Newsroom
Short, verified market news summaries; every item names its source and publication date.
US Sanctions Turkey's Golden Global Bank Over Alleged Transfer of Iranian Oil Revenue to Quds Force
The US Treasury sanctioned Istanbul based Golden Global Bank on Friday, 13 Shahrivar 1405 (September 4, 2026), according to Khabaronline and Donya e Eqtesad, both citing the New York Post. The Treasury alleged the bank and its subsidiaries moved tens of millions of dollars tied to Iranian oil sales to China, funneling the proceeds to the Islamic Revolutionary Guard Corps Quds Force through an exchange network known as Rahbar. Per the report, Golden Global Bank, founded in 2019 and describing itself as Turkey's first interest free investment bank, is the country's 35th largest bank with about 517 million dollars in assets. John Hurley, the Treasury's acting under secretary for terrorism and financial intelligence, said the institution had received repeated prior warnings. Treasury Secretary Scott Bessent said the effort will continue until the international community stops supporting Iran. The Treasury said this marks its first direct sanction of a Turkish bank and has cut the bank's access to the international financial system.
Khabaronline, citing New York Post
Iraq's Domestic Debt Reaches $81 Billion at End of June, Up 17.2 Percent Since Year Start
Iraq's domestic public debt reached 106.072 trillion dinars (about $81 billion) at the end of June 2026, up 2.8 percent (2.893 trillion dinars, about $2.21 billion) from May, according to Central Bank of Iraq (CBI) data reported by Shafaq News on Monday, 9 Shahrivar 1405 (August 31, 2026). The debt has risen 17.2 percent (15.557 trillion dinars, about $11.9 billion) since the end of 2025, when it stood at 90.515 trillion dinars (about $69.1 billion). The largest share is the Finance Ministry's liabilities to the central bank, which rose to 67.499 trillion dinars ($51.5 billion) in June from 63.199 trillion dinars ($48.2 billion) in May. Treasury bills accounted for 8.742 trillion dinars ($6.67 billion), loans for 18.964 trillion dinars ($14.5 billion) and bonds for 10.867 trillion dinars ($8.30 billion). Shafaq News reported that the increase comes as Iraqi government spending continues to outpace revenue: through May, public expenditure reached 46.697 trillion dinars ($35.6 billion) against revenue of 33.747 trillion dinars ($25.8 billion), a gap of about 12.95 trillion dinars ($9.9 billion). The government's growing reliance on borrowing from the central bank indirectly bears on the bank's capacity to supply dollars through its daily currency auction, one of the main sources of hard currency for Iranian traders active in Iraq's trade corridor.
شفقنیوز (Shafaq News, citing بانک مرکزی عراق)
Dollar Holds Near 154,000 Dinars for a Second Day in Baghdad and Erbil
The US dollar held steady against the Iraqi dinar for a second consecutive day on Monday, 9 Shahrivar 1405 (August 31, 2026), trading around 154,000 dinars per 100 dollars in Baghdad and Erbil. According to a Shafaq News market survey, the dollar traded at 154,000 dinars per 100 dollars at Baghdad's Al Kifah and Al Harithiya central exchanges, unchanged from Sunday. At Baghdad exchange shops, the selling rate stood at 154,500 dinars and the buying rate at 153,500 dinars per 100 dollars. In Erbil, the dollar sold at 153,950 dinars and was bought at 153,850 dinars per 100 dollars. The stability of Iraq's parallel exchange rate matters for Iran's economy, since Iraq is one of Iran's most important channels for trade, exports and informal currency transfers, and Baghdad's dollar rate indirectly affects the cost of imports and money transfers for Iranian traders active in that corridor.
Shafaq News
The Turkish Lira Sets a Fresh Record Low, Crossing 48 to the Dollar
The US dollar to Turkish lira pair reached an all time high on Monday, 24 August 2026 (2 Shahrivar 1405). XE.com put the mid market rate at 48.0764 at 04:10 GMT, and Trading Economics recorded 48.0762 in a live reading the same day, a difference between the two sources of less than one ten thousandth of a lira. XE's own data shows the pair had reached at most 48.0334 over the previous seven days, on 23 August, making today's print a fresh step up. The lira has lost 17.3 percent of its value against the dollar over the past year, while the Turkish central bank's policy rate stands at 37 percent. The move is a continuation of an existing trend rather than the result of any new policy decision by the central bank. For Iranian readers, the lira's path feeds directly into the cost of cross border trade, travel and property purchases in Turkey: a cheaper lira means Turkish goods and assets cost a rial holder less.
