Iraq cut the IQD to 1,500 on October 7. Iraqi-press channels now report what comes next: new banknotes, with the zeros off.
The start date is being kept secret, so that illicit cash cannot move first.
The hidden date
The report rests on people with knowledge of the plan. They say replacing the currency may begin within a few months, and should not run past the first quarter of 2027. They believe at least $200 billion sits with corrupt figures, and that making every note pass through a bank is how the state gets to see it.
It is a single report. The timing is for exchanging the notes. What the dinar will be worth is a separate decision, and that one belongs to the Central Bank.
What moved over the weekend
- Dinar only — the Prime Minister's financial adviser, Mazhar Salih, described a government direction to adopt the dinar in transactions inside Iraq.
- The hidden cash — Iraq has printed 107 trillion IQD. About 40 trillion of it moves where the state can see.
- The street — Sunday closed at 164,350 IQD for $100 in Baghdad, against the bank's public price of 152,000.
- The small trader — the Central Bank is preparing foreign-trade cards for small merchants.
- XRP — Evernorth, holding about 473 million XRP, is due to begin trading on the Nasdaq under the ticker XRPN.
- Washington — the US Treasury Secretary is skipping this week's IMF meetings, with Judy Shelton now advising him on currency policy.
- The budget — Iraq's 2027 budget is due in parliament by Thursday.
The question
Why would Iraq do all of this if the dinar was meant to sit at 1,500? And if the date is being kept from Iraqis themselves, what should a holder do about it?
Credit: Written by Reset Intelligence — David E. Atterton, author of Head of the Snake (@EXIT_FIAT). More at resetintelligence.com.
Research and commentary only. Not financial, legal, or tax advice. Consult qualified counsel in your jurisdiction before acting on any position.