Drop in demand for Dollar E-mail
Baghdad, 07 March 2008
Demand for the dollar dropped in the Iraqi Central Bank's auction on Thursday, registering at $51.175 million compared to $116.175 million on Wednesday.
"The demand hit $24.175 million in cash and the rest $27 million in money transfers outside the country, all covered by the bank at a rate of 1,210 Iraqi dinars per dollar, stable for the 20th session in a row," according to the central bank's daily bulletin and received by Aswat al-Iraq - Voices of Iraq - (VOI).
None of the twelve banks that participated in the auction offered to sell dollars.
Speaking to VOI, Ali al-Yasseri, a trader, said that the general demand for the dollar got down due to decrease of money transfers on Sunday and Thursday more than other days”.
Al-Yasseri pointed out “the general demand was in its highest levels during the past two weeks as Thursday is the payback day for business men”, al-Yasseri, accounted one of the reasons for the demand rise.
He added “the slowdown of market activity for two weeks spurred more circulation”.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.
Last Updated ( Friday, 07 March 2008 )
