Iraq just lost 70% of its oil revenue overnight. March: $1.9 billion. February was $6.8 billion. Seven Basra oil fields shut down when Hormuz closed. Five trillion dinars needed just for May salaries. And analysts say the money runs out mid-May. But here’s what nobody is covering. Iraq actually has no legal authority to borrow… Government formation takes months. There is no borrowing mechanism. Meanwhile the parallel market is stretching. Street rate hit 1,545 dinars per dollar. Official rate is 1,310. That’s an 18% gap. And the second widest since 2003. The last time the gap exceeded 12%, the CBI changed the rate within weeks. February 2023. Moved from 1,460 to 1,310 overnight. No vote. No warning. The current gap is larger than the one that triggered that adjustment…The math doesn’t work at a program rate. Something gives before mid-May.
