Central Bank of Iraq launches mechanism to support local banks

Baghdad (IraqiNews.com) The Central Bank of Iraq decided to include a number of local banks in the foreign currency auction and increase the financial shares granted to the banking companies.

A statement by the CBI cited “Within the framework of the CBI’s efforts to develop its monetary policy and support the national economy, the managing council of the Bank took many measures including attracting several local banks through opening the bonds and financing them by the CBI according to specific mechanism set for this purpose in addition to allow these banks to take part in the currency auction.”

“It was also decided to grant the governor of the CBI power to decrease the US dollar price which is IQD 1179 for one dollar as an enhancement to the cost of the Iraqi dinar according to the requirements of the market,” the statement concluded.