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Finance reassures Iraqis: raising the price of the dollar stopped the fall of the currency and strengthened capabilities
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Shafaq News/ The Iraqi Ministry of Finance issued, on Tuesday, a new clarification regarding the exchange rate of the US dollar, noting that changing it worked to "stop the fall of the reserve currency and enhance import capabilities."
The ministry said in a statement, which was received by Shafak News Agency, that it has continuously followed the indicators of devaluation of the currency against the dollar and over the past nine months, and the indications show that the change in the exchange rate contributed to increasing the foreign reserves of the Central Bank of Iraq to 60 billion dollars in the month of April 2021, After it was $54 billion in December 2020, this came after implementing reform measures.
She explained that the change in the exchange rate also helped to reduce the demand for foreign currency, which was positively reflected in the decrease in imports and the increase in domestic production.
The indicators showed, according to the financial statement, a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis of the spread of the COVID-19 virus, and it also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.
The ministry explained that it is working to reinvest the generated revenues with the aim of building a targeted production base outside the oil sector and relying on other sectors, which will contribute to a decrease in the demand for the dollar as a result of compensating some of the goods produced, which made the proportion of imports to local consumption decline.
The ministry indicated that, since the formation of the current government, it has adopted plans and mechanisms to work on reforming Iraq's financial policy, and culminated in the adoption of the reform paper "White Paper" that outlined future economic and financial policy steps to advance local production and reduce imports to the country. Imports and the trend towards encouraging local products and providing job opportunities, according to the ministry.
It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.
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The ministry said in a statement, which was received by Shafak News Agency, that it has continuously followed the indicators of devaluation of the currency against the dollar and over the past nine months, and the indications show that the change in the exchange rate contributed to increasing the foreign reserves of the Central Bank of Iraq to 60 billion dollars in the month of April 2021, After it was $54 billion in December 2020, this came after implementing reform measures.
She explained that the change in the exchange rate also helped to reduce the demand for foreign currency, which was positively reflected in the decrease in imports and the increase in domestic production.
The indicators showed, according to the financial statement, a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis of the spread of the COVID-19 virus, and it also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.
The ministry explained that it is working to reinvest the generated revenues with the aim of building a targeted production base outside the oil sector and relying on other sectors, which will contribute to a decrease in the demand for the dollar as a result of compensating some of the goods produced, which made the proportion of imports to local consumption decline.
The ministry indicated that, since the formation of the current government, it has adopted plans and mechanisms to work on reforming Iraq's financial policy, and culminated in the adoption of the reform paper "White Paper" that outlined future economic and financial policy steps to advance local production and reduce imports to the country. Imports and the trend towards encouraging local products and providing job opportunities, according to the ministry.
It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.
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