The Central Bank’s sales of hard currency continues ... How will it affect the exchange rate?

by **Rocky** Mon 01 Mar 2021, 1:46 pm

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The Central Bank’s sales of hard currency continues ... How will it affect the exchange rate?

by Rocky Mon 01 Mar 2021, 1:46 pm

[size=30]The Central Bank’s sales of hard currency continues ... How will it affect the exchange rate?

2021-03-01
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Yes Iraq: Baghdad

On Monday, the Central Bank of Iraq announced the sale of more than $ 139 million in a currency auction.

The Central Bank of Iraq witnessed during its auction for the sale and purchase of foreign currencies today, a decrease in its sales by 10.53 percent to reach 139 million 530 thousand and 235 dollars, covered by the bank at a basic exchange rate of 1460 dinars per dollar, compared to last Thursday, when sales reached 155 million and 948 thousand Dollars.

The purchases amounting to 139 million 530 thousand and 235 dollars went to strengthen the assets abroad in the form of transfers and appropriations, while the banks did not buy any dollar in cash.

And 23 banks responded to requests to enhance assets abroad.

The expert in economic affairs, Raad Twig, revealed that the average price of the dollar recorded a decrease from 1460 dollars, which is the official price of the Central Bank of Iraq, 1447.5 dinars for purchase and 1457.5 for sale, as a result of the recovery of sales of the Central Bank through the currency window last Thursday, to 155.984 million dollars at the official price.

He pointed out that “this move in the cash demand comes after it was met by stagnation in the Central Bank of Iraq’s dollar sales since the Iraqi dinar price was reduced as a result of the presence of excessive real domestic demand for imported goods, fearing an extension of urban periods as a result of the epidemic, as well as merchants’ reliance on contentment with a steadfast decision The Central Bank reduced the exchange rate of the Iraqi dinar, and the Ministry of Finance pledged to compensate traders and contractors for their losses due to the decrease in the price of the dinar.
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