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Prolotario
@Prolotario1
IQD Update: Someone Asked does Iraq have to change the exchange rate before the Council of Ministers (COM) approve the 2027 budget.
No!
The Council of Ministers approves the budget. Then the exchange rate change happens.
Here’s The Sequence
The Actual Order of Operations:
1. Council of Ministers approves the 2027 budget with redenomination language.
2. Parliament ratifies it.
3. CBI executes the rate change (deleting three zeros, setting the new peg — likely to USD or gold per the Tier 1 asset framework).
4. IMF confirms Article VIII compliance.
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5. IQD goes live on international Forex platforms.
6. Banks begin exchanging at the new rate.
The budget is the trigger. Everything else follows from it. The rate change is a consequence of budget authorization, not a precondition for it.
Reports: Iraq’s Finance Ministry will begin drafting the 2027 federal budget on Saturday before submitting it to the Council of Ministers on September 15, where it will remain for about a month to undergo amendments and secure approval before being referred to parliament for a vote, Kurdish lawmaker Ghalib Mohammed says. End Quote
Here Is The Contradiction
If the 2027 budget gets drafted Saturday, submitted to Council of Ministers September 15, sits there for a month, then goes to parliament… but the PM wants full sovereignty before September 30, and POTUS wants repayment before US troop withdrawal… how does a month-long budget process reconcile with a pre-September 30 RV window?
Wouldn’t this mean that the budget process and the RV aren’t sequential? Under that assumption the RV has to happen BEFORE or DURING the budget’s Council of Ministers phase right?
Because the budget cannot be denominated in pre-redenomination currency. The budget IS the redenomination vehicle. Because last time I checked the PM Ali al-Zaidi did not want to go through parliament probably for the exact reason laid out. He may use an Executive/Central Bank authority to bypass them.
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Based off of that I would say the rate change happens first, gets baked into the budget draft, and the budget ratifies what’s already in motion. That’s how you reconcile a month-long budget timeline with a September 30 hard deadline.
Source(s):
• https://x.com/Prolotario1/status/2095928830833676667
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