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Central Bank's Foreign "EXCHANGE AUCTION"


Dinar Buddy
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Proof by the Iraqi Economists Network states the CBI Auctions are for OIL sales.  The auctions has noting to do with pulling IQD's or USD's off the street.

 

Central Bank’s foreign exchange auction

Let us note, first, that in spite of what is termed ‘auction’, Iraq, like most oil exporting countries in the region, has been following fixed-exchange-rate arrangement (to US$) since the beginning of 2009. Furthermore, let us refer to auction rate of exchange as ‘official’ rate to distinguish it from ‘market’ rate; which is used by banks and money exchangers.

 

Link: http://iraqieconomists.net/en/2013/02/24/foreign-exchange-auction-international-reserves-and-central-bank-independence-in-iraq-by-ali-merza/

 

 

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