The Iraqi Central Bank “loses control”… a continuous rise in dollar exchange rates

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The Iraqi Central Bank “loses control”… a continuous rise in dollar exchange rates
The Iraqi Central Bank “loses control”… a continuous rise in dollar exchange rates

According to the official spokesperson of the stock market in Sulaymaniyah, Kurdistan Region, the recent surge in the US dollar’s exchange rate against the Iraqi dinar highlights the Central Bank of Iraq’s inability to regulate the functioning of private banks in the country.

Jabbar Gorran held a press conference in Sulaymaniyah today, where he stated that the reason for the increase in the dollar’s price is due to both internal and external factors. The internal factors include the statements made by Iraqi officials, particularly the recent statements made by the Central Bank of Iraq, as well as the fear and anxiety felt by citizens due to the current situation. The external factors include the general situation in the region, with the ongoing events in Palestine being the most significant.

According to him, the recent increase in the value of the dollar over the past five days highlights the Central Bank of Iraq’s lack of control over private banks, as well as the local citizens’ lack of trust in the Iraqi currency.

During this period, he noted that the Central Bank of Iraq did not decrease its foreign currency supply. He also mentioned that Iraq’s situation is crucial to the United States, and all current decisions made by the US Treasury are in Iraq’s favor and must be followed.

On Tuesday, the US dollar surpassed 160,000 Iraqi dinars in Baghdad and Erbil, with the stock market closed.

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