FUAD HUSSEIN HOLDS MEETINGS WITH US OFFICIALS IN WASHINGTON.
US State Department spokeswoman Tammy Bruce announced that Iraqi Foreign Minister Fuad Hussein will hold meetings with US officials in Washington, D.C., on Friday.
Bruce added, during a press conference, that Fuad Hussein will be at the Foreign Ministry on Friday to “hold several meetings,” noting that she will participate in one of them.
She noted that she had “no details to provide” about those meetings, but explained that the ministry would issue “media summaries, and there will be some information about those meetings.”
The Iraqi Foreign Minister announced, in a post on the X platform, his departure for the United States to hold “a series of bilateral meetings to strengthen Iraqi-American relations and coordinate efforts on regional and international issues.”
The meetings will also discuss “ways to enhance common security and cooperation in various fields.”
A US congressional delegation visited Baghdad in mid-April, and during their meeting with Prime Minister Mohammed Shia al-Sudani, they emphasized “the importance of the relationship with Iraq as a key partner in the Middle East.”
In its meeting with Parliament Speaker Mahmoud al-Mashhadani, the delegation reiterated its country’s “commitment” to continuing to support Iraq and strengthening the strategic partnership between the two sides. It also emphasized the US Congress’s “keenness” to maintain effective communication with Iraqi leaders to work together for a better future for both countries.
We witnessed so many banking and financial reforms in the past couple years...an article from...(April 15th)...once again telling us the black market (parallel market) may soon be completely gone come this June 2025...
the remaining 5% of the cash payments for imports will be moved over also to the correspondent banks, as was the other 95% last December 2024.
This will finally kill the remaining 5% of the black market. Hurrah, hurrah! This had to be done and the CBI told us this years ago. It is about to be reality...it is finally going to be done...This is going to happen suddenly and when you least expect it. They are almost there now.
WHAT ARE THE REASONS FOR THE DECLINE IN THE DOLLAR EXCHANGE RATE AGAINST THE IRAQI DINAR?
On Thursday, April 24, 2025, Professor of International Economics Nawar Al-Saadi revealed the reasons for the decline in the exchange rate of the US dollar against the Iraqi dinar in local markets.
Local stock exchanges in the capital, Baghdad, witnessed a rise in the value of the dinar at closing this afternoon, with the selling price reaching 145,500 dinars per $100, and the buying price reaching 143,500 dinars per $100.
The dollar exchange rate in Iraqi markets rose significantly in the fall of 2024, exceeding 1,550 dinars per dollar, or 155,000 dinars per $100, in some areas.
(Just so you know this is not a rise in the value, as the article says. If the amount of dinars per dollar increases then the value of the dinar decreases.)
TRUMP’S POLICIES
Al-Saadi told Al-Jabal, “The current decline in the US dollar’s exchange rate cannot be isolated from the global economic and political context, which is undergoing profound transformations. The United States has been facing negative economic indicators for some time, including slowing growth and declining retail sales data, which has reinforced market expectations that the Federal Reserve may move to cut interest rates in the coming period. This trend, by its nature, weakens the dollar’s attractiveness as a savings and investment currency and increases pressure on it in foreign exchange markets.”
He added, “Furthermore, the economic policies recently adopted by the US administration, most notably the imposition of tariffs on a number of goods, have contributed to raising import costs and increasing inflation rates, which has negatively impacted investor confidence in the performance of the US economy in the medium term.”
He continued: “In addition to internal factors, there are also global shifts that are gradually beginning to impact the dollar’s standing,” noting that “the accelerating trend by some international powers, such as the BRICS countries, toward reducing reliance on the dollar in trade and financial transactions reflects the beginning of the erosion of the monopoly position the dollar has enjoyed for decades. These multipolar policies are beginning to have a clear impact on the balance of monetary power worldwide.”
INTERNAL FACTORS
Regarding the situation in Iraq, according to the expert, “The recent decline in the dollar exchange rate is due to a decline in local demand during Ramadan, when commercial activity and travel decrease, leading to a temporary decline in demand for hard currency. However, this decline is not sustainable, and the dollar is likely to rise again when demand returns to normal levels, especially with the approach of the summer import seasons, or if obstacles arise in the flow of foreign currency into the Iraqi market.”
The professor of international economics concluded his remarks by saying, “The decline in the dollar exchange rate we are seeing reflects a state of economic anxiety and uncertainty rather than a long-term strategic shift.” Al-Saadi stated that “the dollar will not easily lose its global standing, but it is no longer the unrivaled currency, and the world is gradually moving toward new monetary balances that will have profound repercussions for developing economies, including Iraq.”
A few of my guys [Iraqi employees] have [bank] accounts but they have not deposited their large notes until they are sure about the new lower notes and a revaluation.
There are no consequences if they don’t [make a deposit]. The GOI has offered bonds but they are weary of these.
They do expect a revaluation but all it will mean to them is cheaper prices on goods and services. Yes they are [excited about purchasing power] but they are getting frustrated about the delays.
Iraq’s dinar continues to strengthen against the US dollar, fueled by a shift toward electronic payments and tighter foreign trade financing, Prime Minister’s economic advisor Mudhhir Mohammed Saleh disclosed on Saturday.
Speaking to Shafaq News Agency, Saleh attributed the currency’s recent strength to a drop in physical dollar demand, driven by expanded use of electronic payment cards, particularly among travelers. “No genuine economic foundation is without the law of supply and demand, including currency markets.”
Travelers now access dollar allocations legally through airport facilities, reducing reliance on the parallel market,” he noted, adding that private-sector trade transactions conducted through correspondent banks at the official rate of 1,320 dinars per dollar have reinforced market stability.
Saleh further credited the Central Bank of Iraq’s recent reforms—including the dismantling of the old payment platform and the launch of compliance-based mechanisms—with reducing cash dollar demand in secondary markets. “These steps have made official payment channels more flexible and cost-effective, marking a major achievement for monetary stability and regulatory oversight.” The dinar has posted steady gains in recent days, reaching 144,350 dinars per $100 in Baghdad on Saturday, compared to around 150,000 dinars a month ago.
