Iraq Association of Banks Honoring Their Commitments

Dinar has shown some decline in the international financial markets and money exchange hubs against Unites States Dollar for several months. The Central Bank of Iraq has taken many initiatives to control speculations, black marketing and money laundering. The Iraqi Dinar News reported on behalf of Almadapress.com that the Association of banks in Iraq has started honoring their commitment which it made by the CBI. On the 16th of June 2013, it has been reported that the Association of Banks followed the roadmap of the CBI by selling US dollar at comparatively low rate as compared to the open market.

According to the news posted, three Iraqi banks have started that practice as the first drop of rain. These three banks are selling one dollar for 1183 instead of 1189 Iraqi Dinars. CBI introduced some new sanctions, policies and protocols in the last couple of months to control the dropping rate of the dollar. For one,  side,  Iraq is becoming the second highest oil producer in OPEC after Saudi Arabia but at the same time IQD is losing its value against US dollar.

Moreover, CBI took another important step by cancelling registered banking companies. According to CBI, only 300 banking companies were registered before 2003 but more than 1,000 banking companies are operating at the moment. Some of them got approval from Ministry of Trade and some were registered by the Ministry of Commerce. CBI took action across the board to grasp the situation.

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