💥 “Iraq Confirms Smooth Oil Revenue Transfers & Zero-Removal Plans! 💸🇮🇶”
🏦 No Obstacles With US Banks:
Central Bank of Iraq Governor Ali Al-Alaq confirmed there are no barriers to withdrawing oil revenues from US banks, despite recent sanctions on 35 of 72 Iraqi banks over alleged illegal dollar transactions.
“We receive US dollars daily and convert them directly to Iraqi dinars to meet the Ministry of Finance’s needs and pay those entitled in exchange for dinars.”
🛢️ Oil Revenues Driving Stability:
Iraq’s main income source comes from oil exports, with $7.1 billion generated in August 2025.
These revenues help stabilize the dinar, manage inflation, and cover government costs, including civil servant salaries.
📊 Budget & Financial Sustainability:
Iraq passed a three-year budget (2023–2025) totaling $152 billion, with 12.6% allocated to the Kurdistan Region.
Al-Alaq emphasized ongoing coordination between the Central Bank and Ministry of Finance to ensure financial stability and increase non-oil revenues.
“Financial sustainability is an important and fundamental goal that we are all working on.”
💰 Removing Zeros From the Dinar:
The zero-removal project is ongoing and being actively planned.
Currency denominations, including the 20,000 dinar note, will be restructured to strengthen Iraq’s national currency.
“We are planning for it, and in the future we will see progress on this matter.”
📈 Market Outlook:
The Iraqi dinar is showing signs of recovery, with the market rate steadily approaching 1,320 IQD per USDafter recent volatility.
This is a key step toward financial stability and sets the stage for future reforms.
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