Baghdad A specialist in the management of state institutions in crises, Ali Jabbar Al- Fraiji, confirmed that the dollar exchange rate broke the dinar exchange rate as a result of the decisions of the Central Bank and the Ministry of Finance.

Al-Fraiji said in a statement to the National Iraqi News Agency / NINA / that “the value of the local currency is an important factor in economic construction, and the strength of the local currency is one of the manifestations of the economic strength of any country and this strength is determined by several factors, foremost of which are economic factors, including that the value of the currency is determined by what this country has like natural wealth and reserves (oil, minerals, gas and other wealth…), the value and strength of the currency is also based on the size of the monetary reserves, the country’s production and export capacity, and in the modern era, political and military factors also have an impact on the value and strength of the local currency.

Al-Fraiji pointed out that the decision to devalue of the dinar (the local currency) with the economic justifications presented by the Central Bank and the Ministry of Finance did not achieve the goals they invoked as evidence of the local market movement and the turbulent economic reality we live in now.

He added, “The effects of this unjustified rise in the value of the dollar against the dinar have become a factor of confusion in the local market, accompanied by many economic distortions that are added to the list of previous distortions, including the unrealistic rise in the real estate market, as well as the effects on the prices of goods and services that have become a commodity controlled by many greedy traders.

Source: National Iraqi News Agency