| 2008: Higher demand for the dollar in daily auction |
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January 29, 2008 Demand for the dollar was higher in the Iraqi Central Bank's auction on Tuesday, reaching $129.25 million compared to $25.825 million on Sunday. "The demand hit $16.25 million in cash and $113 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,212 Iraqi dinars per dollar, one tick lower than Sunday," according to the central bank's daily bulletin which was received by Aswat al-Iraq - Voices of Iraq - (VOI). None of 11 banks participating in the auction offered to sell dollars. The bank canceled its Monday session in the aftermath of large fire that engulfed its downtown Baghdad building without any loss of life. Police said that the cause of the blaze was unclear, citing material damage to the building. Speaking to VOI, Madhhar Muhammad Saleh, a financial expert and member of the committee that supervises the auctions, said that the fire did not influence the participation of banks in the session. Meanwhile, Ali al-Yasseri, an Iraqi trader, attributed the higher demand for the dollar to the cancellation of yesterday's session. The Iraqi Central Bank runs a daily auction from Sunday to Thursday. Source: Voices of Iraq |