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IQD: The Currency of the New Babylon
By Reset Intelligence | @EXIT_FIAT
On Tuesday the Abu Dhabi Securities Exchange switched Iraq’s stock market into its cross-border trading network, where trades settle in local currencies. 103 Iraqi companies, valued at $21.7 billion, now sit inside a network holding over $1 trillion in listed value.
The next day Baghdad told its own public that buying and selling have slowed, and that deleting the zeros from the currency is under discussion with no decision taken.
The link
The platform is called Tabadul. Abu Dhabi launched it in July 2022 so that a broker in any member market can trade shares listed in another, without the company listing twice and without a separate custodian. Iraq is the eighth market to go live on it, and two Iraqi brokerage firms already hold licences from the Emirates’ market regulator to trade there. Abu Dhabi’s exchange chief, Abdulla Salem Alnuaimi, said the move “gives investors a clear, straightforward path to trade Iraqi companies.” The agreement behind it was signed in April 2025. A link like this sets no exchange rate, and nothing in the announcement names one.
Everything else that moved
• The statement – a government source told the state news agency the government is aware of the slowdown in buying and selling and is working on measures to revive activity. On the zeros: deleting them means re-expressing prices, salaries, savings and debts at the same ratio, and “does not in itself mean reducing the real value of citizens’ money.” No decision has been taken, and anything approved will be announced officially first.
• The street – the dollar finished Wednesday at 157,000 IQD per $100 in Baghdad, down from 157,500 on Tuesday, against the official 131,000. No arrival has been reported for the cash dollars promised last Saturday. From today, importers pay customs duties before their transfer leaves the bank.
• The holdout – Kataib Hezbollah’s secretary-general, Abu Hussein al-Hamidawi, said all armed groups “must halt all military operations and mobile logistical activities,” keeping one exception for hostile aircraft. On the weapons talks with the Prime Minister: “It is better to start over to produce a solid agreement that safeguards everyone’s rights.”
• Sadr – Muqtada al-Sadr dissolved the Promised Day Brigade, renamed his Mahdi Army as a foundation, and called for a public programme to put every weapon in the state’s hands. Foreign Minister Fuad Hussein said the government’s draft weapons plan will be presented “in the coming days.”
• Washington – the Pentagon called the departure from Erbil the “successful conclusion of the military mission that defeated ISIS in Iraq.” Trump announced that “the last American Forces are leaving Iraq” and backed al-Zaidi by name. Iraq’s oil income is still paid into the New York Fed.
• Tehran – Trump said of Iran: “We blow them up or make a deal.” Tehran says it has received Washington’s formal reply to its 7-day ceasefire proposal. The rial is past 2.5 million to the dollar, and the US 30-year yield reached 5.63%, its highest since June 2002.
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The question
Babylon was where the region’s trade was once counted and settled, because outsiders trusted its records. This week an outside market agreed to settle Iraqi trades in IQD. Whether the IQD is being built to become the money the Middle East trades in is our opinion, and we say so.
That is the short version. What the link does and does not mean for the rate, the history behind it, and the one gate that still belongs to the Central Bank of Iraq – that is the daily read.
Read the full daily briefing free for 5 days. Sign up here: the daily Iraqi dinar briefing
Want it straight from the horse’s mouth? The CBI Rate Alert pings you the moment the Central Bank of Iraq moves the official rate. The number itself, not a rumour about it. It comes with our free resource library and the daily breakdown of what is actually moving in Iraq. Sign up free: The CBI Rate Alert
Got a dinar question? Reset Intelligence runs an on-call research assistant: ask it anything they have published. It answers in seconds and will conduct deep research to find you the answer. Try it: the Iraqi dinar research assistant
Common questions, answered straight: When will the Iraqi dinar revalue? and Is the Iraqi dinar revaluation real?
The design behind all of it is mapped in Head of the Snake, and the free guides live in the Iraqi dinar resource library.
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