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More than one billion and 200 million dollars in Central Bank auction sales in a week


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 2022-08-27 02:24
 

 

Shafaq News/ The sales of the Central Bank of Iraq in the auction of selling hard currency for dollars during the past week amounted to nearly one billion and 300 million dollars. 

Shafak News Agency correspondent stated that, during the past week for the five days in which the auction was opened, from Sunday to Thursday, the Central Bank sold one billion and 292 million and 29 thousand and 554 dollars, at a daily rate of 258 million and 459 thousand dollars, down by 3.7% from the week in which preceded him. 

Our correspondent added that the lowest dollar sales during the past week were on Thursday, where sales amounted to 224 million and 465 thousand and 450 dollars, while the highest sales were on Monday, in which sales amounted to 273 million and 775 thousand and 540 dollars. 

He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar.

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Reminds me of... if we stop the auctions it would hurt the people because all the dinar sold there is for oil ... or what ever... when simply the people money is in the bank and not being flooded to the streets, everyone's electronic, cards in hand, just need to finish rebuilding, and pay the people ofcourse and they can do as they please... flip the switch and let us return all this paper to them

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 2022-09-03 02:36

 

Shafaq News/ The Central Bank of Iraq's sales of hard currency to the US dollar during the past week amounted to nearly one billion dollars. 

Shafak News Agency correspondent stated that, during the past week, the Central Bank sold 994 million and 752 thousand and 756 dollars, except for Tuesday, for the four days in which the auction was opened, except for Tuesday (due to a curfew), and from Sunday to Thursday, 994 million and 752 thousand and 756 dollars, at a daily rate of 248 million and 688 thousand and 138 dollars. Decreased by 7.34% from the previous week. 

Our correspondent added that the highest dollar sales during the past week were on Wednesday, where sales amounted to 256 million and 888 thousand and 847 dollars, while the lowest sales were on Sunday, when sales amounted to 240 million and 232 thousand and 374 dollars. 

He pointed out that most of these sales went in the form of remittances outside the country to "finance foreign trade," while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar.

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The largest in the history of Iraq.. Huge numbers of central bank sales of the dollar for the past month

 

 

952 Economie 09/03/2022 13:05 Today ,

Saturday, the economist, Nabil Jaafar Al-Marsoumi, revealed frightening figures for the central bank’s dollar sales for the month of August, while the bank sold five billion five hundred and thirty million dollars, which is the largest in the history of Iraq. Al-Marsoumi told (Baghdad Today) that "four billion six hundred and ninety-six million dollars were documentary credits for the purchase of goods, while the cash sales were eight hundred and thirty-four million dollars," explaining that "the oil revenues for the month of August were nine billion seven hundred and eighty-four million dollars." The bank drained 65% of the oil revenues, and this number is huge. He added that "when the amounts of opening documents for imports amount to four billion six hundred and ninety-six million dollars, imports of goods and services must be offset by the same amounts, but what is happening is different, and the evidence is that last year the private sector recorded import of goods and others with an amount that reached 11 billion dollars, while it was The bank's document sales amounted to $33 billion," he added, adding: "This means that an amount of up to 20 billion was bought with goods and entered through illegal outlets or from the Kurdistan region."

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Economist: The currency auction is a drain on the dollar and a benefit for the corrupt
  
{Economic: Al Furat News} An economic expert called on the Central Bank of Iraq to review its auction policy for the sale of foreign currency.

