Iraqi central bank to reduce the Iraqi dinar's value against the dollar

Shafaq News / The Parliamentary Finance Committee revealed that a decision had been taken by the Central Bank to officially reduce the value of the Iraqi dinar against the dollar, starting next Sunday.

A member of the committee, Abdul Hadi al-Saadawi, told Shafaq News agency, "The governor of the Central Bank, Mustafa Ghaleb, informed the Parliamentary Finance Committee during that he will officially start from next Sunday to reduce the value of the dinar, to be 145 thousand dinars per 100 dollars", adding, "The Financial Committee informed Ghaleb of its objection to the devaluation of the dinar, because that would negatively affect the citizen's life."

It is noteworthy that the exchange rate of $ 100 reached 136,000 dinars yesterday, Thursday, in Iraq's local markets, after the leakage of the budget law draft.

Observers expect that the prices of goods in the country will rise by about 20% if the dinar's value decreases, while The Iraqi Ministry of Planning estimates that the poverty rate has risen to more than 30%, due to the repercussions of COVID-19.

The government seems to be seeking to achieve an abundance of funds, as it pays the salaries of employees in Iraqi dinars while it receives revenues from the sale of oil in dollars.