Auction Amount Should be Decreased to Stop Rise in U.S Dollar: Experts

A number of experts and economists in financial affairs have warned about the continuous rise in the exchange rate of U.S dollar.

This rise led to inflation and increase in the prices of commodities and goods. They stressed that Central Bank of Iraq should decrease the amount of U.S dollar in its daily sales auction of foreign currency. CBI should implement the law on the operations of import & export in order to stop smuggling & money laundering. On 24th July 2016, the Iraqi Central Bank announced to open the windows of Iraqi government banks to sell the U.S dollars for Iraqi citizens.

Iraqi News

Iraqi News

A famous economist Bassem Jamil Anton said in a press interview that the major reason behind the rise in the exchange rate of U.S dollar was due to the difference between demand & supply of U.S dollar in the Iraqi domestic markets. We have recorded the lower amount of supply and the CBI had sold at least 300 million U.S dollars. The lower revenues from the export of Iraqi crude oil dropped it at 120 million U.S dollars. He also said that some government and private banks are working under the old laws. It restricted Iraqi citizens in saving their money into the banks. It also motivated them to convert their Iraqi dinar currency into U.S dollars because this investment has been considered much safer option.

Share This Post

Recent Articles

· Designed by RF