CBI takes measures to support the Iraqi dinar

INA-  Baghdad

Central Bank of Iraq CBI  identified four measures to support the strength of the Iraqi dinar, and while confirming that its packages met most of the market’s requests and contributed to the decline of the dollar, it announced that it would address the problem of contracting in dollars for some departments.

 The assistant general manager of the investment department in the bank, Muhammad Younes, told the Iraqi News Agency (INA), that "the Central Bank has taken a number of measures to support the process of the strength of the Iraqi dinar and to enhance external transfer and financing of trade, study and others," noting that "the harbingers of these measures are on the strength of the Iraqi dinar started showing these days . 

 Younes added, "The dollar began to decline continuously against the dinar as a result of these measures that met most of the Iraqi market's requests," noting that "this contributed to reducing the difference between the official and parallel exchange rate."

 He pointed out that "Iraq is an importer of everything, and therefore the large volume of its demand for the dollar makes it sometimes strong against the dinar," noting that "the central bank's actions are supported by the decisions of the Prime Minister and the Cabinet ."

 He stressed, "The need for all efforts to come together to support the strength of the dinar through measures represented first by supporting the local product, secondly by reducing import operations, third by controlling markets, and fourth by controlling border crossings," noting that "most markets have started dealing in the Iraqi dinar, and this will contribute to its support."

 He pointed out that "some departments faced a problem because their contracts are in dollars, but the Cabinet and the Central Bank began to solve these problems," stressing that "Iraq has more than 130 tons of gold."