The Iraqi Central Bank reduces the value of the currency against…
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The Iraqi economy is facing pressures, including the decline in oil prices (Archive)
The Central Bank of Iraq reduced the value of the dinar against the US dollar, in response to growing economic pressures, including the decline in oil prices.
The bank set the new official exchange rate at 1460 dinars to one dollar, instead of 1182 dinars to the dollar, which reduces the official value of the currency by about a fifth.
The central bank said that the decision was taken after the increasing economic crisis and the challenges facing the Iraqi economy in light of the continuing outbreak of the Corona virus.
He added in a statement that the political failures, dating back more than 15 years, exacerbated the crisis, stressing that the reduction would be one-time and not repeated, and that it aims to support public finances and public spending requirements.
The statement continued, “The Corona pandemic resulted in a deterioration in oil prices and a decline in oil revenues, and this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large amounts, in order to pay salaries and meet other spending needs related to services provided to citizens. “.
Reports in the past week of an imminent devaluation have led to a state of anxiety among Iraqis, fearing worsening living conditions and further worsening conditions.
On Friday, the Iraqi government expressed its dissatisfaction with the leakage of general budget data for 2021, which showed the trend to reduce the value of the currency against foreign currencies, and to reduce salaries in light of the pressures on the state budget.
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