Iraqi Dinar 123 News: – The Iraqi Parliamentary Finance Committee pointed out the aspects of the uprising value of the U.S dollar against the Iraqi dinar during the past few weeks. The Iraqi government took a quick response and the Iraqi Central Bank implemented a new policy and adopted a new mechanism by reducing the auction amount of dollar sales in the CBI foreign currency auction.
Najiba Najib said in an interview that as per the budget law 2015, the Iraqi federal government forced the Central Bank not to sell more than 75 million U.S dollars per day currency auction. This implementation increased demand of the U.S dollar which caused the rising value in the U.S dollar. She also indicated that the lower prices of oil globally and reduced auction sales amount raised this issue because this budget Act was not suitable for Iraqi economy. It doesn’t follow the principles of balance in demand and supply operations in buying the U.S dollar.