EconomyBreakingThe DollarThe Central Bank Of IraqThe New Price
Twilight News / The Central Bank of Iraq announced on Tuesday that it will start selling the dollar at the new official rate starting tomorrow, Wednesday.
Earlier on Tuesday, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1300 dinars to the dollar.
A statement by the bank, received by Shafaq News Agency, said that “it will start selling the dollar at the new official rate starting tomorrow, Wednesday, 2023/2/8, and will continue its procedures and steps until the dollar exchange rate is stable according to the official exchange rate.”
The bank announced “it is ready to meet all legitimate requests of individuals, companies, projects and offices to achieve the bank’s goal of stabilizing the general level of prices to protect the purchasing power of citizens, especially since the new exchange rate granted to merchants and others provides lower prices for citizens.”
He explained that “exchange rates will be as follows:
1300 dinars per dollar, the purchase price of the dollar from the Ministry of Finance.
1310 dinars per dollar The selling price of dollars to banks through the electronic platform.
1320 dinars per dollar The selling price of dollars from banks and non-bank financial institutions to the end beneficiary.
This comes after the dollar exchange rate against the dinar rose to unprecedented levels, sometimes exceeding the rate of 1800 dinars per dollar.
Since the first month of the new government taking over the administration of the country, the exchange rate of the US dollar against the Iraqi dinar has risen to exceed 1500 dinars to the dollar before the end of last year.
Since the beginning of this year, the dollar exchange rate has witnessed sudden jumps, as it exceeded the threshold of 1600 dinars to the dollar and remained ranging during the month of last November in the 1600 square, but during the month of February, the dollar exceeded the barrier of 1700 dinars and some days rounded the 1800 dinars to the dollar.
These mutations and fluctuations prompted the government and the Central Bank of Iraq to take several measures in an attempt to control the exchange rate, but they have achieved nothing so far, while some argue that the dollar exchange rate may continue to rise.