CBI Auction Sales Limit to Increase Foreign Currencies Exchange Rate

Iraqi Dinar 123 News:– On Sunday, the economic experts analyzed that the Iraqi budget 2015 restricted the Central Bank of Iraq for the daily sales auction limit at 70 million dollars. They criticized that this limit would create problems for the Iraqi economy and Iraqi dinar exchange rate would also lose its value against the foreign currencies especially against the U.S dollar.

A senior economist Manaf Sayed said that sales of the Iraqi Central Bank getting serious conditions, and this type of situation doesn’t exist in any balancing budgets worldwide. He also added that these measures would affect the on the Iraqi economy and there would be a decline in the Iraqi dinar exchange rate against the major international currencies, especially against the U.S dollar.

He stressed that this budget law would not allow Iraqi as a simple knowledge of the principles of economics for a simple calculation and the simple calculations have been ignored by the politicians, especially by the Iraqi Parliamentary Finance Committee.

He also added that there is not any type of policy which identify the nature and activity of the Central Bank’s monetary policy, but it seems to be a negative and opposite nature interference with the Central Bank in the Iraqi fiscal policy. After the implication of this law, a sudden rise reported in the U.S dollar against the Iraqi dinar currency.

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