XE.com
EBRD Extends $75 Million Trade Finance Facility to Iraq's Al Mansour Bank
The European Bank for Reconstruction and Development (EBRD) announced it is providing up to $75 million (equivalent to €65 million) in trade finance to Iraq's Al Mansour Bank for Investment. Delivered under the EBRD's Trade Facilitation Programme, the facility comprises guarantees and cash advances aimed at reducing commercial and political payment risks in international transactions. Al Mansour Bank, established in 2006 and majority owned by Qatar National Bank Group, plans to use the funds to expand trade financing for small and medium-sized enterprises in agriculture, construction, manufacturing and consumer goods. The deal comes less than a year after the EBRD began official operations in Iraq in September 2025. For Iran's markets, the story matters because it shows European development finance keeps expanding formal banking channels with Iraq, Iran's western neighbor and a major non-oil export market, precisely the kind of correspondent-banking access Iran's own banks remain locked out of under sanctions, a gap that could weigh on Iranian exporters' competitiveness in the Iraqi market over time.
IraqiNews.com
Turkish Lira Hovers Near Record Low, Dollar Nears 48 Lira
According to Trading Economics data, the dollar lira exchange rate reached 47.9552 lira on Thursday, August 20, 2026 (29 Mordad 1405), up 0.06 percent from the previous session. The level sits close to the pair's all time high of 47.97, which Trading Economics recorded for August 2026. The lira has weakened 1.64 percent against the dollar over the past month and 17.21 percent over the past 12 months. Turkey's central bank has held its policy rate at 37 percent at recent meetings and has cited higher energy prices tied to the regional war as a factor slowing the country's disinflation trend. Turkey is a major trading partner and travel destination for Iranians, so the lira's continued slide affects the cost of imports and travel along that route.
Trading Economics
Hemmati Calls for Faster Release of Iran's Frozen Currency Reserves at Iraq's Central Bank
According to Ecoiran, citing Tasnim, Abdolnasser Hemmati, governor of the Central Bank of Iran, stressed the need to speed up the removal of banking obstacles and implement mechanisms for accessing Iran's currency reserves held in Iraq's banking system, at a meeting on Monday, 26 Mordad 1405 (August 17, 2026), with his Iraqi counterpart, Nazar Naser Hussein. Hemmati also called for resolving Iran's outstanding claims against the Iraqi government and easing banking procedures for Iranian economic operators. Iraq's central bank governor welcomed the expansion of economic ties between the two countries at the meeting and emphasized using shared capacities to boost financial cooperation. Hemmati concluded the meeting by inviting his Iraqi counterpart on an official visit to Tehran; the two sides also discussed issues facing Iranian traders and exporters active in Iraq.
Ecoiran, citing Tasnim
Turkey's Central Bank Governor Raises This Year's Inflation Forecast
Fatih Karahan, governor of the Central Bank of the Republic of Turkiye (TCMB), raised the country's forecast for year end inflation in the current calendar year from the bank's previous estimate, speaking at the release of its third quarter 2026 Inflation Report in Istanbul on Thursday, August 13, 2026 (22 Mordad 1405), according to Bourse News. He said the upward revision reflects a higher assumed pass through of import prices to the Turkish lira, driven by moves in diesel, natural gas and other commodity prices. Karahan said inflation's pace of increase has slowed in recent months under the bank's tight monetary policy stance, but the bank expects the rate to accelerate again in coming months. He kept the bank's forecasts for year end 2027 inflation at 15 percent and 2028 at 9 percent unchanged. Official data show Turkey's monthly consumer inflation reached 1.78 percent in August (Mordad), while annual inflation eased slightly to 31.75 percent. The TCMB held its policy rate unchanged at 37 percent last month for a fourth consecutive meeting.
