Tuesday, June 17, 2008

Higher demand for the dollar in daily auction

Baghdad, 13 May 2008

Demand for the dollar was up in the Iraqi Central Bank's auction on Monday, registering at $69.120 million compared to $35.400 million on Sunday.

"The demand hit $8.470 million in cash and $60.650 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 third consecutive session" according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI).

The 12 banks that participated in the auction offered to sell $1.300 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 in the overall demand for the dollar was expected on Monday, where the central bank usually changes its exchange rate and most foreign remittances are made.

“The increase was made only in remittances while the cash decreased in the past two sessions,” he added.

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

Last Updated ( Tuesday, 13 May 2008 )

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