The Iraqi Parliamentary Finance Committee has delivered instructions to Central Bank of Iraq due to weakness in its performance.
Finance Committee stressed that Iraqi Central Bank should adopt perfect policies to stop the continuous rise in the U.S dollar against Iraqi dinar. A member of the Iraqi parliamentary finance committee Ahmed Sarhan issued a press statement that the CBI is not following the exact procedure to prevent in declining the Iraqi dinar exchange rate against the U.S dollars. He further added that Iraqi government has asked the Central Bank, why CBI didn’t follow the policy of Iraqi Central Bank in order to strengthen the Iraqi dinar against the U.S dollar.
Ahmed Sarhan further said that there is not any kind of political interference in the daily auction sales of foreign currencies at the Iraqi Central Bank. He further added that the policy of the Iraqi Central Bank is more powerful and independent. It would not increase the inflation rate in the country. He said that Iraqi dinar should be more powerful by increasing amount in the daily auction sales of foreign currency. It would increase the Iraqi dinar exchange rate against the U.S dollar and it would also maintain the exchange rate of Iraqi dinar against the U.S dollar. So, Iraqi Central Bank should follow the instruction and adopt correct policy in order to provide more power to Iraqi dinar currency in Iraqi local markets. It would be more helpful to overcome the financial crisis in the country.