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- MONDAY, 01-30-2023, PM 2:36
- KARRAR AL-ASADI
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Today, Monday, the governor of the Central Bank, Ali Al-Alaq, presented plans to control the rise in dollar exchange rates in the Iraqi markets.
The media office of the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, stated in a statement received by the Nun news agency, that the latter "received the governor of the Central Bank, Ali Al-Alaq," noting that "Al- Mandalawi stressed the need for the return of financial stability - especially the exchange rate of the dollar - to the Iraqi markets soon."
According to the statement, the First Deputy stressed "the need to adhere to the legal procedures for financial transfers, and to protect the Iraqi economy from previous violations, and the need to apply global procedures and follow up on transfers and the work of private banks." and exchange companies, and to pursue all abuses according to the Iraqi laws in force in implementation of the obligations of the Central Bank of Iraq.”
The statement indicated that, "Al-Mandalawi listened to an extensive explanation of the relationship to the financial and control plan that the Central Bank of Iraq will work on, to control dollar exchange rates, prevent financial speculation, and follow up on suspicious purchases of hard currency that is intended to harm the national economy.
This comes in light of an unprecedented rise in the exchange rates of the dollar against the Iraqi dinar, with a significant rise in the prices of goods and services in the country.
The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning an exchange rate of 166,000 Iraqi dinars against 100 US dollars, while yesterday morning, Sunday, prices were 164,000 dinars.
The correspondent of the Noon news agency said that the prices of selling and buying dollars rose in exchange shops in the local markets in Baghdad, where the selling price reached 167,000 Iraqi dinars per 100 US dollars, while the purchase prices reached 165,000 dinars per 100 dollars .
It is noteworthy that the Central Bank of Iraq announced, on December 19, 2020, officially the adjustment of the exchange rate of the US dollar to be 145 thousand dinars for every 100 dollars, according to the state's general budget for the year 2021 approved by Parliament, while some political parties and figures, most notably the current Prime Minister Muhammad Shiaa al- [You must be registered and logged in to see this link.] calling for the return of the exchange rate to the previous price (118,200 dinars per $100).
The Central Bank of Iraq attributed the reasons for devaluing the dinar at the time to what it described as structural distortions in the Iraqi economy that impoverished public finances and restricted the reform capacity sought by the government and the Ministry of Finance.
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