AL-NUSAIRI: OUR DINAR CONTINUES TO RECOVER UNTIL IT REACHES THE OFFICIAL PRICE.
Economic and banking advisor Samir Al-Nusairi confirmed on Sunday that the Iraqi dinar has been gradually recovering for several weeks due to internal and external reasons that have directly impacted controlling fluctuations in the US dollar exchange rate, regardless of the many reasons that led to its decline and its reaching 10 cents, after the difference between the official and parallel rates had been 20 cents for a long period.
Al-Nusairi pointed out that the main reason for the recovery is the reform policies of the Central Bank and the government in reforming the processes of regulating foreign trade financing, compliance with international standards, and regularity in the global financial system, as well as the new mechanisms for foreign transfers to secure imports and cover them in US dollars and other currencies by dealing directly with correspondent banks through more than 20 Iraqi banks that have opened accounts and banking relationships with these banks.
(Yes, getting off the sanctioned mode of the currency auctions process into regular banking practices like the rest of the world conducts. They are normalizing their financial system)
The Central Bank also succeeded in securing and providing 95% of the demand for the dollar at the official price and covering the needs of citizens for cash dollars and distributing it with transparency, fairness, and strict monitoring, which contributed to reducing the practices of speculators in the informal market.
(The other 5% is going to be completed by June and is not underway as we read about the success and results of doing this in other articles today.)
He added to the important role of the government in implementing its strategy in financial and banking reform, especially the implementation of paragraphs (1-7) included in the government program, in addition to removing opportunities for speculators to manipulate the exchange rate according to administrative, supervisory, and economic policies.
Al-Nusairi bet on the Iraqi dinar’s continued recovery through 2025, following the completion of the banking reform project’s objectives and the Central Bank of Iraq’s third strategy. He also noted that the government will continue implementing its reform and investment programs, attracting more foreign and Arab investments to the country, which have exceeded $88 billion, completing the development path, investing in gas, developing oil projects, and supporting the private industrial sector.
Al-Nusairi concluded his remarks by praising the programs and measures adopted by the Central Bank, which contributed to reducing inflation to 2.8% and maintaining the general price level, which is one of the objectives of monetary policy.