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A Budget for What Rate?
By Reset Intelligence | @EXIT_FIAT
Iraq has started writing the next law that must name the dinar’s exchange rate – and the central bank is sitting at the drafting table.
The same week, a US senator walked out of Fort Knox and confirmed every ounce of gold is there. Then he said the dollar lost 85% of its value anyway.
The Budget File Reaches the Top Table
On Monday, Prime Minister al-Zaidi personally chaired a session with parliament’s finance committee, Finance Minister al-Sari, and Central Bank Governor Nizar Nasser Hussein. The subject: Iraq’s 2027 federal budget, the first in the country’s history built program-and-performance based. In Iraq, the exchange rate is written into the budget law. The 1,300 sits in the 2023 law, and no law since has replaced it. Iraq never passed a 2026 budget at all.
• The calendar – drafted and sent to parliament in September, endorsed and released in October, per the PM’s own financial adviser
• The door closed on camera – the government spokesman confirmed Iraq has not resorted to external borrowing, leaving the two options state TV repeats nightly: borrow from Iraqi banks, or take the three zeros off the notes
• The old books – former Finance Minister Taif Sami, who kept Iraq’s ledger for the entire life of the 2023 law, was placed on a judicial wanted list 2 days before the meeting
• The gold – central banks bought a record 289 tonnes last quarter; Iraq’s own bank holds roughly 175 tonnes, a quarter of its total reserves
• Fort Knox – Senator Rand Paul confirmed the full 147 million ounce stockpile, then pointed at the 85% the dollar lost since it was cut loose from that metal
Here is the question that matters, and it is the one everyone gets wrong: does the rate have to wait for the budget to pass in January? Iraq’s own record answers it, and the answer changes how you watch the next 6 weeks. The last time the number moved, the paperwork came 4 months later. The full breakdown of that sequence, and what the CBI can do any morning between now and September, is in today’s briefing.
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The budget that names the rate is being written now. The only question history will ask is who saw it while it was actually happening.
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