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FINANCIAL NEWS
Iraq cbank gives more room for dollar sales
03 Oct 2012
(MENAFN) Iraqi officials said that the central bank has loosened rules on the sale of dollars in a step likely to boost the dinar currency, Gulf Daily News reported.
The central bank said it would double lenders’ weekly share of cash and allow them to determine the price, which was previously fixed at 1,189 dinars to the dollar.
Central Bank Deputy Governor Mudher Kasim said that the move was made as the central bank sees the dinar-dollar exchange rate stable, adding that a better execution of anti-money laundering regulations will prevent dollars being sold on to countries under sanctions.
In April, the Central Bank of Iraq has tightened curbs on who could participate in its daily dollar auctions and the amount they could buy.
The move was aimed at stabilising the national currency exchange rate and stop smuggling US currency to neighbouring countries under sanctions.
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