Explainer: What is behind Iraq's Central Bank shuffle and what is next?
The economic crisis in Iraq as a result of the ongoing rise in the value of the US dollar against the dinar resulted in the prime minister sacking the heads of the Central Bank of Iraq and the Trade Bank of Iraq.
Iraqi Prime Minister Mohammed Shia al-Sudani removed on Monday Central Bank of Iraq Gov. Mustafa Ghaleb Mukheef and head of the Trade Bank of Iraq Salem Chalabi.
Sudani appointed Ali Mohsen al-Allaq as the head of the central bank and Bilal al-Hamdani as the head of the Trade Bank of Iraq.
This comes at a critical time as the exchange rate of the US dollar to the Iraqi dinar reached 1,670, the highest price since 2004. The rise of the US dollar affects the Iraqi economy significantly as the majority of goods and products are imported from overseas, based on the value of the dollar.
How did Iraq get here?
