Don961: Central bank sales are "rapidly leaving" the level of $ 200 million a day .. An "emergency" rise and the decline has begun and will continue .. Why?
2021-05-06 Yes Iraq: Baghdad
In a sudden jump after the approval of the 2021 budget, the Central Bank's sales rose to high levels that touched $ 200 million per day during the past weeks, after it did not exceed $ 50 million per day before the budget was approved.
Against the background of this accelerating demand, many described that the move to reduce the dinar against the dollar did not come to eat, and the currency auction sales increased and hard currency was depleted from the country, and while sales exceeded $ 200 million per day until late April, the currency auction witnessed a significant decline since May this month, as the $ 180 million has never touched since the beginning of this month.
On Thursday, hard currency sales in the central bank amounted to only $ 149.8 million.
Why decreased dollar sales in the central bank?
Economist Nabil Al-Marsoumi says, in a clarification monitored by "Yes Iraq," that the Central Bank of Iraq’s dollar sales have increased significantly over the past two weeks, reaching $ 1.016 billion and $ 973.215 million, respectively.
And he indicated that this rise came after the approval of the 2021 budget, which categorically confirmed that the Iraqi dinar exchange rate would remain 1450 dinars against the dollar, which led to a strong demand from traders for the dollar not only to meet the needs of the local market, but also to compensate for the shortage in merchants ’stocks of various commodities. .
Al-Marsoumi considers that "this great demand was fleeting and not permanent. When the Iraqi market stabilized, the demand for the dollar declined, and with it the central bank's sales decreased to 833.571 million dollars during the current week."
Al-Marsoumi shows that "in the coming weeks we will witness some decline in the Central Bank's sales of dollars, which is a natural result of the reduction in the exchange rate of the dinar, which led to a decrease in total consumption financed mostly by imports." LINK
Courtesy of Dinar Guru
Frank26 The Unpegging of the American dollar from the Iraqi dinar will allow the 1 to 1 rate domestically and will allow the 1 to 1 rate to leave Iraq and go into the international community where it's going to float...the day that I see the Iraqi dinar has been unpegged it may be like 3 seconds and then we'll see the new rate...more than likely IMO...the moment you see the CBI talking about unpegging, holy cow, hold on tight.
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