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CBI Daily Currency Auction & Exchange Rates - Thursday - 11/26/2020


ronscarpa
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Thursday - November 26, 2020

CBI - The results of the foreign currency sale window on Thursday 11/26/2020, and executed today

Advertisement No. (4304)

Sale date -   Thursday 11/26/2020 and executed today

Details
  Amount
Total sale for the purpose of strengthen outside assets (Transfers and credits)
159,676,757
Total sale cash
17,200,000
Total sale  amount
176,876,757


Note that:

  • The sale price of the sums transferred to bank accounts abroad is ( 1190 ) dinars per dollar.
  • The cash sale price is ( 1190 ) dinars per dollar.

 

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» The Central Bank of Iraq sales schedule of foreign currency (amounts in thousands of dollars) Thursday 11/26/2020 and executed today

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CBI Currency Exchange Rates

Thursday - 11/26/2020

 

US dollar USD 1190,000
Euro EUR 1416.219
Pound sterling GBP 1591.090
Canadian dollar CAD 909.647
Swiss franc S.FR 1310.789
Swedish krona SEK 138.403
Norwegian krone NOK 132.477
Danish krone DKK 190.169
Japanese yen JPY 11.383
Chinese Yuan CNY 181.085
Australian dollar AUD 870.247
Special drawing rights SDR 1698.915
Gold for 24-ounce Gold 2175 116.400
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( IQD Rates - Updated: Thursday - 11/26/2020 )

Official Central Bank of Iraq (CBI) Dinar Rate:
1190 IQD to 1 USD

Dinar Market Rate: (CBI last reported 11-23-2020No Change
1250.409 IQD to 1 USD

- Rates Are Within IMF 2% Rule: No
- Are Rates IMF 2% Rule Compliant for 90 Days: No

:salute:Have a Blessed Thanksgiving Everyone - GOD is Good & Faithful ... Ron

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Ammar Tohme: The currency auction is ambiguous, and "parasitic banks" benefit from it

Thursday 26th November 2020 150

 

Ammar Tohme: The currency auction is ambiguous, and "parasitic banks" benefit from it
The head of the National Approach bloc, MP Ammar Tohme, confirmed that the currency auction process conducted by the Central Bank of Iraq is of great interest and profits for the corrupt and "parasitic" banks that do not contribute to any productive or economic service activity in the Iraqi reality.
In two separate statements in numbers, Tohme explained the devastating economic effects of the currency auction process, and the loss of that process of the principle of transparency and detailed data that the public opinion must see, indicating that the profits of the "parasites" from the difference in the selling price of the dollar amount to hundreds of billions of dinars per month, which is a loss for the Iraqi state. .
While the Central Bank refused to respond to Al-Sabah’s questions regarding what was mentioned in the statements of the head of the National Approach bloc, and it refused to comment on the claims regarding the offer of a full detailed bulletin of the daily sales of dollars. 
The reporter of the Parliamentary Finance Committee, Dr. Ahmed Al-Saffar confirmed in an interview with Al-Sabah that “the statement of the head of the National Approach bloc, according to the issued and current data available in the sale of the dollar at the currency auction, is correct, and the issue of the currency window at the Central Bank of Iraq is of a strange and unique type in the world, and we need To find immediate solutions, either by canceling the window and transferring it to the Ministry of Finance, according to the Aidiyah, or for this window to be executed in a transparent manner in terms of issuing a daily bulletin detailing the amount of the sold dollar, which should not exceed the volume of daily oil revenues, so that the foreign exchange reserves are not depleted, And to make sure of receipts, identification papers and (receipts) for import, the type and value of imported goods, and what guarantees their import, and that they are not fake papers.
Al-Saffar called for "imposing customs tax on these imports and collecting them directly by a tax office located in the central bank when selling dollars, as well as that the banks participating in the auction are classified and apply conditions to be issued by the Central Bank."
In his first statement, the head of the National Approach bloc, Ammar Tohme called for the necessity of informing the public opinion and the supervisory authorities of all their varieties on the standards and controls adopted by the Central Bank in the classification of banks in the light of which it is necessary to determine the percentage of dollar sales in the currency auction to those banks, and also called for the necessity of re-work. The detailed bulletin of the central bank that mentions the amount of the dollar sums sold to each bank and verifies the realism of its activity commensurate with the purchase of those amounts from the dollar, and the bank is not satisfied with a bulletin mentioning the total dollar sales in the currency auction because this keeps the picture ambiguous and confused and prevents the necessary monitoring and follow-up to ensure the safety of the procedures.
While he indicated that the average total sales of the Central Bank in the currency auction is close to 4 billion dollars per month, Tohme pointed out that “parasitic” intermediary banks profit 160 million dollars from the difference in the price of the dollar in the market, which is sufficient for salaries (350 thousand citizens - at the rate of a monthly salary of 500 One thousand dinars), he explained that (240 million dollars) is the percentage of tax and customs revenues on imports, if 75% of the value of the dollars sold goes to actual import, and this amount is sufficient as salaries for nearly 550 thousand citizens with a monthly salary of 500 thousand dinars.
In his second statement issued on the same topic, Tohme asserts that the state’s monthly losses from the currency auction exceed 200 billion dinars, indicating that these sums are sufficient to provide job opportunities for unemployed youth and move the economy’s wheel through the private sector, calling on “the Central Bank to bypass these intermediate rings. From (parasitic banks) depleting hard currency, and adopting mechanisms guaranteeing the granting of dollars to actual traders and other citizens directly, in order to save several trillions, instead of going to borrow and its burdensome effects temporarily and in the future and reduce the illusory rise in the prices of imported goods whose bill is paid by the consumer. He also called for “imposing taxes on banks at a rate of no less than 25% of their profits,” indicating that “if the tax of their proposed profits is collected, the amount of (50-60) billion dinars will be available monthly to the public treasury and be more than (600) billion dinars. 
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