A Central Bank of Iraq official has revealed on Tuesday that, the bank is working on new strategies which will help unifying the exchange rate of the foreign currency in the country, the same official has also added that the bank is also looking forward to invest the money which has been spent for stabilized the economic plan.
Muzher Mohammed Saleh, deputy governor of the bank hasn’t commented on this topic of new strategies.
Mr. Saleh has opined that the main responsibility of the bank is to maintain economic stability.
He has also added that emergencies like regional and internal problems can affect the exchange rate of the foreign currency.
For inspecting the transactions of the bank in currency auction sale, the Council of Representatives had decided to form an investigation committee last month and deputy of the house speaker Qusay al-Suhail will led the committee. He will have the heads of the economy and finance committees and chairman of the Supreme Audition Board to help him in this matter.
The main job of the central bank is to keep the price of the currency stable and implement various monetary policies including the exchange rate policies. Apart from that, the bank also regulates the banking sector and manages the reserve of the foreign currencies as well.