We will Increase Iraqi Dinar Exchange Rate against U.S Dollar: CBI


The official of the Iraqi finance ministry issued a statement that Iraqi Central Bank is working hard to stabilize and raise the exchange rate of Iraqi dinar against the U.S dollar in Iraqi local currency markets in the future. It would take place in cooperation with the Iraqi government and Iraqi private banks. The governing body member of CBI, Majid said that Iraqi Central Bank had set Iraqi dinar exchange rate at 1200 Iraqi dinars per U.S dollar and now looking to stabilize the IQD exchange rate at 1210 or 1220 Iraqi dinars per U.S dollar. He further added that there is a considerable coordination between Iraqi government, the Central Bank of Iraq and Iraqi banks regarding the sale of hard currency. He confirmed that Iraqi dinar exchange rate will be raised in a short period of time. He pointed out that CBI had announced earlier in the current year to maintain the Iraqi dinar exchange rate at 1200 IQD per U.S dollar.He added that all Iraqi banks and banking companies were agreed to sell the U.S dollar at new price, but they didnít sell according to the mentioned price. The CBI has announced officially that Bank has taken a number of steps to maintain Iraqi dinar exchange rate against the U.S dollar. The Central Bank of Iraq has taken a number of measures in providing foreign currency to the Iraqi domestic market. He said that current agreement to reduce the oil production in the OPEC meeting would provide a handsome support in maintaining Iraqi dinar exchange rate against major foreign currencies, especially against the U.S dollar. He pointed out that latest development from OPEC will increase Iraqi revenues of hard currency and it would provide an ease in increasing the supply of foreign currencies in the Iraqi domestic market.