New Dec 1 Mechanism Shakes Iraq’s Market — NOT the Exchange Rate!

The sudden rise of the dollar in Iraq wasn’t caused by a ⁠link to My FX Buddies Blog⁠ change in the official exchange rate — and the Central Bank made that clear. So what really happened? Economist Manar Al-Obaidi reveals the truth:

👉 The spike is tied directly to the new customs pre-calculation mechanism launching December 1. Under this historic reform, no bank will be allowed to process foreign transfers unless customs fees are calculated in advance. This closes the door on decades of:

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✔ customs smuggling ✔ fake invoices ✔ money laundering ✔ speculative transfers ✔ random imports draining reserves Yes, markets may experience temporary turbulence, but this reform could: – raise customs revenues to 6–8 trillion IQD annually – reduce artificial dollar demand – protect Iraq’s foreign reserves – restore order to trade – end chaotic import practices – strengthen Iraq’s financial system Al-Obaidi notes resistance will be fierce — especially from speculators and traders who benefit from the old system — but this is a necessary shock on the way to long-term stability. This is NOT a currency crisis. This is Iraq beginning a historic correction after 20 years of chaos.

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