🚨🏦🇮🇶 My CBI Contact Says Key Milestones Are Approaching for Iraq! 👀📅
According to the author, he recently spoke with his CBI contact, who shared that Prime Minister Al-Zaidi still has important work to complete before Iraq can move to the next phase of its monetary reform.
The contact explained that September and October are expected to be important months, as plans are reportedly in place to begin a nationwide public education campaign explaining the Project to Delete the Zeros, the currency swap process, and how the introduction of lower-denomination banknotes will affect Iraqi citizens. The contact expressed hope that this will finally be the time the project is fully implemented.
When asked what could delay the process, the contact pointed to two major obstacles: Al-Zaidi must fulfill the commitments made during his Washington visit, and Iranian-backed militias and armed factions must be neutralized and disarmed.
According to the contact, September 30 serves as an important benchmark, giving the Iraqi government time to strengthen security and continue removing corrupt, Iranian-aligned political figures from power.
The author also asked about the long-awaited Oil and Gas Law. According to his CBI contact, the law remains on the table and still needs to be passed to fulfill Iraq's constitutional obligations and help resolve long-standing disputes between Baghdad and the Kurdistan Region. The contact believes this legislation remains an important piece of Iraq's reform agenda.
Regarding Iraq's banking sector, the contact said the final phase of the anti-corruption crackdown is already underway, with stronger controls being implemented to stop the illegal movement of funds through corrupt politicians and government officials.
While not directly involved with the U.S. Treasury's work, the contact believes Iraq's banking reforms are advancing toward international standards.
When the author asked whether Iraq could see the reinstatement of the Iraqi dinar on FOREX in early January 2027, the contact declined to provide a specific date, saying they could not violate Central Bank rules or risk their position.
However, the contact added that "it won't be a secret much longer," noting that they have participated in numerous meetings related to the Project to Delete the Zeros and that the overall monetary reform plan has remained largely unchanged. The primary focus, according to the contact, is ensuring the currency exchange process takes place while minimizing inflation.
The discussion also touched on the Digital Dinar. According to the contact, its rollout will occur in phases, beginning with interbank transactions and foreign trade, followed later by electronic wallets for Iraqi citizens.
The contact emphasized that cash will continue to circulate for some time and stated that the Digital Dinar is not intended to be a Central Bank cryptocurrency.
The contact further claimed it would be fully backed by precious metals, primarily gold, while stressing that Iraq must continue reducing the money supply as part of the broader monetary reform strategy.
Finally, the contact explained that the long-term value of the Iraqi dinar depends on several key fundamentals: foreign investment, political stability, security, controlled inflation, strong economic growth, expanding exports, and continued banking reforms. According to the contact, Iraq is making progress in these areas through anti-corruption efforts, financial reforms, increased international partnerships, and the entry of major global financial institutions.
⚠️ This post reflects only the author's account of what he says his CBI contact told him. These statements are not presented as official announcements from the Central Bank of Iraq.
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