Al-Kazemi’s advisor: The Central Bank is able to control the exchange rate of the dollar against the Iraqi dinar

2021/06/18 14:58

  • number of readings 42
  • Section : Iraq

Baghdad / Obelisk: Adviser to the Prime Minister for Financial Affairs, Mazhar Muhammad Salih, said on Friday, June 18, 2021, that the Central Bank is able to control the stability of the dollar exchange rate against the Iraqi dinar.

Saleh said in a press interview, that the monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting the legitimate demands for foreign currency, both in terms of cash dollars and foreign transfers in foreign exchange and for the account of bank customers from private sector traders seeking to finance their foreign trade from Various goods, services and benefits.

He pointed out that this policy also has the ability to meet small commercial requests in the same foreign currency, which is being met additionally, which is also one of the important windows in the stability of the exchange rate at its official borders, all of which leads to the stability of the general level of prices.

He added that controlling local liquidity levels by sustaining operations of sterilizing surplus local liquidity to achieve balance in the exchange market and in accordance with the objectives specified in the amended Central Bank of Iraq Law No. 56 of 2004 will remain the practical course in correcting emergency price deviations and controlling and sustaining stability.

The Central Bank of Iraq, had confirmed earlier, the stability of the dollar exchange rate and the absence of any intentions to change it.

A statement by the Central Bank stated that what is being circulated is not true, as the price chosen at the end of the year 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy. 

The bank indicated that its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests, stressing that the price will stabilize as a result of the measures taken by the Central Bank recently and that it will take.

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