Bourse News
Central Bank of Iraq Disbursed Nearly $3.2 Billion Under Its Four Trillion Dinar Lending Initiative in 2025
The Central Bank of Iraq said on Wednesday, August 12, 2026 (21 Mordad 1405), according to Shafaq News, that loans issued under its four trillion dinar lending initiative reached about 4.195 trillion dinars ($3.2 billion) in 2025, covering investment projects and personal financing. Large projects worth more than one billion dinars ($763,000) received the largest share, at about 2.211 trillion dinars ($1.69 billion), while small project loans totaled about 249.6 billion dinars ($190.5 million). The report said financing for large projects went mainly to the commercial and industrial sectors, while small business loans were spread across services, industry, agriculture and trade. The initiative also disbursed 5.6 billion dinars ($4.27 million) in concessional personal loans. Earlier this month, the central bank said Iraq's private sector held nearly 65 percent of total outstanding bank credit as of the end of May 2026.
Shafaq News
Central Bank of Iraq's Reserves Fall Nearly $22 Billion Since Start of 2026 to $77.8 Billion
Manar Al Obaidi, head of the Future Iraq Foundation for Economic Studies and Consultancy, said on Thursday, August 13, 2026 (22 Mordad 1405), based on operational and banking data, that the Central Bank of Iraq's official reserves have fallen to 102 trillion dinars (about $77.8 billion), down from 130 trillion dinars (about $99.2 billion) at the start of 2026. According to Shafaq News, the central bank lost about 10.3 trillion dinars (roughly $7.9 billion) in foreign currency and banking reserves in July alone. By contrast, the central bank's net claims on the government jumped sharply to 66.6 trillion dinars (about $50.8 billion), up from 35 trillion dinars (about $26.7 billion) at the start of 2025. The trend comes as Iraq's oil exports, the government's main revenue source, have been hit by the Strait of Hormuz crisis.
Shafaq News
Dollar Strengthens in Baghdad and Erbil Monday, Reaching 153,000 Dinars per 100 Dollars
According to Shafaq News, the US dollar strengthened in Iraq by the end of Monday's trading session, August 10, 2026 (19 Mordad 1405), reaching about 152,950 dinars per 100 dollars at Baghdad's Al-Kifah and Al-Harithiya exchanges, up from the morning session's rate of 152,500 dinars. In Baghdad exchange shops, the dollar sold for 153,500 dinars and was bought for 152,500 dinars. In Erbil, the selling price stood at 152,800 dinars and the buying price at 152,750 dinars per 100 dollars. The rise continues the dollar's strengthening trend in the Iraqi market in recent days.
Shafaq News
Turkey's Annual Inflation Eases to 31.75 Percent in July
Turkey's annual inflation rate eased to 31.75 percent in July 2026, down from 32.11 percent in June, according to data from the Turkish Statistical Institute (TUIK) as published by Trading Economics. Monthly inflation in July was 1.78 percent, up from 0.99 percent the previous month. Core inflation, which excludes volatile items, ticked up to 29.91 percent. Food prices remained the fastest-rising category, up 37.53 percent year on year. Turkey's central bank (TCMB) has held its policy rate steady at 37 percent over recent consecutive meetings and has warned that the recent surge in energy prices, driven by the regional war, is adding to underlying inflationary pressure. The Turkish lira, which has repeatedly hit fresh record lows against the dollar in recent weeks, traded around 47.7 per dollar on Monday.
Trading Economics, citing TUIK
Dollar Strengthens Against the Iraqi Dinar in Baghdad and Erbil on Sunday, Reaching 152,250 Dinars per 100 Dollars
According to Shafaq News, the US dollar strengthened in Iraq by the end of Sunday's trading session on August 9, 2026 (18 Mordad 1405). Per the outlet's market survey, the dollar traded at 152,250 dinars per 100 dollars at Baghdad's Al-Kifah and Al-Harithiya exchanges, up from the morning session's rate of 152,100 dinars. In Baghdad exchange shops, the dollar sold for 152,750 dinars and was bought for 151,750 dinars. In Erbil, the selling price stood at 152,350 dinars and the buying price at 152,300 dinars per 100 dollars.
