Dinar Reporter (IQDUSD)

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Auction Comments for 4-20-08 From our friendly Economic Experts

Decline in demand for the dollar purchase auction CBE

Baghdad - Iraq votes 20 / 04 / 2008 at 13:37:23

Decreased demand for buying the dollar, Sunday, at the opening sessions of this week to auction the Central Bank on the sale and purchase of dollar volume, recording total request amounted to 83 million and 800 thousand dollars compared to 93 million and 45 thousand dollars last Thursday.

The special bulletin ERA buying and selling the dollar, the Agency received Independent News (Voices of Iraq) a copy of which was Sunday, that the request be distributed by 10 million and 940 thousand dollars in cash and 72 million and 860 thousand dollars in the form of remittances outside the country covered by the bank fully stable exchange rate for the ninth consecutive meeting ability 1204 dinars to the dollar in banks made of the 17 participating in the auction offers for the sale of 4 million and 210 thousand dollars at the bank bought 1202 dinars.

He said the Yasiri, one dealing with the auction told (Voices of Iraq) Sunday that the demand is still relatively fell within the high levels although the second consecutive decline in the meetings of the auction.

He explained that the decline recorded in the construction of foreign remittances while demand remained at the level of cash governor, who scored last Thursday, despite the fact that on Thursdays with higher demand more cash from the rest of the days on a payment for traders.

He Yasiri believed that the meeting on Monday will increase the demand for procurement especially in the area of foreign remittances that on Monday is a day of change in the exchange rate over the past months and that this rise is almost a rule in the case dropped or not the exchange rate decline.


For his part, the economic expert, Dr. Juma Ani that the bank was able to stabilize the exchange rate during the course of the auction to return what is planned, where the phenomenon of excessive prevailed in the volume of demand for previous meetings of the auction last week.

He explained that the bulk of the planned increase in the volume of requests would be counterproductive to the auction is adversely auction as a significant reduction in demand because it affects the cash to cover auction because of the inability of the auction to cover the high purchase orders for long periods.

He added that the opening sessions of the week of the auction can not measure it, but on weekly circulation rates, which witnessed the last two weeks has increased considerably in comparison with the rates in the demand Assembly.

The expert economic and industrial Sadiq Abdul Razzaq the commercial market is witnessing today cautious dealings are not conclude deals involving some perishable goods for fear of developments on the security front.

He added that this will be a shadow of caution in the near perspective on the size of circulation in the central bank auction only if the government's dealings in the latest issue through government contracting, which fill the deficit in the dealings of the private sector.

He said Uday Shabib Rastam's Office banking that the exchange rate of the dollar in the stock market amounted to 1221 dinars to the sale and purchase of 1216 dinars.
He added that the sale price and purchase of office fixed the 1225 dinars to the sale and 1215 dinars to buy with a margin of the high and low five points depending on the size of the deal and the amount the buyer or sold within the deal.
The exchanges struggle Harthiya performance was average Sunday with the continued performance of the Stock Exchange Kazimiya Cruising levels relative performance before security events of the end of last month and early this month.

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