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[size=30]The first statement from the Central Bank of Iraq to NRT regarding changing the exchange rate of the dollar[/size]
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[size=15]The Central Bank of Iraq announced, on Wednesday, the difficulty of making any change to the exchange rate of the dinar against the dollar, stressing that determining the exchange rate of currencies is the central bank’s powers exclusively.[/size]
[size=15]The Director General of the Central Bank, Mahmoud Dagher, said in a special statement to NRT , "The decision to reduce the value of the Iraqi dinar against the US dollar was taken about 3 months ago on (December 20, 2021), and it is difficult to change this decision during this short period."[/size]
[size=15]He added, "Confidence in the Iraqi dinar was subjected to a major shock following the bank’s decision to reduce its value against the dollar, and any other decision of this kind will contribute to further undermining confidence in the Iraqi currency."[/size]
[size=15]He explained, "Determining the value of the exchange rate is within the authority of the Central Bank of Iraq exclusively according to the law and the constitution, and neither the Council of Representatives, the Council of Ministers, or any other institution has this authority, and they are not entitled to issue any decision in this regard, and in the event that a decision of this type is issued by Parliament." He will meet with a lawsuit filed by the Central Bank, and the Federal Court will support us. "[/size]
[size=15]He continued, "Iraq is on the verge of an election season, and the statements issued regarding changing the exchange rate of the dollar against the Iraqi dinar are merely electoral propaganda, because Parliament does not have this authority in the first place."[/size]
[size=15]He stated, "The statements of parliamentarians and politicians in this regard generated confusion and a state of instability in the local markets, calling on the House of Representatives to approve the draft budget law as soon as possible."[/size]
[size=15]He pointed out that "after the budget is approved, there is a possibility of a further increase in the exchange rate of the dollar against the dinar, and it may reach 1500 dinars, but overall, the lowest exchange rate for the dollar against the Iraqi dinar will be 1460 dinars."[/size]
[size=15]On his advice to citizens about buying dollars or the Iraqi dinar at this time, Dagher explained, "Citizens who have a surplus of the dollar should keep it, and those who own a surplus of the Iraqi dinar should exchange it for the dollar, because the dollar exchange rate will witness another rise after the budget is approved."[/size]
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