Dinar Reporter (IQDUSD)

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Decline in demand for buying the dollar at an auction Iraqi Central

BAGHDAD - Iraq votes 07 / 05 / 2008 at 13:50:34


Decreased demand for buying the dollar at an auction the Central Bank of Iraq on the sale and purchase of the dollar at its meeting Wednesday, recording total volume of demand reached 54 million and 635 thousand dollars against 127 million and 170 thousand dollars in the previous meeting.
The auction showed special bulletin the Central Bank of Iraq for the sale and purchase of the U.S. dollar today that the request be distributed at 5 million and 705 thousand dollars in cash and 48 million and 930 thousand dollars in the form of remittances outside the country covered by the bank in full at a rate of 1201 dinars.
Did not make any of the 12 participating banks to auction offers to sell the dollar to the auction.


He said the Yasiri, one dealing with the auction of the Independent News Agency (Voices of Iraq) that "the demand witnessed a decline in the days of being depleted of peak demand yesterday, and yesterday I was led to a decline in demand to below the overall levels of demand during the current year."

Another translation of above:
"The request witnessed the decrease of being it mobilized in the request peak days in yesterday and the day before yesterday what led to a retreat in the demand size to extending the general levels for the request through current year".



Yasiri pointed out that "demand the retreat, both cash and money orders both however, the sale of auction bids were absent for the second time in a row in the meetings of the auction for the current week after it disappeared at a meeting last Monday," expected to rise tomorrow demand that the cash tomorrow, Thursday is the date for accounting Traders Iraqis what generates growing demand for the dollar to pay dues payments.

Another translation of above:
"The demand retreated by its parts the cash and the moneys order equally, nevertheless the selling presentations to the auction disappeared for the second time in succession in the auction sessions to the week after they disappeared in the session last Monday," expected that tomorrow the cash request rises being tomorrow Thursday he is the reckoning date to the Iraqi merchants what causes an increasing request on the dollar for the repayment of their payments dues.



For his part, the economic expert and industrial Sadiq Abdul Razzaq told (Voices of Iraq) that "the fluctuation and variation in demand for purchase offers a positive sign that the auction survival depended on one of the decline or rise leads to the emergence of the crisis."

Another translation of above:
"The vibration and the difference in the presentations of the demand are on the purchase a positive sign it formed keeping the auction uniformly from the decrease or the rise that leads to an appearance of a crisis ".



He continued that "the disparity in the demand reflects the dynamic performance of the market on one hand and the auction is still free and cover a large cash to meet all purchase orders, which increases the confidence in Iraqi currency and eliminate the idea could float them develop and enhance the value of hope after an international firm to meet the requirements of each currency like the Gulf."

Another translation of above:
"The difference in the request reflects the market performance dynamism from an authority and that the auction is still free and with a big cash cover it answers all purchase requests, and it is what exceeds the confidence in the Iraqi currency and it cancels its floatation idea and reinforces the hope for putting stable international value till now its fulfillment of all of the conditions as by the Gulf currencies ".



So, the economic expert, Dr. Abbas Aluj that "although inflation indices to fall but they are no longer now because of the increased money supply and other reasons stand behind the fact that the auction absorbed too much of the money supply despite the rise in the volume of recycled and return to the market through staff salaries And government spending."

Another translation of above:
"The inflation indications are despite their decrease nevertheless they returned not now because of the increase of the cash block and that other reasons stand behind them being the auction absorbed a big amount of the cash block despite the rise of a size round from it and the returning to the market through the employee salaries and the government spendings".



He told Aluj (Voices of Iraq) that "economic reform at the present time must go developmental trend that receded after the need for a policy to encourage savings, especially after having established in most of the local currency dealers with the impression that it is the store money to the Iraqi capital", calling for Ease credit restrictions to take advantage of increasing returns for Iraqi oil in the development of a strong private sector able to compete with imported and revitalizing the Iraqi market.

Another translation of above:
"The economic reform at the present time should move by the development trend after the need for the saving encouragement policy receded especially after it is established to most of the dealers with the local currency the impression that she be the money store of the Iraqi capitals ", calling for lightening the credit restrictions for the benefit from the increasing revenues of the Iraqi oil in the development of a strong private sector capable of the competition with the importer and the activation of the Iraqi market.



Uday also pointed Shabib Rustum's banking office that "the U.S. dollar exchange rate Stock Exchange amounted to 1221.4
With the purchase price Exchange 1218, and selling price offices 1225 and 1215 dinars purchase price increase or decrease with five points as the policy office. "
He told Shabib (Voices of Iraq) that "the struggle Stock Exchange have seen demand decline in average demand in the bourses and Kazimiya Harthiya."
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