By John Lee.
The Deputy Governor of the Central Bank of Iraq (CBI) has reassured the markets that there will be no further devaluation of the Iraqi dinar.
Ammar Mohammed said:
"It was important to change the exchange rate before approving the budget in order to know the income and budget in dinars ... to serve the interests of the Iraqi economy ... it will also enhance the competitiveness of domestic products and reduce imports ...
"The decision ... is final, and there will be no further change in this rate."
He added that the Central Bank has sufficient foreign reserves to sustain the new exchange rate.
(Source: Govt of Iraq)
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