Iraqi Dinar Discussion Board

[stockings3333]

Demand for dollar up, exchange rate stable at daily auction

Baghdad - Voices of Iraq
Thursday , 24 /01 /2008 Time 10:03:21




Baghdad, Jan 24, (VOI) - Demand for the dollar was higher in the Iraqi Central Bank’s auction on Thursday, reaching $91.395 million compared to $55.245 million on Wednesday.
"The demand hit $13.095 million in cash and $78.300 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,213 Iraqi dinars per dollar, unchanged for the third session in a row," according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI).
The 15 banks participating in the auction offered to sell one million dollars, which the bank bought at an exchange rate of 1,211 Iraqi dinars per dollar.
In statements to VOI, Ali al-Yasseri, a trader, said, "the overall size of demand increased as yesterday's session was not attended by many traders due to the rainy weather leading them to make more bids in today's session."
Al-Yasseri added "the hike in demand for dollars in cash was due to that Thursday is the last day of the week in Iraq and traders usually need to pay their financial commitments cash in dollar."
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.