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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

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    Cash sales and remittance window

    Rocky
    Rocky
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    • Post n°1

    Cash sales and remittance window Empty Cash sales and remittance window

    Post by Rocky Fri 24 May 2024, 6:40 am

    [size=38]Cash sales and remittance window[/size]


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    May 24, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: Manar Al-Obaidi
    Central Bank sales of foreign currency between cash sales and remittance window sales.
    By reviewing the Central Bank’s sales of the dollar, both cash and remittances, it is noted that the Central Bank’s sales of foreign currency cash to the local market were not greatly affected in 2023, which is the year in which the crisis of American restrictions on sales began. Dollar
    According to Central Bank data on foreign currency sales to local markets, the value of dollar cash sales in 2023, the year of the dollar crisis, amounted to 8.4 billion US dollars, noting that the average foreign currency sales of the dollar from 2006 until 2022 amounted to 6.1 billion dollars. That is, the Central Bank's sales of cash are higher than the average sales of the Central Bank over all the past years. Also, the ratio of cash sales to total foreign currency sales in 2023 was 25%, while the average ratio of cash sales to total foreign currency sales over the years (2006-2022) was 18.7%.
    What actually decreased and was affected were the Central Bank’s sales of the dollar through the remittance window, as the value of the Central Bank’s sales through the remittance window for the year 2023 amounted to 25 billion US dollars, while the average foreign exchange sales of the dollar from 2006 until 2022 was 31 billion US dollars, and the highest value of the Central Bank’s sales reached. From the remittance window in 2019, which amounted to 45 billion US dollars
    From these numbers, it is clear that what affects the exchange rate in the local market is the decrease or increase in the Central Bank’s sales of foreign currency through the remittance window and not cash sales, which were not greatly affected by the transfer window.
    Over the past years.
    Based on these numbers, two questions arise - whether the majority of the Central Bank’s sales of foreign currency over the years from 2006 to 2023 were through the remittance window, at a rate of 84% of the Central Bank’s total sales. What is the source of the foreign currency that was available in the local markets and why was the parallel exchange rate affected by the sales of the remittance sales window, if the demand for cash was to cover the internal need, knowing that the remittance window sales deliver hard currency outside Iraq???
    - The Central Bank’s sales through the cash window from 2006 until 2023 amounted to more than 113 billion US dollars. This mass of hard currency was consumed. Was it all consumed outside Iraq to cover the travel expenses of Iraqis, or was it done to cover specific types of trade that could not enter the window? External transfers or were they used for other purposes!!!??
    These data and questions require a deep analysis to know what the foreign currency cycle is in Iraq and who is responsible for the continued demand for it in the local market despite the high remittance window. Does Iraq really need cash sales of the dollar amounting to $9 billion annually and what are the reasons for this demand? Is it really to cover Foreign trade with countries that are prohibited from dealing with
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