Dollar sales nosedive in daily auction

BAGHDAD / IraqiNews.com: Demand for the dollar plunged dramatically in the Central Bank of Iraq (CBI) auction on Sunday, reaching $160.163 million compared to $223.535 million in the previous session. “The demand came down to $50.360 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, and $109.803 million in foreign transfers outside the country, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by IraqiNews.com news agency. None of the 18 banks that participated in today’s session offered to sell dollars. The Central Bank of Iraq runs a daily auction from Sunday to Thursday. AmR (P)/SR 1