Iraq’s Central Bank announced Wednesday that the decision to adjust the value of the dollar against the Iraqi dinar was an urgent precautionary measure, aimed at reducing the shortfall and increasing revenues.
Haider Ghazi, director of media at Iraq’s Central Bank, said in a television interview: Iraq is currently in a complex and difficult situation due to the closure of the Strait of Hormuz and the decline in oil exports, which has led to a decrease in revenues.
He also said: The decision to adjust the value of the dollar and foreign currencies against the Iraqi dinar is an urgent precautionary process, aimed at maintaining the financial side and providing the budget’s needs.
He also noted: Despite its negative effects at present, the decision was made to prevent greater damage that Iraq may face in the future.
The director of media at Iraq’s Central Bank also stressed that adjusting the dollar exchange rate will, in the future, create a revival of industry and national production by increasing output and relying on domestic goods instead of imported quantities.
Haider Ghazi concluded by stressing that the Iraqi government is working to control the borders, tighten procedures for inspecting goods, and regulate their entry in accordance with legal and official channels.
