Reasons Behind the Downfall of Iraqi Dinar Against the U.S Dollar

Iraqi Dinar 123 News: – The Iraqi market affected very quickly when the Iraqi Central Bank announced that CBI is stopping the currency auction. According to some authentic sources, the Iraqi market got affected quickly when the Iraqi government implemented the budget law, which restricted the Central Bank of Iraq not to exceed the maximum auction sales limit per day. This decision created extra activities in the market which reflected a rise in the dollar exchange rate against the Iraqi dinar, and the exchange rate was recorded at 1,260 Iraqi dinars per U.S dollar.

Most of the experts criticized that the CBI should follow some swift actions to handle the declining rate of Iraqi dinar. Lion Muhammad Ali, the head of the Economic Media Center said that the dollar auction by the Central Bank is considered as the necessity in the current Iraqi economic conditions, to sustain the constancy of the currency exchange rate. He also stressed that if the CBI succeeds in finding alternative methods, they would permanently stop the auction.

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