Central Bank to “Information”: The rise in the price of the dollar is linked to this reason

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Central Bank to “Information”: The rise in the price of the dollar is linked to this reason

Today, on Wednesday, a member of the Board of Directors of the Central Bank of Iraq, Ahmed Barihi, stated that the increasing price of the dollar in the parallel market is a result of a mismatch between demand and external transfers. This information pertains to Baghdad.

According to a statement by Berhi, the Central Bank is not responsible for distributing budget funds to the governorates. This task falls under the purview of the Ministry of Finance, which has a program in place to disburse funds to the governorates and approved projects as per the federal budget.

He stated that the belief that the shortage of cash liquidity is the reason for not sending complete funds to the governorates and budgeted projects is erroneous. He clarified that the Central Bank does not have any financial issues or difficulties with cash liquidity.

According to Berihi, the rise in the dollar exchange rate in the parallel market is mainly due to the high demand for goods and commodities in exchange for the absence of external financial transfers.

In recent times, America implemented measures to undermine the Iraqi currency by placing sanctions on Iraqi banks and prohibiting the use of the dollar for various reasons. These actions have resulted in a significant financial crisis in the Iraqi markets.

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