Iraqi financial advisor speaks out on Dinar exchange rate volatility

Shafaq News / Financial and Economic Advisor to the Iraqi Prime Minister, Mazhar Mohammed Saleh, commented today, Thursday, on the resurgence of the exchange rate of the dollar against the dinar in the local market.

Saleh stated to Shafaq News Agency that, "After the Central Bank of Iraq gained control over the exchange rate through its prudent monetary policy, facilitating external transfers in accordance with international compliance regulations, and the significant efforts made by the government in facilitating imports, there has been stability in the exchange rate, and the parallel market rate has become close to the official rate."

He added by emphasizing, "However, organized crime syndicates have exploited electronic travel cards illegally and unlawfully. These syndicates utilize citizens' passports to fraudulently issue electronic cards and smuggle them out of Iraq to finance illicit transfers and money laundering."

Saleh further stated, "The actions of these organized crime syndicates have temporarily disrupted the exchange rate in the local market. The government has taken deterrent measures against these criminal groups to curb this dangerous phenomenon of money smuggling, laundering, and manipulation of citizens' rights."

The financial and economic advisor to the Prime Minister affirmed that "the exchange rate in the local market will improve in the coming days, and the dinar will regain strength. The exchange rate will resume its decline until it reaches the official rate."

The exchange rates of the US dollar against the Iraqi dinar witnessed a significant rise today, Thursday, in the main stock exchange in the capital, Baghdad, and in Erbil, the capital of the Kurdistan Region, nearing the threshold of 150,000 dinars per 100 US dollars.