Stop Fundamentalism, May 15 – Iraqi Dinar closed just above 1261 Dinars per Dollar Tuesday at IraqÃ¢â‚¬â„¢s Central Bank Auction.
Moving up slowly for the past two months, the exchange rate of the Iraqi Dinar has risen significantly at the expense of Dollar since the start of the daily auctions at IraqÃ¢â‚¬â„¢s Central Bank and the introduction of new Iraqi Dinar. The currency has demonstrated great potential in gaining value against Dollar.
Daily auctions by the IraqÃ¢â‚¬â„¢s Central Bank are part of a policy to maintain stability of Iraqi Dinar exchange rate and prevent its uneven prices compared to other currencies, as well as reducing the inflation.
Meanwhile the Iraqi banking sector is planning on automation of its procedures, a local website reports. This involves establishment of special training centers and offering related courses, says director general of Rafidein Bank, Hussein Al-Yasiri,.
While he welcomed the success of the Central Bank in raising the value of Iraqi Dinar, Al-Yasiri noted that, Ã¢â‚¬Å“Prices of goods and services remain high, which will keep production low.Ã¢â‚¬Â