Dinar Reporter (IQDUSD)

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A big increase in demand for buying the dollar and exchange rate stability

Baghdad - Iraq votes 09 / 03 / 2008 at 19:45:43


Demand rose significantly to buy the dollar at an auction the Central Bank of Iraq at the opening sessions of this week, Sunday, recording a total volume of demand was 114 million and 250 thousand dollars, compared with 51 million and 175 thousand dollars in the previous meeting.
The special bulletin ERA Central Bank of Iraq that the request be distributed at (13) million and (50) thousand dollars in cash, and (101) million and (200) thousand dollars in the form of remittances outside the country, and fully covered the bank exchange rate stable for the twenty-second meeting of the Altoalin ability dinars (1210).
Two of the banks (12) participate in the auction offers for the sale of one million dollars, the Central Bank bought full exchange rate (1208) dinars to the dollar.
He said the Yasiri, one dealing with the auction, the Independent News Agency (Voices of Iraq), Sunday, this week that "few weeks of experiencing the meetings opened higher thanks to the increasing volume of remittances government, in addition to the auction to stabilize the exchange rate of several meetings, which led to the making switches are given priority for days amid the week, as has happened in past meetings. "
Yasiri pointed out that the volume of cash sales "remained at a high level, despite the decline from a meeting last (Thursday), which is the most important meetings of the request .. it on the cash payment."
The economic expert Dr. Juma Ani The continued stabilization of the dollar exchange rate for such a long period "was the basis for the demand access to high levels over the past few days, and maintained the market from any potential shock."
The cover cash auction "if he continued to current levels, it would be a great movement of cash and the return of large amounts of local currency to the state's treasury official, in order to reduce the money supply and inflation levels withdrawn."
He told Ani (Voices of Iraq) that the meetings "may not be always an indicator of demand beyond four meetings in one week to request one hundred million barrier, (??????) and may be the result mainly of basic to the state of stagnation that prevailed in the market two weeks ago."
For his part, an economic expert and industrial Sadiq Abdul Razzaq overflow of coolers low Alamberih "began to sweep the market significantly, which creates a need for foreign exchange can not be met only through the auction."
His sincere "buyer pays dinar and merchant paid in dollars, and this is the cycle that put the dinar from the market to the auction and buy the dollar return, which is likely to increase demand for the current month are well .. positively reflect on the state of the market in general, not in my time."
He said Uday Shabib, owner of the Office of banking, the dollar exchange rates "has been on previous levels unchanged last week, by selling price (1221) dinars to the large transactions, and (1225) dinars for small transactions."
The purchase prices "(1215) were dinars for small transactions, as recorded large transactions (1220) dinars to the dollar."
Shabib said that the circulation of stock exchanges, "He was active today (Sunday), in both bourses: struggle, and Kazimiya Harthiya."

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