December 5, 2007

Demand for the dollar was higher in the Iraqi Central Bank’s auction on Wednesday, reaching $88.230 million compared to $22.650 million on Tuesday.

In its daily statement, the bank said it had covered all bids, including $1.450 million in cash and $86.780 in foreign transfers, at an exchange rate of 1,217 dinars per dollar, one tick lower than yesterday.

The 16 banks that participated in Wednesday's session offered to sell $2,715 million, which the bank bought at an exchange rate of 1,215 dinars per dollar.
In statements to the independent news agency Voices of Iraq (VOI), Ali al-Yasseri, a trader, said that "the decline in the exchange rate for the fourth day running has positively affected the demand for the dollar in foreign transfers."

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

Source: Voices of Iraq