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, Bloomberg Economic Agency said, that the decision of the Central Bank of Iraq, issued yesterday, Saturday, which includes adjusting the exchange rate of the US dollar against the Iraqi dinar, is a “deserved reduction in the value of the national currency.”
In a report translated (Baghdad Today), Bloomberg explained that the measure “reduces the currency by about 20 percent against the dollar,” indicating that it came “to avoid depleting countries’ foreign currency reserves after the Corona virus drained energy demand and caused a collapse the prices”.
The agency stated in a report that “this measure is the first of its kind since 2003. It was an inevitable reduction of the dinar due to the low oil prices and budgetary pressures facing Iraq.”
The government pledged that this reduction would be one-time and not be repeated, but the Bloomberg report warned of the importance of monitoring the public response to the upcoming increase in the cost of living and the government’s austerity program.
The central bank statement announced the reduction of the price of buying foreign currency from the Ministry of Finance from about 1190 dinars per dollar to become 1450 dinars, while the selling price of foreign currency to banks became 1460 dinars per dollar, and 1470 dinars per dollar the price of selling foreign currency to the public.
In turn, the Iraqi Ministry of Finance said that “adjusting the exchange rate is a political decision of the Iraqi leadership, and it is a decision that enjoys the support of political and parliamentary forces and economic actors that participated with the government in lengthy discussions to reach this measure, in addition to the competent international bodies, including the International Monetary Fund.
The International Monetary Fund expects that the Iraqi economy will contract by 12% this year, and that its budget deficit will reach 22% of GDP.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
, Bloomberg Economic Agency said, that the decision of the Central Bank of Iraq, issued yesterday, Saturday, which includes adjusting the exchange rate of the US dollar against the Iraqi dinar, is a “deserved reduction in the value of the national currency.”
In a report translated (Baghdad Today), Bloomberg explained that the measure “reduces the currency by about 20 percent against the dollar,” indicating that it came “to avoid depleting countries’ foreign currency reserves after the Corona virus drained energy demand and caused a collapse the prices”.
The agency stated in a report that “this measure is the first of its kind since 2003. It was an inevitable reduction of the dinar due to the low oil prices and budgetary pressures facing Iraq.”
The government pledged that this reduction would be one-time and not be repeated, but the Bloomberg report warned of the importance of monitoring the public response to the upcoming increase in the cost of living and the government’s austerity program.
The central bank statement announced the reduction of the price of buying foreign currency from the Ministry of Finance from about 1190 dinars per dollar to become 1450 dinars, while the selling price of foreign currency to banks became 1460 dinars per dollar, and 1470 dinars per dollar the price of selling foreign currency to the public.
In turn, the Iraqi Ministry of Finance said that “adjusting the exchange rate is a political decision of the Iraqi leadership, and it is a decision that enjoys the support of political and parliamentary forces and economic actors that participated with the government in lengthy discussions to reach this measure, in addition to the competent international bodies, including the International Monetary Fund.
The International Monetary Fund expects that the Iraqi economy will contract by 12% this year, and that its budget deficit will reach 22% of GDP.
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