The surge of the USD exchange rate is caused by administrative measures, not insufficiency: CBI

Shafaq News Agency/ The recent "slight" rise of the US dollar (USD) exchange rate against the Iraqi dinar is a product of "administrative and monitoring" inconveniences that will be resolved soon, Iraq's central bank (CBI) said on Thursday.

The bank said in a press release that it proceeded with building a platform to organize and scrutinize forex transactions in cooperation with an international firm.

The new platform, according to the readout, experiences some errors --that the bank promptly rectifies-- which delays the process of approving and passing transactions into the global market.

"The current supply of the foreign currency is dictated by administrative and monitoring measures, not by its availability," the press release said, stressing that the inconveniences leading to the higher exchange rate of the US dollar against the Iraqi dinar will be resolved soon.