Latest news with #IQD
Shafaq News
11 hours ago
- Business
- Shafaq News
Iraqi court recovers 3B dinars in currency fraud case
Shafaq News/ Iraq's Supreme Judicial Council announced that the Karkh Second Investigative Court has recovered 3 billion IQD ($2.12 million) in a financial fraud case. In a statement released on Tuesday, the Council clarified that the amount retrieved from two companies was found to have violated the law by exploiting dollar exchange rate differences through fraudulent overseas money transfers. 'The court continues to pursue legal action against other companies using similar illegal methods to secure large profits at the expense of public funds,' the statement concluded. Despite the formation of oversight bodies and official pledges to pursue reform, issues such as embezzlement, bribery, and misuse of public funds remain widespread across institutions.
Shafaq News
a day ago
- Business
- Shafaq News
Iraqi salary bill set to soar, economist warns
Shafaq News/ Iraqi government spending on salaries is set to surge, potentially doubling to 5% over the next five years and putting the country's economy at serious risk, economist Manar al-Obaidi, head of the Iraq Future Foundation, warned on Tuesday. In a Facebook post, al-Obaidi forecast a 27% increase in Iraq's public sector salaries in 2024, surpassing 60 trillion IQD ($42.37 billion) for the first time—an amount equal to 40% of total government expenditures. 'Salaries have reached dangerous levels that will have catastrophic consequences for Iraq's economy,' he cautioned. He noted that salary expenses have risen by 50% over the past five years, without a corresponding increase in non-oil revenues or improvements in public services, questioning, 'What's the benefit of raising the salary bill?' Meanwhile, the ongoing salary dispute between Baghdad and Erbil has fueled persistent tension, with the federal government's recent decision to halt salary disbursements to the Region's employees sparking criticism in Kurdistan. The Kurdistan Democratic Party (KDP) condemned the federal government's decision calling it a violation of constitutional rights and a form of political exploitation.
Shafaq News
2 days ago
- Business
- Shafaq News
Al-Sudani targets price gouging amid stable USD
Shafaq News/ On Monday, Iraqi Prime Minister Mohammed Shia' Al-Sudani ordered official agencies to crack down on price manipulators, targeting food, medicine, bakeries, and flour mills. Highlighting the stable dollar-to-dinar exchange rate, he accused some companies and traders of exploiting prices or refusing to adjust them despite market stability. Al-Sudani urged regulators to work closely with the ministries of Commerce, Agriculture, and Health to enforce steady pricing on essential goods critical to everyday life. The US dollar has seen a gradual decline in recent weeks. As of Monday, it traded at 142,750 IQD per $100 on local currency exchanges.
Shafaq News
3 days ago
- Business
- Shafaq News
Gold declines in Baghdad, climbs in Erbil
Shafaq News/ On Sunday, gold prices fell in Baghdad while inching up in Erbil. According to a Shafaq News survey, prices in Baghdad's wholesale markets on Al-Nahr Street registered a selling price for a 21-carat per mithqal (equivalent to 4.25 grams) of Gulf, Turkish, and European gold of 653,000 IQD, and a buying price of 649,000 IQD—down from 658,000 IQD recorded Saturday. Iraqi 21-carat gold was selling for 623,000 IQD per mithqal and buying for 619,000 IQD. In local jewelry shops, the price of a 21-carat mithqal of Gulf gold ranged between 655,000 and 666,000 IQD, while the price of Iraqi gold ranged from 625,000 to 635,000 IQD.
Shafaq News
3 days ago
- Business
- Shafaq News
US dollar sheds value in Baghdad, Erbil
Shafaq News/ On Sunday, the US dollar exchange rate fell against the Iraqi dinar in Baghdad and Erbil. According to a Shafaq News survey, Al-Kifah and Al-Harithiyah central exchanges registered a rate of 141,000 IQD for $100, down from 141,550 IQD on Saturday. In local currency exchange shops in Baghdad, the selling rate fell to 142,000 IQD per $100, while the buying rate was 140,000 IQD. In Erbil, the selling rate stood at 141,000 IQD and the buying rate at 140,850 IQD.
