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A Consultant Confirms... It Is Impossible To Restore The Dollar Exchange Rate To Its Previous Position
On August 15, 2022
The Independent/- Haitham Al-Jubouri, Technical Adviser to the Prime Minister, confirmed that it is impossible to restore the dollar exchange rate to its previous position.
Al-Jubouri said during an interview with colleague Ahmed Al-Tayeb, who was followed by The Independent, that
"returning to the old exchange rate is a fantasy, as
the losses that Iraq will pay in the event of a return will be more than the dollar's survival at its current price." Al-Jubouri added,
"We have to say how the strength of the Iraqi dinar can be restored, against the dollar, but not by a government decision, and
this matter is achieved through supply and demand." He stressed that
"the only source of dollars at the present time is the Central Bank, for what it receives in dollars from the Ministry of Finance, for Iraqi oil sales." He pointed out that
“the currency sale window cannot be stopped by the state, as it considers the department to withdraw the dinar and pump the dollar, as it delivers the dinar to the Ministry of Finance and receives the dollar instead, and then the ministry distributes the dinar in various forms, including salaries as well as investment projects.”.[/b]
A Consultant Confirms... It Is Impossible To Restore The Dollar Exchange Rate To Its Previous Position
On August 15, 2022
The Independent/- Haitham Al-Jubouri, Technical Adviser to the Prime Minister, confirmed that it is impossible to restore the dollar exchange rate to its previous position.
Al-Jubouri said during an interview with colleague Ahmed Al-Tayeb, who was followed by The Independent, that
"returning to the old exchange rate is a fantasy, as
the losses that Iraq will pay in the event of a return will be more than the dollar's survival at its current price." Al-Jubouri added,
"We have to say how the strength of the Iraqi dinar can be restored, against the dollar, but not by a government decision, and
this matter is achieved through supply and demand." He stressed that
"the only source of dollars at the present time is the Central Bank, for what it receives in dollars from the Ministry of Finance, for Iraqi oil sales." He pointed out that
“the currency sale window cannot be stopped by the state, as it considers the department to withdraw the dinar and pump the dollar, as it delivers the dinar to the Ministry of Finance and receives the dollar instead, and then the ministry distributes the dinar in various forms, including salaries as well as investment projects.”.[/b]
