Iraqi Govt Committed to Exchange Rate Stability

By John Lee.

The Iraqi government has confirmed its commitment to maintaining the stability of the local market, by supporting the stability of the exchange rate of the dollar against the Iraqi dinar.

In a statement, Prime Minister Muhammad Shia Al-Sudani said the government supports the steps of the Central Bank of Iraq (CBI) in this regard.

He added that the government makes it clear that "the rise in the exchange rate is temporary as a result of changing the mechanism by which the foreign currency sale window operates in the Central Bank, and it reassures all citizens that the financial situation of Iraq is in its best condition."

Earlier, the CBI explained:

"... the slight rise witnessed by the exchange rate of the dollar in the local markets during the previous days is due to some factors, including the building of an electronic platform through which banks raise the requests of their customers. The Central Bank began building that platform months ago in coordination with international bodies for the purpose Provisions and regulation of the operations of the foreign currency buying and selling window and ensuring effective control over it, as a specialized international company was assigned to build it and link banks with the central bank through it. The platform requires information about customers requesting transfers, beneficiaries, correspondent banks, etc."

(Sources: Central Bank of Iraq, Office of the Iraqi Prime Minister)

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