CBI sells $229 million in Wednesday auction

BAGHDAD / IraqiNews.com: The Central Bank of Iraq (CBI) has recorded a slight increase in its dollar sales on Wednesday, reaching US$ 229 million in its auction for sale and purchase of foreign currencies, at an average exchange rate of 1,170 dinars per dollar, the CBI‘s daily bulletin reported. The bulletin, received by IraqiNews.com news agency, stressed that the total size of demand on the US dollar Wednesday had reached 229 million 750,000 US dollars, covered by the CBI at an exchange rate of 1,170 dinars per dollar, whilst the total CBI sales had recorded 224 million 224,000 dollars in the the Bank’s previous auction last Monday. The CBI‘s sales last week had surpassed the average sales of US$ 240 million per day, following the increase in the dollar prices, compared to the average figure of the Iraqi market’s needs, ranging between 150 to 180 million US dollars. The exchange price increased to 1,235 dinars per dollar during the past couple of weeks, to return today to 1,210 dinars per dollar, after ranging between 1,190 to 1,200 dinars per dollar during the past few months, which experts attribute to the average citizen’s anxiety towards the US withdrawal from Iraq, causing a high saving capacity of foreign currencies. The CBI‘s cash sales during the day had reached 6 million 500,000 US dollars, along with the Bank’s interest rate of 13 dinars per dollar, whilst the foreign transfers have registered 223 million 250,000 US dollars, at an exchange rate of 1,183 dinars per dollar, including the Bank’s interest of 13 dinars per dollar, along with 13 dinars per dollar for its foreign transfers. The CBI holds 5 sessions for the sale and purchases of foreign currencies, from Sunday to Thursday, charging 13 dinars per dollar, along with another 13 dinars per dollar for transfers abroad. SKH (TI)/SR 1215