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💱 “IMF Clarifies Iraq’s Exchange Rate: What’s Really Going On?” 🇮🇶📊

💱 “IMF Clarifies Iraq’s Exchange Rate: What’s Really Going On?” 🇮🇶📊

⭐ Highlights

➡️ IMF Explains Iraq’s Exchange Rate Framework

  • Iraq’s exchange rate—both de jure and de facto—remains a conventional peg arrangement, meaning the CBI pegs the dinar to a stable reference. 🔒

  • Under Iraqi law, the Central Bank Board holds full authority over exchange rate policy decisions.

➡️ Official Rate Set at 1,320 IQD per USD

  • Since February 8, 2023, the official exchange rate has been fixed at ID 1,320, based on the CBI’s daily bulletin for gold and major currencies. 💵

➡️ Changes Since the Last IMF Article IV Review

  • Iraq still uses transitional arrangements under Article XIV, but no longer keeps restrictions under this provision.

  • The country currently has no current account restrictions and no Managed Currency Pegs (MCPs) in place. ✔️

➡️ Big Shift in 2025: All International Transactions Through Banks

  • As of January 2025, all international transactions are processed through commercial banks using correspondent banking relationships (CBRs) . 🌐🏦

  • This is meant to increase transparency, strengthen compliance, and modernize Iraq’s banking system.

➡️ Weekly Replenishment & Compliance Checks

  • The CBI replenishes foreign currency balances weekly based on actual market demand.

  • Regular audits ensure all funds follow AML/CFT regulations (anti–money laundering / countering the financing of terrorism). 🔍

  • Private banks are being pushed to expand their CBR networks, especially with non-U.S. banks, to diversify global connections. 🌎

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IMF EXPLAINS IRAQ’S EXCHANGE RATE ARRANGEMENT

16th July 2025 in Iraq Banking & Finance News, Politics 

By John Lee.

The International Monetary Fund (IMF) has issued a brief explainer on Iraq’s exchange rate arrangement. As part of a follow-up to last week’s report on the state of the Iraqi economy, the IMF clarified as follows:

“Exchange Rate Arrangement

“Iraq’s de jure and de facto exchange rate arrangements are classified as a conventional peg arrangement. The Central Bank Law gives the Board of the Central Bank of Iraq (CBI) the authority to formulate exchange rate policy.

“Effective February 8, 2023, the official exchange rate was set at ID 1,320 according to the closing prices of the daily bulletin of gold & main currencies published on the CBI website (www.cbi.iq).

“There has been a change to Iraq’s exchange system since the last Article IV Consultation. Iraq continues to avail itself of the transitional arrangements under Article XIV, Section 2 but no longer maintains any restrictions under this provision. Iraq does not maintain any current account exchange restrictions or MCPs [Managed Currency Pegs]. Starting January 2025, all international transactions have been routed through commercial banks via their correspondent banking relationships (CBRs).

“The Central Bank of Iraq (CBI) replenishes these balances weekly based on foreign exchange demand and conducts audits to ensure that the allocated funds are used in compliance with AML/CFT regulations. Private banks are also encouraged to broaden their CBR networks, particularly with non-U.S. financial institutions.”


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🔥 “Iraq on the World Stage: Is Global Integration Imminent?” 🇮🇶✨

🔥 “Iraq on the World Stage: Is Global Integration Imminent?” 🇮🇶✨

⭐ Highlights

Jeff:

  • The Newsweek cover “Make Iraq Great Again” is being interpreted as Iraq’s formal, global-stage announcement that it is preparing to re-enter the international financial world. 🌍

  • The article outlines the challenges Iraq has overcome to regain economic and political stability—positioning itself for international integration.

  • Jeff emphasizes this as a major signal that Iraq is “very close” to going international. 🚀

Blondie:

  • For those planning future currency exchanges, Blondie suggests learning the difference between bank accounts (FDIC)

     and brokerage accounts (SIPC). 🏦📊

  • FDIC covers up to $250K (or $500K joint).

  • SIPC typically protects higher amounts for brokerage accounts.

  • She recommends consulting a financial advisor to decide which fits your potential exchange scenario. 💼

Pimpy:

  • Recaps the key conditions needed before the Iraqi dinar could rise in value:

    • Low inflation ✔️

    • Non-oil revenue diversification ✔️

    • Country & political stability — improving significantly under Sudani.

  • Notes that while the country’s stability is strong, politics remain messy, though improving. 🔍

🔗 FOLLOW US & STAY UPDATED!

📌 Blog: https://dinarevaluation.blogspot.com/
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 Jeff 

 That Newsweek magazine about 'Make Iraq Great Again', was Iraq announcing on a world stage how they're about to go international.  That was an international announcement by the country of Iraq in Newsweek magazine how they're about to...jump back into the international world...It's important for you to understand what's in this edition of this  magazine 

...Iraq got back on the world stage to announce all the hurdles and challenges they had to go through to achieve stability...This is Iraq's formal announcement on the world stage of Newsweek.  They're announcing they're going international and very close to doing it..

Blondie  

 Depending on the value of your exchange in $USD, you may want to consider having your bank (if you go to a bank) place your funds in a BROKERAGE account instead of a bank account (you'd need to open it separately).  

Why? 

 Because brokerage accounts are insured by SIPC not FDIC.  FDIC (for bank money) only insures up to $250K ($500K for joint accounts) whereas SIPC (for investment accounts) insures MUCH (much!) more. Coverage for both comes along with the account. Talk to your advisor about the differences.

 Pimpy 

 If you remember back, I tried to explain to people things we need to look for before the Iraqi dinar could increase in value.  I said they have to maintain a very low inflation rate.  Which they're doing.  They have to find non-oil revenue, which they're doing.

  I said they had to have stability in the county, stability in politics.  Sudani has definitely made it real stable there in the country.  He's managed to avoid a lot of conflict thank goodness, but in politics, it's still a mess.​

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