Parliamentary Finance Committee said in a recent statement, “The first cause the dollar to rise against the Iraqi dinar lies in the political set by the Central Bank as the monetary policy pursued by the central bank with the companies and banks that deal with the bank.”
A member of the Committee stated that “the central bank told the Finance Committee in the House of Representatives will be followed by a new mechanism in place will contribute significantly raise the value of the Iraqi dinar ahead of next June will be the mechanism capable of raising the value of the Iraqi dinar against the U.S. dollar.”
The source also added that Central Bank of Iraq will take significant steps to reduce the size of the companies that deal with it and put the money in the auction, which will lead to a reduction in the value of the dollar. Also, the Central Bank of Iraq is also considering some measures in order to make the monetary policy open without complicated procedures and controls and open a wider field of hopes the government banks.
It is noteworthy that Iraqi currency is quite fluctuating and even a few months ago the currency faced steady downward movement, which bought some prominent problems for the local economy of the country.
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