Dinarization efforts across the country

KRG minister says Erbil will comply with central bank decisions to stabilize the dinar

ERBIL, December 26 — Kurdistan Regional Government (KRG) Minister of Trade Kamal Muslim has affirmed Erbil’s commitment to implementing a Central Bank of Iraq (CBI)  directive to transition all domestic transactions to Iraqi dinars after the New Year.

“At border crossings and airports, we will certainly comply with the decision to conduct transactions in dinars,” Muslim said. 

He underscored that the market would adhere to the directive, and if required, mandate dinar transactions for goods, houses, and cars.

Currency experts anticipate that the dinarization of domestic transactions will significantly impact the dinar’s value and an additional shift is attributed to expectations that traders and Iraqi tourists traveling outside of the country will primarily need dollars, obtainable from the central bank.

Muslim further expressed a commitment to adhering to all instructions and decisions aimed at stabilizing the dollar to dinar exchange rate and enhancing the value of the dinar against the dollar.