Central bank sales of the dollar falling to its lowest level in months

[yota691]

Central bank sales of the dollar falling to its lowest level in months
Wednesday, December 28 2 / January 2015 14:46

 

[baghdad-where]

 

Tumbled CBI sales, to its lowest level since several months where no more than in the auction on Wednesday 40 million and 151 thousand dollars.

 

Bank sales were in the auction yesterday, 69 million and 593 000 dollars.

 

According to a statement of the bank received by all of Iraq [where] a copy of the "amount sold by the bank the size of the auction price of the dollar today reached 40 million and 151 thousand dollars at the exchange rate in 1166 dinars to the dollar and with the participation of 10 banks."

 

He pointed out that "the quantity sold in cash amounted to 32 million and 130 thousand dollars, and the quantity sold Khawwalat amounted to 8.021 million dollars."

 

The statement said that "the Iraqi Central Bank to continue buying and selling dollars at 1,166 dinars," adding that "the sale of remittances price 1187 JD / dollar, including the commission of the Central Bank of 21 dinars per dollar, with total cash sales price of $ 1190 JD / dollar, including the commission Bank Central of 24 dinars per dollar. "

 

It was noted a reduction in central bank sales index in the past few days, where no more than $ 200 million, 17 this month, since with the exception of January 20, reaching sales of $ 224 million.

 

Not yet know the cause of this decline and whether it resulted from the popularity of the auction or reduce the amount of supply of the dollar.

 

This decline also may come to coincide with the passage of Iraq in financial distress and a lack of liquidity due to reduced imports because of falling world oil prices and the government's efforts to fill in the austerity budget deficit in 2015 of 25 trillion dinars.

 

The statistical interview [where] showed that central bank sales of the dollar last for 2014 amounted to 49 billion, 579 million and 738 000 Dolar.anthy 

[wbuse984]

Sandfly Yota

[waterman13]

Sales keep going down and commissions going up.

Interesting to say the least. Are they almost completed with the dollarization?

Wm13

Edited January 28, 2015 by waterman13

[mr.unlikely]

Wow cash sales at 32 million remittances at 8 million. That is a significant pattern change from past currency auctions. Usually remmitances far outweigh the cash portion. Anyone care to weigh in on the implications of this? I do know that these auctions were an emergency measure used by the CBI to keep the dinar exchange rate stable. All modern countries sell treasuries or bonds to provide the liquidity necessary to supply the economy. Just a thought but maybe this is the CBI winding down these auctions to be replaced by a bond market accessible to the entire world, which IMO would mean a fair and reasonable value attached to their currency? Let us hope.

[Big_J]

 All modern countries sell treasuries or bonds to provide the liquidity necessary to supply the economy. Just a thought but maybe this is the CBI winding down these auctions to be replaced by a bond market accessible to the entire world, which IMO would mean a fair and reasonable value attached to their currency? Let us hope.

 

 

I'm with you mr.unlikely.

Edited January 28, 2015 by Big_J

[dontlop]

The govt needs dinar to make payroll

And it looks like the banks for some reason are holding their dinar

Why would the banks not want to part with their dinar in exchange for the mighty dollar

Maybe the banks are holding out to buy the bonds

[MyLadiesDaddy]

Isn't that fee going up, Yota?