By late September or early October, the Iraqi government plans to present the 2027 federal budget to the Council of Representatives. This is not the norm. Every line item, public sector salary, oil revenue projection, and dinar-denominated expenditure would be calculated on a pre-revaluation basis, meaning that the moment the rate changes, the entire budget becomes instantly inaccurate and needs to be recalculated and resubmitted. Therefore, it would be fiscal malpractice to submit a budget with the old exchange rate baked into its revenue projections if a revaluation is imminent. They refuse to provide a budget that they know will become outdated in a matter of weeks. [Post 1 of 2]
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