🚨🇮🇶 CENTRAL BANK UPDATE: NO BLOCKS ON IRAQI OIL REVENUE WITHDRAWALS! 💵🛢️
Central Bank Governor Ali Al-Alaq confirmed there are no obstacles withdrawing Iraq’s oil revenues from US banks, despite recent sanctions on Iraqi banks by the US over alleged illegal dollar transactions. ✅🏦
Speaking at the University of Duhok, Al-Alaq said Iraq receives US dollars daily, converting them immediately to Iraqi dinars to support government payments and finance needs. 🔄💰
🛢️ Key points:
Iraq’s oil revenues, mainly held in US Federal Reserve accounts, remain accessible and are critical for stabilizing the dinar and managing inflation.
In August, Iraq earned about $7.1 billion from oil exports — a vital revenue source for salaries and government spending.
Despite sanctions on some Iraqi banks (35 out of 72), oil revenue flow is uninterrupted.
📊 Budget & Financial Stability:
Iraq’s three-year budget (2023-2025) includes massive expenditures ($152B) and a high deficit, with 12.6% allocated to Kurdistan.
Al-Alaq stressed ongoing coordination between the Central Bank and Ministry of Finance to ensure financial stability and sustainability.
Plans focus on increasing non-oil revenues to shield the economy from shocks.
💵 Currency Reform Update:
The zero-removal project on the dinar is still active and planned, aiming to strengthen Iraq’s national currency.
The dinar’s market rate is showing signs of recovery, steadily approaching the official rate of 1,320 IQD/USDafter a volatile period.
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