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Adviser to the Prime Minister sets the conditions for re-exchange of the dollar to the previous rate

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, set the conditions for reconsidering the exchange rate of the dollar against the dinar and returning it to the previous rate.

Saleh told {Euphrates News} that “restoring the dollar exchange rate to its previous era requires a number of things and a period of time,” stressing “the country’s foreign currency reserves must be stabilized by addressing the budget deficit as well as improving the economy.”

He stressed that “this matter cannot happen in the short period according to the current economic fluctuations and the general economic policy, which is difficult for anyone to speculate on its current conditions.” The exchange rate was previously between 2006 and 2008, according to the Iraqi reserves of foreign currency.

It is noteworthy that the Central Bank of Iraq decided on January 19 last to make a significant change in the dollar exchange rate, as follows:
1450 dinars per dollar, the purchase price of foreign currency from the Ministry of Finance.
1460 dinars per dollar, the price of selling foreign currency to banks.
1470 dinars per dollar, the price of selling foreign currency to the public.

The Central Bank’s decision caused a rise in prices for foodstuffs, consumer goods and commodities, which negatively impacted the standard of living of citizens and exacerbated unemployment.