Shafaq News
Iraq's Currency Issuance Rises 13.8 Percent to 113.56 Trillion Dinars Through May 2026
The volume of banknotes issued by the Central Bank of Iraq rose 13.8 percent in the first five months of 2026, reaching about 113.56 trillion Iraqi dinars (roughly $86 billion) by the end of May. According to Shafaq News, Mudhhir Mohammed Salih, financial and economic adviser to Iraq's prime minister, said the figure was 13.761 trillion dinars (about $10.4 billion) higher than at the close of 2025. Salih said the rise was an exceptional response to a sharp drop in oil revenue rather than an attempt to stimulate demand; Iraq's oil exports fell to about 15 percent of usual levels because of the Strait of Hormuz crisis and have since recovered to around 30 percent. Most of the government's funding needs were met through treasury bills, of which the central bank now holds more than 60 percent in its investment portfolio. Salih said foreign reserves still cover the money supply above the 75 percent threshold and annual inflation has held steady at about 4.5 percent.
Shafaq News
Dollar closes higher in Baghdad and Erbil on Thursday, reaching 153,000 dinars per 100 dollars
According to a Shafaq News market survey, the US dollar closed Thursday's trading higher in Iraq on August 6, 2026 (15 Mordad 1405), hovering around 153,000 dinars per 100 dollars. In Baghdad's Al Kifah and Al Harithiya exchanges, the dollar traded at 152,350 dinars per 100 dollars, up from the previous session's 152,050 dinars. In the Iraqi capital, exchange shops sold the dollar at 153,000 dinars and bought it at 152,000 dinars, while in Erbil selling prices stood at 152,550 dinars and buying prices at 152,500 dinars.
Shafaq News
Iraq's private sector share of bank credit reaches 65 percent as lending and deposits fall for a third month
According to official Central Bank of Iraq figures reported by Shafaq News on Thursday, August 6, 2026 (15 Mordad 1405), the private sector held close to 65 percent of all outstanding bank credit in Iraq at the end of May 2026. Of the 73.173 trillion dinars in cash credit outstanding, 47.329 trillion dinars belonged to the private sector, 23.420 trillion to the central government, and 2.424 trillion to public institutions. Total cash credit fell for a third consecutive month, sliding from 73.832 trillion dinars in March to 73.637 trillion in April and 73.173 trillion in May. Deposits followed the same downward path over the period, easing from 105.090 trillion dinars to 104.296 trillion dinars, with the private sector holding the largest single block at 49.615 trillion dinars, about 47.6 percent of the total.
Shafaq News
Iraq central bank dollar sales rise 15% to $5.857 billion in June
According to Shafaq News, reporting official Central Bank of Iraq data on Thursday, August 6, 2026 (15 Mordad 1405), the CBI's foreign currency sales rose 15 percent in June to $5.857 billion from $5.092 billion in May. Most of the increase came from funding Iraqi banks' overseas accounts outside the CBI's former foreign currency sales window, which climbed 12.1 percent to $5.538 billion. Cash dollar sales more than doubled during the month, rising to $319 million from $151 million in May. In the first six months of 2026, the CBI's total foreign currency sales reached $25.91 billion, including $24.74 billion allocated to funding banks' overseas accounts and $1.17 billion in cash sales.
Shafaq News, citing بانک مرکزی عراق
Iraq's currency in circulation reached 113.56 trillion dinars, or $86.3 billion, at the end of May
The Central Bank of Iraq reported that the country's currency in circulation reached 113.560 trillion dinars, or $86.3 billion, at the end of May 2026, compared with 112.896 trillion dinars ($85.8 billion) at the end of April. The figures were published on Tuesday, 13 Mordad 1405 (4 August 2026). Iraq's currency in circulation rose steadily through the first five months of 2026, from 99.799 trillion dinars ($76.8 billion) in December 2025 to 101.431 trillion dinars in January, 104.614 trillion dinars in February, 108.985 trillion dinars in March and 112.896 trillion dinars in April. The total increase from the end of 2025 is 13.761 trillion dinars ($10.6 billion), or 13.8 percent. The largest monthly jump came in March at about 4.371 trillion dinars, while growth slowed in May to about 664 billion dinars ($511 million). The trend has been reported alongside pressure on Iraq's public finances, a gap between government revenue and spending, disruptions to oil revenue flows and delays in salary payments at some state institutions. Mahmoud Dagher, a financial and banking expert and a former director general at the Central Bank of Iraq, described the measure as a normal central bank operation but the only short term tool available to provide liquidity, warning it could add to inflationary pressure and strain foreign currency reserves. Iraq is one of Iran's main trading partners, so the state of the dinar matters to Iranian exporters.
