Dinar Depreciation Continues, Iraqi Prime Minister Fires Central Bank Governor GTN News

Iraq’s prime minister dismissed the Central Bank governor and appointed former governor Ali Mohsin Al-Alaq as governor.

Prime Minister Shia al Sudani last month summoned the governor of the Central Bank, Mustafa Ghalib Makhif, to express his concern over the rapid decline in the value of the Iraqi dinar against the dollar.

The new Central Bank Governor, Mohsin Ul Alaq, held the same position from September 2014 to September 2020.

Iraq’s currency has been depreciating for two months following a tightening of international fund transfers.

The government has pegged the Iraqi dinar at 1,460 to the dollar, but the dollar sells for 1,630 dinars on the open market.