Iraqi Central Bank Governor Replaced

The Governor of the Central Bank of Iraq (CBI) has reportedly been replaced, following the continuing fall in value of the Iraqi Dinar. Sources, including Associated Press, say that Prime Minister Mohammed Shia al-Sudani accepted the resignation of Mustafa Ghaleb Mukheef [Makhaif], while others say the Governor was "sacked."

It is understood that Mukheef was replaced as "acting" governor by Ali Mohsen Al-Alaq, who had previously held the post from September 2014 to September 2020. The dinar (IQD) has lost nearly around 7% of its value over the past two months, trading as low as 1,670 to the dollar on Friday, in contrast to an official rate 1,470 dinars to the dollar.