CBI sold $ 126 million & a clear indication towards IQD Revaluation

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On Monday, the Central Bank of Iraq has sold more than 126 million U.S dollars in its daily auction sales of foreign currencies. The Central Bank of Iraq issued a statement that the total size of foreign currency sold on Monday was amounted at 126 million, 347 thousand & 188 U.S dollars.

The Iraqi Central Bank pointed out that foreign currency was sold at the price of 1182 Iraqi dinars per U.S dollar. The statement further indicated that, 29 Iraqi banks and 17 funds transfer companies were participated in today’s auction. The CBI further indicated that we are monitoring Iraqi local currency markets and Iraqi Central Bank has the ability to meet the requirement of demand & supply of Iraqi domestic market. The statement further said that the remittances amount and credits were amounted at 52 million, 910 thousand and 232 U.S dollars. The total amount sold in cash was amounted at 14 million, 67 thousand U.S dollars.

IQD Revaluation

The statement also indicated that the total transferred amount to the accounts of banks dealing abroad was sold at the price of 1190 Iraqi dinars per U.S dollar and the sales cash price was at 1182 Iraqi dinars per U.S dollar. Most of the experts believe that Iraqi Dinar currency is showing stability for the past couple of weeks, despite the current critical financial and economic condition in the country. Most of the financial experts have predicted that Iraqi Dinar Revaluation is not too far because Iraqi dinar currency has shown its power in the current severe economic and financial crisis in the country. Most of the currency investors also believe that it is the perfect time to Buy Iraqi Dinar instead of Sell Iraqi Dinar because after stability in the Iraqi political and financial condition, the Iraqi Dinar would give handsome amount of profit on Iraqi Dinar Investment.

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