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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The Central Bank ends its week by selling 422 million dollars... and cash sales exceed remittances

    Rocky
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    • Post n°1

    The Central Bank ends its week by selling 422 million dollars... and cash sales exceed remittances Empty The Central Bank ends its week by selling 422 million dollars... and cash sales exceed remittances

    Post by Rocky Fri 10 Feb 2023, 5:31 am


    [size=30]The Central Bank ends its week by selling 422 million dollars... and cash sales exceed remittances

    2023-02-10
    [/size]
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    Yes Iraq: Baghdad

    The Central Bank of Iraq ended last week with sales of approximately $422 million, while foreign remittances accounted for 40% of them, amounting to $170 million.
    Sales on Sunday were $82.1 million, $98.9 on Monday, 81.7 on Tuesday, 82.9 on Wednesday, and 76.2 on Thursday.
    Cash sales continued to outperform foreign remittances, while merchants continued to resort to the parallel market for the purpose of financing their imports.
     
    And the Central Bank of Iraq decided to reduce the official price of the dollar, after the crisis that lasted for about 3 months since November, to officially reduce the price of the dollar in a step that specialists have long considered would be “dangerous” and economically incorrect to manipulate the price of the dollar twice within two years only.
    And from 1450 to 1300 dinars per dollar, the Central Bank, in agreement with the current government headed by Muhammad Shia’a al-Sudani, reduced the dollar by 9%, and with the same percentage, the deficit in the 2023 budget will increase, as the state will lose nearly 15 trillion Iraqi dinars as a result of this step.
    And while the price of the dollar in the central bank was sold to banks and brokerage firms at 1460 dinars per dollar, the price of the dollar in the parallel market was between 1600 to 1750, which means, on average, the difference is about 20 thousand dinars between the official price and the market price on each 100-dollar note.
    Thus, it is expected that prices in the parallel market will hover after the new reduction decision at 150 thousand Iraqi dinars, that is, a difference of at least 20 thousand Iraqi dinars from the official price.
    Accordingly, the devaluation of the dollar will cause great losses to the state. In return, “illegal” dollar purchases will continue from the parallel market at cheap prices, which makes this step a contribution to enriching the owners of illegal purchases by providing the dollar at cheap prices in the market and at an amount of 150,000 dinars instead of 170,000 dinars. per $100.
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