Al-Fahad Al-Dhahabi presents its savings brief for Friday, 16 October 2026.
The key news: On 6 October the cabinet approved a new official rate of 1,520 dinars per dollar, up from 1,320. In the market, the dollar traded at 166,500 dinars per $100 in Baghdad on 15 October. Gulf 21K gold sold at 970,000 dinars per mithqal.
What it means for savers: Gold is priced from the world dollar price. When the dinar weakens, local gold prices in dinars tend to rise. Cash kept in dinars buys fewer dollars than before.
Example: At the old official rate, 10 million dinars equalled about $7,576. At the new official rate it equals about $6,579 — about $997, or 13%, less in dollar terms. Today the same 10 million dinars buys about 10.3 mithqal of Gulf 21K gold at 970,000 per mithqal.
Advice for customers: Do not move all your savings at once. Keep cash for emergencies first. If you choose gold, buy small amounts regularly and keep your receipts.
The honest caution: Gold prices go down as well as up, and gold earns no interest. Never borrow money to buy gold.
Al-Fahad Al-Dhahabi — save in gold, step by step.
