The Central Bank reassures Iraqis: The new exchange rate is a strategic step to enhance financial stability.
The Central Bank reassures Iraqis: The new exchange rate is a strategic step to enhance financial stability.
2026-10-07
Shafaq News – Baghdad
The Central Bank of Iraq described on Wednesday the decision to raise the exchange rate of the dinar against the US dollar as a “strategic step” to enhance financial stability, reassuring citizens and the economic sector of the adequacy and strength of its foreign reserves.
The Central Bank said in a statement that the exchange rate adjustment came within the framework of the bank’s and the federal government’s commitment to achieving sustainable economic stability and ensuring comprehensive development, based on joint coordination with the Cabinet, and in accordance with the provisions of the amended Central Bank Law No. (56) of 2004.
He explained that the mechanism for adjusting the exchange rate will be as follows: (The price of buying the dollar from the Ministry of Finance: 1500 dinars per dollar, the price of selling the dollar to banks: 1510 dinars per dollar, the price of selling cash dollars to the public: 1520 dinars per dollar).
The Central Bank reassured all citizens and the economic sector of the adequacy and strength of its foreign reserves, stressing that they guarantee the full and immediate fulfillment of all external transfer requests for trade financing, bank card settlements, and cash sales to travelers, without any restrictions.
He added that this “positive” amendment opens up new and tangible horizons that directly serve the national economy and the citizen, by supporting the national product and local industry, and facilitating fair competition for Iraqi goods in the markets against imported products.
He pointed out that this encourages the expansion of national factories and companies, provides an attractive and stimulating investment environment for non-oil productive sectors, and creates new job opportunities that open the way for small and medium enterprises to expand, which directly contributes to employing Iraqi youth and reducing the unemployment rate.
The Central Bank of Iraq affirmed its continued commitment to taking all measures that serve the interests of the nation and its citizens, and ensure the safety and stability of its financial system.
This decision comes at a time when public finances are facing pressures related to securing current expenditures, while experts’ estimates vary regarding its repercussions on the public treasury, local markets, and citizens’ purchasing power.
shafaq.com
