The Prime Minister of Iraq dismissed the Governor of the Central Bank and appointed former Governor Ali Mohsin Al-Alaq as the Governor.
Prime Minister Shia al-Sudani summoned Central Bank Governor Mustafa Ghalib Makhif last month to express his concern over the rapidly falling value of the Iraqi dinar against the dollar.
The new Central Bank Governor, Mohsin Ul Alaq, has served in the same position from September 2014 to September 2020.
Iraq’s currency has been depreciating for two months following a tightening of international funds transfers.
The government has set the Iraqi dinar at 1,460 per dollar, but the dollar is selling at 1,630 dinars in the open market.