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Sunday, January 29, 2023

A protest was held near the Central Bank of Iraq building due to the depreciation of the national currency.

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Hundreds of demonstrators gathered near the Central Bank of Iraq demanded the government take measures to stabilize the depreciating local currency, the Associated Press reported.

Despite the heightened security presence, mostly young protesters gathered in central Baghdad to voice their concern over the depreciation of the dinar, which drove up commodity prices. Many of the protesters carried Iraqi flags and banners, and one of them was “Politicians are those who cover up financial corruption in the banks.”

Iraqi Prime Minister Sudanese Mohammed Shia January 23, the country accepts the resignation of the head of the Central Bank Mustafa Ghaleba Muhifa against the backdrop of the dinar’s continued depreciation. And about. central bank governor Muhsen al-Allaq.

Last week, the dinar fell to 1670 per dollar, hitting an all-time low. The Iraqi currency has lost almost 7% of its value since mid-November. At the same time, the official exchange rate for the dinar is 1470 dinars per dollar.

The devaluation of the dinar appears to be related to the New Year’s holiday, bank closures and pressure and tightening restrictions from Washington. The US controls the flow of dollars to Iraq because the republic’s foreign exchange reserves are held by the Federal Reserve System (FRS). Since the middle of last year, the Americans have taken a number of measures against Baghdad, including the inclusion of a number of Iraqi banks, primarily working with Iran, on the sanctions list.

Iraqi Foreign Minister Fuad Hussein On January 20, Rudaw told the news agency that a delegation from his home country would visit Washington in early February to discuss currency fluctuations with US officials.

In December 2020, the Central Bank of Iraq announced the devaluation of the national currency. The decision was driven by liquidity crunch, low oil prices and economic difficulties related to the COVID-19 pandemic. The depreciation of the dinar had a negative impact on the citizens who received their salaries in dinars, not dollars.

Source: Riafan

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