The Governor of the Central Bank of Iraq, Ali Al-Alaq, expected, on Tuesday, a decrease in the exchange rate of the parallel dollar (market rate and local banks) during the coming period.
Al-Alaq told Shafaq News that “the central bank has launched multiple packages of measures, and that the packages launched are being seriously dealt with to control the exchange rate of the parallel dollar.”
Al-Alaq pointed out that “the central bank’s procedures are continuing to control the exchange rate, and we expect a decrease in the parallel exchange rate.”
The parallel rate means the exchange rate of the dollar in the market and the banks and not the official price set at 1132 dinars to the dollar according to the decision of the Board of Directors of the Central Bank of Iraq approved by the Council of Ministers.
The Central Bank of Iraq issued three reform packages that it said came with the aim of addressing the rise in dollar exchange rates.
Despite the Central Bank’s procedures and its approval of an exchange rate of 1132 dinars to the dollar, the exchange rates of the dollar still range in the markets between 1155 and 1158 dinars to the dollar.