CBI measures to harness the dinar depreciation are mere "stopgap solutions": lawmaker

Shafaq News/ The Iraqi central bank's measures to quell the dinar depreciation are mere "stopgap solutions" that would not dampen the financial meltdown, lawmaker Ebtisam al-Hilali said on Wednesday.

The central bank has taken several measures to help stabilize the currency, including reducing the exchange rate for travel, ensuring a flow of dollars at the official rate, and inviting traders to buy foreign currency from authorized banks at the official rate.

"The central bank's solutions to harness the depreciation are merely stopgap solutions. It failed to brake the downward slide of the exchange rate that has hit a new low," she told Shafaq News Agency.

"Unless we take true measures, the US dollar exchange rate will soon surpass the threshold of 170,000 Iraqi dinars to 100," she added.

"I believe the bank should consider selling the US dollar directly to the citizens via the ration cards," the lawmaker explained, "each citizen can withdraw 2,500 dollars from a private or government bank once monthly at the official rate."

"if executed properly, this proposal will control the demand for the US dollars and restore the official exchange rate," she concluded.