Shafaq News/ Iraq's central bank (CBI) is pondering a proposal to reduce the US dollar exchange rate to 1,400 dinars, a source revealed on Monday.

The source told Shafaq News Agency that "the central bank has prepared a study to reduce the US dollar exchange rate against the Iraqi dinar. The goal is compressing the gap between the parallel market and the official rates."

"There is a proposal to set the dollar exchange rate at 1,400 dinars to 1," the source added, "it is still under study, however. It is not a decision."

"The study was submitted by the CBI to the Iraqi government, and will be discussed soon," the source concluded.