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Higher demand for the dollar, lower exchange rate in Iraqi Dinar daily auction
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
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