CBI Records Increase in Auction

On Wednesday, the Central Bank sales rose in daily auction of foreign currencies and it reached at 314 million U.S dollars, which is against the Iraqi financial budget 2015 law Act 50. This law restricted the Iraqi Central Bank to follow the budget law and not to sell more than 75 million U.S dollars in their daily auction. According to a statement issued by the Iraqi Central Bank that today sold amount size of foreign currencies in daily auction at Iraqi Central Bank reached at 314 million 101 thousand 416 U.S dollars. The daily auction size for yesterday was at 285 million U.S dollars at the exchange rate of 1166 Iraqi dinars per U.S dollar with the contribution of 23 banks and two funds transfer companies.

The statement indicated that the amount of transferring funds and credit volume is estimated at 293 million 401 thousand 416 dollars. The total sold amount was 20 million in cash and 700 thousand U.S dollars. It is also said that the Central Bank of Iraq is continuously buying and selling U.S dollars at the rate of 1166 Iraqi dinars. The sale price of transferring funds was 1187 Iraqi dinars per U.S dollar. The Iraqi Central Bank also included commission of 21 Iraqi dinars per U.S dollar and this amount reached at 1190 Iraqi dinars per U.S dollars. Most of the financial experts predicted that Iraqi dinar will come back very soon and current decline in Iraqi dinar is temporary, because Iraq also has powerful cash reserves to support its economy.

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