Shafaq News
The dollar edged lower in Erbil while Baghdad's exchanges stayed closed for the Arbaeen holiday
Baghdad's Al-Kifah and Al-Harithiya currency exchanges remained closed on the afternoon of Tuesday, 4 August 2026 (13 Mordad 1405), because of the Arbaeen holiday, while the US dollar edged lower in Erbil. According to a Shafaq News market survey, some exchange shops still operating in Baghdad kept their rates unchanged, selling 100 dollars at 152,250 dinars and buying at 151,250 dinars. In Erbil, 100 dollars sold at 152,300 dinars and was bought at 152,250 dinars, below the selling rate of 152,900 dinars reported in Erbil earlier the same day. Iraq's currency market is one of the channels shaping dollar flows in the region, and the Central Bank of Iraq's currency auction is among the variables Iranian market participants watch.
Shafaq News
Iraq's issued currency reached 113.56 trillion dinars ($86.3 billion) at the end of May
Official data from the Central Bank of Iraq published on Tuesday, 4 August 2026 (13 Mordad 1405), show that the country's issued currency reached 113.56 trillion dinars, or 86.3 billion dollars, at the end of May 2026. The figure stood at 112.896 trillion dinars (85.8 billion dollars) a month earlier and at 99.799 trillion dinars (75.8 billion dollars) at the end of 2025. Net currency circulating outside the banking system also climbed to 106.812 trillion dinars (81.2 billion dollars) at the end of May, up from 104.542 trillion dinars (79.5 billion dollars) a month earlier and 92.560 trillion dinars (70.3 billion dollars) at the close of last year. Cash held by banks, by contrast, fell to 6.748 trillion dinars (5.1 billion dollars) from 8.354 trillion dinars (6.3 billion dollars) at the end of April. Economic expert Mohammed Al-Hassani told Shafaq News that the rise in issued currency indicates the Central Bank of Iraq injected additional liquidity into the economy. He said the continued concentration of cash outside banks, combined with declining bank holdings, reflects a persistent preference among individuals and businesses to hold money outside the banking system, which limits banks' capacity to expand lending and support broader economic activity.
Shafaq News, citing بانک مرکزی عراق
Baghdad exchanges stay shut for the Arbaeen holiday as the dollar rises in Erbil to 152,900 dinars per 100 dollars
According to a Shafaq News market survey, the US dollar edged higher in Erbil as trading opened on Tuesday, 4 August 2026, while the Al Kifah and Al Harithiya currency exchanges in Baghdad were closed for the Arbaeen holiday. At some exchange shops in Baghdad, the dollar sold at 152,250 dinars per 100 dollars and was bought at 151,250 dinars. In Erbil the dollar sold for 152,900 dinars per 100 dollars and was bought for 152,750 dinars, above the 152,550 dinar selling price the agency reported for Erbil on Sunday, 2 August 2026. The official exchange rate set by the Central Bank of Iraq remains 132,000 dinars per 100 dollars, meaning the gap between the parallel market and the official rate stays above 15 percent. The parallel market dinar rate matters for Iran's economy, because Iraq is Iran's largest non oil export market and part of the settlement of cross border trade between the two countries passes through this market.
Shafaq News
Türkiye's annual inflation eases to 31.75% in July, the lowest since March
Data published by the Turkish Statistical Institute on Monday, 3 August 2026 (12 Mordad 1405) showed Türkiye's annual inflation rate easing to 31.75% in July 2026, down from 32.11% in June. The reading came in slightly below the market expectation of 31.8% and was the lowest since March. The slowdown was led by housing and utilities (40.32% versus 45.14% in June), transport (30.83% versus 31.15%) and alcoholic beverages and tobacco (29.38% versus 34.15%). Inflation accelerated, by contrast, for food and non-alcoholic beverages (37.53% from 35.45%) and for clothing and footwear (16.48% from 14.18%). On a monthly basis, consumer prices rose 1.78%, a three month high, compared with 0.99% in June, though slightly below the 1.83% market forecast. Despite the easing, energy price volatility driven by developments in West Asia is expected to keep the Turkish central bank cautious, given the country's reliance on energy imports. The central bank suspended repo funding in March and shifted to its costlier 40% overnight rate.
