Originally Posted by
PAn8tv
I saw this statement and didn't know what to make of it...was hoping to get some insightful discussion on this. Espcially the part I put in red.
Lower demand for the dollar in daily auction
Baghdad - Voices of Iraq
Wednesday , 21 /11 /2007 Time 12:38:54
Baghdad, Nov 21, (VOI) - Demand for the dollar was down in the Iraqi Central Bank’s auction on Wednesday, reaching $44.355 million compared to $70.780 million on Tuesday.
In its daily statement, the bank said it had covered all bids, including $6.880 million in cash and $37.475 in foreign transfers, at an exchange rate of 1,226 dinars per dollar, same as yesterday.
The 14 banks that participated in Wednesday's session offered to sell $15 million, the same amount offered for the fifth session in a row, which the bank bought at an exchange rate of 1,224 dinars per dollar.
In statements to the independent news agency Voices of Iraq (VOI), Ali al-Yasseri, a trader, envisioned a decline in the exchange rate on Thursday, which he said will positively affect the overall volume of dealings on Sunday.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.