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The transitional phase that the Iraqi economy experienced after 2003 and the recent changes in monetary policy directions had an impact on the Central Bank gaining its independence based on Law 56 of 2004. This led to the use of innovative monetary tools in line with the requirements of moving towards a market system, and the specificity of the Iraqi economy in the face of the structural imbalances it suffers from, as well as the backwardness of the financial and banking system on the other hand. Monetary policy succeeded in controlling the exchange rate of the Iraqi dinar and reducing the gap between the official exchange rate and the parallel rate through the use of the foreign currency exchange window, thereby maintaining a relatively stable exchange rate and consequently stabilizing prices and purchasing power in the economy.
Musa et al. (Sat,) studied this question.