The Central Bank of Iraq announced on Wednesday that it possesses abundant and sufficient foreign reserves to cover all needs and requests related to foreign currency. In a related context, the bank issued an official statement explaining that in light
of current economic and financial conditions, and based on directives issued by the Council of Ministers, it was decided to make adjustments to the exchange value of the Iraqi Dinar against the US Dollar, in response to the financial requirements
of the general state budget, and in line with the legislation organizing the work of the monetary institution in accordance with Law No. 56 of 2004 and its amendments. The newly adopted mechanism included setting the purchase price of the
US currency from the Ministry of Finance at 1500 dinars per single dollar, while the selling price to banks is 1510 dinars, reaching a selling price to the public estimated at 1520 dinars per dollar. The monetary institution reaffirmed that
the balances and reserves available to it have the full ability to meet all requirements for financing foreign trade, as well as settling financial transactions for bank cards used abroad and providing cash amounts for travelers. The statement concluded by
confirming the commencement of implementing the newly introduced exchange rates and instructions starting from today.
