Iraqi Dinar 123 News:– Iraqi dinar is not handled alone. Its strength is based with the US dollar. The governor of the Central bank of Iraq; Abdul Basit Turki said that the Strength of the dinar has not been affected in any way recently. The political and social conditions of the country not being too good, it can be seen that the situation of the dinar remaining stable helps in managing things in a better way for the country’s economy.
Abdul Basit Turki said that, “The cash reserve supporter of the Iraqi Dinar is 70 billion dollars and that the central bank is able to support the exchange rate of the dinar, which currently stands at 1200 dinars to the dollar.
The governor said that the power of the dinar when tied to any other currency increases. He said that the Iraqis have a large reserve of state funds that need to be managed through the central bank in Europe and other countries. This fund belongs to the people of Iraq.
Money laundering in Iraq is quite common and despite the efforts of the government it has not been controlled up till yet. The government is making efforts and according to a spokesman say; “The Iraq and the GCC in particular and the Arab countries and Middle Eastern generally need to work doubly to stop the process of money laundering and financing of terrorism because there are a lot of gaps must be bridged for not world class and this is what we need now.