Lord Wood presents its timber brief for Thursday, October 8, 2026.
Two decisions, one day: Iraq’s Finance Ministry set a new official rate of 1,500 dinars per dollar and suspended the advance collection of customs duties and tax deposits on imports.
The good news for importers: Without advance customs deposits, less cash is locked up before your goods clear. That improves cash flow for timber buyers in Iraq.
The cost side, example: A timber container landed at $50,000:
- Old official rate (1,310): about 65.5 million dinars.
- New public rate (1,520): about 76.0 million dinars, roughly 16% more.
Your timber didn’t get more expensive in dollars, but your dinar budget needs to grow.
For our partners in Iraq: Contract in dollars at fixed prices so the timber cost is locked. Update project budgets to the new rate now. Use the customs-deposit relief to free cash for staged deliveries.
The honest caution: Iraqi MPs are calling for an emergency session on the exchange rate, so rules may change again. Keep contracts flexible on timing.
Lord Wood — quality timber for serious projects.
