In a significant shift in its economic strategy, Iraq has been making headlines with its efforts to reduce reliance on the US dollar and promote the use of its local currency, the Iraqi dinar, in both domestic and international transactions. As highlighted in a recent video by Goldilocks Global Banking News, hosted by Freedom Fighter, Iraq’s monetary and trade reforms are a crucial step towards strengthening its economy and increasing the dinar’s global acceptance.
Over the past few years, Iraq has been pursuing a process known as “de-dollarization,” aiming to minimize its dependence on the US dollar. Initially, the country mandated the use of the dinar for domestic transactions, but the widespread use of foreign currencies, particularly the US dollar, hindered the transition. To address this, Iraq implemented a digital payment regulation in 2024, requiring businesses to conduct electronic transactions solely in dinars. This move marked a significant milestone in the country’s efforts to promote the dinar’s use.
As of 2026, Iraq has begun to use the dinar in international trade settlements, a development that holds historical significance. Previously, the dinar was excluded from global trade due to sanctions, instability, and lack of confidence. The Central Bank of Iraq is leading the charge to increase the dinar’s international use, with the goal of meeting the World Trade Organization (WTO) requirements for full membership. This involves establishing compliant cross-border payment channels and synchronizing domestic and international usage of the dinar.
To facilitate this transition, the Iraqi government has taken additional measures. Tariffs on imports have been raised to 30%, a move inspired by global trade policies, such as those implemented by former US President Trump. This aims to reduce trade deficits and promote the dinar’s value. Furthermore, Iraq has diversified its reserve currencies to include a basket of alternative currencies, such as the Chinese yuan, euro, UAE dirham, Turkish lira, and Indian rupee, reducing its reliance on the US dollar.
Iraq’s comprehensive reforms signal a deliberate and strategic pivot aimed at strengthening its economy, increasing demand for the dinar, and enhancing its value on the international forex markets. As the country continues to implement these changes, the dinar is poised for potential global acceptance. The success of these reforms will not only boost Iraq’s economic prospects but also contribute to a more diversified global economy.
For those interested in learning more about Iraq’s economic reforms and the potential implications for the global economy, we recommend watching the full video from Goldilocks Global Banking News. The video provides in-depth insights and analysis on this developing story, offering a unique perspective on the country’s efforts to promote the Iraqi dinar.
As the world watches Iraq’s bold economic reforms unfold, it is clear that the country’s efforts to promote the dinar’s use will have far-reaching consequences. With its strategic move towards de-dollarization and increased international trade settlements, Iraq is set to play a significant role in shaping the future of global trade and finance.
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