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CBI and the Iraqi Dinar: What the Central Bank Does

The CBI sets the Iraqi dinar's official rate. Here are its 3 rates, the October 7 decision, the end of the dollar auction, the one-price goal and the reserves.

CBI stands for the Central Bank of Iraq, and it decides what the Iraqi dinar is worth officially. Since October 7 it has run 3 official rates: 1,500 dinars per $1 for the Finance Ministry, 1,510 for banks and 1,520 for the public. The live figures and the Baghdad market price are on our Iraqi dinar rate page.

What the CBI does with the dinar

It issues the notes, sets the official exchange rate and holds the reserves behind the currency. The rate is its call. Not the Finance Ministry's, not the budget's and not the media's. For the institution itself, see our guide to the bank.

The 3 official rates and the October 7 decision

Dollars go to the public at 1,520, to banks at 1,510, and the CBI buys them from the Finance Ministry at 1,500. Before October 7 the same 3 rates were 1,320, 1,310 and 1,300. Cabinet approved the new rates on October 6 and the CBI adopted them the next day. Its own statement carries all 3 numbers.

That was a devaluation. Iraq lowered the dinar's official value by about 13%, and a dollar now costs about 15% more dinars. It was not a revaluation, which is a repricing to a higher value. Has the IQD revalued? sets out the difference, and the full account of the decision has the week it happened.

The dollar auction has ended

The Central Bank of Iraq launched its electronic dollar platform at the start of 2023, and it ceased operations at the end of 2024. In 2024 the bank sold about $81 billion through its channels, according to a local economic research foundation, and 72% of it went to correspondent banks. Washington's Treasury now calls the old arrangement the "now-dissolved U.S. dollar wire auction" in its sanctions notice on an Iraqi bank.

The one-price goal

Iraq has had 2 prices for a dollar, the official one and the street one in Baghdad. Government spokesman Haider al-Aboudi said the government and the CBI plan to bring the street price down to 1,550 dinars per $1, which is 155,000 per $100, and that the bank's reserves can back it. He did not say how. One price is the goal, and Iraq Targets One Unified Exchange Rate follows it.

Reserves

Foreign reserves at the CBI stood at $81.5 billion at the end of August 2026, down from $97.4 billion at the end of 2025. Gold holdings were $25.1 billion in August, up from $24.2 billion. These figures predate the October 7 change. The CBI's dinar totals are converted to dollars at the old rate of 1,300 per dollar. On October 7 the bank said its reserves cover every request for transfers abroad in full. Our Iraq GDP page holds the numbers behind the economy.

This page is research and numbers from public sources, it is not legal, tax or financial advice, and you should take your own situation to a qualified professional before you act on any of it.

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Is Iraqi dinar ever going to revalue?

The rate is the CBI's call, and it announces any change itself. Iraq is working through a sequence: lower the official rate and unify it to one price, take the zeros off the notes, then raise the value. The first step is done. A distraction event around the move is likely. We give no date. To hear the day the rate changes, use the free rate alert.

How much is 1000 Iraq currency to dollars in USD?

At the CBI's public rate of 1,520 per $1, 1,000 dinars is $0.66. The street price in Baghdad differs from the official rate, so a dealer's number will differ too. The Iraqi dinar rate page has both, with a converter table.

How much is a 25,000 Iraqi dinar note worth?

At the CBI's public rate of 1,520 per $1, a 25,000 dinar note is $16.45. At the old public rate before October 7 it was about $18.94.

Sources

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