Central Bank of Iraq stresses reserve adequacy and meets currency demands

The Central Bank of Iraq confirmed, on Wednesday, the adequacy of its foreign reserves to meet all demands for foreign currency. An official statement noted that, given the current economic and financial conditions, and based on the recommendation of the Council of Ministers, the Central Bank decided to adopt an amendment to the exchange rate of the Iraqi Dinar against the US Dollar, to meet the financial requirements of the general state budget and in line with the provisions of the Central Bank of Iraq Law No. (56) of 2004 as amended, as follows: the purchase price of the US Dollar from the Ministry of Finance is 1500 dinars per dollar, the selling price of the US Dollar to banks is 1510 dinars per dollar, and the selling price of the US Dollar to the public is 1520 dinars per dollar. The Central Bank of Iraq affirmed the adequacy of its foreign reserves to meet all requests for foreign currency to finance foreign trade, settle banking cards abroad, and cash sales to travelers. It indicated that the new exchange rates went into effect starting today.