24 – Dr. B. a.
Today, Sunday, the Central Bank of Iraq confirmed that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, noting that the economic circumstance is the main criterion for changing the exchange rate.
The Iraqi News Agency (INA) today quoted the Deputy Governor of the Central Bank, Ammar Khalaf, as saying that there is no justification for changing the exchange rate at the present time, explaining that “changing the exchange rate remains within the monetary authority’s policy and according to circumstances.”
He pointed out that “during the years from 2004 until now, the exchange rate has changed more than once, depending on the circumstances, whether to increase or decrease.”
He added that “the economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3 to 5 years, and it is the economic conditions that determine what is the appropriate decision that fits the time period at the time.”
He stressed that “the exchange rate is within the monetary policy and is within the competence of the Central Bank exclusively, and when it sees that there is a need to think about changing the exchange rate, but currently there is no justification or need to modify it.”
He explained that “monetary policy, one of its advantages is flexibility in general, and it is not good to change the exchange rate quickly because it confuses markets and weakens the economy.”