DINAR REVALUATION

Saturday, March 1, 2025

BROTHERS TECHNOLOGY & MAJEED : " External Value In the Iraqi Dinar is the key" ,$13.20 IQD= $1 USD

Iraq among the best in the world in controlling the sale of the dollar, 1 MARCH

Iraq among the best in the world in controlling the sale of the dollar

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Saturday, that Iraq has become one of the best countries in the world in controlling the sale of the dollar.

Al-Alaq said in an interview with the official agency, followed by Iraq Observer, that “Iraq has today become one of the best countries in the world in controlling the sale of the dollar, as this process is carried out with transparency and accuracy, and through it the citizen verifies his documents and his departure from the country,” explaining that “this mechanism is the most disciplined, transparent and controlled in the world, as indicated by international experts. ”

Al-Alaq added that “false news and media distortion may harm the interests of Iraq and the banking sector,” stressing the importance of being proud of the major developments witnessed by Iraq. He explained that “the government and the Central Bank are working hard to establish sound practices that are compatible with international standards,” calling for “the need to highlight these achievements in the media.”

He pointed out that “highlighting these transformations and developments helps enhance international confidence in the Iraqi banking sector, which is vital to continue developing the financial system in Iraq.” link

AJ : rate changes for the Iraqi dinar have been managed by the Central Bank of Iraq (CBI)!!

In the past, rate changes for the Iraqi dinar have been managed by the Central Bank of Iraq (CBI), which holds the authority to set and adjust the currency's exchange rate. The CBI operates as an independent institution, 

established under the Central Bank of Iraq Law of 2004, with the primary objectives of ensuring domestic price stability and overseeing monetary policy. Historically, its decisions on exchange rates have often been influenced by economic conditions, international guidance (notably from the International Monetary Fund, or IMF), and Iraq’s heavy reliance on oil revenues.

One significant example occurred on December 19, 2020, (Covid)

when the CBI devalued the Iraqi dinar by approximately 24%. This adjustment changed the official exchange rate from 1,182 IQD per USD to 1,450 IQD per USD for commercial transactions (with a slightly lower rate of 1,470 IQD per USD for the public).

The decision was driven by a severe liquidity crisis, triggered by low oil prices and the economic fallout from the COVID-19 pandemic, which slashed government revenue. The CBI announced this devaluation as a deliberate policy move to bolster fiscal stability, following consultations with the IMF and the Iraqi government. The process involved the CBI issuing an official statement and adjusting the pegged exchange rate, which it maintains against the U.S. dollar rather than allowing the dinar to float freely on global markets.

Another notable instance was the introduction of the "new Iraqi dinar" in 2003–2004, following the fall of Saddam Hussein’s regime. The Coalition Provisional Authority (CPA), in coordination with the newly restructured CBI, oversaw the replacement of the old "Saddam dinar" and the "Swiss dinar" (used in Kurdish regions) with a unified currency.

Between October 15, 2003, and January 15, 2004, the CBI facilitated this exchange at a fixed rate—initially set at 1 new IQD to 1 Swiss dinar and 1 new IQD to 150 old dinars—without altering the currency’s underlying value at that stage. This was more of a redenomination and unification effort than a rate change, but it demonstrates the CBI’s role in executing currency policy under exceptional circumstances, with support from external authorities like the CPA.

The mechanism for these changes typically involves the CBI’s board approving the adjustment, followed by an official announcement and implementation through its control over foreign exchange auctions and banking regulations. 

The dinar’s exchange rate has historically been fixed or "pegged" to the U.S. dollar, a policy the CBI uses to anchor inflation, as noted by the IMF in its assessments of Iraq’s economy. Adjustments require balancing domestic economic needs—such as controlling inflation or addressing budget deficits—with external pressures like oil market fluctuations and IMF recommendations.

In summary, past rate changes in Iraq have been executed by the Central Bank of Iraq, often in response to economic crises or structural reforms, with the process involving official policy shifts to the fixed exchange rate. The CBI acts independently but coordinates with the Iraqi government and international bodies when necessary.

MNT GOAT: THE RELATION BETWEEN IRAQ & USA & WHY IS THE DELAY IN THE PROJECT DELETE ZEROS THIS TIME

Financial Advisor: Central Bank Digital Currency Will Boost Transparency, Improve National Payments , 1 MARCH

Financial Advisor: Central Bank Digital Currency Will Boost Transparency, Improve National Payments

The financial advisor to the Prime Minister, Mazhar Mohammed Saleh, explained today, Saturday, that issuing a digital currency for the Central Bank will be an important step towards enhancing transparency and achieving a qualitative leap in the national payments system.

Saleh said in a statement to the official agency, followed by NRT Arabic, that "the Central Bank plans to issue a digital currency as a gradual alternative to paper currency," noting that this step will contribute to reducing cash leakage and lowering the costs of printing paper currency, in addition to reducing the circulation of money outside the banking system.

He added that the digital currency will allow tracking financial flows, improve control over capital and foreign transfers, support anti-money laundering efforts, and contribute to enhancing financial inclusion, especially for groups less integrated into the banking system.

Saleh explained that Iraq's transition to digital currency requires a strong technical infrastructure, including advanced internet networks and advanced cybersecurity systems to protect data and transactions.

Digital currencies will also support efforts to enhance economic and social integration through government use in collection operations and official transactions. link

TIDBIT FROM FRANK26, 1 MARCH

Frank26

The tables for the new budget are ready to be exposed because the new exchange rate in those tables is ready to be revealed...

You got the CBI holding classes for their banks and employees to learn how to exchange the proper way, the proper procedure on how to do the exchanging of foreign currency in the banking structure through your banks of the CBI ...

This is going to be a brand new currency, a brand new rate and all that new information has to be distributed equally and fairly so you do not have a mass confusion. That state would destroy this whole monetary reform process...