Iraq's president: the new exchange rate would boost the dinar's value

Shafaq News/ On Wednesday, the Iraqi President, Abdul Latif Rashid, praised the government's approval of the new exchange rate.

Yesterday, the Iraqi Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to set the Iraqi Dinar (IQD) to U.S. Dollar (USD) exchange rate at 1300 IQD per 1 USD, the purchase price from the Ministry of Finance, 1310 IQD per 1 USD, the sale price to the banks, and 1320 IQD per 1 USD, the sale price by banks and financial institutions to the final beneficiary.

"We support the government and the Central Bank measures. setting a new exchange rate positively affects the standard of living and boosts the value of the national currency." The Iraqi president said on Twitter.

It is worth noting that the Iraqi dinar had been selling at 1,470 dinars against the dollar before the New York Federal Reserve introduced tighter controls on international dollar transactions by Iraqi commercial banks in November.