Shafaq News

  In Shafaaq 

The currency auction stops for a week due to banks ’fear of changing the dollar’s price

On Monday, a government source revealed that the currency auction was suspended for a week due to banks ’fear of changing the dollar’s price.

The source said in an interview with Shafaq News that “banks have stopped participating in the currency auction that the Central Bank conducts daily during the past week, as a result of their fear of changing the dollar exchange rate in the budget that was approved last week.”

He added, “It is expected that banks will participate in the auction and submit their requests to the bank to buy the dollar, starting from the current week,” noting that “these requests will be implemented during the end of the week or the beginning of next week.”

On Wednesday (March 31, 2021), the Iraqi parliament voted on the federal budget law for the fiscal year 2021, with a deficit of more than 28 trillion dinars, and a tug of war that continued for months.

The general budget revenues amounted to more than 101 trillion Iraqi dinars, while expenditures were estimated at 129 trillion dinars.

And some political blocs had called for a reduction in the price of the dollar in the budget, which made the price of the dollar affected in the local markets between the ups and downs.