Pressure On The Central Bank To Change The Exchange Rate Constitutes Interference With Its Independence
Samir Al-Nassiri After the announcement of the final election results, and for the political and self-serving interests of some influential figures, speculators, and traders who deal in illegal trade through direct transfers outside the controls of the Central Bank, official border crossings, and the new instructions for prior customs registration starting from 12/1/2025, which ensure control over the government’s customs revenues.
About a week ago, media pressure began, directed by some specialists, non-specialists, and self-proclaimed analysts who frequently appear on media channels with vested interests and on social media, with the aim of disrupting the Iraqi market, which has remained stable throughout 2025 due to the wise monetary policies and efforts made by the Central Bank, which maintained the general price level and kept the inflation rate below 1%, controlled the money supply, and built sufficient foreign reserves to cover the local currency in circulation and cover imports.
He is currently implementing an ambitious project for a comprehensive and radical reform of the banking sector. He receives continuous praise from the World Bank, the International Monetary Fund, and the US Treasury for the steps he has taken in implementing monetary policy over the past three years. Since December 19, 2020, when the exchange rate was adjusted by the Central Bank under pressure from the previous government, and up to the present time, the exchange rate of the dinar has continued to fluctuate up and down in the parallel market, even after it was adjusted again in 2023.
Due to the Central Bank’s measures mentioned above, relative stability has been achieved despite all the internal and external challenges, and all the speculators’ plans to weaken the purchasing power of the Iraqi dinar have failed.
We must also not forget, clearly and precisely, that there is an organized lobby working against achieving monetary stability, led and implemented by multiple entities linked to speculators and corrupt individuals who have a special agenda to weaken and harm the national economy by fabricating news and statements, spreading rumors and flawed and paid economic analyses, and turning them from reassuring news for the market and citizens into news that confuses the market and creates panic among citizens.
This is what is actually happening now, which requires clarification here, as it has been happening for about ten years.
Particularly after the financial and security shocks of mid-2014, a culture of reliance on the central bank to confront economic and financial crises and challenges became entrenched.
This is done by using its monetary policy tools and mechanisms to overcome the government’s liquidity shortage and its inability to pay salaries on time, as well as the failure of fiscal policy by relying on foreign currency reserves.
These reserves are not, in reality, the government’s reserves, but rather the central bank’s reserves, used to control the stability of the exchange rate, according to the target, and to address the balance of payments deficit.
The central bank has been burdened with the problems of other stakeholders, which is not its primary role. It is not responsible for the shortfall in non-oil revenues, the balance of payments deficit, the trade deficit, or the fluctuations in global oil prices. Therefore, foreign currency reserves have risen and fallen due to these flawed policies, which are not based on a clear and defined economic strategy or methodology.
Therefore, the return of stability to the exchange rate to its targeted and balanced rates will be achieved with the support of the concerned authorities in the government by activating other productive sectors, reforming the financial and banking sector, drawing up clear financial policies in coordination with monetary policy and its currently adopted applications and tools, and overcoming the challenges of achieving economic stability, which means achieving stability in the financial and monetary system.
This is not only the duty of the Central Bank alone, but it is a fundamental duty of fiscal policy and the government’s approach to managing the economy, activating sources of national income other than oil, supporting, protecting and encouraging local production, generalizing the activation of dealing in the Iraqi dinar in all internal cash trading activities, expanding the use of electronic payment methods and enhancing digital transformation.
In particular, it must be emphasized here clearly that all the pressures currently being exerted on the Central Bank to change the exchange rate are not a solution to address the liquidity shortage, but rather an interference in its independence and an abolition of its role and responsibility in its tasks and objectives as stated in its Law No. 56 of 2004, which is in force. https://economy-news.net/content.php?id=62737
The Dollar Stabilizes At The 143 Dinar Mark Against The “Paper”
Stock Exchange The exchange rate of the dollar against the dinar recorded a new decline in the markets of Baghdad and Erbil on Wednesday.
Baghdad Selling price: 143,000 dinars for 100 dollars Buying price: 141,000 dinars for 100 dollars.
