Things in Iraq are moving right along as the Central Bank of Iraq continues with the currency auctions. On Monday the sales of the U.S. dollar at the currency auctions was 261 million dollars. We knew the currency auctions would increase in dollar sales, when the CBI allowed the 290 currency exchange merchants to deal directly with the CBI. The CBI change cut out the broker or the middleman when conducting foreign currency transactions. The currency auctions will increase in the future.
The Iraq federal budget of 2014 will not be approved by the current Iraq parliament. It appears the Iraq government may try and approve 2014 and 2015 federal budgets at the same time when the newly elected Iraq parliament is seated. The time frame is unknown. In the future if the Iraq government is not seated then look for it to become a caretaker government in June 2014.