Dinar Reporter (IQDUSD)

[Panhead]

Baghdad - Iraq votes 06 / 03 / 2008 at 15:54:36




Decreased demand for the dollar in the purchase of the Central Bank of Iraq auction on the sale and purchase of the dollar at the end of meetings this week to auction, Thursday, recording a total volume of demand reached 51 million and 175 thousand dollars, compared with 116 million and 175 thousand dollars in the meeting, Wednesday.
The special bulletin ERA Central Bank of Iraq for the sale and purchase of the dollar, the demand distributed at 24 million and 175 thousand dollars in cash, while the remaining $ 27 million of the request in the form of remittances outside the country covered by the bank fully stable exchange rate of the meeting of 20 consecutive capacity of 1210 dinars to the dollar, While he did not make the ten banks participating in the auction offers to sell the dollar to auction.
He said the Yasiri, one dealing with the auction of the Independent News Agency (Voices of Iraq) that "the demand for procurement has generally declined because of lower orders exclusively, a situation expected in the opening and closing sessions of the auction in a week where the demand for low orders on Sunday and Thursday, more than the remaining days. "
Yasiri, and added that "monetary demand was at the top levels throughout the current year for two reasons, the first being on Thursday on payment of merchants The second reason the lack of movement in the market for two weeks, which makes trading more."
Meanwhile, the economic expert, Dr. Amita Abbas that "the natural decline the request that hearings auction must be experiencing declines and rising relying on the immediate need of the market."

He added that "the stability of the exchange rate of several meetings give reassurance for the domestic market, and that the bank must continue to stick to install exchange rates at least another week to make the situation more secure stability and to ensure the elimination of any final attempt unnatural before speculators may appear at any moment to break stability in the market, especially with the appropriate solutions any future auction or disrupt the local stock exchanges. "

For his part, an economic expert and industrial Sadiq Abdul Razzaq that "proceeds transactions weekly recorded by the market this week registered an upward performance, and demand rates increased during the beginning of March as had been expected in advance of the performance of the auction"?
He added that "the coming months are expected to witness a growth in the volume of demand and increase the cash available cover by the Central Bank and to increase the tools that are controlled by monetary policy, local and subject to greater control because of growing imports from Iraq oil sales and the availability of large amounts of foreign exchange earnings, which is Higher revenues in the history of the Central Bank of Iraq, and certainly would have positive effects on the balance of government spending and stimulate relatively to the local private sector. "
He explained Uday Shabib's banking office in Baghdad that "the exchange rate has maintained constant for the fourth day at 1215 dinars buying and selling of 1225 dinars small transactions, and a rise in the price of a simple commercial sale of large transactions by 1222 dinars compared with the exchange rate of 1221 dinars yesterday."
He attributed Shabib high price simply to the "growing demand for purchase on Thursday to reimburse merchants."

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