Tuesday, June 17, 2008

Demand for dollar soars up in daily auction

Baghdad, 14 May 2008

Demand for the dollar was up in the Iraqi Central Bank's auction on Tuesday, registering at$157.795 million compared to $69.120 million on Monday.

"The demand hit $6.315 million in cash and $151.480 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,200 Iraqi dinars per dollar, stable for the fourth consecutive session" according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI).

The 16 banks that participated in the auction offered to sell $1.200 million, which the bank bought at an exchange rate of 1,198 dinars per dollar.

Speaking to VOI, Ali al-Yasseri, a trader, said that the increase was due to the high remittances in today’s session while the bids in cash decreased in the past three sessions.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Last Updated ( Wednesday, 14 May 2008 )

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