The Central Bank denies expectations attributed to it indicating that the exchange rate has reached 170 thousand dinars for 100 dollars.
The Central Bank denies expectations attributed to it indicating that the exchange rate has reached 170 thousand dinars for 100 dollars.
2023-10-05
The Central Bank of Iraq clarified on Thursday that citizens’ deposits in Iraqi banks in US dollars are a guaranteed right for the citizen.
The Central Bank said in a statement that “the statements attributed to the Director General of the Department of Investments and Foreign Transfers, Mazen Sabah Ahmed, at Reuters, included press formulations that the agency reported in an inaccurate form.”
The statement quoted Ahmed as saying, “The Central Bank guarantees dollar deposits, and the citizen who deposited his money in dollars with any Iraqi bank previously or by 2024 has an inherent right to receive these amounts in cash and in US dollars.”
He added, “There was no mention in the press interview of expectations that the exchange rate would reach 1,700 and that the Central Bank has its tools that it uses to reduce the difference between the two prices. There are no indications that the exchange rate in the parallel market will reach this level. On the contrary, there are measures being taken that will contribute to… Reducing the difference.
He pointed out that “the reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and the banking system in general with international compliance standards, in a way that prevents the dollar from reaching parties prohibited from obtaining it or speculating with it.”
He pointed out that “the declaration that the date of 1/1/2024 will be the beginning of stopping cash withdrawals includes transfers received only from outside Iraq according to certain arrangements that guarantee business sustainability, and does not in any way include citizens’ balances in US dollars.”
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