Iraq’s 2027 budget is written in IQD because that’s the endgame sovereign currency, gold-backed, revalued, black market eliminated. But you don’t get there overnight. Right now Iraq still runs a dual-currency economy. USD circulates alongside IQD. The black market exchange rate exists because there’s a gap between the official rate and the street rate. That gap is the problem. Iraq can’t revalue IQD while the exchange rate is volatile. The peg to gold requires a stable domestic currency first. USD provides the anchor during the period where IQD is being positioned for revaluation. It’s scaffolding. You build with it, then you remove it.
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