“Minerals and ‘white gold’ put Najaf on the investment map in Iraq”
This article once again solidifies the importance of Iraq and its natural wealth, highlighting the need to move away from a “rentier” economy that depends on approximately 95% of oil revenues.
Is this part of what we have all been waiting for?
💱 Dinar Discussion
A rate of 1320?
I don’t think so.
Silica mining (“white gold”) and similar projects are part of what will eventually contribute to a reinstatement at a higher rate once the dinar returns to FOREX.
We do not go to the bank until it is back on FOREX.
🛢️ Reinstatement vs. Redenomination
We all know that the reinstatement is being intentionally held back.
Iraq could easily sustain a rate of around $3.22, as it did prior to the 1991 war.
Every time the “Project to Delete the Zeros” has come up, the Central Bank has stated the same thing:
“This is an administrative reform, not a revaluation, and it will not change the exchange rate.”
In my newsletters at that time, I tried to show that this was not propaganda from the CBI, but factual information.
I also explained that there would not be a direct RV inside Iraq, nor long lines at banks to exchange currency.
The newer lower denominations, such as the 25 note, would have the same value as the 25,000 note today—simply without the zeros.
This is NOT a revaluation. The CBI has said it, not me. It could not be clearer.
🏦 CBI Statements
The most recent official CBI statement, issued in November 2025, explicitly rejected even rumors of an exchange rate change and condemned speculation as harmful to Iraq’s economic stability.
📊 Redenomination Impact
If and when Iraq eventually redenominates its currency:
- It will be good news for Iraqi businesses
- Good for accounting departments
- And beneficial for the Iraqi banking system
However, it will not be good news for people holding physical currency bundles in other countries expecting a life-changing windfall.
💱 Key Distinction: Reinstatement vs Redenomination
With that said, what matters most is this:
👉 We are looking for reinstatement, not redenomination.
It is reinstatement that would bring us to the bank and deliver the significant exchange rate change we are expecting.
However, redenomination may precede reinstatement within a broader master plan.
This is where many people misunderstand the investment.
🌍 Global Perspective
Will other currencies also revalue on FOREX at the same time?
This discussion is not limited to the Iraqi dinar alone.
There is also potential in countries affected by current geopolitical policies, such as Venezuela, Cuba, and Iran.
These developments are not coincidental. They are part of a broader process.
Once stabilized, these countries could become part of the global investment landscape and attract new capital flows.
⚠️ Iraq–Iran Factor
If the Iranian issue inside Iraq is not resolved, the country will continue to be viewed as high-risk for major investors.
This remains a key factor limiting full investor confidence even after 20 years.
It was not only the 2003 war that damaged the economy, but also the post-war Iranian influence.
🧭 Conclusion
For this reason, we have not yet seen the reinstatement.
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