Sunday, August 25, 2024

DINAR REVALUATION UPDATE: THE IMPORTANCE OF THE CBI AUCTIONS : TO CONTROL THE EXCHANGE RATE, 25 AUGUST

The Central Bank of Iraq's Billion Dollar Auction in August 2024

The Central Bank of Iraq (CBI) has recently conducted auctions that resulted in sales exceeding one billion dollars within a week in August 2024. This significant financial activity reflects the bank's role in managing the country's foreign currency reserves and economic stability. 

Auction Details and Sales Figures

During the week in question, the CBI conducted auctions for five days, selling a total of 277,127,456, slightly lower than the previous week's total sales of $1,384,031,047.

Daily Sales Highlights

Highest Sales: The highest dollar sales were recorded on Wednesday, reaching 268,304,025.

Foreign Exchange and Cash Sales

Sales for foreign exchange amounted to 68,650,000. 

Economic Context

The CBI's role in managing foreign currency auctions is crucial for Iraq's economic stability. These auctions help in controlling the exchange rate and ensuring a steady supply of foreign currency for various economic activities. 

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