Central Bank sets 4 measures to support Iraqi dinar power

Pratha News Agency 201 2023-03-30

The Central Bank of Iraq, on Thursday, identified four measures to support the strength of the Iraqi dinar, while confirming that its packages met most market demands and contributed to the decline of the dollar, and announced that the problem of dollar contracts was addressed for some departments.

“The Central Bank has taken a set of packages to support the Iraqi dinar power process, promote external transfer, trade financing, study and others,” said Mohammed Younis,” the assistant director general of the Investment Department at the bank, Mohammed Younis, in an interview.

Younis added that “the dollar began to decline against the dinar continuously as a result of these packages that met most of the Iraqi market’s demands,” noting that “this contributed to reducing the difference between the official and parallel exchange rate.”

“Iraq is an importer of everything and therefore the size of its large demand for the dollar sometimes makes it strong against the dinar,” he said, pointing out that “the central bank’s actions are supported by the decisions of the prime minister and the cabinet.”

He stressed “the need to combine all efforts to support the strength of the dinar through measures, firstly, to support the local product, secondly to reduce import operations, thirdly to control the markets and fourth to control border crossings,” noting that “most of the markets have started dealing with the Iraqi dinar and this will contribute to supporting it.”

He pointed out that “some circles faced a problem because their contracts are in dollars, but the Council of Ministers and the Central Bank began to solve these problems,” stressing that “Iraq has more than 130 tons of gold.”



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