| 2008: Hike in the demand for the dollar in daily dinar auction |
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February 25, 2008 Demand for the dollar was higher in the Iraqi Central Bank's auction on Monday, hitting $70.510 million compared to $19.920 million on Sunday. "The demand hit $380,000 in cash and $70.130 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,210 Iraqi dinars per dollar, unchanged for the 14th session in a row," according to the central bank's daily bulletin which was received by Aswat al-Iraq- Voices of Iraq- (VOI). The nine banks that participated in the auction offered to sell $1.500 million, which the bank bought at an exchange rate of 1,208 Iraqi dinars per dollar. Speaking to VOI, Ali al-Yasseri, a trader, said that foreign transfers increased, while bids for cash dropped sharply because off the deep recession in southern Iraqi provinces coinciding with the Shiite Arbaeen pilgrimage The Arbaeen is a religious occasion marking the 40th day after the death of Imam al-Hussein, the Prophet Muhammad's grandson and the third holiest figure for Shiite Muslims, in the battle of Taf in Karbala in the Hijri year 61 (680 in the Gregorian calendar). The Iraqi Central Bank runs a daily auction from Sunday to Thursday. Source: Voices of Iraq |