TNT
Tishwash:
The Iraqi government sets the Eid al-Fitr holiday.
The Cabinet decided today, Tuesday, to suspend official working hours on the occasion of Eid al-Fitr, starting from tomorrow, Wednesday, March 18, until next Monday, March 23.
A statement issued by the council indicated that official working hours will resume in government departments and institutions next Tuesday, the 24th of this month. (LINK)
Iraq Secures Iran Approval for Oil Tankers to Transit Strait of Hormuz: Oil Minister
Iraq has reached an understanding with Iran to allow its oil tankers to pass through the Strait of Hormuz, Oil Minister Hayan Abdulghani said on Tuesday, after exports were halted due to escalating regional tensions.
Speaking to Qatar’s Al Jazeera, Abdulghani said Baghdad and Tehran had agreed to facilitate the transit of Iraqi oil shipments through the strategic waterway, a key global oil chokepoint.
The development comes a day after the minister announced that Iraq’s oil exports from its southern ports had completely stopped after military escalation in the Gulf region and the closure of the Strait of Hormuz.
The disruption forced Iraq to cut its oil production to less than half and search for alternative export routes.
Abdulghani said Iraq had previously exported around 3.4 million barrels per day from southern terminals, within its OPEC quota of 4.4 million barrels per day.
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However, exports ceased two to three days after the outbreak of fighting in the region.
He added that the oil ministry had implemented an emergency plan to reduce production to between 1.5 million and 1.6 million barrels per day, aimed at meeting domestic demand and supplying refineries across the south, centre and north of the country.
Iraq’s refineries require more than 1.1 million barrels per day to operate, in addition to fuel supplies for power generation.
Separately, Bloomberg reported, citing Turkish and Indian officials, that Iran had also approved the passage of vessels from those countries through the Strait of Hormuz. (LINK)
Between bonds and gold: An economic roadmap to protect Iraq’s funds from the shocks of regional conflict
Economic expert Mohammed Al-Hassani said on Tuesday that Iraq needs to reconsider the management of its foreign reserves, especially between US bonds and gold, in light of global economic fluctuations.
Al-Hassani told Shafaq News Agency that “US bonds remain an important liquidity tool and generate a steady return, but they are highly dependent on the decisions of the Federal Reserve and interest rates, which exposes the country’s holdings to the risk of devaluation if interest rates are raised.”
He added that “gold is a safe haven in times of crisis and inflation, and it preserves purchasing power, but it does not generate an annual return like bonds and does not solve the problem of daily liquidity for government spending or paying salaries.”
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Al-Hassani pointed out that “the best strategy for Iraq lies in balancing the two, that is, keeping part of the reserves in US bonds to obtain liquidity and returns, and allocating part in gold to protect the reserves from economic or political risks.”
He stressed that this “step could help Iraq reduce its dependence on the dollar and protect its economy from any sudden fluctuations in global markets, while maintaining sufficient financial flexibility to support national projects and government spending.”
The war that broke out on February 28, 2026, between the United States and Israel on one side, and Iran on the other, caused an almost complete paralysis of traffic in the Strait of Hormuz, the passage through which about 4.5% of total annual global trade passes, leading to a decline in navigation to very low levels.
As a result of the disruption to shipping through the Strait of Hormuz, Iraqi oil production has declined sharply from 4.3 million barrels per day to 1.3 million barrels per day.
This decline has led to Iraqi exports falling to less than 800,000 barrels per day, and a loss of $128 million per day after oil production stopped, according to the “Eco Iraq” observatory. (LINK)
Source: Dinar Recaps
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