Iraqi Dinar Discussion Board

[Panhead]

Sharp drop in demand for dollar at daily auction

Baghdad - Voices of Iraq

Wednesday , 23 /04 /2008 Time 2:54:18


Baghdad, Apr 23, (VOI)- Demand for the dollar was sharply down in the Iraqi Central Bank's auction on Wednesday, registering at $ 39.110 million compared to $86.260 million on Tuesday.
"The demand hit $5.210 million in cash and $33.900 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,203 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 13 banks that participated in the auction offered to sell 2 million dollars, which the bank bought all at a rate of 1,200 dinars per dollar.
Speaking to VOI, Ali al-Yasseri, a trader, attributed the lower demand for the dollar to the small number of the banks that participated in today’s session and to the small size of the remittances.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday. http://66.111.34.180/look/english/ar...=2&NrSection=2