Erbil Selling price: 141,000 dinars per 100 dollars Buying price: 140,700 dinars per 100 dollars.
https://economy-news.net/content.php?id=62744
Gold Prices Fluctuated In Baghdad Markets But Remained Stable In Erbil
Wednesday, November 26, 2025, 2:35 PM | Economy Number of views: 211 Baghdad/ NINA / Gold prices, both foreign and Iraqi, rose in Baghdad’s local markets on Wednesday, while remaining stable in Erbil.
The wholesale price of gold in Baghdad’s Al-Nahr Street markets this morning was 835,000 Iraqi dinars per
mithqal (approximately 4.5 grams) of 21-karat gold from the Gulf, Turkey, and Europe, with a buying price of 831,000 dinars. The selling price of 21-karat Iraqi gold was 805,000 dinars per mithqal, with a buying price of 801,000 dinars.
In jewelry shops, the selling price of 21-karat Gulf gold ranged between 835,000 and 845,000 dinars per mithqal, while the selling price of Iraqi gold ranged between 805,000 and 815,000 dinars per mithqal.
Gold prices in Erbil remained stable, with 22-karat gold selling for 880,000 dinars, 21-karat gold for 840,000 dinars, and 18-karat gold for 720,000 dinars. /End https://ninanews.com/Website/News/Details?key=1263896
The Central Bank Clarifies Its Decision To Classify Celebrities As “High-Risk Clients”
Localities The Central Bank of Iraq confirmed on Wednesday that classifying social media celebrities and influencers as being involved in money laundering was done to protect the national economy and does not represent a “restriction”.
Alaa Al-Fahd, a member of the bank’s media team, said that “the Central Bank of Iraq’s circular regarding the official warning to banks and financial institutions against dealing recklessly with social media celebrities and influencers, and classifying them as (high-risk and multiple-risk clients), is extremely important.”
Al-Fahd explained that “this category has become a new risk and threat to the financial sector, especially in the areas of money laundering, terrorism financing, and illicit financing, in addition to fictitious contracts and unjustified transfers, which necessitated issuing a set of instructions to protect the banking sector from any potential exploitation.”
He added that “this measure is a necessary step to protect the financial system from chaos and exploitation, after some influencers turned into a means of passing suspicious contracts, documents and transfers that are exploited in illegal activities.”
A member of the Iraqi bank’s media team confirmed that “these instructions do not represent a restriction, but rather a shield to protect the national economy, enhance confidence in the banking sector, and close the doors to any attempt to penetrate one of the most sensitive sectors in the country.”
The Central Bank of Iraq issued a warning to banks and financial institutions, directing them to classify social media celebrities and influencers as “high-risk and multi-risk clients”. https://economy-news.net/content.php?id=62758
Oil Prices Stabilize After Ukraine Peace Talks
Energy Economy News – Baghdad Oil prices stabilized on Wednesday after falling to their lowest level in a month in the previous session, amid growing signs that Ukraine is nearing a peace agreement with Russia, which could pave the way for an end to sanctions on Russian supplies.
Brent crude rose 19 cents, or 0.3%, to $62.67 a barrel, while U.S. West Texas Intermediate crude gained 14 cents, or 0.24%, to $58.09 a barrel.
The previous decline in prices came after Ukrainian President Volodymyr Zelensky told European leaders that he was prepared to move forward within a US-backed framework to end the war, indicating that few points of contention remained.
In the context of political moves, US President Donald Trump said he had instructed his representatives to hold separate meetings with Russian President Vladimir Putin and Ukrainian officials, while sources indicated the possibility of Zelensky visiting the United States in the coming days to finalize the agreement.
These developments come as Britain, Europe and the United States have recently tightened sanctions on Russia as part of an escalating pressure campaign, while India’s purchases of Russian oil are expected to fall in December to their lowest level in three years.
Oil prices also received limited support after expectations rose for a possible cut in US interest rates in December, following data indicating a decline in retail spending and a slowdown in inflation, which could boost economic growth and oil demand. https://economy-news.net/content.php?id=62732
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