out any move before the July 23 monetary policy meeting. Turkey's policy rate has held at 37 percent since June. Turkish monetary policy directly shapes the lira's path and the trade, tourism and gold flows between Turkey and Iran.
Bloomberg · Jul 11, 2026
Central Bank of Iraq Cuts Travelers Cash Dollar Allowance From $3,000 to $2,000
Iraq's central bank cut the cash foreign currency allowance available to outbound travelers, for tourism, medical, study, and business trips, from 3,000 dollars to 2,000 dollars per trip, in the week ending July 8, 2026, according to Shafaq News. The move is part of a wider central bank reform push to steer travelers toward prepaid and credit cards and curb arbitrage in the parallel currency market. The lower Iraqi travel allowance could affect the Iran-Iraq border currency channel that partly feeds dollar demand in Iran's informal market.
Shafaq News · Jul 10, 2026
Iraq Makes Electronic Customs Document Verification Mandatory From July 10 to Curb Dollar Smuggling
Iraqi Customs made electronic verification of certificates of origin and commercial invoices through the ASYCUDA system mandatory at all border points starting July 10, 2026 (19 Tir 1405). As of that date, paper certificates or invoices that cannot be digitally verified in the system are no longer accepted, and declarations lacking electronic verification are automatically flagged, suspended, and subject to administrative fines. According to Iraqi news outlets, the move follows the discovery of schemes in which traders used falsified invoices for goods such as infant formula to obtain dollars from the Central Bank of Iraq at the official rate, then resold them on the parallel market or smuggled them abroad. The measure is part of the central bank's effort to curb the depletion of foreign currency reserves and rein in money laundering.
Iraqi News · Jul 10, 2026
Tel Aviv Stocks and the Shekel Weaken as Iran-US Fighting Resumes
Tel Aviv's TA-35 and TA-125 indices swung from early gains to losses of about 1 percent in Wednesday, July 8, 2026 (17 Tir 1405) trading, as fighting between the United States and Iran resumed and the ceasefire collapsed. The Tel Aviv insurance index fell 3 percent the same day, with Menora Mivtachim down 4.2 percent, Harel down 4.1 percent, Clal down 2.8 percent, Phoenix down 2.5 percent and Migdal down 1.5 percent. The TA Cleantech index, which had fallen 4 percent on Tuesday, July 7, dropped a further 2 percent on Wednesday. The Israeli shekel also weakened against the dollar, with the dollar trading above 3.05 shekels and the euro at 3.49 shekels. Israeli media reported that investors were pricing in a higher risk of a renewed closure of the Strait of Hormuz alongside rising oil prices.
The Times of Israel · Jul 10, 2026
Iraq and Turkey Near Deal to Extend Kirkuk-Ceyhan Oil Pipeline Exports
Turkish Energy Minister Alparslan Bayraktar visited Baghdad on Thursday, July 9, 2026, to finalize a roughly 12-month extension of crude exports through the 970-kilometer Kirkuk-Ceyhan pipeline; the current agreement expires on July 16. According to The National (July 9, 2026), citing Reuters, the deal is expected to be signed "in the coming days." Iraqi oil output has fallen from 4.3 million barrels a day to 1.4 million (as of May), and flows through the Ceyhan terminal have dropped from a pre-war 3.5 million barrels a day to about 200,000. With most of Iraq's southern exports through the Strait of Hormuz shut off, Ceyhan has become one of Iraq's few working export routes.
The National · Jul 10, 2026
Turkish Lira Deposits Hit 11-Year High as De-Dollarization Advances
Turkish Treasury and Finance Minister Mehmet Şimşek said the share of Turkish lira deposits in the country's total bank deposits reached about 62 percent in the week ending July 3, 2026, the highest level in 11 years. That compares with roughly 31.6 percent in August 2023, before Turkey's economic stabilization program began, marking substantial progress in de-dollarization. Şimşek said, "We will continue our policies to reinforce confidence in the Turkish lira, strengthen macro-financial stability and achieve price stability, which is the prerequisite for sustainable high growth." He added that the balance of foreign-currency-protected deposits under the KKM scheme has fallen from 3.4 trillion lira in August 2023 to about 478 billion lira (roughly 11.75 billion dollars). The progress comes as the Turkish lira has weakened about 8 percent against the dollar since the start of 2026.
