A member of the exchange rate committee, Omran Al-Shaibi, revealed in an exclusive statement to our source that the reason for the rise and fall of the dollar against the dinar during this period is due to its price in the Special Drawing Rights and not a change in the exchange rate. “We do not mean the exchange rate of the dinar against the currencies of the Central Bank after March 2012,” adding that raising the interest rate of the dollar helped raise it against other currencies.
He continued by saying: “I mean, when the dollar rises in the basket, there is another currency of the five currencies in the basket (the US dollar, the euro, the Chinese renminbi, the Japanese yen and the British pound sterling). Therefore, if the dollar rises, the euro will fall according to the global currency market, and after it is determined in the basket that is reflected in the exchange rate of the dinar.”
Currency rates for the Special Drawing Rights were supposed to be revised in March 2022, which is usually considered every five years. The Executive Board postponed the next review of the Special Drawing Rights assessment basket to July 31, 2022 to redefine its five-year cycle assessment reviews. With Completing the next review by the mid-2022, the new basket will become effective August 1.
