The Iraqi government described the exchange rate appreciation as “temporary” and said it “assures all citizens that Iraq’s financial situation is at its best”, following a statement by the Central Bank on the matter.

The government said in a statement that “the appreciation of the exchange rate is temporary as a result of a change in the mechanism by which the central bank’s window for selling foreign exchange operates” and added that it “assures all citizens that Iraq’s financial situation is in best condition.”

The government called on “all dealers, including investors and sellers, to cooperate with banks and the central bank, operating under the commercial conditions in force throughout the world, and importing under documentary letters of credit, as this provides a guarantee for the importer, preserves his rights, ensures the import of goods and allows him to use banking services to cover the cost of the loan. According to the statement.

In a statement, the government said it reaffirms “its commitment to maintaining the stability of the local market by maintaining the stability of the dollar’s exchange rate against the Iraqi dinar, and supports the central bank’s steps in this regard.”

And the “Iraq Center” earlier issued a statement on the appreciation of the dollar against the dinar and said in a statement that the slight appreciation of the dollar in local markets in previous days was due to several factors, including the creation of an electronic platform, through which banks collect requests from their customers.

He noted that a few months ago he began the construction of this platform in coordination with international bodies in order to tighten and organize the operations of the window for buying and selling foreign currency and ensure effective control over it.

He attributed many of the bugs he found to “the novelty of using this platform.”

In a statement, the Central Bank described the state of its reserves and the solvency of the state as a whole as “excellent and at the best level in recent decades.”

Source: RT

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Robin Jackson is the editor-in-chief at 24PalNews. As an editor and author who covers business and finance, Robin shares the latest business news, trends, and insights with his extensive audience.

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