The Central Bank of Iraq considered, on Sunday, that it is “a mistake” to bet on the high exchange rate of the dollar, noting that exaggeration in the potential effects of the sanctions does not exist.
“It is a mistake to bet on the rise of the dollar because it will end with an increase in supply and the coming days will witness this with the positive reaction of the bank to cover all requests,” Mahmoud Dagher, General Manager of the Financial Operations and Debt Management Department of the bank, said in a press interview.
Dagher pointed out that the bank also sold additional amounts of dollars to the dollar, expanded the outlets and took exceptional measures as part of the monetary policy in such events.
He added, “The process of exaggerating the potential effects or exaggerating something called sanctions does not exist at all in the bank’s dealing model.”
Stressing that “the bank will continue to sales through the banking system, banking companies and government banks in the sale of additional amounts, whatever possible, and we will follow the movement of the market.”
It is noteworthy that the local market witnessed during the past week a slight rise in the exchange rates of the dollar against the Iraqi dinar, after it was stable and for long periods at 1221 dinars per thousand dollars.