Iraqi delegation to discuss dinar value with US officials

ERBIL (Kurdistan 24) – A high-level delegation headed by Foreign Minister Fuad Hussein is set to discuss the value of Iraqi currency against the US dollar with the country’s officials during his trip to Washington, DC, the top diplomat told Kurdistan 24.

Arriving in the US capital on Thursday morning, the delegation is expected to meet with US Secretaries of State Antony Blinken, and US Agency for International Development (USAID) Administrator Samantha Power in the coming days, Foreign Minister Fuad Hussein told Kurdistan 24.

“We will discuss how to deal with the US dollar in the Iraqi market,” Hussein said, adding he would meet with the Treasury Secretary Janet Yellen and Federal Reserve during his trip.

The diplomat described the current value of the Iraqi currency as “more stable”, compared to previous months, where the money’s value witnessed a roller coaster ride.

The Iraqi government on Tuesday fixed the exchange rate at 1,300 IQD to a US dollar in a bid to stabilize the currency.

The decision had an immediate impact on the unofficial market, as the currency started to be traded at below 1,500 to a dollar.

Iraq has been blamed for its leniency against dollar smuggling, a charge the government does not deny and promises to tackle.

Oil and gas production is also on the agenda of the Iraqi delegation, according to Hussein. The government is currently preparing a draft of the hydrocarbon law.