Iraqi PM replaces Central Bank Governor over fall of currency value

Colombo (News 1st) - Iraq's Prime Minister has replaced the Governor of the Central Bank after the Iraqi Dinar plunged in value in recent weeks, foreign media reported.

Governor Mustafa Ghaleb Mukheef, who had held the post since 2020, was replaced on Monday (23rd) by Muhsen al-Allaq as Acting Governor by Prime Minister Mohammed Shia al-Sundai. Al-Allaq is a former Governor of the Central Bank.

The Iraqi Dinar has fallen by more than 7% since November to 1,670 to the dollar, although the official rate is 1,470. However Iraq's foreign reserves are at an all-time high of about USD 100 billion.

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