Anadolu Agency
Türkiye's July exports hit a record 25.6 billion dollars
Turkish Trade Minister Omer Bolat said at a press conference in Istanbul on Monday, 3 August 2026, that the country's exports rose 2.9% year on year to 25.6 billion dollars in July. He said this was the highest export figure ever recorded for the month of July and the second highest monthly total in the 103 year history of the Turkish Republic. Imports rose 5.2% over the same month to nearly 33 billion dollars, while foreign trade volume expanded 4.1% to 58.6 billion dollars. The foreign trade deficit widened 14%, from 6.46 billion dollars in July 2025 to 7.37 billion dollars. The export to import coverage ratio fell 1.7 percentage points to 77.7%, and stood at 90.8% excluding energy and gold trade. Bolat said annualised exports reached an all time high of 278.6 billion dollars as of the end of July, up 3.4%. Germany was the largest destination in July with 2 billion dollars, followed by the United States with 1.7 billion dollars and the United Kingdom with 1.3 billion dollars. Türkiye is one of Iran's main trading partners in West Asia, and its foreign trade trend feeds through to the lira and to cross border commerce between the two countries.
Anadolu Agency
Türkiye's annual inflation eased to 31.75 percent in July, coming in below market expectations
The Turkish Statistical Institute said on Monday 3 August 2026 (12 Mordad 1405) that the country's annual consumer inflation rate eased to 31.75 percent in July, down from 32.11 percent in June. Consumer prices rose 1.78 percent on a monthly basis, accelerating from a 0.99 percent increase in June. Both readings came in slightly below market expectations. An Anadolu Agency survey had forecast annual inflation of 31.8 percent and a monthly increase of 1.82 percent. The consumer price index rose 19.86 percent compared with December 2025, while the 12 month moving average increase stood at 31.90 percent. Among the three expenditure groups with the largest weights, annual prices rose 40.32 percent for housing, water, electricity, gas and other fuels, 37.53 percent for food and non alcoholic beverages, and 30.83 percent for transportation. Food and non alcoholic beverages contributed 8.94 percentage points to the annual rate, transportation 5.22 points and housing 5.21 points. Of the 174 expenditure subclasses in the index, prices increased in 117, declined in 50 and were unchanged in seven.
Anadolu Agency, citing TurkStat
Turkey's tourism revenue falls 2.6 percent to 15.9 billion dollars in the second quarter of 2026
According to the Turkish Statistical Institute, Turkey's tourism revenue fell 2.6 percent year on year to 15.9 billion dollars in the second quarter of 2026, while the number of foreign visitors declined 5.1 percent. The figures were reported on Monday, August 3, 2026. Of the total, 10.9 billion dollars came from individual spending and 4.7 billion dollars from package tours, the same data show. Package tours accounted for the largest share of spending at 30.2 percent, followed by food and beverages at 21 percent, international transportation at 12.4 percent and accommodation at 11.3 percent. Compared with the second quarter of last year, spending on accommodation rose 11.7 percent and food and beverage spending rose 5.2 percent, while package tour spending fell 5.5 percent and transportation spending fell 6.1 percent. Tourism is one of Turkey's main sources of foreign currency earnings and a significant factor in its current account balance and the value of the lira.
Donya-e-Eqtesad, citing TurkStat
The dollar holds steady in Baghdad and rises in Erbil, with 100 dollars at about 152,000 dinars
According to a Shafaq News market survey, the US dollar closed Sunday's trading in Iraq mixed on 2 August 2026 (11 Mordad 1405), hovering around 152,000 dinars per 100 dollars. At the Al Kifah and Al Harithiya exchanges in Baghdad, the dollar traded at 151,800 dinars per 100 dollars at the close, unchanged from the morning session. In exchange shops in the Iraqi capital, the dollar sold at 152,250 dinars per 100 dollars and was bought at 151,250 dinars. Prices were higher in Erbil, where selling prices stood at 152,550 dinars per 100 dollars and buying prices at 152,500 dinars. The parallel market dinar rate against the dollar matters for Iran's economy, because Iraq is Iran's largest non oil export market and part of the settlement of cross border trade between the two countries passes through this market.
