Restrictions on greenback sales in Iraq
23 Apr 2013
For stemming rush on US dollars, the government has restricted banks from selling the currencies in official prices. The trade has been limited in the hands of two branches of the state-run al-Rasheed Bank.
The move has been described by the Finance Ministry as manipulative move, which has increased the demand of greenback. In a statement, it has been revealed that Deputy Finance Minister Ali al-Shukri has restricted all banks from selling the dollar at the rate, which is imposed by the government. The sale of dollar is now only confined in al-Rasheed Bank headquarters in Baghdad and another branch in Shorja, the capital’s commercial center.
It is to be noted that before this decision came on the way, Iraqis were allowed to buy as many dollars as they wanted. Since the US-led invasion in Iraq, it is the first time, when the country is taking up such decisions.