Three reasons pushed the central bank's sales down: This is what will happen next

[yota691]

 

Three reasons pushed the central bank's sales down: This is what will happen next

 

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 2021-01-07 08:10

 

Shafaq News / Member of the Parliamentary Finance Committee, Representative Jamal Cougar, identified, on Thursday, three reasons for the decline in sales of the Central Bank of Iraq.

Cougar said in an interview with Shafaq News that "the previous sales of the Central Bank that it made through its daily auction were not real, as it covered more than the market need," indicating that "the goal of traders and banks who were buying dollars through this auction is profit and that these profits have decreased." Which affected the bank’s sales. "

He added, "The large number of speculations that took place in the markets were a second reason for the lack of sales of the Central Bank, as the savings available to citizens have not completely expired yet," stressing that "the end and the return of savings to their previous places, people will accept the new government price."

"Cougar pointed out that" the real actual trader or investor who needs the dollar will now head to the markets to get the dollar because it has become cheaper than the central bank and therefore it is another reason for the lack of central bank sales.

It is noteworthy that the central bank’s sales decreased after the central bank raised the dollar’s exchange rate, to record sales of $ 8 million at the last auction held by the central bank, after it reached more than $ 200 million.

[yota691]

 

Central bank sales ended the week with a significant increase

 

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 2021-01-07 05:34

 

Shafaq News / The Central Bank of Iraq sales of hard currency increased at the conclusion of its sales this week, from Thursday.

After the central bank raised the dollar exchange rate, sales recorded a significant decline, reaching 8 million dollars at the last auction held by the central bank, after it reached more than 200 million dollars.

The correspondent of Shafaq News Agency stated that the Central Bank of Iraq witnessed during its auction for the sale and purchase of foreign currencies today a rise in sales by 287.5% to reach 23 million and 450 thousand dollars, which the bank covered at a base exchange rate of 1460 dinars per dollar, compared to last Monday, where sales reached It has 8 million and 135 thousand dollars.

He added that the demand was distributed at the rate of 23 million 350 thousand dollars to enhance the funds abroad in the form of transfers and credits, while the cash sales reached 100 thousand dollars.

Our correspondent indicated that 10 banks have fulfilled the requests to enhance the assets abroad, while one bank has purchased cash.

 

Earlier in the day, a member of the Parliamentary Finance Committee, Representative Jamal Cougar, said that the previous sales of the Central Bank that he made through his daily auction were not real, as they covered more than the market's need, indicating that the goal of traders and banks who were buying dollars through this auction is profit. And these profits decreased, which affected the bank's sales.

He added that "the large number of speculation that took place in the markets was a second reason for the lack of sales of the Central Bank, as the savings of the citizens have not completely expired until now, stressing that" the end of the savings and the return to their previous places, people will accept the new government price.

[yota691]

Today, Thursday, the central bank’s dollar sales are up, after a week of decline

Economie| 01:48 - 07/01/2021

 

 

 

 

BAGHDAD - Mawazine News
The Central Bank of Iraq’s dollar sales today recorded a remarkable increase at the conclusion of its hard currency sales this week.
The Central Bank auction for the sale and purchase of foreign currencies, according to its daily bulletin, witnessed a rise in sales by 287.5% to reach 23 million and 450 thousand dollars, which the bank covered, at a base exchange rate of 1460 dinars per dollar.
The demand was distributed by 23 million 350 thousand dollars to enhance the funds abroad in the form of transfers and credits, while cash sales reached 100 thousand dollars.
And 10 banks responded to requests to boost assets abroad, while one bank bought cash.
After the central bank raised the dollar exchange rate, sales recorded a significant decline, reaching 8 million dollars only at the last auction held by the central bank, after it reached more than 200 million dollars per day. Ended 29 / p4

[jake21]

That is why you can't get excited when you see the low numbers from the auctions. Its back to business as usual

[GreedyDinar07]

And this will go on for how many more years???? I am looking at XRP and other digital currencies because who knows with this rollercoaster!!

[Engine1]

11 hours ago, jake21 said:

That is why you can't get excited when you see the low numbers from the auctions. Its back to business as usual

Yup you are correct. But when people get excited it gives them a warm and fuzzy feeling.   I have lost all hope for the warm and fuzzy feeling.  I stopped trying to read between the lines in these news reports, ya it gives you a warm and fuzzy feeling when you do, but I cant anymore.  

[yota691]

Economic specialist for / NINA /: This is the reason for the difference in the exchange rate of the dollar against the dinar

Monday 11, January 2021 11:23 | Economical Views: 513

Baghdad / NINA / The specialist in economic affairs, Hussein Shaker Tahilo, attributed the difference in the exchange rates of the dollar against the dinar in the Iraqi market to the presence of a huge mass of dollars in the trading market and the lack of demand for the dollar.

In a statement to the Iraqi National News Agency ( NINA ) , Tuhilo said, "Each country has its own monetary system and its own currency. This currency performs its functions at home and is unable to perform these functions outside the state’s borders, and then the foreign exchange market interferes to enable these currencies." From performing its function abroad through the settlement of international payments and bank transfers as well as bank credits and others. "

He added: "After the central bank approved the exchange rate of the dollar of 1460 dinars, this price confused the Iraqi market, and we find that there is a disparity in the exchange rate in the parallel market of 1440 and sometimes reached 1390 dinars. And all this disparity has helped the speculative operations in the market. Parallelism and a very large increase in the profits of banking companies, due to the presence of a huge block of the dollar in the trading market and the lack of demand for the dollar. "

He pointed out: "The central bank's sales amounted to 200 million dollars per day, during the previous days, and we notice that in these days it has decreased dramatically and its sale reached 15.5 million dollars and in some days less than this amount, and this is an indication of weak capacity." The purchasing power of the Iraqi citizen, this rise and disparity has also led to the disclosure that bank transfers are tainted by suspicion and bank credits by importers are mostly forged and through which hard currency is smuggled abroad. "

And he continued, "The only affected person remains the Iraqi citizen as a result of the wrong central bank policy and the government's failure to manage the country." / Ended 8