The USD is what the currency use to maintain the value of the IQD.
The USD value on the world stage has drawn down the value of many currencies over the last few years.
That is about to cease.
Hence, Iraq moving toward a basket...
The USD at auction has always been a means for the profiteering and smuggling of the USD outside of Iraq...Money transfers are a fact. They have no restriction on your currency.
In country all payments in IQD only. Remittances, payments and transfers only with IQD value
In the midst of the challenges and repercussions of the political and security events that our country and the countries of the geographical region are currently going through, the methodology of economic and banking reform enters a new phase in 2025 in cooperation and coordination between the government and the Central Bank, with insistence on continuing to implement the strategy of
transitioning the economy and banking sector to recovery and development and achieving good growth rates according to the expectations of the World Bank and the International Monetary Fund in the coming year.
One of the most important steps to reform our national economy is the transformations.
The major task of structuring and developing government and private banks and concluding agreements with solid international consulting and auditing companies to accomplish these tasks in 2025. According to standard indicators that are relied upon to assess the strength of the economy and the soundness of the banking sector, the most prominent of which is the sufficiency of foreign cash reserves, which exceeded $100 billion, with a sufficiency of 140% to cover imports and the exported local currency, and the decline in the inflation rate to 3.7% after reaching its highest rates at the end of 2022, and the decline in external debt to a level not exceeding $19 billion.
Emphasizing that the objectives of the Central Bank's monetary policy, as stated in its applicable law, are to achieve economic growth and stability, and that one of its main objectives is to achieve stability in the financial and monetary system, reduce inflation rates, and stabilize the prices of goods and services in the extremely complex economic, security, and political conditions that Iraq suffered from in 2023 and 2024.
The government is making clear efforts to revolutionize the active economic sectors, namely agriculture, industry, tourism, customs and tax services fees, and to increase their share of the general budget revenues to 20%.
Which led the Central Bank to take many measures in cooperation with the government to regulate foreign trade, control foreign transfers, regularity in the global financial and banking system, compliance with international standards, digital transformation in the banking sector, and work on preparing and launching its new strategy for banking reform and classification in all its basic links at the level of internal and external banking transactions, the most prominent of which is securing the US dollar for major and registered traders and for every trader, regardless of his classification, at the official price.
This confirms, without a doubt, that the Central Bank’s strategy and measures during the years 2023 and 2024 achieved one of the basic objectives of monetary policy, which is to reduce the inflation rate and maintain the general level of prices of goods and services.
It must be noted that one of the most prominent indicators of the strength and recovery of our economy is what the International Monetary Fund recently expected, that the expected economic growth rate in 2025 will be 5.3%, while it contracted by 2.2% in 2022. The expected rate is higher than the growth rates in Morocco, Kuwait, Bahrain, Oman, Algeria, Jordan and Qatar. It is an indicator.
On the strength of our economy, which is an inevitable result of the economic and financial reform programs implemented by the government and the Central Bank since 2023.
Member: Christmas is eight day away. I am not expecting it until after the inauguration but if it happens sooner….woohoo
MZ: A number of my contacts think it’s absolutely this week…..some think not until the 3rd or 4th week of January. But the majority still think its this week. We hope they are accurate.
Member: All the banks in my area require you have had an account for at least 6 months. Do you know of any other banks that don't require a 6 month account?
Member: If you are bringing in millions of dollars to their bank…you can bet they will open as many accounts as you want….imo
Member: will most banks accept Zim?
Member: The Zim will most likely be exchanged at military bases due to higher security and mostly military hold it. There is no limit, but you may get tranches if you hold a lot. This is what Mark has said.
Member: Do we know the best time to release the RV?
MZ: I was always told during non banking hours would be best…I have been told since the beginning that the best times are between 11Pm to 2 Am est……that is when the banking system around the world is the quietest. Preferably it will happen late Saturday night into Sunday morning…but it could happen at any time.
Member: is IQD and VND taxable?
MZ: I am still hearing the exchange is non taxable. I set aside extra just in case…just to be safe
MZ: I do have updates from different contractors and contractor groups. My personal friend over there says he will not give a rate as it would compromise the contracts.
But I have heard from a couple others that the most common rate they are being told is $3.92 as they are redoing contracts.
I do not know how accurate that is but thought it was worth sharing.
I did hear it from a number of sources so it may be just circletel…
but it does fit closely to what is expected. $3.92 would be awesome, but consider it a rumor for now.
