Iraq Dinar Sees Record High Against Dollar

According to some authentic sources, the Iraqi dinar currency impulsively returns upward against the value of U.S dollar. Most of the speculators said that the policies of the Iraqi Central Bank focused to decrease the sale of the U.S dollar in the public auction. As we have seen a sudden rise in the price of U.S dollar against the Iraqi dinar with the highest level in last two years with 1200 Iraqi dinars per U.S dollar, which reflected negatively on the exchange rate for Iraqi dinar trading in the market.

There were a number of reasons behind the rise in the U.S dollar exchange rate including the security and political situation, but most important reason is the 2015 budget law, which restricted the Iraqi Central Bank not to sell more than 75 million dollars per day auction. It also reduced selling of U.S dollar by the Iraqi Central Bank. But now Central Bank of Iraq adopted some new mechanisms to stabilize the Iraqi dinar currency in the Iraqi local market. Most of the financial experts said that the sudden rise in the U.S dollar price is just like a bubble and it would become at its normal level when the oil prices will go high in the global oil markets.

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