Central: The dinar will see a more recovery soon. And this is the reason for the decline of the dollar

{Economic: Al-Furat News} Advisor to the Central Bank of Iraq, Ihsan Al-Shammari, confirmed that the Iraqi dinar will witness a recovery soon and return to its official price or close to it, which is set at 1,320 dinars against the US dollar.

Al-Shammari said in a press statement: “We will witness a recovery of the dinar through the procedures of the Central Bank of Iraq and the government’s procedures to support the dinar and reach the official exchange rate, through the package of measures launched by the Central Bank to improve the performance of the currency sale window on the one hand, and the great cooperation between the government and the Central Bank in obliging companies and institutions to sell their services in Iraqi dinars at the official price, after it forced the public to sell in dollars, and the public is forced to request the dollar through the window and outside the window to obtain the dollar for the purpose of its requirements.”
He added that “the public can now pay services in Iraqi dinars at the official price,” adding that “the Iraqi dinar will soon return to stability and its normal situation, and close to its official price, which is 1320 dinars per dollar.”
Al-Shammari attributed the improvement in the value of the Iraqi dinar to “improve the performance of the coin sale window, to meet the requirements of foreign trade through the electronic platform, which ensures that traders receive the dollar to meet their requirements and supply goods to the country, instead of resorting to companies, cashiers and speculators to obtain the US dollar.”
The dollar exchange rate on local exchanges on Tuesday saw a new decline, in a sign of a recovery in the value of the Iraqi dinar against the US dollar.
It is noteworthy that on February 7, 2023, the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent of 1300 dinars per dollar, according to a statement issued by the Information Office of Prime Minister Mohammed Shiaa Al-Sudani.

The exchange rate of the Iraqi dinar against the US dollar has fluctuated for more than three months, and this led on February 2 to the decline of the exchange rate of the dinar to 1,750 dinars against the dollar.