The Ministry of Finance issues an important notice regarding the dollar exchange rate
The Ministry of Finance issues an important notice regarding the dollar exchange rate
TUESDAY, 05-10-2021,PM 1:12
Today, Tuesday, the Ministry of Finance confirmed that the change in the exchange rate contributed to increasing the foreign reserves of the Central Bank of Iraq to 60 billion dollars in April 2021, after it was 54 billion dollars in December 2020.
The ministry said in a statement received by Noon News Agency, that it “continually followed up the indications of devaluation of the currency against the dollar and over the past nine months, and the indications showed that the change in the exchange rate contributed to increasing the foreign reserves of the Central Bank of Iraq to 60 billion dollars in the month of April 2021, After it was $54 billion in December 2020, this came after implementing reform measures.
She added, “The change in the exchange rate also helped reduce the demand for foreign currency, which was positively reflected in the decrease in imports and the increase in domestic production.”
And the ministry continued, “The indicators showed a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis of the spread of the COVID-19 virus. It also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.”
She pointed out that “the ministry is working to reinvest the generated revenues with the aim of building a targeted production base outside the oil sector, and relying on other sectors, which will contribute to a decrease in demand for the dollar as a result of compensating some of the goods produced, which made the proportion of imports to local consumption decline.”
She pointed out that, “since the formation of the current government, the ministry has adopted plans and mechanisms to work on reforming Iraq’s fiscal policy, and culminated in the adoption of the reform paper, the white paper that outlined future economic and financial policy steps to advance local production and reduce imports for the country. This procedure also contributed to improving the situation of the public budget and reducing imports.” Orientation towards encouraging local product and providing job opportunities.
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