The Central Bank reviews the "results" of the current exchange rate

2022-02-19 | 12:08

The Central Bank of Iraq considered, on Saturday, that the exchange rate achieved many positive results, warning of an economic stagnation due to the repetition of the price change.

An authorized source in the Central Bank said in a statement, "The current exchange rate has achieved many positive results, the most prominent of which was reducing the state's general budget deficit to achieving a surplus at the end of 2021, and giving local producers and investors an important competitive advantage with imported goods."

He added that "the repetition of changing the exchange rate within short times without studying by the concerned authorities, leads to economic recession, confuses the work of local markets, increases speculation on foreign currency, and squanders the gains made by the current exchange rate."
 
The source pointed out that "despite the rise in global oil prices of an unstable nature, there is no connection between this rise and the objectives of changing the exchange rate and its results," stressing that "the current rise in oil prices will enable the Iraqi government to rebuild the Iraqi economy properly, And building sufficient financial buffers to counter any future fluctuations in international oil prices.

Today, Saturday, the House of Representatives hostedGovernor of the Central Bank of Iraq, Mustafa GhalibAnd his deputy, after he set a few days ago a date for a meeting with the Minister of Finance and the Governor of the Central Bank in order to discuss the dollar exchange rate.

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