Launching Liquidity to Maintain U.S Dollar Exchange Rate: PM Adviser

The Economic Adviser to the Iraqi Prime Minister Muhammad Saleh issued a press statement that Iraqi government needs instability of the U.S dollar exchange rates in the Iraqi domestic market, and to stabilize the Iraqi dinar exchange rate against major currencies. He also added that the high rise of the U.S dollar in the Iraqi local market was due to maximum daily auction sales limit of 75 million dollars, lower oil prices and smuggling problems. The Iraqi Central Bank announced to launch new Iraqi dinar currency to reduce the demand of the U.S dollar in the Iraqi local market, and to empower and stabilize the Iraqi dinar currency.

Muhammad Saleh further added that the Central Bank of Iraq need to decrease the direct sales of the U.S dollar and not decreasing the Iraqi dinar value, so the Iraqi Central Bank has planned to generate a market to sell its new currency. It would also support the declined value of Iraqi dinar in the market; it will also increase the sales value of U.S dollar. The Central Bank is planning to launch cash liquidity to hold down the demand of U.S dollar and to support in stabilizing the Iraqi dinar exchange rate against major currencies. The citizens of Iraq complained on 27th March 2015, that material’s and goods prices are rising high in the Iraqi markets, and the Iraqi government confirmed to control the prices of materials and goods in the Iraqi markets.

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