After 21 years of the dollar auction... Iraq is close to closing the window

After 21 years of the dollar auction... Iraq is close to closing the window amid reassurances and warnings

link to My FX Buddies Blog https://www.myfxbuddies.com/2024/04/after-21-years-of-dollar-auction-iraq.html

Iraq is approaching the end of the closure of the dollar selling window at the Central Bank - which has been controversial - over the past two decades. The Central Bank's management plans to gradually cancel the dollar auction during the year 2024, leading to its complete cancellation by the end of the year, and to maintain it for audit and statistical purposes, in an effort to enable Iraqi banks to establish and establish solid banking relationships with the global and regional banking sector in order to achieve the sobriety of the Iraqi banking sector and full commitment. According to international standards and requirements. Iraq relies on the platform for selling currency directly to local banks and companies, which was previously known as the daily dollar auction, as one of the mechanisms for preserving the value of the Iraqi dinar and combating speculative operations in the parallel market.