And the Iraqi Economists Network quoted in a post on its Facebook page, Siham Youssef, as saying, “The exit of funds currently from Iraq through the currency auction of the Central Bank of Iraq is not in the interest of the Iraqi economy. Remittances outside their countries, which are economically prosperous countries.
She added, "These countries are institutional countries, enjoying security and political stability and a comfortable investment climate, which made them a magnet for foreign investors, who are now re-employing their money inside the country and developing their investments, especially in light of the availability of profitable investment opportunities. The increase in the volume of remittances exported abroad from these countries." Countries have a positive impact on their economic growth. The UAE, for example, but not limited to, in the year 2020, the remittances exported from them (43.2 billion dollars), in contrast, foreign direct investment in the country rose to 19.88 billion dollars in 2020, with a growth rate of 44.2%. over the previous year.”
Youssef noted, "In Iraq, the increase in the value of the currency exported abroad was not accompanied by an increase in the volume of foreign direct investments, so we did not see a positive impact on the Iraqi economy. , the lack of security and the exposure of investors to extortion and kidnappings in order to obtain the royalties and money,” as she put it.
The economic expert called "the central bank to restore its accounts and stop this depletion of hard currency, which the corrupt took advantage of forging import bills."
It is noteworthy that the Central Bank of Iraq continues daily to sell the dollar in the currency auction, as its sales during the month of August amounted to more than 5 billion dollars.

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Clarification from the Central Bank regarding the functions of the hard currency sale window

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 Economie

 

  •  3-09-2022, 09:55

Baghdad - INA
The Central Bank has identified the functions of the hard currency sale window and its importance to the Iraqi economy.
Deputy Governor of the Central Bank, Ihsan al-Yasiri, said in a statement received by the Iraqi News Agency (INA), today, Saturday: "The window for selling currency was found to meet the needs of the private sector to finance foreign trade, but some view it as a unilateral view, as if the imposed state resources of foreign currency cannot be Touch it, and this may be a desire or wish from the people, but there are functions for the window for selling foreign currency.” 
He added that "the window performs two very important functions, the first is to provide dollars to the economic sector and importers, because the importer cannot buy dollars from another place except from banks or the central bank, so the central bank transfers the dollars that the merchant needs to the bank to deal with the entity that exports the commodity to Iraq," stressing that "this job is important because the real sector in Iraq cannot meet all the requirements of the Iraqi economy and consumer, so it is still highly dependent on imports."
Al-Yasiri added that "the second function of the currency sale window is that the central bank's function in managing and issuing the Iraqi currency is based on providing the Iraqi dinar to the government, which is the first consumer, and in turn it sells the dollar to the central bank," noting that "
He stressed that "when the dinar leaves the central bank, it is called idiomatically (the exporter of circulation) because the dinar exited from the coffers of the central bank and went to the banking system and then to the private sector," noting that "in the event that the dollar is not sold from the central bank, inflation will be at high levels." .
Al-Yasiri added that "the banks are the source of circulation and have 83 trillion dinars, and these amounts compete for goods and services at certain prices," noting that "in the event that the central bank does not sell the dollar, the citizen has to deposit the dinar in the banks, which in turn deposit it in the central bank."
He pointed out that "the Ministry of Finance is selling the dollar to the central bank in order to obtain the dinar for the purposes of salaries and other uses, which are estimated monthly at 7 to 8 trillion dinars," noting that "the central bank in the event that the dinar does not reach it from the parties that buy the dollar must print the dinar." And therefore, every month, it is necessary to add to the source for circulation in the range of 7 to 8 trillion dinars.
And he added, "In this case, the source for circulation will become annually, increasing in the range of 70 to 80 to 90 trillion Iraqi dinars, and therefore it is possible for the source for circulation within 5 years to reach 300 or 400 trillion Iraqi dinars," stressing that "every monetary issuance of this level without being There is control or recovery of it or sterilization of the market or sterilization of the source for circulation. It means that there will be large quantities and amounts of dinars competing for limited levels of goods and services and thus inflation will reach unacceptable levels, as happened to Germany after World War II when a person goes to buy bread or bread on it. To fill the basket with money and go to the bakery.” 
He pointed out that “the function of the currency sale window must be continued to meet the import and to provide the Iraqi dinar so that the process continues with the dinar going out to the market and sterilized by returning it to the coffers of the central bank and the source decreases for circulation, and thus the pace of the source’s escalation of circulation is now simple, possible in the month or year to rise A certain rise, but not every batch of the sums goes out to the issuer for circulation.”
Al-Shammari stated, "there is no discrimination between banks through the currency sale window," stressing that "the central bank, by its law, sells the dollar simply and without conditions."
And he indicated that "the infallibility or transcendence in the central banks is the national currency and not the foreign currency, so when the national currency comes and examines its sources, it is the right of any citizen who carries the Iraqi dinar to convert it to the dollar," noting that "

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 2022-09-10 02:35
 

 

Shafaq News/ The Central Bank of Iraq's sales of hard currency to the US dollar during the past week amounted to more than one billion dollars. 

