CBI Processors to Control Dollar Exchange Rate

Iraqi Dinar 123 News:– The Iraqi Parliamentary Finance Committee has confirmed that the Iraqi Central Bank is responsible to maintain the Iraqi dinar exchange rate against the U.S dollar. A Finance Committee member Jabbar Abdul Khaliq issued a statement in an interview that the Iraqi Central Bank has planned to implement a number of methods and mechanisms for selling the foreign currency especially the U.S dollars in the markets in order to maintain and stabilize the Iraqi dinar exchange rate. We are expecting that the U.S dollar exchange rate would not go higher in the coming period due to the handsome hard cash reserves of the Central Bank.

He further added that we have noticed a sudden rise in the U.S dollar prices in the Iraqi local markets during last couple of weeks. He indicated that commission confirmed the Central Bank’s control and its policy as an independent body. Iraqi local markets have experienced a sudden rise in the U.S dollar exchange rate against the Iraqi dinar; it reached 1235 Iraqi dinars per U.S dollar, which was the highest exchange rate since past two years. The owners of banking companies said that the ups and down in the foreign currencies exchange rate is linked to the Iraqi Central Bank. It is also expected that the U.S dollar exchange rate would decrease in the trading volume in the Iraqi stock markets.

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