Finance Minister: The change in the dollar’s exchange will continue for a long time, and this is his expectation of the flotation
Finance Minister: The change in the dollar’s exchange will continue for a long time, and this is his expectation of the flotation
03/31/2021 10:07:48
The Minister of Finance, Ali Allawi, said that the change of the dollar’s exchange rate will continue for a long time.
On the recent devaluation of the Iraqi dinar, which the government and the Central Bank made, Allawi said in a press statement that “negative expectations on commodity price levels were expected and what happened came less than expected, but it was a necessary step for years because of its importance in structuring the economy and reducing the bill to support the dinar,” He explained, “The negative effects of the devaluation gradually fade away.”
He added, “The current price of the Iraqi currency against the US dollar after reducing its value will continue for a long time, and a full float may occur in the future, but the central bank will work now to maintain the current exchange rate level for as long as possible.”
It is noteworthy that the exchange rates of the US dollar in exchange offices and local markets in the capital, Baghdad, reach 1435 dinars for purchase, and 1445 dinars for sale.
It is noteworthy that the Central Bank of Iraq decided on 19 December to amend the exchange rate of the dollar as follows:
1450 dinars per dollar is the purchase price of foreign currency from the Ministry of Finance.
1460 dinars per dollar the selling price of foreign currency to banks.
1470 dinars per dollar is the selling price of foreign currency to the public.
It is noteworthy that Prime Minister Mustafa Al-Kazemi said during the cabinet session held today, Tuesday, “We hope to stay away from auctions in the issue of the dollar exchange rate, as the decision was taken by the Central Bank according to a targeted vision and strategy, and we began to see the results on the growth of the monetary reserve, and on the classification of Iraq.” Credit internationally. ”
He added, “We look forward to speeding up the passage of the federal budget law, and the paragraphs it contains that address the needs of the poorest classes, and support service projects that affect the lives of citizens.”
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