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CBI Daily Currency Auction - Tuesday, 17 Nov. 2015


ronscarpa
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Currency Auctions
Announcement No. (3075)

The opening offers the sale and purchase of foreign currency in the window of the Central Bank of Iraq

on Tuesday, 17/11/2015  and the results were as follows: 

DETAILS -------------------&------------------- NOTES

Number of banks                                       22
Number of remittance companies                 18
Auction price selling dinar / US$                  1166
Auction price buying dinar / US$                   -----
Amount sold at auction price (US$)              291,035,126
Amount purchased at Auction price (US$)      -----
Total offers for buying (US$)                       291,035,126
Total offers for selling (US$)                       -----

Additionally:

1. Quantity sold to banks from the date of 01.04.2015 until 11.17.2015 (38,773,592,231) dollars.
2. Quantity sold to banks from the date of 01.04.2014 until 11.17.2014 (45,803,887,000) dollars.
3. Note that:
    Sarabie amounts transferred to accounts in banks abroad (1187) dinars per dollar, including    

       the commission of the Central Bank of $ 21 dinars per dollar.

    * Cash sales price (1190) dollars Danarlkl including the commission of the Central Bank of

      $(24) dinars per dollar.

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A lot of the time the cash portion of the auction sales is so small it would barely last a small fraction of the Iraqi population halfway through the day. The remittances are the larger portion almost every auction, and those are electronic funds sent overseas converted to US dollar, electronically, remittances are like gifts or payments for services or goods from outside Iraq.

If the cash portion is small, they're technically not "flooding" the streets with paper US dollars.

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