Main Objectives Announced by the CBI to Fix U.S Dollar Price

On Tuesday, the Iraqi Central Bank has confirmed that its major objective is to maintain a stable and meaningful price of the U.S dollar. The CBI also pointed out that growing political and security risks generated a higher demand for the U.S dollar. The Iraqi dinar currency has confirmed that sale window is not an alternative at the current stage. The director general of financial operations at CBI, Mehmood Muhammad said that window for selling U.S dollars has 2 sides, first technically sterilize mass monetary and it will increase U.S dollar price against Iraqi dinar currency. It will be due to spending massive amounts from the budget. He also pointed out that we can’t withdraw amount from the markets because it would increase a huge price. He added that the foreign currency sale window has its own importance in the light of low purification in the financial level of overall economy.

Main Objectives Announced by the CBI to Fix U.S Dollar PriceHe pointed out that the unavailability of essential and handsome amount would lead to a considerable disintegration in the national economy. He added that our technical side is unable to find that how any kind of reasonable alternative against selling U.S dollar window will be perfect and workable. He said that the other side has been considered a difference in the price and we are very well focused on it. Point to be noted that the recent proceedings was started since the month of February 2017. It could improve results in order to reduce the U.S dollar exchange rate against Iraqi dinar. He stressed that our major targets are appropriate and dedicated to a stable & fixed prices. He pointed out that there are a number of elements, but political and security risks in the country causing instability. It might lead to a significantly higher demand of the U.S dollar. He confirmed that CBI is continuously developing electronic tools in order to maintain the U.S dollar prices at a reasonable level.

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