01
SOMO sells the oil
ATransparency: Partially publishedIraq's State Oil Marketing Organization sells crude in US dollars to a fixed list of lifters.
Follow the money
Follow the money
Five links connect a barrel of Iraqi crude to a dinar in a household budget. Each is set out below, with a note on whether the record is published.
02
Dollars land at the FRBNY account
ATransparency: Not publishedProceeds are deposited into Iraq's account at the Federal Reserve Bank of New York — outside Iraqi public disclosure.
03
CBI buys the dollars with dinars
ATransparency: Partially publishedThe Ministry of Finance sells dollars to the Central Bank of Iraq at the official rate to fund the budget in dinars.
04
The auction releases dollars to banks
ATransparency: Partially publishedCBI sells dollars daily to licensed banks at the official rate, against import documents or as cash.
05
The parallel market prices the gap
BTransparency: Not publishedWhoever obtains dollars at the official rate captures the difference against the parallel rate.