Central Bank Affirms Strict Commitment to Providing Foreign Currency at the Official Rate

In light of the fluctuations occurring in parallel markets, the Central Bank of Iraq issued a statement emphasizing its firm and categorical commitment to meeting all legitimate requests for obtaining foreign currency at the prescribed official rate. The Bank confirmed the continuous and smooth operation of financing foreign trade through the electronic platform, noting that the slight increases witnessed in the parallel market (which touched 154,000 dinars) do not reflect the strong position of the growing foreign cash reserves. The Central Bank urged citizens and merchants to rely exclusively on approved official banking channels and to avoid being drawn into rumors and speculations managed by illegal entities. Furthermore, security and economic authorities issued strict warnings, threatening to execute extensive inspection campaigns to apprehend exchange rate manipulators and take deterrent legal actions against anyone who threatens the financial and monetary stability of the country.