Sale of U.S Dollar in Currency Auction is Essential: Governor of CBI

Iraqi Dinar 123 News:– The Governor of the Central Bank of Iraq Ali Mohsin stressed the importance of auction sales of foreign currency at the CBI. He added that it would provide help to maintain and stabilize the Iraqi dinar exchange rate and it would not add up to wastage of public money, smuggling or money laundering. He also warned not to impose restrictions for the sale of foreign currency operation at the Iraqi Central Bank. He pointed out that it would contribute in the increase of the U.S dollar exchange rate against Iraqi dinar.

The Governor of CBI further added in his statement that the Banks obtained license recently would not be able to participate in the auction sale of foreign currency. The Banks should delay for a considerable amount of time and supposedly years due to investigation of their work and real commercial banking. He also pointed out that the Iraqi Central Bank appreciate for granting “Muaqath” in order to open new banks and branches but those should meet that essential criteria. It is important that there are a large number of banks and at least fifty banks operating in Iraq. He also stressed the integration of private Iraqi banks to decrease their number of distribution according to the actual requirement.

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