Earth News

Economic Adviser To The Prime Minister Outlines The Reasons For The Rise In Dollar Prices

Today, Saturday, Mazhar Muhammad Salih, the economic advisor to the Prime Minister, outlined the reason behind the rise in dollar prices.

Saleh told Earth News Agency, “The dollar’s rise against the dinar came mainly due to an international regulatory measure as a result of the compliance controls imposed by the global banking system on foreign remittances funded for the country’s trade in foreign currency, specifically in the dollar currency transferred abroad.”

He added, “The monetary authority in our country is working hard to facilitate external transfers and meet the demand for foreign exchange, thanks to the large reserves of foreign exchange that Iraq currently possesses, whose balance exceeds $90 billion, and at the same time represents a financial force that has the ability to cover 20 import months in one year, which is A level that exceeds the approved global average between 3-6 months.

Saleh continued, “The Central Bank of Iraq is working hard to mitigate the impact of international control restrictions and their price effects, and it is in the process of taking appropriate measures to facilitate external transfer tasks and stabilize the exchange rate by meeting the demand for foreign exchange with the available legal and regulatory banking means, tools, and procedures.”