November 15, 2021 | banking

Economist Recommends Re-Valuing Iraqi Dinar


An Iraqi economist has said that re-valuing the Iraqi Dinar could be considered if certain conditions were met.

Dhurgham Mohamed Ali is quoted by Shafaq News as saying:

'The exchange rate of the dollar should be gradually reduced to 1,300 dinars [from the current 1,460 dinars] while keeping an eye on the cash transactions to preclude creating a black market, dollar smuggling, and tighten the control over imports.

'The outcomes of the devaluation were detrimental. The inflation rates grew, poverty rates soared, while development rates remained static and foreign currency smuggling exacerbated.'

The change proposed would increase the value of the dinar by just over 12 percent.

iraq-businessnews

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