The government is moving towards adopting an exchange rate of 1320 dinars in the draft budget.
link don't let this get you down, they do this every year.
About the news
- The Iraqi government is moving towards adopting a dollar exchange rate of 1320 dinars within the 2027 budget project.
- There is no current intention to make a change to the adopted exchange rate.
- Information indicates that the size of Iraq’s budget for 2027 may reach approximately 200 trillion dinars.
- If adopted at this size, it would be one of the largest budgets in Iraq’s history since 2003.
- The video for this My FX Buddies blog is posted below here:
According to political sources, the new budget project is being prepared based on the current exchange rate, in a move that reflects the government's commitment to the policy of stabilizing the dinar's exchange rate and not introducing sudden changes to the market in the coming period.
- According to sources, the government is working on finalizing the draft budget, in preparation for completing it and sending it to the House of Representatives in the coming period.
- Then the process of discussion, amendments and voting on it will begin.
- The Iraqi public is awaiting the 2027 budget proposal, especially regarding the exchange rate, spending volume, salaries, investment projects, and the mechanism for financing the deficit.
- At a time when public finances are facing challenges related to oil prices and non-oil revenues.
If the exchange rate remains stable at 1320 dinars to the dollar, this means that the government will continue to base its financial estimates on the current official rate, and will not adopt a change in the value of the dinar within next year’s budget, according to the data reported by the sources.
This information remains linked to the draft budget before its final approval, as the figures and details may undergo modifications during the government review and discussion phases within the House of Representatives.
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Minister of Finance: The budget is prepared by primarily including the government program and is carried out through 5 specialized committees.
Finance Minister Faleh Sari confirmed on Thursday that the budget is being prepared based on the government program and is being developed through five specialized committees.
The ministry said in a statement received by the Iraqi News Agency (INA): “Finance Minister Faleh Sari chaired an expanded meeting of the committees preparing the draft program and performance budget, with the participation of members of the Parliamentary Finance Committee and representatives from several ministries and international organizations, to follow up on the stages of preparing the draft budget and the requirements for the gradual transition to the program and performance methodology.”
According to the statement, the minister emphasized that “the budget preparation is being carried out through continuous technical work, with the participation of various stakeholders,” noting “the continuation of meetings with members of the legislative authority and representatives of ministries and governorates, which enhances the transparency of the budget preparation process and the involvement of relevant parties at its various stages.”
He explained that “the work is being carried out through five specialized subcommittees that are responsible for preparing the technical aspects of the draft budget in cooperation with the World Bank, with the aim of formulating a comprehensive framework for the new budget within a specific timeframe.”
He noted that "the government program approved by the Cabinet was essentially incorporated into the program and performance budget, linking programs and financial allocations to government priorities and objectives."
The statement added that "the representatives expressed their support for the transition to a program and performance budget, emphasizing the importance of its success and developing implementation mechanisms to enhance the efficiency of public finance management."
Al-Zaydi: We are working on preparing the 2027 budget and will send it to Parliament soon.
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Prime Minister Ali Faleh al-Zaidi confirmed on Thursday that the government is currently preparing the 2027 budget and will soon send it to Parliament.
A statement from the Prime Minister's office, received by the Information Agency, indicated that "al-Zaidi, during his meeting with members of the Sadiqun parliamentary bloc, emphasized the important and fundamental role of the legislative authority in strengthening government procedures and enabling it to implement its program, as well as the importance of the oversight and legislative role in combating corruption through monitoring performance in state institutions."
He explained that "the government is currently working on preparing the 2027 budget, which will be sent to Parliament soon," stressing "the implementation of the government's plan to increase oil production and exports in the coming years."
According to the statement, al-Zaidi also noted "the allocation of significant space in the budget to the electricity sector."
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