The government’s Financial Advisor determines to / NINA / the reasons for the current high exchange rate of the dollar in the local markets and ways to reduce it

The government’s Financial Advisor, Mudhar Muhammad Salih, identified the reasons for the current high exchange rate of the dollar in the local markets and ways to reduce it.

He told the National Iraqi News Agency (NINA) that among the reasons for the rise in the exchange rates of the dollar in the local markets is the high spending in the Iraqi currency by citizens, merchants and the government, the increase in demand for the dollar and the establishment of new projects for the government, as well as the delay in approving the budget for six months, all of which are factors and effects led to this rise.

He explained that the cash reserve in dollars in the Central Bank of Iraq is good, with the continued flow of oil imports in dollars to the central bank, and therefore the central bank contributes to several close measures to re-exchange the dollar as specified in the budget, 1300 dinars against one dollar.

Source: National Iraqi News Agency