Shafak News Agency correspondent stated that the Central Bank sold during the past week for the five days in which the auction was opened, and from Sunday to Thursday, the amount of 1 billion and 150 million and 204 thousand and 624 dollars, at a daily rate of 230 million and 40 thousand and 924 dollars, down by 7.5% about the previous week. 

And our correspondent added, that the highest sales of dollars during the past week were on Thursday, where sales amounted to 240 million and 58 thousand and 250 dollars, while the lowest sales were on Monday, in which sales amounted to 201 million and 113 thousand and 441 dollars. 

He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar.

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The Central Bank of Iraq's sales crossed the $1 billion mark last week
 

Baghdad - people  

The Central Bank of Iraq's sales of hard currency reached for the US dollar through Last week more than a billion dollar.  

 

And according to the official newspaper, which was followed by “Nass”, (September 11, 2022), the Central Bank sold out during the week past for the five days that Opening of the auction and starting from today Sunday to Thursday amount 1One billion and 150 million and 204 thousand and 624 dollars, at a daily rate of 230One million and 40 thousand and 924 dollars, down by 5.7% from the week before.  

  

It was the highest dollar sales During the last week of the day Thursday when I reached it Sales: 240 million and 58 thousand and $250, while it was less Monday's sales amounted to In which sales 201 million and 113 One thousand and 441 dollars.  

  

Most of those sales are gone In the form of remittances abroad to finance foreign trade, While the selling price of the dollar reached Transferor to bank accounts Abroad, in addition to the cash sale, 1460 dinars per dollar.

  

  

 

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 2022-09-17 04:18
 

Shafaq News/ The Central Bank of Iraq's sales of hard currency to the US dollar during the past week amounted to more than one billion and 200 million dollars.

Shafak News Agency correspondent stated that the Central Bank sold during the past week for the five days in which the auction was opened, and from Sunday to Thursday, the amount of 1 billion and 206 million and 756 thousand and 238 dollars, at a daily rate of 241 million and 351 thousand and 247 dollars, an increase of 4.92% about the previous week.

Our correspondent added that the highest dollar sales during the past week were on Wednesday, where sales amounted to 251 million and 665 thousand and 764 dollars, while the lowest sales were on Thursday, in which sales amounted to 229 million and 773 thousand and 50 dollars.

He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar.

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 2022-09-24 09:24
 

 

Shafaq News/ The Central Bank of Iraq's sales of hard currency to the US dollar, during the past week, amounted to nearly one billion dollars. 

Shafak News Agency correspondent stated that the Central Bank sold during the past week for the four days in which the auction was opened, starting from Monday to Thursday, by 983 million and 657 thousand and 141 dollars, at a daily rate of 245 million and 914 thousand and 285 dollars, an increase of 1.86% over the week in which preceded him. 

Our correspondent added that the highest dollar sales during the past week were on Monday, where sales amounted to 261 million and 21 thousand and 884 dollars, while the lowest sales were on Thursday, in which sales amounted to 229 million and 689 thousand and 255 dollars. 

He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar.

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About one billion dollars in sales of the Central Bank of Iraq during the past week
 

  

Baghdad - people  

The Central Bank of Iraq's sales of hard currency to the US dollar during the past week amounted to nearly one billion dollars.  

  


According to the official newspaper, followed by “Nass” (September 25, 2022), he “sold the Central Bank during the past week for the four days in which the auction was opened, starting from Monday to Thursday, at an amount of 983 million and 657 thousand and 141 dollars, at a daily rate of 245 million and 914 thousand and 285 dollars, up 86.1% from the previous week.  

