Launching One Trillion Dinars is Not the Violation of Article 50: CBI

The Iraqi Central Bank issued a statement that launching one trillion Iraqi dinars considered a positive step in order to control the U.S dollars exchange rate against the Iraqi dinar and to preserve economic stability in the country. It is also said that this decision is not the violation of article 50 of Iraqi budget law 2015. The Central Bank also pointed out that stability in the Iraqi dinar exchange rate would strengthen the Iraqi economic condition.

A member of the Board of the Iraqi Central Bank said that the decision of launching the money took place after the result of instability in exchange rates, but this step will reduce the instability and maintain the exchange rate to stabilize the Iraqi economic and financial situation. This step is not violating the article 50 of the Iraqi budget law 2015 and it was necessary to empower the Iraqi economy. The exchange rates also affect the overall economic situation and stability in the exchange rates would empower the Iraqi economic condition and it will reduce the inflation in the country. A member of the Board Suri said that CBI should take some major steps to stop money smuggling and money laundering operations. He stressed that it is also the responsibilities of all the agencies to cooperate with the Iraqi Central Bank in order to control the money smuggling and money laundering operations to stabilize the Iraqi financial and economic condition.

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