CBI Announced Date for Auction Sales of Foreign Currency

The Iraqi Central Bank issued a press statement that Central Bank would start next live auction sales of foreign currency on 4th August 2015. According to our authentic source from the Central Bank said that next session for the auction sales of foreign currencies will take place in the first quarter of the next month according to defined plan by the Central Bank.

Source further added that we are expecting that maximum companies will participate including some government agencies will also participate in this scheduled auction. Point to be noted that the announce auction sales of foreign currencies have full amount of 200 billion Iraqi dinars with the price of a number of utilities and presenting the highest discount rate which is expected at 4.80 percent for three banks. The daily auction sale was postponed due to some major reasons. The political situation also affected on the auction of foreign currencies. The Iraqi Central Bank also warned that there is a big difference between demand and supply in the Iraqi domestic markets. The Central Bank also suggested opening new doors selling foreign currencies, but according to the law. The Iraqi budget also restricted the Iraqi Central Bank not to sell more than 75 million U.S dollars in their daily auction sale, it also caused too many problems for CBI and it increased the demand in the Iraqi local markets.

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