Daily Sabah · Jul 10, 2026
Borsa Istanbul's BIST 100 Sinks 2.12% After Trump Declares Iran Ceasefire Over
Borsa Istanbul's BIST 100 index closed down 307.41 points (2.12%) at 14,189.96 on Wednesday, July 8, 2026, after falling as low as 14,179.01 intraday, according to Anadolu Agency. The drop came immediately after President Trump told the NATO summit in Ankara that the US-Iran ceasefire was "over" and that the US would strike Iran again that night. Banking and transportation shares led sector losses on the Turkish exchange. The move illustrates how the Iran-US war is spilling directly into Turkish equities, a major trade and transit partner for Iran.
Anadolu Agency · Jul 10, 2026
Turkish Lira Hits Fresh Record Low as June Inflation Eases Only Slightly to Above 32%
The Turkish lira hit a fresh record low against the dollar on Thursday, July 9, 2026, trading near 46.86 per dollar, per Trading Economics. Turkey's statistics office had reported on July 3 that annual June inflation eased slightly to 32.11%, down from 32.61% in May and the lowest since March. However, energy and food shocks from the intensifying Iran-US conflict have slowed the disinflation trend. Turkey's central bank (TCMB) has held its policy rate at 37% for a third consecutive meeting. For Iranian investors and traders with commercial ties to Turkey, the lira's continued slide can directly affect the cost of imports from the country.
Trading Economics · Jul 10, 2026
Iran Strikes US-Linked Bases in Bahrain, Kuwait, Qatar and Jordan as Ceasefire Nears Total Collapse
Iran's military and Revolutionary Guards widened their retaliation on Thursday, July 9, 2026, hours after a second round of US strikes hit roughly 90 military targets across Iran, extending attacks beyond Bahrain and Kuwait to also strike US linked sites in Qatar and Jordan. According to The National, Iranian forces used drones and missiles to target a Patriot air defense battery in Kuwait, a satellite and early warning site in Qatar, and fuel depots used by US forces in Bahrain. Air raid sirens sounded in Bahrain and Kuwait. Kuwait's Defence Ministry said it intercepted three ballistic missiles, one cruise missile and 10 drones. Iran's Foreign Ministry called the renewed US strikes a "gross violation" of the 60 day ceasefire signed on June 17, 2026. The widening front raises fresh risk for regional Gulf markets beyond Iran's borders.
The National · Jul 10, 2026
Iran's 25-Year Gas Export Contract With Turkey Expires This Month as Renewal Talks Have Not Begun
Iran's 25-year gas export contract with Turkey, which carries up to 9.6 billion cubic meters annually via pipeline, is set to expire this month (July 2026). According to a Forbes report published June 29, 2026, Turkish Energy Minister Alparslan Bayraktar confirmed that formal negotiations on an extension have not yet begun, though he said "according to our forecast, we might need this gas pipeline or the gas flow from Iran for the security of supply of Turkey." The report noted that since UN sanctions snapped back in September 2025, Turkish banks have grown more cautious about payments to the National Iranian Gas Company, since the US oil sanctions waiver does not cover natural gas.
Forbes · Jul 10, 2026
Iraqi Dinar Firms Against the Toman as the Rial Weakens
The rate for 100 Iraqi dinars in Iran's free market rose from 11,500 tomans on Wednesday, July 8, 2026 (17 Tir), to 11,690 tomans on Thursday, July 9 (18 Tir). According to Rokna, the increase tracked the broader weakening of the rial against foreign currencies in recent days and was influenced by the rising dollar rate in Tehran's free market. Border currency market analysts also cited regional security developments and stronger demand from border exchange houses for foreign currency as contributing factors.
روزنا · Jul 10, 2026