Baghdad lifts dollar after four months

The Iraqi government has reached a decision to raise the exchange rate of the dollar to more than 1,500 dinars. This comes as part of a broader plan that includes currency replacement and the removal of zeros, expected to begin in the coming months and likely before the end of the first quarter of 2027. The goal is to contain approximately $200 billion, which Baghdad believes is held by corrupt officials, while attempting to obscure the procedures to prevent transferring funds or purchasing traceable assets before implementing the currency replacement. This decision follows the announcement of increasing the dollar exchange rate for the public to 1,520 dinars from a previous rate of 1,320 dinars, with the Central Bank confirming that its reserves are sufficient to support these changes. It is estimated that this change will contribute roughly 20 trillion dinars to the general budget, despite an expected budget deficit of 65 trillion dinars for 2027. Many deputies and experts believe that this step is an attempt to buy time and delay critical financial reforms, amid risks of rising prices and eroding the purchasing power of citizens.

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