A Group of Banks Started Fixed Selling Price for U.S Dollar: CBI

On Monday, the Governor of the Iraqi Central Bank issued a statement that new banks would join the existing banks then they will start implementation of selling dollars with fixed price. He further said that 13 Iraqi private banks recently started selling Iraqi dinars at 1193 Iraqi dinars per U.S dollar in order to maintain and control the exchange rate in Iraqi domestic markets. He said that after selling at 1193 Iraqi dinars per U.S dollar, five more banks joined to sell at fixed price. In the coming days more banks will join to participate in order to help in maintaining the Iraqi dinar exchange rate against the U.S dollar.

There is a high demand of the U.S dollar from the Iraqi citizens and business owners to manage their trade. Iraqi dinar exchange rate against the U.S dollar showed a considerable decline when it was at 1230 Iraqi dinars per U.S dollar during last two weeks. But, the U.S dollar exchange rate rose in last couple of days at 1260 Iraqi dinars per USD. It is also important that budget law 2015 restricted the Iraqi Central Bank by the article 50, which specified the sales of foreign currencies in the daily auction. This law restricted the Iraqi Central Bank not to exceed the maximum limit of 75 million U.S dollars in their daily auction.

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