Today, Sunday (December 24, 2023), a government source revealed measures by Prime Minister Muhammad Shiaa Al-Sudani to reduce the dollar exchange rate to its official price (1,320 dinars).
The source stated to “Baghdad Today” that, “In light of the positive developments witnessed by the exchange market in the interest of economic stability, the Prime Minister directed the formation of a joint (Iraqi-Turkish) committee representing market forces and Iraqi and Turkish economic organizations between the two countries and including, on the Iraqi side, the Association of Iraqi Banks.” The private sector, the Iraqi-Turkish Business Council, the Federation of Iraqi Chambers of Commerce, the Iraqi Contractors Union, and its counterpart from the Turkish side, and the committee meets semi-annually and submits its reports to the Prime Minister, in a way that serves the strategic partnership between the two neighboring countries.
Al-Sudani also directed, according to the source, “to open a direct dialogue on the issue of (the equal deal) through direct negotiation with the Turkish Exporters Union and the Turkish Central Bank in coordination with the Central Bank of Iraq due to the Turkish party’s high desire to pay in the local currency, to finance part of the four price support baskets.” Food, pharmaceutical, construction, spare parts) proposed by the Prime Minister in his defense policy for price stability in Iraq.”
It is noteworthy that the dollar in local markets is witnessing a noticeable decline, as it recorded 150,000 dinars to the dollar this evening, Sunday.
Media Advisor to Prime Minister Hisham Al-Rikabi said, “The battle with the dollar is nearing its end.”
Al-Rikabi wrote in a tweet on the (X) website this evening, “The will of the Sudanese government to carry out reform within the financial institutions in Iraq and the insistence on correction were important factors in strengthening confidence between Baghdad and Washington, and constituted a positive step in achieving success within the banking sector, as we said previously.” We confirm this today: our battle with the dollar is nearing its end.”
