The 60% drop in central bank sales coincided with the central bank’s “tightening” of some “suspicious” banks.. What does it mean?

The 60% drop in central bank sales coincided with the central bank’s “tightening” of some “suspicious” banks.. What does it mean?


The 60 percent drop in central bank sales coincided with the central banks tightening of some suspicious banks.. What does it meanYes Iraq: Baghdad
Since the beginning of this November, the Central Bank’s sales of hard currency began to decline by 35% compared to the average daily sales during the past weeks and months, as daily sales began to hover around 130 million dollars per day, compared to 200 million dollars per day during the past months.

The “Yes Iraq” platform monitored the window for selling hard currency to the Central Bank, since the beginning of this November, as 151.8 million dollars were sold on Tuesday 1/11 this month, 120 million dollars on Wednesday 2/11 this month, and 128.7 million dollars on Thursday 3. 11/11, while $135.5 million were sold during an auction next Sunday 6/11.

In general, “Yes Iraq” investigated the issue of sales and noted that the decline was only in cash sales, with the continued stability of foreign remittance sales, which could be interpreted as a decrease caused by the decline in citizens’ cash requests for the dollar due to fears of reducing the price of the dollar in the coming days. by the new government.

However, the shock came today, Monday, the seventh of November, as the results of the currency sale window showed a decrease in the Central Bank’s sales to only $ 80 million, and by 60% compared to the daily average during the past weeks and months, in which daily sales amounted to $ 200 million per day. The decrease was significant in sales allocated to foreign remittances for the purpose of import, which amounted to only $73 million.

This significant decline opened other doors for possibilities that go beyond the issue of a decrease in monetary demand for the dollar, especially since the matter came in conjunction with the escalation campaign led by the Central Bank recently, which was translated in the document issued on Sunday, November 6th.

A document seen by “Yasin Iraq” showed that the Central Bank directed all banks not to deal with 4 banks in hard currency, the dollar, which are all of the “Al-Qabd, Al-Ansari, Middle East and Asia” banks.

Perhaps it is not a coincidence that 3 of these banks belong to the controversial businessman Ali Ghulam, who…

His name is known more clearly after the Rafidain Bank scandal and the signing of a contract with a large penalty clause to build ATMs for the Rafidain Bank.

The “Yes Iraq” platform had published a previous report based on data obtained from informed sources, which indicated that 30% of the sales of the Central Bank were from the share of the three Ali Ghulam banks.

From here it can be reached the possibility of a link between the decline in currency auction sales, and the restrictions that the Central Bank began to exercise on some banks, including Ali Ghulam’s banks, and prevent them from participating in the currency auction.