A government comment on the change in the dollar exchange rate after the rise in oil

A government comment on the change in the dollar exchange rate after the rise in oil

SUNDAY, 10/31-2021,PM 3:48

US Dollar-Iraqi DinarMazhar Muhammad Salih, the financial and economic advisor to Prime Minister Mustafa Al-Kazemi, commented today, Sunday, on the possibility of changing the dollar exchange rate against the Iraqi dinar, after the rise in oil prices.

Salih said, “Adjusting the dinar exchange rate in light of the improvement in oil revenues needs several requirements that the government must take. This requires the foreign currency to cover the local liquidity, and the superiority of foreign reserves over the cash reserve should not threaten the wealth of Iraq’s foreign reserves.” Shafak News.

He added that “foreign reserves should cover at least a number of import months, including at least 6 months, especially in the case of Iraq, which depends heavily on openness to foreign markets. If these factors are available, the issue of changing the exchange rate of the dollar against the Iraqi dinar can be studied.”

It is noteworthy that the Iraqi government reduced the value of the Iraqi dinar against the US dollar in the Federal Budget Law for the year 2021, as the exchange rate of the dollar reached 1450 dinars to the dollar, after its price was 1200 dinars to the dollar.

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