Ahmed Brihi, a member of the Central Bank of Iraq’s Board of Directors, provided an explanation for the rise in the local market’s dollar exchange rate on Wednesday.
“The issue of the rise in the exchange rate of the dollar against the Iraqi dinar in the local market is not related to the bank’s measures, but rather due to the American restrictions imposed on the Central Bank and related to the electronic platform,” Brihi stated in a statement to
He continued, “The connection to the electronic platform that controls the floating of the currency in the market, where it is less than demand, and thus the dollar price will be raised, and the platform is controlled by the US Federal Reserve, which causes a difference from the official price is another reason related to the rise in the dollar exchange rate.”
In the stock exchanges and exchange shops in Baghdad’s capital and the governorates over the past few days, the dollar’s value against the dinar has increased significantly.
Under a variety of pretexts, the United States has worked to destroy the Iraqi currency by imposing sanctions on private banks and preventing the use of the dollar, resulting in a severe financial crisis in local markets.
