A government official confirms the control of the "Central" of Iraq on the stability of the exchange rate

by **claud39** Fri Jun 18, 2021 10:37 am

A government official confirms the control of the "Central" of Iraq on the stability of the exchange rate

June 18, 2021

A government official confirms the control of the "Central" of Iraq on the stability of the exchange rate 1024

Mubasher: The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, confirmed today, Friday, that the monetary policy of the Central Bank is able to control the stability of the exchange rate.

Salih said to the Iraqi News Agency (INA): "The monetary policy of the Central Bank of Iraq and its sufficient foreign reserves has the ability to intervene in the exchange market by meeting legitimate demands for foreign currency, in both its two forms, the monetary dollar and foreign transfers in foreign exchange, and for the account of bank customers from private sector traders seeking to finance their foreign trade of goods, services and various benefits.

The Prime Minister's advisor pointed out that this policy also has the ability to meet small commercial requests in the same foreign currency, which are being met additionally, which is also one of the important windows in stabilizing the exchange rate at its official borders, all of which leads to the stability of the general level of prices.

He added that controlling local liquidity levels by sustaining operations of sterilizing surplus local liquidity to achieve balance in the exchange market and in accordance with the objectives set by the amended Central Bank of Iraq Law No. 56 of 2004 will remain the practical course in correcting emergency price deviations and controlling and sustaining stability.

The Central Bank of Iraq had confirmed, earlier, the stability of the dollar exchange rate and the absence of any intentions to change it.

A central bank statement received by the Iraqi News Agency (INA) stated that "what is being circulated is not true, as the price chosen at the end of the year 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy."

The bank indicated that "its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests," stressing that "the price will stabilize as a result of the measures taken by the Central Bank recently and that it will take."

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