Iraqi Central Bank to Increase the Size in its Daily Currency Auction: Sarhan

Iraqi Dinar 123 News:– The member of Iraqi Parliamentary Finance Committee Ahmed Sarhan issued a statement on Sunday 24th January 2016 that Iraqi Central Bank should increase sales amount in its daily foreign currency sales auction in order to stabilize the decreasing exchange rate of Iraqi dinar against most of the major foreign currencies. Sarhan further added in his press statement that increase and decline in the Iraqi dinar exchange rate against the U.S dollar is directly linked to the size of traded volume in the hard currency market as sold by the Iraqi Central Bank in its daily auction for the sale of foreign currencies.

The Iraqi domestic currency markets recently experienced a significant increase in the U.S dollar exchange rate against Iraqi dinar currency. So, it is very important to increase the amount size for the sales of foreign currency in the CBI’s daily sales auction. It reflected negative impacts on the Iraqi people due to high prices of goods and commodities in the country. The Iraqi domestic currency markets are experiencing fluctuation in the U.S dollar exchange rate against Iraqi dinar since last ten days. It was at 1190 before two weeks and now it was recorded a couple of days ago at 1227 Iraqi dinars per U.S dollar. Most of the economic experts predicted that it would show further increase in the coming days. So, it is very important that Iraqi Central Bank should increase the size of sales in its daily auction for the sales of foreign currencies.

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