The Central Bank: Changing the exchange rate within short times... confuses the work of local markets

Saturday 19 February 2022 20:52
 
Baghdad / NINA / - The Central Bank of Iraq confirmed that changing the exchange rate within short times... confuses the work of local markets.

An authorized source in the Central Bank said in a statement that 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 explained that despite the rise in international oil prices of an unstable nature, there is no link between this rise and the objectives and results of changing the exchange rate.

He pointed out that the current rise in oil prices will enable the Iraqi government to properly rebuild the Iraqi economy, and build sufficient financial buffers to face any future fluctuations in international oil prices./End 3

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