Baghdad Minister of Finance Ali Abdul-Amir Allawi confirmed that the process of changing the dollar exchange rate contributed to reforming the economic system.
Allawi said in a press statement: “Iraq’s financial policy during a year and a half passed through five exceptional circumstances, and we entered, at the beginning of the government’s work, without any financial safety valve.”
He added, “The Iraqi economy has changed since 2019, noting that the Coronavirus crisis led to the collapse of oil prices and increased unemployment.”
He continued, “We worked as a government policy to control expenditures that were reflected in state revenues.”
The Minister of Finance stressed: “The process of changing the exchange rate was not easy, and the dollar exchange rate should have been changed years ago, and this contributed to reforming the economic system.”
He pointed out: “Our fiscal and monetary policy is reformist and must continue, and it aims at balancing oil and maximizing other resources.”
He said: “We have started with correct reform work, starting with banks and customs, and we have come out safely from the difficult economic situation.”
Source: National Iraqi News Agency