Shafaq News
Delayed public sector salaries in Iraq revive debate over the central bank's room to manoeuvre
Delays in public sector salary payments in Iraq have revived debate over how much the Central Bank of Iraq can do to ease the government's fiscal pressure. According to a Shafaq News report on Sunday, 2 August 2026, last month's salaries remain unpaid while regional tensions continue to disrupt Iraqi oil exports. Abdul Rahman Al-Mashhadani, an economist and professor at the Iraqi University, said the central bank's foreign reserves are designed to finance imports, support the exchange rate and contain inflation, not to cover budget deficits. He said the reserves remain sufficient to cover roughly one year of imports and that Baghdad could temporarily borrow dinars from the central bank through September, but that sustained borrowing would raise inflationary pressure if export disruptions continue. He added that if those steps fall short, the government may have to raise fees and taxes or reduce salary allowances. Mahmoud Dagher, a former central bank director, stressed that the institution cannot directly resolve fiscal imbalances because its mandate is set by law, and that changing the dinar's exchange rate should remain a last resort. Economic expert Mohammed Al-Hassani said the current strain reflects weak cash flow management rather than a shortage of resources, urging Baghdad to prioritise salaries and pensions and to consider domestic bond issuance for short term financing.
Shafaq News
Iraq's foreign reserves fell $7.4 billion in the first five months of 2026 as its gold holdings rose
Data from the Central Bank of Iraq shows the country's foreign reserves stood at $93.673 billion at the end of May 2026, down from $101.082 billion in January 2026. That is a decline of $7.409 billion, or 7.3 percent, over five months. In dinar terms, reserves fell from 131.407 trillion dinars in January to 121.775 trillion dinars at the end of May. Iraq's gold holdings moved the other way over the same period. Their value reached 33.295 trillion dinars ($25.612 billion) at the end of May 2026, up from 31.488 trillion dinars ($24.221 billion) at the close of 2025, a rise of 5.7 percent. The figure still sits below the record set in March 2026, when it climbed to 38.386 trillion dinars ($29.532 billion). Total assets of the Central Bank of Iraq also fell, from 94.380 trillion dinars in January to 88.114 trillion dinars ($67.780 billion) at the end of May, a drop of 6.6 percent. Iraq is one of the main dollar and dinar corridors neighbouring Iran.
Shafaq News
Syria's Assad era banknotes cease to be legal tender from 31 July as the central bank says about 80 percent of the old currency has been withdrawn
Syria's old banknotes bearing the image of ousted president Bashar Assad have lost their status as legal tender, closing a monthslong exchange window. The Central Bank of Syria ended speculation about a further extension on Sunday, confirming that the notes become invalid for circulation from 31 July 2026 (9 Mordad 1405). Exchanges at banks and designated centres ended on 30 July. The bank said roughly 80 percent of the old currency has been pulled out of circulation since January 2026. From 31 July a five year withdrawal period begins, handled exclusively by the Central Bank, with each application required to include at least 100 banknotes. Syria's transitional government unveiled the new banknotes on 29 December 2025; the new currency removes two zeros from the nominal value of the old money. The transition was marked by public confusion, shortages of new small denomination notes and allegations of manipulation in the informal market. By 27 July some businesses in Damascus had begun refusing the old notes. Benjamin Feve, a senior consultant at Karam Shaar Advisory, said ending the old notes' legal tender status formally closes the main phase of the currency replacement and gives policymakers a clearer view of the money supply, something he said could improve the central bank's ability to manage inflation and stabilise the pound.
