CBI starts applying U.S. dollar new exchange rate
Packs of Iraqi dinars and a person counting a pack of US dollars. Photo: NRT
Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) announced it started on Wednesday applying the new exchange rate of the U.S. dollar, which is 1,300 dinars against one U.S. dollar, the state news agency, INA, reported.
The CBI mentioned in a statement that it will start selling and buying the U.S. dollar at the new official price on Wednesday, February 8, 2023.
The CBI announces its readiness to meet all legitimate requests of individuals, companies, projects and offices to achieve the bank’s goal of stabilizing the price levels to protect the purchasing power of citizens, especially since the new exchange rate allows lower prices of commodities for citizens, the statement added.
The exchange rates will be 1300 dinars per U.S. dollar through the Ministry of Finance, 1310 dinars per U.S. dollar to banks through the electronic platform, and 1320 dinars per U.S. dollar for end users through banks and currency exchange shops.
The Iraqi Council of Ministers approved on Tuesday the CBI proposal to amend the exchange rate of the U.S. dollar against the dinar, to be 1,300 dinars against one U.S. dollar.
Advisor to the Iraqi Prime Minister, Fadi Al-Shammari, considered the decision to adjust the exchange rate a step to achieve a promising economy and sustainable development.
The previous official exchange rate was 1450 dinars to one U.S. dollar, and a few days ago, the U.S. dollar was being exchanged in the black market at rate of 1550 dinars.
In January, the exchange rate of the U.S. dollar against the local currency recently reached 1610 dinars per dollar, while the official exchange rate remained 1459 dinars per dollar, with a gap between the two exchange rates of more than 10 percent.
In late January, demonstrations took place in front of the CBI’s headquarters in the capital, Baghdad, to protest against the high exchange rate of the U.S. dollar.
The protesters demanded the Iraqi government to urgently limit the rise in the exchange rate against the U.S. dollar.