An Economic Expert warns against excessive selling of the dollar at the currency auction

Economic Affairs Expert, Raad Twaij, warned today, Monday, against excessive selling of the dollar in the currency auction.

Twaij said in a statement to the National Iraqi News Agency (NINA) that, “It is surprising that the Central Bank of Iraq has excessively sold the dollar at a rate of 275 million dollars per day, at a value of 1,400 million dollars during the past week.”

He stressed that “these amounts sold are above Iraq’s consumer needs or the cash supply is above the level of cash demand, and such a matter will represent a depletion of Iraq’s cash reserves.”

The Economist continued, “It is possible to control or reduce by reducing unjustified monetary demand within the framework of a strict monetary policy.

Source: National Iraqi News Agency