Iraqi Parliament supports CBI’s measures to control exchange rate
The Central Bank of Iraq. Photo: INA
Baghdad (IraqiNews.com) – The Iraqi Parliament’s finance committee reaffirmed on Tuesday its endorsement of the Central Bank of Iraq’s (CBI) exchange rate management initiatives.
The head of the Financial Committee in the Iraqi Parliament, Attwan Al-Attwani, told the Iraqi News Agency (INA) that the committee renews its support for the Central Bank’s measures to control the exchange rate and overcome challenges.
Al-Atwani also denied circulating news that the CBI governor, Ali Mohsen Al-Alaq, would be relieved of his post.
The CBI announced last February that it started applying the new exchange rate of the US dollar, which is 1,300 dinars against one US dollar.
The previous official exchange rate was 1450 dinars to one US dollar, which was being exchanged in the parallel market at a rate of 1550 dinars.
In January, the exchange rate of the US dollar against the local currency reached 1610 dinars, while the official exchange rate remained 1450 dinars per dollar, with a gap between the two exchange rates of more than 10 percent.
Al-Alaq succeeded the former CBI’s governor, Mustafa Ghaleb, after the Iraqi Prime Minister, Mohammed Shia Al-Sudani, relieved him of his post last January.
Al-Alaq mentioned in February that the CBI is determined to stabilize the exchange rate of the US dollar.
The CBI announced in September that it will limit all domestic trade transactions to the local currency starting next year.