Iraqi Central foreign currency sales decline of $ 5.3 million

[yota691]

Iraqi Central foreign currency sales decline of $ 5.3 million

 

 

Economy News _ Baghdad:       Iraqi Central Bank sales of foreign currencies, fell during the auction, on Wednesday to 145.55 million dollars, compared with 150.86 million dollars on Tuesday, a decrease of $ 5.31 million, according to the central statement.   The bank said in a statement, "Economy News" received a copy of it, that the exchange rate was 1182 dinars per dollar at the auction held with the participation of 37 banks and 11 financial transfer company.   The bank noted in the statement, that the size of the amounts sold to boost bank balances abroad amounted to 96.53 million dollars, while the sales amount in cash of $ 49.02 million.   Central said in the statement, that the sale amounts transferred to the accounts of banks abroad will be priced at 1190 dinars per dollar, while cash sales shall be at the same price.
Views 175   Date Added 04/26/2017 - 13:51   Last updated 26/04/2017 - 13:50   No. Content 7304

[Synopsis]

I know we have seen variations in the CBI currency auctions before. What I am wondering is if the decline in the hard currency auctions (bringing in IQD to exchange for USD to pay foreign remittances) is an indication of the application of various electronic systems to reduce the demand on hard currency. If so, this could be an indication Iraq is slowly and incrementally moving out of a closed currency mode and into an open market that may put a demand on the Iraqi Dinar and create pressure to revalue the IQD. This may also be an indication that Letters Of Credit are installed and are applied electronically. If companies with Letters Of Credit demonstrating their degree of being able to pay debt are providing international services or export goods, then they may be paid in USD and do not have to rely on exchanging IQD for USD to pay foreign remittances (if any) thus reducing the demand on the CBI to exchange IQD for USD.

Time will tell.

Just my opinion and 

Go Moola Nova!

[Wiljor]

4 minutes ago, Synopsis said:

I know we have seen variations in the CBI currency auctions before. What I am wondering is if the decline in the hard currency auctions (bringing in IQD to exchange for USD to pay foreign remittances) is an indication of the application of various electronic systems to reduce the demand on hard currency. If so, this could be an indication Iraq is slowly and incrementally moving out of a closed currency mode and into an open market that may put a demand on the Iraqi Dinar and create pressure to revalue the IQD. This may also be an indication that Letters Of Credit are installed and are applied electronically. If companies with Letters Of Credit demonstrating their degree of being able to pay debt are providing international services or export goods, then they may be paid in USD and do not have to rely on exchanging IQD for USD to pay foreign remittances (if any) thus reducing the demand on the CBI to exchange IQD for USD.

Time will tell.

Just my opinion and 

Go Moola Nova!

Makes sense brother and a super day up to you.  

[Synopsis]

1 minute ago, Wiljor said:

Makes sense brother and a super day up to you.  

You, too, Brother!