ALBAWABA - Hundreds of Iraqis gathered in front of the Central Bank of Iraq Wednesday to protest against the rise of the U.S. dollar and the devaluation of their local currency.
Citizens from several Iraqi governorates staged a mass demonstration in Al-Rasheed street in the heart of the Iraqi capital Baghdad to protest against a further rise in the value of the dollar against the Iraqi Dinar.
Hundreds of #protesters rallied Wednesday near the #CentralBank in the Iraqi capital, #Baghdad, angered by the recent #devaluation of the Iraqi dinar and demanding the #government take action to stabilize the #currency.https://t.co/r989K9QC46
— LBCI Lebanon English (@LBCI_News_EN) January 25, 2023
The number of protesters ranged between 300 and 400 people, and it is expected to increase during the coming hours.
Earlier, activists and Iraqi civil institution representatives urged citizens, through social networking sites, to take part in the protest, which was held under the slogan: "No to let the Iraqi people starve."
The exchange rate of the dollar remained high since November, until it reached the level of 164,000 Iraqi dinars for every $100.
But it recorded a slight decrease in the past two days, coinciding with the announcement of the dismissal of the ex-governor of the Central Bank of Iraq, Mustafa Ghaleb Makhaif, from his post.
The protest caused suffocating traffic jams in areas close to Al-Rasheed Street, where there was a heavy police presence.
No clashes were reported between protesters and the police. Iraqis didn't even break into the bank, which is said to be continuing its regular work despite the demonstrations.
#Iraq : Protest in #Baghdad in front of Central Bank over fall in value of dinar against dollar #بَغْدَاد #العراق #البنك_المركزي pic.twitter.com/Tp2OcU6sJX
— sebastian usher (@sebusher) January 25, 2023
Previously, Iraqi Prime Minister Mohammad Shia Al-Sudani assigned Ali Mohsen Al-Alaq as the Governor of the Central Bank. Following the appointment, Alaq pledged to stabilize the exchange rate by shoring up the value of the Iraqi Dinar.
But Alaq's appointment sparked widespread anger among citizens, given that he was reassigned, almost three years after his dismissal from the same position, amid rumors that financial failures which had occurred during his previous term.
The U.S. Federal Bank imposed restrictions that set precise conditions in front of the dollar sales outlets in the foreign currency auction at the Central Bank of Iraq. This resulted in the rise in the exchange rate in Iraq from 1,470 dinars per one dollar to approximately 1,600 Iraqi dinars, and even higher.
The Federal Bank’s decision came to control currency smuggling to neighboring countries.
