Masrour Barzani calls for updated Iraqi oil and gas laws

Kurdistan Region Prime Minister Masrour Barzani has called for the urgent enactment of a federal Hydrocarbon Law, noting that Iraq’s energy sector currently operates under outdated legislation from 1975.

Observers of the Iraqi economy are monitoring potential monetary reforms and the possibility of a currency revaluation. Discussions regarding the Iraqi dinar involve the need for the Central Bank of Iraq to swap large-denomination notes for newer, lower denominations and coins to mitigate hyperinflation risks.

International entities, including the International Monetary Fund, the World Bank, and the US Treasury, are reportedly involved in the oversight of Iraq’s financial restructuring and economic integration. Analysts suggest that the transition to a modern oil and gas legal framework is a critical component for increasing the purchasing power of the dinar.