CBI: The Iraqi Reserve is still in good standing

Baghdad - INA

Central Bank Governor Mustafa Ghaleb Makheif revealed today, Sunday, that the Ministry of Finance officially requested an increase in the exchange rate to 1450 dinars against the dollar, stressing that the Iraqi reserves of hard currency are still good.

“The Ministry of Finance has officially requested an increase in the exchange rate to 1450 dinars against the dollar, which led to market turmoil these days,” he said, for the tenth program, which will be shown today on the Iraqi News Channel, indicating that “the Central Bank requested the presence of the Minister of Finance to clarify the reasons for raising the exchange value the dollar against the dinar.”

He added, "The World Bank had asked Iraq in 2014 to raise the dollar exchange rate to 1500 dinars," affirming that "Iraq's position on hard currency reserves is still good."

The governor of the central bank said, "The high exchange rate of the dollar has affected the Iraqi market and the poor classes will be affected. The Ministry of Finance is responsible for supporting these classes, as it will double the amounts of social welfare."

He called on the Ministry of Finance to "enhance customs revenues and accelerate the automation of customs and border crossings to maximize state revenues."