The Iraqi dinar rises significantly against the dollar in local markets
The US dollar exchange rates witnessed a decline today, Monday, in the markets of the capital, Baghdad, and in Erbil, the capital of the Kurdistan Region, with the opening of the main stock exchange in the country, as the dollar prices decreased in the Al-Kifah and Al-Harithiya stock exchanges to record 149.350 dinars for every 100 dollars, while yesterday morning, Sunday, it recorded 149.900 dinars for every 100 dollars.
As for the selling prices in the exchange shops in the local markets in Baghdad, they decreased, as the selling price reached 150,500 dinars for every 100 dollars, while the purchase price reached 148,500 dinars for every 100 dollars.
In Erbil, the dollar also declined, with the selling price in exchange shops reaching 149,200 dinars per 100 dollars, while the buying price reached 149,200 dinars per 100 dollars.
Financial Advisor confirms that the government has developed an economic approach to enhance growth and reduce unemployment
The financial advisor to the Prime Minister, Mazhar Mohammed Salih, stated today, Monday, that the government has developed an economic approach to enhance growth and reduce unemployment, while noting that the new industrial cities will be the cornerstone of the economic renaissance. Salih stated, in a statement to the official agency, that “the Sudanese government has developed a clear economic approach to enhance the national economy, represented by raising growth rates in the non-oil gross domestic product by no less than 5%, in addition to gradually reducing unemployment rates to stabilize at 4% in the future.”
He explained that “achieving these two goals requires focusing on economic development priorities, most notably supporting the manufacturing industry, which can absorb 60% of unemployment, and contribute to diversifying sources of national income and increasing the gross domestic product rapidly.”
He also noted that “the government is working to achieve this through three main tracks, including supporting youth lending initiatives, which included many youth gatherings to stimulate the workforce, establishing “Riyada Bank” as a private bank with broad government support to grant loans to small and medium industrial activity, in addition to forming a sovereign guarantees committee to finance large industries through bank loans guaranteed by the state, in cooperation with major industrial countries such as Western Europe and Japan.”
He also stressed that “these efforts will focus on developing five main industrial fields, including infrastructure industries linked to the “development path” and reconstruction projects, pharmaceutical industries, in addition to petrochemical industries and petroleum derivatives, advanced engineering industries, in addition to developing the oil sector and manufacturing natural and associated gas, with the aim of zeroing its burning and benefiting from it in the electricity sector.”
He added that “the new industrial cities on the path to development will be the cornerstone of the comprehensive industrial development strategy in Iraq,” noting that “the industrial renaissance is based on a strategic vision based on partnership between the state and the private sector, within the philosophy of building a social market.”
Energy investment in Iraq reached $19 billion
The Russian Federation confirmed on Monday that the volume of energy investment in Iraq reached $19 billion, indicating that cultural and scientific cooperation developed intensively, revealing the program of the Kazan Forum.
“The countries of the Organization of Islamic Cooperation, which includes Iraq, have significantly increased their cooperation with Russia, while the total volume of trade increased by 30% during the past year. The rapprochement between the two parties will continue at the 16th International Economic Forum “Russia – Islamic World: Kazan Forum”, which will be held from May 13 to 18 in the Russian Federation, cooperation between Russia and Iraq will be an important issue for the participants,” according to a statement by Russia – to the Islamic world – received by the Iraqi News Agency – INA.
The statement added, “Iraq and Russia have many points of contact and foundations for developing cooperation, for example: developing the oil and gas industry. This field is a pioneer in trade and economic cooperation between the two countries, as the total volume of Russian investments in the energy sector in Iraq amounted to more than $19 billion.”
“Cultural, humanitarian, scientific and educational cooperation is developing intensively, as thousands of Iraqis study in Russian universities, and advanced training courses are organized for employees of the Iraqi Ministry of Foreign Affairs,” the statement pointed out, adding that “the previous Kazan 2024 Forum brought together more than 20,000 participants, including 11,978 participants in the business program from 87 countries, including 57 countries in the Organization of Islamic Cooperation, and represented more than 40 diplomatic missions from Europe, Asia and Africa. About 180 events were held within the framework of the forum, which led to the conclusion of 120 agreements.”
The statement included, “Traditionally, the participants in the Kazan Forum are prominent experts from the Islamic world: representatives of international organizations, national diplomatic missions, Islamic clerics, government authorities, financial institutions, large international companies, deputies, investors, businessmen, heads of media organizations and media outlets. The forum aims to strengthen trade, economic, scientific, technical, educational, social, and cultural relations between the Russian Federation and the OIC countries.”
“The program of the Kazan Forum 2025 includes more than 100 sessions and events on the following topics: international cooperation, business, Islamic finance, halal industry, transport and logistics, science and technology, information technology, industry, construction, medicine, education, tourism, culture, media industry, etc. One of the main events of the Kazan Forum 2025 will be the first conference of the OIC Ministers of Culture in the history of Russia. The event will be held in the city of Kazan, which was designated the cultural capital of the Islamic world in 2026. This decision was made in February 2025 in Jeddah by the OIC Ministers of Culture,” noted the statement, pointing out that “one of the no less important events in the business program of the Kazan Forum 2025 is the annual international conference of the Arab Association for Financial Sciences and Investment on “Islamic Finance and Investment: Promoting Sustainable Development and Global Partnership”, which will also be held in Russia for the first time.”
The statement included, “The program of the Kazan Forum 2025 also includes a meeting of the ministers of transport of the participating countries and the agreement on the international transport corridor between the North and the South, a conference on developing the transport and logistics capabilities of the participating countries, the second international real estate exhibition International Real Estate Market 2025, the International Forum of Chambers of Commerce and Industry, the Russian Halal Exhibition, the Islamic Fashion Festival “Modest Fashion Day” and an international championship for young chefs from Islamic countries, in addition to special events and separate information sessions.”
The business program of the forum paid special attention to issues of business, investment, trade and economic relations between the regions of the Russian Federation and the countries of the Islamic world, “The forum has proven itself as an effective platform for signing agreements and establishing real contacts that contribute to the implementation of joint projects, the opening of new production facilities and scientific and technical exchange in various fields.”
“This cooperation is mutually beneficial and fully corresponds to the motto of the forum “Trust and Cooperation,” said Talia Minullina, Secretary of the Republican Organizing Committee for the Preparation and Holding of the Annual International Economic Forum “Russia – Islamic World: Kazan Forum”, the Head of the Investment Development Agency of the Republic of Tatarstan.
Russian Foreign Minister Sergey Lavrov said in the fall of 2024 at an event dedicated to the 80th anniversary of the establishment of diplomatic relations between Moscow and Baghdad, “More than 450 Iraqi diplomats have already been trained in courses conducted by the Diplomatic Academy of the Russian Foreign Ministry.”
“The parties can also strengthen cooperation within the framework of the Development Path project, which provides for the modernization and construction of more than 1.2 thousand kilometers of railways connected with highways that will connect Iraq with neighboring countries,” he said.
Lavrov said “The 16th International Economic Forum “Russia – Islamic World: Kazan Forum” 2025, to be held in Kazan (Russian Federation, Republic of Tatarstan) from May 13 to 18, is now the main platform for business cooperation between Russia and Iraq and the countries of the global south – the Islamic world.”
