Government official attributes the exchange rate fluctuations to currency speculations

Shafaq News/ A government official on Sunday attributed the fluctuations in the US dollar exchange rate against the Iraqi dinar to currency speculations, stressing that such transactions take place within a tight range dictated by the Central Bank of Iraq.

"The appeal of the US dollar is fueled by a growing demand amid a collapse of the local currencies of neighboring countries," the officer who preferred to remain anonymous told Shafaq News Agency, "the delayed transfer of the assets the banks bought in Dubai auctions last week also played a role."

"The spurt remains under the control of the Central Bank via the auctions it holds daily. The Central Bank can sell 200 milloon dollars daily to suppress the market and harness the volatile exchange rate."

The US dollar exchange rate against the Iraqi dinar registered a slight notch in the daily transactions at the official market of the Iraqi capital, Baghdad, Shafaq News Agency correspondent reported on Sunday.

Al-Harithiya and al-Kifah Central Exchanges are trading the US dollar at a rate of 148,200 Iraqi dinars to 100.