Confidentiality measures to revive the dinar against the dollar

Created on Sunday, 02 June / June 2013 09:05

BAGHDAD / Walid al-Mahdi

With the continuing decline in the exchange rate of the dinar against the dollar and the central bank sales since the change of Directors of the Bank, said sources familiar with the Central Bank of Iraq will begin next month to open letters of credit in the banks to re-dollar exchange rate against the dinar to normal and prevent a repeat of volatility the exchange rate.

Said an economist close to the bank "that the administration of the Central Bank decided to start the application of measures to curb rising dollar against the dinar most important opening letters of credit in the government and private banks," noting that the bank refuses now to disclose details of some of the procedures being will be confidential for fear of exploitation of some beneficiaries of the auction currency. The expert added that the central bank hopes to make the exchange rate under (120) dinars through the new procedures, which will begin next month.

And plunged the value of the Iraqi dinar gradually over the past weeks to reach the price per dollar to about 1290 dinars after it had been stable on 1210, the highest rate up to the exchange rate during the past two years. For his part, MP Haitham al-Jubouri said the CBI told the Parliamentary Finance Committee that will begin next month, the application of new measures to curb the rise of the dollar against the Iraqi dinar. Jubouri said that the parliamentary Finance Committee has informed the Iraqi Central Bank support for all procedures in reducing the rise in the dollar against the Iraqi dinar.

The parliamentary Finance Committee ضيفت this month and central bank governor Abdul Basit Turki agency and discussed with him the reasons for the high price of the dollar against the Iraqi dinar without to announce the details of what has been reached in this regard.


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