Pimpy
Here's the thing that everybody is missing. Article: "Government adviser announces entry into force of 2024 budget" Quote: "...the exchange rule 12/1 does not currently exist under the Financial Management Law No. 6 of 2019, as amended until the beginning of 2026." What is Iraq's exchange rule 12/1? ...The 12/1 rule refers to the rate at which the Iraqi dinar is exchanged with the US dollar. 12 Iraqi dinars for every 1 US dollar...Over time the 12/1 rule has been revised several times...1160...in 2003...1170...in 2006...It looks to me like they're trying to say the exchange rate will change in the beginning of 2026. [Post 1 of 2...stay tuned]
Community comment: "They can change the rate anytime they want..." They can change it anytime they want. They have the ability to do that. The reason why you do it at the beginning of the year is because then you have the whole entire year you need to plan for. If. They're going to make any changes to the budget it's definitely going to be around the first of the year...
Article: "The central Bank determines the entities covered by obtaining their remittances in dollars starting Tuesday" As we all know...Iraq decided to de-dollarize. They're no longer going to use the dollar. Quote: "Central Bank of Iraq specified the parties covered by obtaining their foreign transfers and cash and dollar currency starting from January 2nd..." They are definitely going to drastically reduce the use of the US dollar.
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