Central sales decline of the dollar

Central sales decline of the dollar to start its weekly

Published on Monday, October 26 2 / November 2012 12:16 | Written by: SA-FR/AR/B

BAGHDAD / obelisk: auction saw the Central Bank of Iraq, Monday, a decline in sales of the dollar, valued at approximately $ 139 million based exchange rate was 1166 dinars to the dollar, after he scored in its past, the amount of sales exceeded $ 193 million.
 
The bulletin auction bank that the aggregate demand for the dollar distributed by $ 43,525,000 in cash, $ 95,919,000 in the form of remittances Foreign fully covered by the bank exchange rate was 1179 dinars per dollar commission inclusive of the Central Bank amounting to 13 dinars per dollar.
 
The bulletin indicated that the 21 participating banks in the auction, today, did not make any offers to sell the dollar.
 
The central bank held the Iraqi weekly auction of five meetings from Sunday to Thursday for the sale and purchase of foreign currency, and receive a commission on the sale Bank and cash remittances of about 13 dinars per dollar.

What is Foreign Remittance?

Foreign remittance can be defined as ‘the purchase and sale of freely convertible foreign currencies as admissible under Exchange Control Regulations of the country. 
A looser translation is the sending of money home while working in a foreign country. Thousands of people are currently working and living in a country that is not their home, and sending funds regularly back to their families in their home country.

There are two type of remittances:

1. Foreign Outward Remittance: The sending country, where the wage earner is located. The sender uses a bank or foreign exchange company to send money to foreign country. Many of the receiving banks have established remittance relationships with currency houses and banks in other countries to better facilitate the flow of remittances into the country.

2. Foreign Inward Remittance: The receiving country, where the beneficiary resides. The bank receives the money that has been sent from the sending person in the country in which the money has been earned.