1.6 billion dinars for Monday only.. Bank profits from cash sales to the Central Bank and the price difference with the market

1.6 billion dinars for Monday only.. Bank profits from cash sales to the Central Bank and the price difference with the market

2022-12-05

1.6 billion dinars for Monday only.. Bank profits from cash sales to the Central Bank and the price difference with the marketYes Iraq: Baghdad
The Central Bank of Iraq’s sales of US dollars rose, to more than $140 million in an auction today, Monday, with the participation of 36 banks, more than $42 million of which went as cash sales.

And the Central Bank sold today, during its auction for the sale and purchase of US dollars, 140 million and 70 thousand and 601 dollars, which the bank covered at a basic exchange rate of 1460 dinars per dollar.

Most of the sales went to enhance balances abroad in the form of transfers and credits, amounting to 97,320,601 dollars, while the rest went in the form of cash sales, which amounted to 42,750 dollars.

And 20 banks met requests to consolidate balances abroad, and 16 banks met cash requests, in addition to 137 mediation companies.

The price of the dollar in the local markets reached 1497.5 dinars per dollar, at a time when banks bought the dollar from the Central Bank at its official price of 1460 dinars per dollar.

Accordingly, the price difference amounts to 37.5 dinars per dollar, and by purchasing 42 million and 750 thousand dollars as cash sales to enhance market demand, this means that the banks’ profits from the currency difference between the official price and the market price amounted to 1.6 billion dinars.

yesiraq.com