Iraqi Dinar 123 News: – A continuous rise has been reported in the U.S dollar exchange rate against the Iraqi dinar in the local market, although the Central Bank of Iraq is taking some major steps to sustain the Iraqi dinar stability. Since last two months, a regular rise have been seen in the U.S dollar exchange rate against the Iraqi dinar in the local market, and currently it is almost the highest rate which is up to 1228 Iraqi dinars per U.S dollar.
Most of the financial experts predicted that this sudden rise is like a bubble and it is only appeared by the speculators. But, some experts said that the implementation of the budget law created this increasing result, because this law restricted the Central Bank to follow the maximum limit for per day dollar sales auction.
The Economic Advisor to the Prime Minister Muhammad Saleh said that Iraqi dinar currency is much stronger and it is protected by one and half with hard currency reserves and the current rise is not more than a bubble. A parliamentary member Najiba Najib said that the current year budget applies a restriction by one of its articles that the CBI should not exceed the maximum limit of 75 million dollars sales per day auction.