Baghdad:Central Bank of Iraq Governor Nizar Nasser Hussein announced that reports about the printing of new currency are inaccurate, emphasizing that the gap between the official exchange rate and the parallel market rate has reduced to 9 percent.
According to Iraqi News Agency, the Media Office of the Council of Representatives reported that the Investment and Development Committee, led by senior member MP Nahida al-Daini, visited the Central Bank of Iraq. The visit aimed to discuss the impact of the dollar exchange rate changes on investment, the economy, and the challenges faced by investors and local companies.
The committee reviewed the Central Bank’s initiatives to support the Iraqi economy, which include providing subsidized loans to citizens through public and private banks, ranging from 5 million to 15 million dinars. Governor Hussein confirmed that no new currency is being printed, asserting that previous reports on the matter were inaccurate. He also noted that the gap between the official exchange rate and the parallel market rate, which was once 24 percent, has now narrowed to 9 percent.
The committee underscored the necessity of minimizing the effects of exchange rate fluctuations on investment project costs, raw material prices, and contractual obligations. It stressed the importance of maintaining market stability and protecting citizens’ purchasing power by finding balanced solutions that align monetary stability with economic and investment protection. Furthermore, the committee highlighted the need for enhanced coordination between the Central Bank, government entities, and the banking sector to remove hurdles for investors and simplify bank financing procedures, ensuring the continuation of investment projects without additional burdens on investors and citizens.
The committee also emphasized that stable monetary policy and clear banking procedures are essential for fostering a conducive investment environment. It affirmed its commitment to monitoring key economic issues and developing recommendations that support investment, safeguard citizens’ interests, and bolster the national economy.