One-day dollar sales equal 66% of last week’s entire sales… Two possibilities are behind the jump in Sunday’s sales
One-day dollar sales equal 66% of last week’s entire sales… Two possibilities are behind the jump in Sunday’s sales
2023-01-16
Yes Iraq: Baghdad
There is no base rate for central bank sales that can be referred to and compared to sales whether they are high or low. Since last November until now, dollar sales in the currency sale window have decreased to large levels, and have risen relatively, so that the first day of the second half of January comes, With a strange and incomprehensible jump in sales, especially for foreign remittances.
During the past 75 days, the currency sale window carried a number of changes and recorded records and unprecedented cases. For example, the central bank’s sales came on Thursday, January 5, without sales of external remittances, i.e. “zero”, and sales were for cash demand only, which is not In addition, cash sales on other days were much greater than foreign remittance sales, which is also unprecedented.
On the first day of the third week of January, the central bank’s sales recorded an unprecedented number during the past 75 days, as the bank sold about $220 million for the first time since last November and the start of the dollar ban crisis on some banks.
Foreign sales and remittances accounted for 77% of total sales, amounting to $169.9 million, while cash sales amounted to $50 million.
The bank had ended the second week of January with lower sales than the first week of the month by 13%.
The window for selling the currency for the past week showed that the central bank sold $112.4 million on Sunday, while Monday it amounted to $45.1 million, Tuesday $71.3 million, Wednesday $78.2 million, and Thursday $53.7 million.
Thus, the total sales amounted to 360.7 million dollars during the week, which is a decrease of 13% compared to the previous week, in which total sales amounted to more than 413 million dollars.
Thus, the sales of the first day of the third week alone accounted for 66% of the total sales of the entire last week.
This jump led to questions about the reason for this jump in sales, and how the bank was able to find banks that could buy this amount of currency, especially since many merchants began resorting to the parallel market “to escape” from having their names known as merchants and being taxed, in addition to that many banks It could not keep up with the new mechanism and the electronic platform imposed by the Central Bank.
This rise raises two possibilities. The first is that the central bank opened the door wide again for dollar sales without much scrutiny of import invoices, so that sales would return to what they were before the implementation of this mechanism.
Or that the banks have completed their preparations and requirements that allow them to enter and purchase on the electronic platform of the Central Bank.
All of these possibilities are not known whether they are the real reasons or if there are other reasons, amid the central bank’s secrecy and failure to announce the names of the banks participating in the currency sale auction to compare this day’s sales with previous weeks.
yesiraq.com