Arab News
Türkiye's central bank holds its policy rate at 37% for a fourth straight meeting and flags a temporary July inflation uptick
The Central Bank of the Republic of Türkiye held its policy rate unchanged at 37 percent on Thursday 23 July 2026. It was the fourth consecutive meeting at which the bank extended its monetary policy pause, and the decision matched market expectations. The bank's Monetary Policy Committee said the underlying trend of inflation decreased slightly in June and that recent data confirm a weakening in domestic demand. Turkish annual consumer inflation stood at 32.11 percent in June. The bank added that leading indicators point to the underlying inflation trend rising temporarily in July, because energy prices have resumed an upward path amid growing uncertainty over geopolitical developments in West Asia. The Turkish lira is one of the reference currencies watched by Iranian traders. Sahmino's own price feed recorded the lira at 3,920 tomans by the evening of Sunday 26 July.
AGBI
JPMorgan pushes back its Turkiye rate-cut call: two 100 basis point cuts moved to October and December
JPMorgan said on Saturday, 25 July 2026 (3 Mordad 1405) that it has pushed back its expectations for interest rate cuts by the Central Bank of the Republic of Turkiye (CBRT). The investment bank moved the two 100 basis point cuts it had previously expected at the September and October meetings to the October and December meetings, citing renewed military tensions in West Asia and oil prices approaching $100 a barrel. According to JPMorgan, the CBRT's effective funding cost is likely to stay at 40% until the geopolitical crisis eases, delaying the normalisation of its operational funding framework. The bank expects the CBRT to first restart one-week repo auctions in September, bringing the effective funding cost down from 40% to the 37% policy rate. JPMorgan kept its year-end policy rate forecast unchanged at 35%, but warned that the balance of risks had shifted toward fewer cuts. Following the CBRT's hawkish decision, market pricing pointed to a policy rate of about 36.6% at end-2026 and 34% at end-2027, the bank said. The CBRT held its policy rate at 37% for a fourth consecutive meeting last week.
Türkiye Today
Turkey's central bank holds rate at 37% for a fourth meeting; lira near record low
The Central Bank of the Republic of Turkey kept its policy rate (the one-week repo) unchanged at 37 percent at its meeting on Thursday, 23 July 2026, holding for a fourth consecutive time and in line with analysts' expectations. The Monetary Policy Committee, chaired by Governor Fatih Karahan, said underlying inflation eased slightly in June but leading indicators point to a possible rebound in July, with the regional war and higher energy prices keeping inflation risks elevated. The Turkish lira traded near a record low of about 47.2 to 47.3 per US dollar over the same period. Turkey is a major travel and trade destination for Iranians, so lira swings feed into the cost of travel and imports from the country.
Turkish Minute
Turkey's central bank holds its policy rate at 37% at its July meeting, a fourth straight pause
The Central Bank of the Republic of Turkey held its policy rate (the one-week repo rate) at 37% at its Monetary Policy Committee meeting on Thursday, 23 July 2026, keeping it unchanged for a fourth consecutive meeting. The rate corridor was also left intact, with the overnight lending rate at 40% and the overnight borrowing rate at 35.5%. Governor Fatih Karahan said leading indicators point to a temporary rise in the underlying inflation trend in July, and that energy prices have started climbing again amid geopolitical uncertainty, posing an upside risk to disinflation. Turkey's annual inflation stood near 32.1% in June 2026. The bank reiterated a cautious, meeting-by-meeting stance and kept the door open to further tightening if needed. The decision came as Brent crude's jump above $100 a barrel amid the Strait of Hormuz crisis increased pressure on the lira and on Turkish inflation expectations, since the country imports much of its energy and is exposed to the region's energy shocks. The lira traded near a record low of about 47.2 per US dollar on the same day. The lira is an important regional variable for Iran's market, as part of the trade and pricing between the two countries is linked to it.
Asharq Al-Awsat
Turkish Lira Falls to a Record Low Against the Dollar
The Turkish lira fell to a record low against the US dollar on Tuesday, July 21, 2026, with market data showing the dollar trading at around 47.2 lira. The currency's gradual slide has continued in recent months. At its June meeting, the Central Bank of the Republic of Turkey held its policy rate at 37% (with the overnight lending rate at 40%) for a third straight time and said this year's rate-cutting cycle has ended. The bank pointed to higher energy prices stemming from the war in the region as a factor lifting the underlying inflation trend. Turkey is a major trading partner and travel destination for Iranians, so the lira's level affects cross-border trade and Iranians' costs there.
Trading Economics
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
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
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
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
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
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
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
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.
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