Central Bank to take new measures to stop the decline of the dinar

The bank said in a statement reported for "Shafaq News" that “ it was decided to double the share of banking companies of the dollar in auctions of selling foreign exchange.”

He added that it was also decided to allow al-Rafidain , al-Rasheed banks and Trade Bank of Iraq (all governmental) to open places for selling the dollar for companies and importers.

The bank said that the target of the new measures is to reduce the price of the dollar against the local currency.

The dollar price in domestic markets to the dinar has raised gradually to reach 1229 dinars to the dollar compared to 1225 dinars to the dollar over the past month and 1200 dinars to the dollar late last year in 2014.

The decline came after the bank lowered its sales from the dollar to $ 75 million a day in the current year while it was $ 250 million a day in the past.

The bank was forced to reduce the daily sales of foreign exchange as a result of falling oil prices to around $ 50 per barrel since the summer of last year.

Iraq relies on the sale of oil revenues to fund 95 percent of the expenses.