Article: “The mechanism for selling dollars through the official platform has contributed to controlling currency prices.” The new mechanism has been a challenge for Iraq to wean itself off the dollar auction and for the Central Bank of Iraq to detach from that process and get back to doing what a Central Banks is designed to do. That is be a bank for banks and not the general public that has been the case for over 20 years. The process to get banks…off the dollar auction bottle…has not been easy and many banks have yet to cut the cord. Those that haven’t done so are likely already starting to feel the pain.
