C.B.I. issues a clarification on the skyrocketing dollar

Shafaq News / the Central Bank of Iraq (C.B.I.) issued a clarification on the recent surge in the U.S. dollar against the dinar, in the central stock exchange and local markets, during the past days.

C.B.I., confirmed that it continues to "meet the legitimate requests for the U.S. dollar from the official outlets licenced by it and at the official rate of (1320) dinars."

Furthermore, the bank urged citizens to report any instances of paying a price higher than the official rate by e-mail ([email protected]), so that the bank or exchange company will be held accountable and compensate for the price difference.

The exchange rates of the U.S. dollar continued to rise against the Iraqi dinar on Sunday in the markets of Baghdad and Erbil, touching 154,000 dinars per 100 dollars.

This rise began after the U.S. Treasury Department imposed sanctions on 14 Iraqi banks on Wednesday, July 19, in a campaign to prevent the dollar from reaching Iran.

As a result, the C.B.I. decided to prohibit sanctioned banks from dealing in dollars, stating that the sanctions were imposed as a result of auditing transfers dating back to 2022, prior to the implementation of the electronic platform, and the formation of the current government.