Iraqi Official: Current Exchange Rate Reasonable

The Governor of the Central Bank of Iraq (CBI) said that the current exchange rate (1,170 Iraqi dinars per US dollar) is reasonable, adding that the bank has enough foreign reserves to defend the exchange rate. “The CBI is adopting a managed floating policy of exchange rate, through which a reasonable exchange rate is fixed,” Sanan Al Shubibi declared. “The current exchange rate is reasonable and stable and can be defended by our vast foreign reserves, totaling US$43 billion at the moment,” Shubibi explained. - Aswat Al Iraq