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May 30 2013
CBI to begin applying measures to reduce exchange rate volatility
Parliamentary Finance Committee confirmed on Wednesday, that the Central Bank of Iraq ( CBI ) will begin implementation of a package of measures next month to restore the exchange rate of the dollar against the Iraqi dinar to normal and prevent repeating exchange rate volatility.
The value of the Iraqi dinar declined gradually over the past weeks so that the price of per dollar would reach about 1129 dinars after it had been stable for 1120 dinars, the highest rate up to the exchange rate during the past two years.
" CBI told the Finance Committee that it will begin next month, the application of measures to curb the rise of the dollar against the Iraqi dinar, as some of these measures were not disclosed by details , the measures are strictly confidential," The Committee's member , Haitham al-Jubouri told "Shafaq News".
"One of the most prominent measures that CBI will begin to apply ; is to open letters of credit in the government and private banks," noting that "the Finance Committee has informed that CBI supports all procedures in reducing the rise of the dollar against the Iraqi dinar," Jubouri said.
The Finance Committee hosted this month, the CBI deputy governor, Abdul Basit Turki and discussed with him the reasons for the high price of the dollar against the Iraqi dinar.
© Shafaq News 2013
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CBI to begin applying measures to reduce exchange rate volatility
Parliamentary Finance Committee confirmed on Wednesday, that the Central Bank of Iraq ( CBI ) will begin implementation of a package of measures next month to restore the exchange rate of the dollar against the Iraqi dinar to normal and prevent repeating exchange rate volatility.
The value of the Iraqi dinar declined gradually over the past weeks so that the price of per dollar would reach about 1129 dinars after it had been stable for 1120 dinars, the highest rate up to the exchange rate during the past two years.
" CBI told the Finance Committee that it will begin next month, the application of measures to curb the rise of the dollar against the Iraqi dinar, as some of these measures were not disclosed by details , the measures are strictly confidential," The Committee's member , Haitham al-Jubouri told "Shafaq News".
"One of the most prominent measures that CBI will begin to apply ; is to open letters of credit in the government and private banks," noting that "the Finance Committee has informed that CBI supports all procedures in reducing the rise of the dollar against the Iraqi dinar," Jubouri said.
The Finance Committee hosted this month, the CBI deputy governor, Abdul Basit Turki and discussed with him the reasons for the high price of the dollar against the Iraqi dinar.
© Shafaq News 2013
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