Lower Sale of U.S Dollar Decreased Iraqi Dinar Exchange Rate: Serhan

Iraqi Dinar 123 News:– A member of the Iraqi Parliamentary Finance Committee Ahmed Serhan issued a press statement that lower sales at the Iraqi Central Bank caused an increase in the U.S dollar exchange rate against Iraqi dinar. Serhan further added in a statement that a significant decrease recorded in the sales of the U.S dollars at daily auction sales at CBI. This situation increased the demand of the U.S dollars in Iraqi domestic currency market. It also strengthened the U.S dollar and decreased Iraqi dinar exchange rate significantly.

He stressed that Iraqi Central Bank should take some essential steps to meet the requirements of Iraqi local currency markets. He added that demand & supply for the U.S dollar should be managed by CBI in order to maintain Iraqi dinar exchange rate in the Iraqi local currency markets. He said that there are a number of other elements involved in the increase of U.S dollar exchange rate in local currency markets. It is important that increase in the U.S dollar exchange rate against Iraqi dinar currency would reflect negative impact on Iraqi economy.

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