2026-10-11T15:31:59+00:00
Shafaq News- Baghdad
Iraq’s security forces have no authority to intervene in the
dollar exchange market, the Security Media Cell said on Sunday, after a video
circulated online showing an officer urging a caller to report exchange offices
selling dollars above the official rate.
In a statement, the Security Media Cell explained that
foreign exchange rates are the responsibility of financial and monetary
authorities, particularly the Central Bank of Iraq (CBI). It also cited directives
from Prime Minister Ali Al-Zaidi, commander-in-chief of the armed forces,
requiring security forces to act within their legal powers.
In such cases, their role is limited to enforcing the law
and carrying out valid judicial orders issued by the competent authorities.
The Cell added that any action against violations involving
foreign currency transactions must follow established legal and judicial
procedures and be coordinated with the CBI, stressing that each authority must
operate within its own powers to prevent arbitrary measures and protect the
rights of those conducting legitimate transactions.
‘’The CBI oversees financial and banking institutions,
regulates exchange companies and monitors their compliance with applicable
rules,’’ it added, noting that it can also take administrative and regulatory
action against violations.
In a separate statement, the Ministry of Interior clarified
that the officer’s remarks in the circulating video were personal and did not
reflect the ministry’s official position.
“The officer was not authorized to provide information or
comment on matters outside his duties,” the ministry stated, confirming that
legal action had been taken against him under applicable rules and
instructions.
Read more: Iraqi dinar devaluation sparks backlash fromblocs inside the cabinet
The Central Bank of Iraq (CBI) raised the official cash
selling rate for the public from 1,320 to 1,520 dinars per dollar, prompting
political parties and trade unions to demand a reversal. CBI Governor Nizar
Hussein told parliament’s Finance Committee that the official rate had been
fixed at 1,500 dinars per dollar, with the draft federal budget already based
on that figure.
Iraq derives almost all government revenue from oil exports,
earning dollars that are exchanged through the central bank for dinars to fund
public spending, including salaries.
Read more: Source: Iraqi leaders backed dollar hike before announcement
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