  

The highest dollar sales during the past week were on Monday, with sales amounting to 261 million and 21 thousand and 884 dollars, while the lowest sales were on Thursday, in which sales amounted to 229 million and 689 thousand and 255 dollars.  

  

Most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar, according to the newspaper.  

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21 hours ago, horsesoldier said:

NEWSFLASH ! THIS JUST IN....The currency auction is a drain on the Dollar and a benefit for the corrupt !!

This is the most shocking news of the last 20 years!!!!🤣 😆 🙃 😜 Hello Captain Obvious.

Always count on Iraqi news to provide Saturday morning belly laughs.

So much for them for going after the corruption and attempting to get rid of it.  I see no end to this mess...

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 2022-10-01 05:05
 

Shafaq News/ The Central Bank of Iraq's sales of hard currency to the dollar during the past week amounted to more than one billion dollars.

Shafak News Agency correspondent stated that the Central Bank sold during the past week for the four days in which the auction was opened, and from Sunday to Thursday, the amount of one billion and 133 million and 671 thousand and 553 dollars, at a daily rate of 226 million and 734 thousand and 226 dollars, a decrease of 7.8% from the week in which preceded him.

Our correspondent added that the highest dollar sales during the past week were on Thursday, where sales amounted to 249 million and 716 thousand and 235 dollars, while the lowest sales were on Sunday, when sales amounted to 200 million and 150 thousand dollars.

He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar.

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  • Time: 03/10/2022 11:18:00
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  • Reading: 1,482 times
Currency auction sales drop... and an expert explains why
  
{Economic: Al Furat News} An economist explained, the reason for the decrease in the currency auction sales of the Central Bank of Iraq from the dollar.

Nabil Al-Marsoumi said: "The Central Bank of Iraq's US dollar sales decreased from 5.530 billion dollars last August to 4.723 billion dollars last September, while the amounts of remittances and credits to cover imports decreased from 4.696 billion dollars in August to 3.970 billion in September, a decrease of 726 million dollars. dollars, a decrease of 15%.
And the reason for this may be due to the significant drop in global freight rates, as the prices of container shipping coming from East Asia, specifically from China, decreased by 80%, and accordingly the prices of container transportation from China to the Red Sea decreased from 12 thousand dollars to 2500 dollars per container. This decline is mainly related to the decrease in the volume of trade between China and the United States, which led to the availability of large ships with huge loading capacities that changed their directions from the United States to other countries.
Al-Marsoumi pointed out that "it is known that Iraq pays very large sums annually for shipping and insurance costs, which in 2020 amounted to 7.222 billion dollars."

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 2022-10-04 03:25
 

Shafaq News/ The Central Bank of Iraq's sales of hard currency to the dollar during the month of September amounted to nearly 5 billion dollars.

Shafak News Agency reporter stated that the Central Bank sold 4 billion and 724 million and 149 thousand and 21 dollars during the month of September in the days when it opened its auction to buy and sell US dollars, at a rate of 236 million and 207 thousand, and 451 dollars per day, down from last August, which amounted to an average of 236 million and 207 thousand and 451 dollars per day. Sales are 264 million and 571 thousand and 976 dollars.

Our correspondent added that the bank's sales exceeded 230 million dollars per day during the month of September, and the bank also stopped conducting the auction for the period of official holidays, which amounted to ten days.

He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar.

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 2022-10-08 01:37
 

 

Shafaq News/ The Central Bank of Iraq's sales of hard currency for the dollar during the past week amounted to nearly one billion dollars.

Shafak News Agency correspondent stated that the Central Bank sold 946 million and 866 thousand and 720 dollars during the past week for the four days in which the auction was opened, with an increase of 4.4% over the previous week. .  

Our correspondent added that the highest sales of dollars during the past week were on Tuesday, where sales amounted to 263 million and 847 thousand and 470 dollars, while the lowest sales were on Sunday, in which sales amounted to 221 million and 443 thousand and 250 dollars. 

He pointed out that most of these sales went in the form of remittances abroad to finance foreign trade, while the selling price of the dollar transferred to bank accounts abroad, in addition to the cash sale, amounted to 1460 dinars per dollar.

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