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KTFA
Clare » March 30th, 2023
Member of Parliamentary Finance: The stability of the dollar exchange depends on the government’s control of the market
3/30/2023
A member of the Parliamentary Finance Committee saw that the stability of the exchange rate of the dollar against the dinar depends on the government’s efforts to control the market.
Moeen Al-Kadhimi told {Euphrates News} agency: “The issue of stability of the dollar exchange rate depends on the government’s efforts and the extent of its ability to control the market and follow up on private banks and money changers, especially those that the government sells to them at a rate of $50 million in cash.”
He stressed, “It must be controlled to provide citizens with what they need according to the official price, in addition to financial transfers that are transferred abroad through commercial transactions. These steps are supposed to restore control to the market.”
The Central Bank of Iraq announced today, Thursday, the beginning of the decline in the exchange rate of the dollar against the dinar.
And the assistant general manager of the investment department in the bank, Muhammad Yunus, said in a press statement, “The central bank has taken a group of packages to support the process of dinar strength, and the signs of these packages on the strength of the dinar began to appear today.”
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He added, “The dollar began to decline continuously against the dinar as a result of these packages that met most of the Iraqi market’s requests,” noting that “this contributed to reducing the difference between the official and parallel exchange rate,” pointing out that “most markets began dealing in the Iraqi dinar, and this will contribute to its support.” .
On February 7, the Council of Ministers decided to adjust the exchange rate of the dollar to the equivalent of 1,300 dinars, from 1,460 dinars.
Following the government’s decision, the Central Bank announced a set of facilities to meet the demand for dollars in both aspects of cash and foreign transfers. LINK
Source: Dinar Recaps
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