Iraqi government announces plan to stabilize exchange rates

Iraqi government spokesperson Haider Al-Abboudi announced on Wednesday a governmental strategy aimed at reducing the parallel market exchange rate of the US dollar to 1550 dinars, confirming that the executive authorities and the central bank are continuing to work within well-studied plans to achieve this goal in the near term, contributing to narrowing the price gap and enhancing financial and monetary stability in the country. Al-Abboudi explained that these orientations rely on providing sufficient and secured balances at the Central Bank of Iraq, which ensures financing foreign trade operations with high smoothness and meeting all import requirements for the local market without obstacles. Regarding financial transactions preceding the adjustment of the official exchange rate, the official spokesperson stressed the completion of their coverage and securing the necessary financial allocations to settle them based on the old rate in commitment to legal and financial standards. He pointed out that the Council of Ministers approved during its twenty-third session a decision exempting imported foodstuffs and medicines from customs duties starting from the seventh of October 2026.