Thread: Archive Latest News - Think Tank - 15/04/08 - 26/08/08

Demand for dollar slumps in daily auction

Demand for the dollar dropped significantly in the Central Bank of Iraq's (CBI) auction on Tuesday, registering at $112.660 million compared to $203.309 million on Monday.

"The demand hit $13.190 million in cash and $99.470 million in foreign transfers outside the country, all covered by the bank at a stable exchange rate of 1,185 Iraqi dinars per dollar," an official source from the bank told Aswat al-Iraq - Voices of Iraq - (VOI).

None of the 12 banks that participated in the auction offered to sell dollars.

The Iraqi Central Bank runs a daily auction from Sunday to Thursday.

Aswat Aliraq

Originally Posted by livefree

Not likely. Everything will work out ok. The government along with the Federal Reserve can always put things into action very quickly. The American economy is too big for a meltdown.

I might have spoke too soon but hope everything works out!

Originally Posted by livefree

I might have spoke too soon but hope everything works out!

Sad,

But there is no such thing as too big to break, in fact, we have all heard, the bigger they are, the harder they fall. You will all be happy you have Iraqi dinar in your portfolio, it will be worth more than the dollar next year is my prediction.

Been a long hard wait, but again, like they say, patience is a virtue, and wow, have we all had to have a double dose of patience. Sad to see the implosion of U.S. economy, but after watching all these bobble heads in congress all day, no one knows what to do, so they throw the taxpayer into the black hole to save wallstreet billionaires as a stop gap measure, but it won't work for long, this is bigger problem than we know. Just look at how many studders Paulson made per minute.

Good luck to all, Mike

Originally Posted by livefree

I might have spoke too soon but hope everything works out!

Now I am really hoping everything works out!
Who would have thought about the economy downslide going worldwide?