On Sunday, the Iraqi Central Bank announced that CBI has sold more than 110 million U.S dollars in its daily sales auction of foreign currency. The CBI also pointed out that this amount was sold at the price of 1182 Iraqi Dinars per U.S dollar.
The Iraqi Central Bank had published details on its official website, which indicated that 28 banks and 21 money transfer companies were participated in today’s foreign currency sales auction at CBI. Most of the Iraqi Dinar investors said that current financial condition in the country is forcing them to Sell Iraqi Dinar because the Central Bank of Iraq is unable to fulfill the requirements of Iraqi domestic currency market, which would lead to increase in the U.S dollar exchange rate against Iraqi Dinar Currency.
The Iraqi Central Bank said that total amount sold at the Sales auction on Sunday 24th April 2016 is amounted at 110,637,000 (110,637 million) U.S dollars. The Central Bank also indicated that the this amount was sold at 1190 Iraqi Dinars per U.S dollar and the transferred amount to the foreign banks accounts was the same. The CBI further indicated that Central Bank is selling foreign currency according to its policy in order to manage the demand and supply in the Iraqi currency markets. A number of experts and dinar gurus predicted that CBI will be able to stabilize and maintain the Iraqi Dinar Exchange Rate against the U.S dollar in the near future. They advised to currency investors to Buy Iraqi Dinar, because Iraqi Dinar Revaluation is not too far and most of the indicators showing that Iraqi dinar currency will be boosted in the exchange rate against the U.S dollar in the current year.