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The Central Bank of Iraq: There is no plan that includes changing the exchange rate
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Mubasher: The Central Bank confirmed, today, Sunday, that there is no justification calling for changing the exchange rate of the dollar against the Iraqi dinar, indicating that the economic circumstance is the main criterion for changing the exchange rate.
The Deputy Governor of the Central Bank, Ammar Khalaf, said, according to the Iraqi News Agency (INA), "The exchange rate at the present time - in our opinion as a monetary authority - there is no justification for changing it."
Khalaf added that changing the exchange rate remains within the monetary authority's policy and according to circumstances.
Khalaf pointed out that during the years from 2004 until now, the exchange rate has changed more than once, depending on the circumstances, whether to increase or decrease.
He stressed that the economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3-5 years, indicating that the economic conditions determine what is the appropriate decision that fits the time period at that time.
The Deputy Governor of the Central Bank stressed that the exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when he considers that there is a necessity; He is considering changing the exchange rate, but currently there is no justification or need to adjust it.
Khalaf added, "Monetary policy has flexibility in general, and it is not good to change the exchange rate quickly because it confuses markets and weakens the economy."
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Central Bank of Iraq
July 10, 2022 01:11 PMMubasher: The Central Bank confirmed, today, Sunday, that there is no justification calling for changing the exchange rate of the dollar against the Iraqi dinar, indicating that the economic circumstance is the main criterion for changing the exchange rate.
The Deputy Governor of the Central Bank, Ammar Khalaf, said, according to the Iraqi News Agency (INA), "The exchange rate at the present time - in our opinion as a monetary authority - there is no justification for changing it."
Khalaf added that changing the exchange rate remains within the monetary authority's policy and according to circumstances.
Khalaf pointed out that during the years from 2004 until now, the exchange rate has changed more than once, depending on the circumstances, whether to increase or decrease.
He stressed that the economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3-5 years, indicating that the economic conditions determine what is the appropriate decision that fits the time period at that time.
The Deputy Governor of the Central Bank stressed that the exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when he considers that there is a necessity; He is considering changing the exchange rate, but currently there is no justification or need to adjust it.
Khalaf added, "Monetary policy has flexibility in general, and it is not good to change the exchange rate quickly because it confuses markets and weakens the economy."
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