The financial adviser to the Iraqi Prime Minister, Mazhar Mohammed Saleh, revealed that Iraq's foreign reserves touched $ 115 billion. Saleh stressed that "the adjustment of the exchange rate supports the rise in reserves, given that the 2023 budget will adopt the exchange rate approved by the Council of Ministers," pointing out that "the decision to amend the exchange rate of the Iraqi dinar against the dollar is commensurate with the current rise in the current account of the balance of payments to Iraq's GDP, which currently stands at about 15 percent, which prompted the policy Monetary to the need to adjust the exchange rate and raise the external value of the Iraqi dinar." He noted that "the decision supports the availability of official foreign reserves supporting Iraq touched 115 billion dollars, which provides standard coverage for Iraq's total foreign trade for nearly 20 months of import, while the global average is three months," explaining that "the decision to raise the value of the Iraqi dinar will combat activities and inflationary expectations that have worsened in the last three months, as the Central Bank of Iraq followed this time a strict pattern of monetary policy patterns that combat inflation by maximizing the value Foreign Affairs of the Iraqi currency, in order to impose stability in the general level of prices and its importance in stabilizing the monetary income of the public and maintaining living standards".
The Iraqi Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to amend the exchange rate of the dollar against the dinar, equivalent to 1300 dinars per dollar.
Source (Al-Arabiya.net, Edited)
