CBI determines the dollar price variables and the mechanism for disposing of oil differences

Baghdad - INA - Wisam Al-Mullah

The Central Bank determined today, Friday, the variables that are subject to the process of selling the dollar from the specified outlets, while revealing the mechanism for disposing of oil price differences.

Deputy Governor of the Central Bank, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency (INA) today, Friday: “Changing the dollar exchange rate is a well-studied step from several sides, and the decision to amend was taken only after extensive studies by the Ministry of Finance (the Financial Authority) and between the Central Bank (the Monetary Authority) and in agreement with important international institutions for a fair situation of the dollar,” noting that “the Central Bank reached this price.”  Which is the financial policy price of 1450, to which the central bank commission is added, as well as the bank’s commission, so there are three prices: the (financial policy) price of 1450 and the (central bank) sells 1460 to the banks, and in turn (the banks) sells to the public 1470.

He pointed out that “the exchange rate change is not due to the existence of a financial problem, and it was increased and when the price is reduced, but the exchange rate is a financial tool that has nothing to do with the immediate problem,” explaining that “the exchange rate change was long overdue, and it was supposed to be modified from 2010, and we hope that The price stabilizes, takes sustainability and restores economic activity in light of the current price.” 

He added that "the budget surplus due to the improvement in oil prices will help reduce the fiscal deficit, and he does not believe that it will help until the end of the year to bridge the deficit because it is large," noting that "there are proposals for the use of oil price differences for projects, governorates and others, but the opinion of the government and the parliamentary and financial authority That filling the deficit takes precedence over the expansion of spending.