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The currency auction stops for a week as a result of banks ’fear of changing the dollar’s ​​price


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 2021-04-05 06:26
 

Shafaq News / A government source revealed on Monday that the currency auction was suspended for a week due to banks ’fear of changing the dollar’s price.

The source said in an interview with Shafaq News that "banks have stopped participating in the currency auction that the Central Bank conducts daily during the past week due to their fear of changing the dollar exchange rate in the budget that was approved last week." 

He added, "It is expected that banks will participate in the auction and submit their requests to the bank to buy the dollar, starting from the current week," noting that "these requests will be implemented during the end of the week or the beginning of next week."

On Wednesday (March 31, 2021), the Iraqi parliament voted on the federal budget law for the fiscal year 2021, with a deficit of more than 28 trillion dinars, and a tug of war that lasted for months.

The general budget revenues amounted to more than 101 trillion Iraqi dinars, while expenditures were estimated at 129 trillion dinars.

And some political blocs had called for a reduction in the price of the dollar in the budget, which made the price of the dollar affected in the local markets between rise and fall.

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Monday, April 5, 2021 | 01:36 PM
Views: 186

irq_709998346_1617619005.jpg&max_width=3

 


On Monday, a government source revealed that the currency auction was suspended for a week due to banks ’fear of changing the dollar’s price .

The source said that "banks stopped participating in the currency auction conducted by the Central Bank daily during the past week due to their fear of changing the exchange rate of the dollar in the budget that was approved last week ."

He added, "It is expected that the banks will participate in the auction and submit their requests to the bank to buy the dollar, starting from the current week," noting that "these requests will be implemented during the end of the week or the beginning of next week ."

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The Currencies, They Are A-Changin'

Rob Dylan :cheesehead: 🎵 🎸🎹

Come gather 'round DV people wherever you roam
And admit that the currency waters around you have grown
And accept it that soon your bank account'll be drenched to the bone :moneybag:
And if your breath to you is worth savin' 
Then you better start GM smokin' or you'll sink like a stone :cigar:
For the times, they are a-changin'

Come goat writers and Gurus who prophesize with your pen🦌💨
And keep your eyes wide, the chance won't come again 👀
And don't speak too soon for the RV wheel's still in spin
And there's no tellin' where that it's landin'
For the loser now will be later to win
'Cause the times, the currencies, they are a-changin' :peace:

 

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6 minutes ago, Fitxvz said:

banks in Iraq ready for new exchange rate... wowwwww 

 

they can smell rv as i am


I hope that’s what’s they smell...and they have no word for fluffy: not that it has any bearing here, just thought I’d throw that in.   :tiphat:

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5 minutes ago, Dog eat dog said:

Yet another fiscal period with NO RV or RI. Maybe next year. But I doubt it. 

So we can expect to hear from you again....say, same time next year?

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I don't think anything will happen until after the elections when Al-Khdemi is the official PM. (If it even happens year)  I know food is expensive and the exchange rate is hurting the people but I don't think the CBI really gives a damn. It is all about how many dinars they can pull in at this rate. I know inflation is a factor as well. It seems like everyone is ready to invest and they are taking their time. I guess the Economic Reform takes time to go into effect but the question is how much more time. The New CBI building will be ready by 2022 which is exciting to me! I believe they will increase the exchange rate but we just don't know when. From the looks of things it should be sooner than later but this is Iraq we are dealing with. Just my opinion!!

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People,people...The banks stopped buying dinar because just like the last time

the newest exchange rate will DE value the dinar. It will take more and more

dinar to buy the dinar. I'm guessing the rate about 1500 dinar = 1 dollar

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2 minutes ago, Wheelman said:

to stop using the USD and use the Dinar on the day the budget was voted on.

This is the sign of a rate change we all have been waiting for almost 18 years.

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Economist know that to have a market economy they must have under valued money

China is the best example. There under value has allowed them to sell world wide to

the extent they now have the second biggest economy in the world.Iraq wants to stop

importing everything and stop relying on oil 95%  

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