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Iraq’s Central Bank launches mechanism for supporting local banks


16 Dec 2012
Iraq’s Central Bank have made the decision of including a number of local banks in the foreign currency auction and raise the financial shares granted to the banking companies. A statement was made by the CBI citing within the framework of the CBI’s attempts in order to develop its monetary policy and support the national economy, the managing council of the Bank took many measures including attracting more than a few local banks through opening the bonds and financing them by the CBI according to certain mechanism set for this purpose in addition to permit these banks to play a part in the currency auction. It was also decided to grant the governor of the CBI power to reduce the US dollar price which is IQD 1179 for one dollar as an improvement to the cost of the Iraqi dinar according to the necessities of the market, the statement concluded. Source: [AIN]
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