The Association of private banks: private banks contributed significantly to reduce the dollar’s exchange rate dinar in local market

Posted: September 30, 2013 in Iraqi Dinar/Politics
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30-09-2013 07:19 AM
Baghdad (newsletter). The Executive Director of the Association of private banks Abdul Aziz Hassoun, the private banks has helped the Central Bank to cut the dollar exchange rate dinar in local market after its commitment to help the Central Bank to sell hard currency.

He said Hassoun (News Agency): community banks applied and all instructions issued by the Central Bank, particularly with regard to the sale of foreign currency, so they sold the dollar price approximates the official rate of the Central Bank.

He added: the banks help helped the Central Bank to lower the exchange rate of the dollar (1240) (1220) in the market, but the market is still not disciplined even though the Central Bank pumped funds estimated at 80 million dollars a day, but demand is still growing on the dollar.

Some economists have blamed local banks responsible for the dinar fluctuated against the dollar as a result of failure to comply with instructions issued by the Central Bank on selling hard currency

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