16 July 2017 – 11:19
Economy and business
Alsumaria News Details Back
Governor of …
Alsumaria News / Baghdad
The governor of the Central Bank, Sunday, the bank’s quest to achieve a balance between the sale of dollars and maintain it, indicating that the balance away from the margin of speculation and achieve significant profits.
Al-Alak said in an interview with Alsumaria News that “the bank seeks to balance the sale of the dollar and maintain it,” noting that “the balance in foreign currency as sufficient as in previous years there is no margin and field of speculation and achieve large profits.”
“Iraq is going through extraordinary circumstances because of the drop in oil prices significantly, which makes the central bank’s policy to two options either to respond to the dollar to eliminate the margins and this will be at the expense of reducing the reserves of foreign currency or sell the sale and accept the margin of exchange rate rise, “The bank seeks to balance the two goals.”
The Central Bank of Iraq was established as an independent bank under its law of 6 March 2004 as an independent body responsible for maintaining price stability and implementing monetary policy. It supervises 10 commercial banks, 26 private banks and 16 Islamic banks, as well as 19 foreign banks. 6 financial institutions and 31 financial transfer companies.