Baghdad:Prime Minister Ali Al-Zaidi has revealed a comprehensive plan to address the current dollar exchange rate gap in Iraq. The government aims to restore the rate to 155,000 dinars per 100 dollars or even lower, by boosting the supply of US currency and securing additional financial tranches.

According to National Iraqi News Agency, Al-Zaidi, in a televised interview with the Iraqi News Channel, highlighted that the government has already increased the cash dollar supply from $140 million to $500 million per month. The objective is to further raise this supply to over $1 billion monthly, with an eventual target of $2.5 billion in secured tranches to close the exchange rate gap.

Al-Zaidi also commented on US concerns over the potential misallocation of dollars to certain factions, which has influenced the current volume of cash supplies. The government is working to increase these supplies to align the official exchange rate more closely with the parallel market rate.

Additionally, Al-Zaidi critiqued the previous decision to devalue the dollar, noting that it failed to benefit the average citizen and instead favored speculators. He suggested that an improved exchange rate could bolster the industrial and agricultural sectors, enhancing the competitiveness of Iraqi products against the influx of surplus goods from neighboring countries.