Foreign currency exchange slides, Iraq’ central bank said

Shafaq News / the Central Bank of Iraq on Thursday, announced decrease in the foreign currency exchange.

Shafaq News Agency correspondent said that the foreign currency auction of the Central Bank of Iraq recorded a decrease to 3 million 225 thousand dollars which the bank covered at an exchange rate of 1460 dinars per dollar.

He added that the sales operations were in the form of wire transfer and credits.

Last December, Iraq’s central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices, the bank said on Saturday.

The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources.