Central Bank Explains Dollar Exchange Rate Hike, Assures Foreign Currency Availability

The Central Bank of Iraq announced on Saturday that the rise in dollar exchange rates in local markets is attributed to speculation, expectations, and the misuse of prevailing geopolitical conditions in the region. In a statement responding to media reports concerning price increases and market slowdown, the bank affirmed it possesses sufficient foreign exchange reserves to meet all demands for foreign currency. These demands cover foreign trade financing, bank card settlements, and travelers' cash dollar requests at the officially adopted exchange rate. The bank emphasized that this local exchange rate increase stems from market speculation, expectations, and the exploitation of geopolitical circumstances by certain beneficiaries seeking to disrupt economic and financial stability. It also confirmed its ongoing commitment to financing foreign trade through approved channels and for designated purposes, ensuring smooth imports and meeting domestic market requirements. The bank urged citizens to rely exclusively on its official information and data, cautioning against following unverified news from unreliable sources. It highlighted that complaints and inquiries can be submitted via its official website in the event of any violations.