Iraqi Government Not to Interfere in the Work of CBI: Saleh

The Economic Adviser to the Iraqi Prime Minister Muhammad Saleh issued a statement that the Iraqi Central Bank has taken a number of steps to stabilize the Iraqi dinar exchange rate and to maintain the hard cash reserves with positive steps and it is called as non-interference in the work of the Iraqi Central Bank and to maintain the independency of CBI. Muhammad Saleh further said in his press statement that the Article 50 of the Iraqi budget law 2015 is not compatible with the monetary policy of the Iraqi Central Bank. he further stressed that the interference as restrictions about the daily auction sales is stopping the dealings and weakening their ability to maintain the Iraqi dinar exchange rate.

He also added that the major difference in the Iraqi dinar exchange rate against the U.S dollar in the Iraqi local market and the Iraqi Central Bank, which creates a loss for the CBI. He also stressed that we should adopt a unified exchange rate according to the price of oil per barrel. Its current sales price is 60 U.S dollars per barrel. Iraqi government is facing many problems because low prices of oil per barrel, and increasing quantity of the imports dropping its currency. He also said that monetary policy only works to stabilize the national currency and to maintain the exchange rate. He said that most of the administrative and financial activities have been affected in the exchange rate and remain the low value of Iraqi dinar against the U.S dollar.

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