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Continuous Increase in the Foreign Currency Auction Sales of The central Bank and its Effects on The Achievement of The economic Stability for The Period 2003-2011 | ||
| Tikrit Journal For Administration & Economics Sciences | ||
| Article 1, Volume 9, Issue 30, 2013, Pages 182-204 | ||
| Authors | ||
| Saad Abdulkareem Hammad Farhan; Subhi Abdulghafoor Jurwan | ||
| Abstract | ||
| Abstract: This paper studies the foreign currency auction which represent one of the indirect cash policies tools used in the Iraqi central bank. Studying this subject has great importance through showing to which extent the auction had achieved its goals, which represented in supplying the demand of the banks and people as well meeting the stability of the exchange price. The analysis of the amount of the dollar sold show that the auction sales of the foreign currency were in continuous increase during all the period of the study in a cash , and it exceeded the goals set for it. that means the sales of the auction were much bigger than the private sector's imports. This increase had no effect on the exchange price of the auction because of the essential stability of the auction price. but contribute in rising the exchange price which increase the prices of imported goods and services. The increase of the amount of the US dollar sold had not clear effect on the inflation rate because of several reasons , the more important one was the big mass of money and the reduction of revenue except oil revenues which became the main resource of funding of general balance , and the amount of the drawn cash in the auction had no equal with the amount of the big cash issue, so This increase in the auction sales was not justified and considered as loss in the foreign currency because it didn't correspond with the capacity and efficiency of the private sector, and the cash stability indicators in order to be under control by the central bank . | ||
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