The central bank hits the government’s most important justification for changing the exchange rate
The central bank hits the government’s most important justification for changing the exchange rate
2022-01-17
Yes Iraq: Follow up
The file of huge dollar sales through the Central Bank auction is one of the most important justifications and goals that the government talked about as a justification for raising the dollar exchange rate, but the large dollar sales have not been affected since the exchange rate change and continued to record sales figures equal to what was recorded in the past.
The matter did not continue to note economic observers of this lack of change, but the Central Bank confirmed that more than a year after the exchange rate change.
The Deputy Governor of the Central Bank, Ammar Hamad Khalaf, confirmed today, Monday, that the change in the exchange rate does not affect the daily sales of the dollar, while noting that the daily currency sale auction reaches 200 million dollars.
Khalaf said in a statement to the official agency and followed by “Yasin Iraq”, “The daily currency selling outlets and the exchange rate change did not affect the daily sales, and the main reason is that the Iraqi economy, by its nature, is a rentier economy, unilateral, and dependent on imports.”
He added, “All imported materials of goods and services that enter Iraq need foreign currency, for the purpose of importing goods, so the volume of sales of the Central Bank on this basis depends on the volume of imports entering Iraq.”
He pointed out, “Iraq’s economy is open due to weak local production, and this is the main reason that kept the currency window conservative, to some extent, on sales, to meet the real import that enters Iraq,” noting that “the daily currency auction amounts to approximately $200 million.” .
yesiraq.com
