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GP Q
@argosaki
IRAQ IQD
VERY INTERESTING “DISCLOSURE”:
DOLLAR EXCHANGE RATE … “IS SUBJECT TO CHANGE”
Does that hint at up or down?
Iraq just put two dinar changes on the table.
Neither one makes your notes worth more.
Following the conclusion of the meeting between the Iraqi Finance Committee and the Minister of Finance, lawmaker and committee member Rebwar Karim told reporters that the dollar exchange rate set at 150,000 Dinars per 100 Dollars for the 2027 budget “is subject to change.”
Iraq is talking about two separate money changes.
Neither one has been decided.
1. They may make the official dollar more expensive in dinars.
Today the Central Bank’s rate is about 1,310 dinars for one US dollar. A member of parliament, Safaa al-Jabri, says the finance minister has suggested moving that to 1,500 dinars per dollar in next year’s budget.
That is a weaker dinar, not a stronger one. You would need more dinars to buy the same dollar. Street exchangers are already charging more than 1,600, so the idea is to bring the official price closer to what people actually pay.
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Why the government would want that: most of Iraq’s income is oil, paid in dollars. A higher dinar price for each dollar makes the budget look bigger in dinars and makes salaries easier to cover. There is still no cabinet decision, and the Central Bank has not confirmed it.
2. They are also talking about reprinting the currency and dropping zeros.
Al-Jabri says the prime minister’s office and the Central Bank are seriously discussing a new currency, including the chance of removing zeros. He says the delay is legal: they have not settled who is allowed to approve it.
Dropping zeros does not make your money worth more. If they removed three zeros, 25,000 dinars would become 25 of a new unit. Prices, wages and savings would be rewritten by the same amount. A government source said on 30 September that talking about this is not the same as approving it, and there is no start date.
The budget picture he gave
He expects 2027 government income above $110 billion, mostly from oil exports, plus local fuel sales and higher customs and tax. He says oil is selling around $80–82 a barrel, about $5 billion a month. He also says Iraq has got through the recent halt in Basra exports. The draft he cited still has a planned shortfall of 25–30 trillion dinars.
Bottom line
Nothing has been signed. The rate talk is a possible official devaluation. The zero talk is a possible reprint of the notes. Neither one is a sudden jump in what an Iraqi dinar buys in dollars.
Source(s):
• https://x.com/argosaki/status/2107446976199774689
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