CBI Announces Lower Remittance Market Price in USD

On Sunday, the Iraqi Central Bank has announced the low price of the U.S dollar against the Iraqi dinar in the Iraqi domestic markets. Now price recorded 1203 Iraqi dinars per U.S dollar. The Iraqi Central Bank issued a detailed statement indicating that the U.S dollar exchange rate dropped against the Iraqi dinar and reached at 1203 Iraqi dinars per one U.S dollar.

The Iraqi Central Bank was established for an independent work under the constitutional law issued on 6th March 2004. The Central Bank was declared as an independent body because the CBI is responsible in stabilizing and maintaining the exchange rate of Iraqi dinar currency by implementing its monetary policy. The policy for exchange rate of Iraqi dinar relies on daily basis according to the daily auction sales for foreign currencies, except the public holidays. The Central Bank of Iraq has taken a number of important and major steps to stabilize the Iraqi dinar exchange rate against most of the major foreign currencies. The CBI is also working very hard to stop the smuggling and money laundering problem. The government of Iraq is also cooperating with the Iraqi Central Bank in order to stabilize the Iraqi economy. Most of the economic experts believe that Iraqi dinar will get back its previous position because both the Iraqi government and CBI are working very hard to empower the Iraqi dinar and economy of the country.

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