Amid circulating rumors and political noise about potential exchange rate changes, the Central Bank of Iraq (CBI)has issued a direct and firm clarification.
The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed:
✅ The dollar exchange rate is stable
✅ There are no plans to change it
✅ Iraq has no shortage of gold or foreign currency reserves
✅ The bank continues injecting dollars into the market
This statement directly counters recent claims suggesting devaluation or drastic rate adjustments.
Let’s examine what was said — and why it matters.
The Official Statement from Governor Ali Al-Alaq
Speaking during the launch of the “E-Psule” electronic receipts project, Al-Alaq emphasized monetary stability and reform — not devaluation.
He stated clearly:
The exchange rate of the dollar is stable and will not change.
He further confirmed:
The Central Bank does not suffer from reserve shortages
Gold reserves are secure
Foreign currency reserves remain strong
Dollar liquidity injections are ongoing
This is a direct contradiction to narratives suggesting financial collapse or forced devaluation.
Focus on Digital Transformation, Not Currency Devaluation
Instead of discussing rate changes, the Governor focused heavily on:
1️⃣ Expanding Electronic Payment Systems
Increased use of bank cards
Growth in electronic wallets
More POS (Point of Sale) systems
24/7 electronic money transfer services
2️⃣ Reducing Cash Dependency
Al-Alaq stressed that excessive reliance on cash:
Does not align with modern economic systems
Weakens transparency
Encourages informal market activity
3️⃣ Strengthening the Digital Economy
The CBI is:
Updating regulatory frameworks
Encouraging fintech innovation
Promoting financial inclusion
Expanding banking participation
Coordination with the Kurdistan Region
The Governor also confirmed coordination between Baghdad and the Kurdistan Region to:
Unify electronic systems
Align technical standards
Expand digital government services
Support financial integration
This signals structural modernization, not monetary destabilization.
Why This Clarification Is Significant
Recently, political voices have floated ideas such as:
Raising the dollar exchange rate
Major exchange rate adjustments
Financial crisis narratives
However, exchange rate authority lies exclusively with the Central Bank of Iraq — not with individual MPs or political blocs.
Al-Alaq’s statement effectively:
Reinforces monetary stability
Rejects devaluation speculation
Confirms strong reserves
Signals continued reform strategy
What About Gold & Foreign Currency Reserves?
One of the strongest parts of the clarification:
There is no problem with gold or foreign currency reserves.
This is critical because reserve strength determines:
Currency defense capability
Exchange rate sustainability
International financial credibility
A country facing reserve collapse would not confidently maintain exchange rate stability.
Q&A Section
❓ Is Iraq changing the dollar exchange rate?
No. The Central Bank of Iraq confirmed the exchange rate is stable and will not change.
❓ Does Iraq have a shortage of dollar reserves?
No. Governor Ali Al-Alaq stated that Iraq does not suffer from any problem with gold or foreign currency reserves.
❓ Why is Iraq expanding electronic payments?
To modernize the financial system, reduce reliance on cash, increase transparency, and support economic reform.
❓ Who controls Iraq’s exchange rate?
The Central Bank of Iraq is solely responsible for exchange rate policy.
Featured Snippet Summary (Google Discover Ready)
CBI Governor Ali Al-Alaq confirmed the dollar exchange rate remains stable.
Iraq has strong gold and foreign currency reserves.
No devaluation is planned.
The Central Bank continues injecting dollars into the market.
Focus remains on digital payment expansion and financial reform.
The Bigger Picture: Reform vs. Rumors
The CBI’s strategic direction appears focused on:
Digital infrastructure
Financial inclusion
Banking modernization
Monetary stability
Not devaluation.
Modern central banks typically pursue:
Reduced dollar dependency
Increased transparency
Controlled liquidity
Structured reform
Everything outlined in this statement aligns with those objectives.
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Final Thoughts
The Central Bank has spoken clearly.
No exchange rate change.
No reserve crisis.
No emergency devaluation.
Instead, Iraq is moving toward digital modernization and financial integration.
When official institutions clarify policy, that matters more than speculation.
Watch the CBI — not the rumors.
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