As part of financial and economic reforms, the Iraqi Cabinet has endorsed recommendations to conduct all state contracts within Iraq in Iraqi dinars.
Exceptions will be made for ongoing external grants, loans, and agreements. New contracts involving foreign grants, loans, and agreements may adhere to foreign currency terms agreed upon in the Ministry of Finance’s April 27, 2023 circular.
Beneficiaries can open documentary credits for importing project materials and transfer foreign currency for salaries, wages, and company dues, subject to the controls of the Central Bank of Iraq (CBI).
