Friday, June 21, 2024

Baghdad

Iraqi cabinet adopts new exchange rate for the U.S. dollar

 Iraqi cabinet adopts new exchange rate for the U.S. dollar

U.S. dollars and Iraqi dinars. Photo: Alsharqiya

Baghdad (IraqiNews.com) – The Iraqi Council of Ministers approved on Tuesday the decision of the Central Bank of Iraq (CBI) 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 Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the U.S. dollar against the Iraqi dinar, to be 1,300 dinars to one U.S. dollar,” Al-Shammari stated.

Earlier on Tuesday, the Iraqi Council of Ministers held its regular session, chaired by the Prime Minister, Mohammed Shia Al-Sudani.

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 Central Bank of Iraq (CBI) in the capital, Baghdad, to protest against the high exchange rate of the U.S. dollar.

The protesters demanded the Iraqi government to intervene urgently to limit the rise in the exchange rate against the U.S. dollar.